EX-99.1 2 uqm-20160804ex99184320f.htm EX-99.1 uqm_Ex99_1

Exhibit 99.1

Picture 9

 

For Immediate Release

 

 

 

 

For more information contact:

    

Shawn Severson

 

 

EnergyTech Investor

 

 

415-233-7094

 

 

 

 

 

           or

 

 

David I. Rosenthal

 

 

UQM Technologies, Inc.

 

 

303-682-4900

 

 

UQM Technologies First Quarter Revenue Grows 94% Over Prior Year

 

 

LONGMONT, COLORADO, AUGUST 4, 2016 - UQM TECHNOLOGIES, INC. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced operating results for the first quarter of fiscal year 2017. Total revenue for the quarter was $1.4 million compared to $741,000 in the first quarter last year, an increase of 94%. Net loss for the first quarter was $2.0 million, or $0.04 per common share. This compares to a net loss of $2.2 million, or $0.06 per common share for the same period last year.

 

“We are pleased with the results of the first quarter.  Revenue increased in our base North American business, with particular sales growth of our heavy-duty electric propulsion systems,” said Joe Mitchell, UQM Technologies’ President and Chief Executive Officer. ”We are starting to see some stabilization in the North American market as we prepare for the next phase of our business development in the Asia market.”

 

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 June 30, 2016. To attend the conference call, please dial 1-888-241-0326 approximately ten minutes before the conference is scheduled to begin and provide the passcode “58542553” 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 the playback call 1-855-859-2056 or 1-800-585-8367 and enter replay code “58542553#”. 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

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

 

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, 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) 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended June 30,

 

    

2016

    

2015

Revenue:

 

 

 

 

 

 

Product sales

 

$
1,173,261

 

$
630,666

Contract services

 

 
261,820

 

 
109,863

 

 

 
1,435,081

 

 
740,529

Operating costs and expenses:

 

 

 

 

 

 

Costs of product sales

 

 
759,089

 

 
577,446

Costs of contract services

 

 
236,949

 

 
64,798

Research and development

 

 
718,918

 

 
1,088,480

Selling, general and administrative

 

 
1,684,645

 

 
1,245,374

 

 

 
3,399,601

 

 
2,976,098

 

 

 

 

 

 

 

Loss from operations

 

 
(1,964,520)

 

 
(2,235,569)

 

 

 

 

 

 

 

Other income:

 

 

 

 

 

 

Interest income

 

 
3,408

 

 
3,372

Other

 

 
7,082

 

 
7,946

 

 

 
10,490

 

 
11,318

 

 

 

 

 

 

 

Net loss

 

$
(1,954,030)

 

$
(2,224,251)

 

 

 

 

 

 

 

Net loss per common share - basic and diluted

 

$
(0.04)

 

$
(0.06)

 

 

 

 

 

 

 

Weighted average number of shares of common stock outstanding - basic and diluted

 

 
48,346,344

 

 
40,040,673

 

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 (unaudited)

 

 

 

 

 

 

 

 

 

 

    

June 30,

 

March 31,

 

 

 

2016

    

2016

 

Assets

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

$
5,497,556

 

$
7,030,230

 

Accounts receivable

 

 
679,460

 

 
481,404

 

Costs and estimated earnings in excess of billings on uncompleted contracts

 

 
71,689

 

 
60,296

 

Inventories

 

 
2,314,322

 

 
2,271,271

 

Prepaid expenses and other current assets

 

 
274,322

 

 
272,597

 

Total current assets 

 

 
8,837,349

 

 
10,115,798

 

 

 

 

 

 

 

 

 

Property and equipment, at cost:

 

 

 

 

 

 

 

Land

 

 
1,683,330

 

 
1,683,330

 

Building

 

 
4,516,301

 

 
4,516,301

 

Machinery and equipment

 

 
7,105,194

 

 
7,089,332

 

 

 

 
13,304,825

 

 
13,288,963

 

Less accumulated depreciation

 

 
(7,398,556)

 

 
(7,241,769)

 

Net property and equipment

 

 
5,906,269

 

 
6,047,194

 

 

 

 

 

 

 

 

 

Patent costs, net of accumulated amortization of $922,104 and $916,960, respectively

 

 
248,067

 

 
249,414

 

 

 

 

 

 

 

 

 

Trademark costs, net of accumulated amortization of $78,638 and $77,514, respectively

 

 
97,203

 

 
98,327

 

 

 

 

 

 

 

 

 

Noncurrent inventories

 

 
6,739,012

 

 
6,840,170

 

 

 

 

 

 

 

 

 

Total assets

 

$
21,827,900

 

$
23,350,903

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

 

$
818,613

 

$
364,841

 

Other current liabilities

 

 
858,636

 

 
985,435

 

Total current liabilities

 

 
1,677,249

 

 
1,350,276

 

 

 

 

 

 

 

 

 

Other long-term liabilities

 

 
330,556

 

 
288,889

 

 

 

 

 

 

 

 

 

Total liabilities

 

 
2,007,805

 

 
1,639,165

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

Common stock, $0.01 par value, 75,000,000 shares authorized; 48,350,682 and 48,330,286 shares issued and outstanding, respectively

 

 
483,507

 

 
483,303

 

Additional paid-in capital

 

 
128,166,044

 

 
128,103,861

 

Accumulated deficit

 

 
(108,829,456)

 

 
(106,875,426)

 

Total stockholders’ equity

 

 
19,820,095

 

 
21,711,738

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$
21,827,900

 

$
23,350,903

 

 

#End Table

# End #

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