EX-99 2 uqm-20141105xex99.htm EX-99 15-14 second quarter earnings.noheader

 

Exhibit 99.1

 

 

For Immediate Release

For more information contact:    Annie Leschin

StreetSmart Investor Relations

415-775-1788

or                                

David I. Rosenthal                      

UQM Technologies, Inc.            

303-682-4900                              

 

 

 

UQM Technologies Reports Second Quarter Operating Results

 

 

LONGMONT, COLORADO, NOVEMBER 5, 2014 - UQM TECHNOLOGIES, INC. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced operating results for the second quarter ended September 30, 2014. Total revenue for the quarter was $1.1 million compared to $2.0 million for the same quarter last year. Net loss for the second quarter was $2.0 million, or $0.05 per common share. This compares to a net loss of $0.4 million, or $0.01 per common share for the same period last year.

 

”Despite the slowdown in the domestic market due to lower fuel prices and the cyclicality of our order flow by fleets, we made significant strategic progress on a number of fronts, including the recent announcement of a long-term supply agreement,” said Eric R. Ridenour, UQM Technologies’ President and Chief Executive Officer. “Our progress in China with several different partners is moving as planned and could result in significant sales as early as calendar year 2015.”

 

As of September 30, 2014, UQM reported cash and short term investments of $8.1 million and working capital of $17.5 million. 

 

Conference Call

The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss operating results for the quarter. To attend the conference call, please dial 1-888-241-0326 approximately 10 minutes before the conference is scheduled to begin and provide conference ID code “25662360” 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 seven days beginning at 6:30 p.m. Eastern Time today. To access the playback call 1-855-859-2056 and enter replay access code 25662360#.  International callers should dial +1-404-537-3406.

UQM TECHNOLOGIES, INC. 4120 SPECIALTY PLACE, LONGMONT, COLORADO 80504  (303) 682-4900  FAX (303) 682-4901

 

 

 

About UQM

UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators and power electronic controllers 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 certified and located in Longmont, Colorado.  

 

Please visit for more information.

 

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, 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 annual report on Form 10-K for the fiscal year ended March 31, 2014 and our Form 10-Q filed today, both which are available through our website at www.uqm.com  or at www.sec.gov.

 

 

####Table Follows####

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended September 30,

 

Six Months Ended September 30,

 

 

2014

 

2013

 

2014

 

2013

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

      Product sales

 

$
846,283 

 

$
1,838,676 

 

$
1,669,315 

 

$
3,525,936 

      Contract services

 

 
270,496 

 

 
203,282 

 

 
467,012 

 

 
464,533 

 

 

 
1,116,779 

 

 
2,041,958 

 

 
2,136,327 

 

 
3,990,469 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

      Costs of product sales

 

 
489,281 

 

 
974,979 

 

 
953,309 

 

 
2,080,514 

      Costs of contract services

 

 
227,867 

 

 
218,416 

 

 
376,101 

 

 
399,150 

      Research and development

 

 
92,801 

 

 
59,637 

 

 
177,205 

 

 
114,545 

      Production engineering

 

 
1,065,810 

 

 
939,887 

 

 
2,293,001 

 

 
2,032,956 

      Reimbursement of costs under DOE grant

 

 
(539,329)

 

 
(1,352,201)

 

 
(1,255,343)

 

 
(2,125,659)

      Selling, general and administrative

 

 
1,771,713 

 

 
1,615,075 

 

 
2,900,244 

 

 
2,859,476 

      Gain on sale of facility held for sale

 

 

 -

 

 

 -

 

 

 -

 

 
(40,032)

 

 

 
3,108,143 

 

 
2,455,793 

 

 
5,444,517 

 

 
5,320,950 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Loss before other income

 

 
(1,991,364)

 

 
(413,835)

 

 
(3,308,190)

 

 
(1,330,481)

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income:

 

 

 

 

 

 

 

 

 

 

 

 

      Interest income

 

 
400 

 

 
941 

 

 
7,189 

 

 
1,070 

      Other

 

 
250 

 

 
625 

 

 
250 

 

 
788 

 

 

 
650 

 

 
1,566 

 

 
7,439 

 

 
1,858 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Net loss

 

$
(1,990,714)

 

$
(412,269)

 

$
(3,300,751)

 

$
(1,328,623)

 

 

 

 

 

 

 

 

 

 

 

 

 

      Net loss per common share - basic and

 

 

 

 

 

 

 

 

 

 

 

 

           diluted

 

$
(0.05)

 

$
(0.01)

 

$
(0.08)

 

$
(0.04)

Weighted average number of shares of common

 

 

 

 

 

 

 

 

 

 

 

 

      stock outstanding - basic and diluted

 

 
39,974,078 

 

 
36,836,009 

 

 
39,881,930 

 

 
36,752,977 

 

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

 

 

 

 

September 30, 2014

 

March 31, 2014 

 

(unaudited)

 

 

 

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

$
8,047,444 

 

$
10,247,112 

Short-term investments

 
63,323 

 

 
63,029 

Accounts receivable

 
1,015,007 

 

 
960,419 

Costs and estimated earnings in excess of billings on

 

 

 

 

 

uncompleted contracts

 
38,779 

 

 
341,255 

Inventories

 
9,750,250 

 

 
10,054,422 

Prepaid expenses and other current assets

 
451,283 

 

 
263,988 

Total current assets 

 
19,366,086 

 

 
21,930,225 

 

 

 

 

 

 

Property and equipment, at cost:

 

 

 

 

 

Land

 
1,683,330 

 

 
1,683,330 

Building

 
4,516,301 

 

 
4,516,301 

Machinery and equipment

 
7,753,571 

 

 
7,706,066 

 

 
13,953,202 

 

 
13,905,697 

Less accumulated depreciation

 
(6,852,808)

 

 
(6,337,924)

Net property and equipment

 
7,100,394 

 

 
7,567,773 

 

 

 

 

 

 

Patent costs, net of accumulated amortization of $886,960 and $878,707, respectively

 
239,524 

 

 
227,015 

 

 

 

 

 

 

Trademark costs, net of accumulated amortization of $70,868 and $68,718, respectively

 
104,973 

 

 
107,123 

Other assets

 
39,317 

 

 
2,997 

Total assets

$
26,850,294 

 

$
29,835,133 

Liabilities and Stockholders’ Equity

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

$
351,079 

 

$
386,293 

Other current liabilities

 
1,513,022 

 

 
1,491,745 

Billings in excess of costs and estimated earnings on

 

 

 

 

 

uncompleted contracts

 
28,087 

 

 

 -

Total current liabilities

 
1,892,188 

 

 
1,878,038 

 

 

 

 

 

 

Long-term deferred compensation under executive employment agreements

 
232,471 

 

 
182,100 

 

 

 

 

 

 

Total liabilities

 
2,124,659 

 

 
2,060,138 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

Common stock, $0.01 par value, 50,000,000 shares

 

 

 

 

 

authorized; 39,999,984 and 39,777,767 shares

 

 

 

 

 

issued and outstanding, respectively

 
400,000 

 

 
397,778 

Additional paid-in capital

 
121,574,931 

 

 
121,325,762 

Accumulated deficit

 
(97,249,296)

 

 
(93,948,545)

Total stockholders’ equity

 
24,725,635 

 

 
27,774,995 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

$
26,850,294 

 

$
29,835,133 

 

#End Table

# End #

UQM TECHNOLOGIES, INC. 4120 SPECIALTY PLACE, LONGMONT, COLORADO 80504  (303) 682-4900  FAX (303) 682-4901