Attached files
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| 8-K - 8-K - UQM TECHNOLOGIES INC | uqm-20160204x8k.htm |
For Immediate Release
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For more information contact: |
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Shawn Severson |
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The Blueshirt Group |
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415-489-2198 |
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or |
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David I. Rosenthal |
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UQM Technologies, Inc. |
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303-682-4900 |
UQM Technologies Reports Third Quarter Fiscal Year 2016
Revenues Up 59% Over Last Year
LONGMONT, COLORADO, FEBRUARY 4, 2016 - UQM TECHNOLOGIES, INC. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced financial and operating results for the third quarter ended December 31, 2015.
Total revenue for the quarter was $1.3 million, a 59% increase compared with $0.8 million in the same quarter last year. Net loss for the second quarter was $1.4 million, or $0.03 per common share. This compares to a net loss of $1.4 million, or $0.03 per common share for the same period last year. In the comparable quarter last year, the company received cost reimbursements under a grant from the Department of Energy of $557,000. As of December 31, 2015, cash was $8.7 million.
“We are pleased with our third quarter results and the momentum we have been building throughout fiscal year 2016,” said Joe Mitchell, President and Chief Executive Officer. “Our focus remains on executing our commercial strategy and I continue to be encouraged by the growing interest level for our products around the globe. We have a very exciting future ahead of us as we continue to leverage our leading technology portfolio and create new partnerships to drive towards profitable growth and create value for our shareholders."
Conference Call
The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss operating results for the quarter ended December 31, 2015. To attend the conference call, please dial 1-888-241-0326 approximately 10 minutes before the conference is scheduled to begin and provide the passcode “31787165” to access the call. International callers should dial 1-647-427-3411. For anyone who is unable to participate in the conference, a recording will be available for 7 days beginning at 6:30 p.m. Eastern Time today. To access
UQM TECHNOLOGIES, INC. 4120 SPECIALTY PLACE, LONGMONT, COLORADO 80504 (303) 682-4900 FAX (303) 682-4901
the playback call 1-855-859-2056 and enter replay code “31787165#.” International callers should dial +1-404-537-3406.
About UQM
UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators, power electronic controllers and fuel cell compressors for the commercial truck, bus, automotive, marine, military and industrial markets. A major emphasis for UQM is developing propulsion systems for electric, hybrid electric, plug-in hybrid electric and fuel cell electric vehicles. UQM is TS 16949 and ISO 14001 certified and located in Longmont, Colorado. For more information, please visit www.uqm.com.
This Release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. These statements appear in a number of places in this Release and include statements regarding our plans, beliefs or current expectations; including those plans, beliefs and expectations of our management with respect to, among other things, the growing interest level for our products and our ability to leverage our technology and successfully create new partnerships. Important factors that could cause actual results to differ from those contained in the forward-looking statements include the timing and quantity at which we sell products under our long-term supply agreement with ITL, gaining required certifications, new product developments, future orders to be received from our customers, sales of products from inventory, future financial results, liquidity, and the continued growth of the electric-powered vehicle industry. Important Risk Factors that could cause actual results to differ from those contained in the forward-looking statements are contained in our Form 10-K and Form 10-Q’s, which are available through our website at www.uqm.com or at www.sec.gov.
Source: UQM Technologies, Inc.
###Tables Attached###
UQM TECHNOLOGIES, INC. 4120 SPECIALTY PLACE, LONGMONT, COLORADO 80504 (303) 682-4900 FAX (303) 682-4901
UQM TECHNOLOGIES, INC.
AND SUBSIDIARIES
Consolidated Condensed Statements of Operations (unaudited)
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Quarter Ended December 31, |
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Nine Months Ended December 31, |
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2015 |
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2014 |
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2015 |
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2014 |
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Revenue: |
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Product sales |
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$ |
1,124,725 |
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$ |
594,808 |
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$ |
3,374,057 |
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$ |
2,264,123 | |||||||||
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Contract services |
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202,447 |
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240,827 |
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428,454 |
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707,839 | |||||||||
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1,327,172 |
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835,635 |
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3,802,511 |
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2,971,962 | |||||||||
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Operating costs and expenses: |
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Costs of product sales |
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666,913 |
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369,769 |
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2,533,674 |
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1,323,078 | |||||||||
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Costs of contract services |
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194,976 |
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291,701 |
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355,803 |
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667,802 | |||||||||
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Research and development |
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774,525 |
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40,183 |
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2,775,400 |
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217,388 | |||||||||
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Production engineering |
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- |
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934,239 |
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- |
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3,227,240 | |||||||||
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Reimbursement of costs under DOE grant |
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- |
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(557,327) |
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- |
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(1,812,670) | |||||||||
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Selling, general and administrative |
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1,073,147 |
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1,133,787 |
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4,173,735 |
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4,034,031 | |||||||||
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2,709,561 |
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2,212,352 |
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9,838,612 |
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7,656,869 | |||||||||
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Loss before other income |
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(1,382,389) |
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(1,376,717) |
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(6,036,101) |
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(4,684,907) | |||||||||
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Other income: |
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Interest income |
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743 |
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4,935 |
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4,240 |
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12,124 | |||||||||
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Other |
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7,512 |
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317 |
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24,429 |
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567 | |||||||||
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8,255 |
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5,252 |
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28,669 |
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12,691 | |||||||||
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Net loss |
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$ |
(1,374,134) |
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$ |
(1,371,465) |
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$ |
(6,007,432) |
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$ |
(4,672,216) | |||||||||
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Net loss per common share - basic and |
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diluted |
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$ |
(0.03) |
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$ |
(0.03) |
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$ |
(0.14) |
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$ |
(0.12) | |||||||||
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Weighted average number of shares of common |
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stock outstanding - basic and diluted |
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45,698,273 |
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39,999,984 |
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42,001,299 |
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39,921,424 | |||||||||
UQM TECHNOLOGIES, INC. 4120 SPECIALTY PLACE, LONGMONT, COLORADO 80504 (303) 682-4900 FAX (303) 682-4901
UQM TECHNOLOGIES, INC.
AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
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December 31, 2015 |
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March 31, 2015 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
8,688,668 |
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$ |
6,585,703 | |
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Accounts receivable |
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663,041 |
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522,417 | |
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Other receivable |
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- |
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855,000 | |
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Costs and estimated earnings in excess of billings on uncompleted |
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contracts |
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29,917 |
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49,917 | |
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Inventories |
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3,102,678 |
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9,354,053 | |
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Prepaid expenses and other current assets |
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298,893 |
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266,448 | |
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Total current assets |
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12,783,197 |
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17,633,538 | |
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Property and equipment, at cost: |
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Land |
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1,683,330 |
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1,683,330 | |
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Building |
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4,516,301 |
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4,516,301 | |
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Machinery and equipment |
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7,094,627 |
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7,037,200 | |
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13,294,258 |
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13,236,831 | |
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Less accumulated depreciation |
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(7,123,982) |
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(6,410,242) | |
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Net property and equipment |
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6,170,276 |
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6,826,589 | |
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Patent costs, net of accumulated amortization of $904,415 and $895,227, |
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respectively |
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259,617 |
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239,043 | |
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Trademark costs, net of accumulated amortization of $76,107 and $73,018, |
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respectively |
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99,733 |
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102,823 | |
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Noncurrent inventories |
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5,899,487 |
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- |
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Total assets |
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$ |
25,212,310 |
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$ |
24,801,993 | |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Accounts payable |
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$ |
394,967 |
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$ |
398,568 | |
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Other current liabilities |
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1,864,557 |
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1,544,971 | |
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Billings in excess of costs and estimated earnings on uncompleted |
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contracts |
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60,266 |
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84,444 | |
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Total current liabilities |
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2,319,790 |
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2,027,983 | |
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Other long-term liabilities |
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247,222 |
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445,024 | |
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Total liabilities |
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2,567,012 |
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2,473,007 | |
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Commitments and contingencies |
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Stockholders’ equity: |
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Common stock, $0.01 par value, 75,000,000 shares authorized; |
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48,307,025 and 39,999,984 shares issued and outstanding, |
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respectively |
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483,070 |
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400,000 | |
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Additional paid-in capital |
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128,106,735 |
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121,866,061 | |
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Accumulated deficit |
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(105,944,507) |
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(99,937,075) | |
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Total stockholders’ equity |
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22,645,298 |
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22,328,986 | |
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Total liabilities and stockholders’ equity |
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$ |
25,212,310 |
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$ |
24,801,993 | |
#End Table
# End #
UQM TECHNOLOGIES, INC. 4120 SPECIALTY PLACE, LONGMONT, COLORADO 80504 (303) 682-4900 FAX (303) 682-4901