0000315449-17-000007.txt : 20170330 0000315449-17-000007.hdr.sgml : 20170330 20170330160606 ACCESSION NUMBER: 0000315449-17-000007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20170330 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20170330 DATE AS OF CHANGE: 20170330 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UQM TECHNOLOGIES INC CENTRAL INDEX KEY: 0000315449 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC COMPONENTS, NEC [3679] IRS NUMBER: 840579156 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10869 FILM NUMBER: 17725704 BUSINESS ADDRESS: STREET 1: 4120 SPECIALTY PLACE CITY: LONGMONT STATE: CO ZIP: 80504 BUSINESS PHONE: 3036824900 MAIL ADDRESS: STREET 1: 4120 SPECIALTY PLACE CITY: LONGMONT STATE: CO ZIP: 80504 8-K 1 uqm-20170330x8k.htm 8-K uqm_Current_Folio_8K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): March 30, 2017

UQM Technologies, Inc.
(Exact name of registrant as specified in its charter)

 

 

 

Colorado

1-10869

84-0579156

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

 

4120 Specialty Place
Longmont, Colorado 80504
(Address of principal executive offices, including zip code)

(303) 682-4900
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a‑12)

[  ]Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 2.02RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On March 30, 2017, UQM Technologies, Inc. issued a press release reporting its quarter and nine months results for the periods ending December 31, 2016. A copy of this press release is furnished and attached hereto as Exhibit 99.1.

Item 9.01FINANCIAL STATEMENTS AND EXHIBITS

(d)Exhibits

The following exhibit is furnished as part of this Current Report on Form 8-K.

 

Exhibit No.

Description of Exhibit

99.1

Press Release dated  March 30, 2017

 

 

 

The information in Item 2.02 of the Current Report, including the press release, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (“Exchange Act”) or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act except as expressly set forth by specific reference in such filing.

 

 

1

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

28

 

 

UQM TECHNOLOGIES, INC.

 

 

Dated:  March 30, 2017

By:   /s/DAVID I. ROSENTHAL 

 

         David I. Rosenthal

 

         Treasurer, Secretary and Chief Financial Officer

 

         

 

    

 

 

EXHIBIT INDEX

 

Exhibit No.Description of Exhibit

99.1Press Release dated March 30, 2017

 

 

 

 

 

 

 

EX-99.1 PRESS RELEAS 2 uqm-20170330ex991pressr.htm EX-99.1 PRESS RELEASE 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 Reports Quarter and

Nine Months Ended December 31, 2016 Operating Results

 

 

 

LONGMONT, COLORADO, MARCH 30, 2017 - UQM TECHNOLOGIES, INC. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced operating results for the quarter and nine months ended December 31, 2016. Total revenue for the quarter was $1.7 million compared to $1.3 million in the same quarter last year. Net loss for the quarter was $8.7 million, or $0.18 per common share, compared to a net loss of $1.4 million, or $0.03 per common share for the same period last year. Quarter results this year included a one-time inventory reserve adjustment of $7.2 million or $0.15 per common share related primarily to the PowerPhase Pro® inventory. This adjustment has no impact on cash.

 

For the nine months ended December 31, 2016, total revenue grew 8% to $4.1 million compared to $3.8 million in the prior year. Net loss was $13.0 million or $0.27 per common share versus $6.0 million, or $0.14 per common share, for the same period last year.

 

Joe Mitchell, UQM Technologies’ President and Chief Executive Officer, said, “We decided to take a reserve against our PowerPhase Pro® inventory because, while we have contracted with ITL to purchase the vast majority of this inventory, they have experienced delays in their launch schedule and payment towards the inventory purchase. This inventory has been on our books for over four years since the CODA program and we felt it appropriate to take an inventory reserve at this time.” 

 

Mr. Mitchell continued, “Nonetheless, we still have confidence that our supply agreement with ITL is secure and we will continue to support them with their vehicle applications. This one-time adjustment does not alter our strategy in any way. We entered 2017 with the strongest backlog we have seen in years. We recently obtained a bank line of credit that secures our cash position for at least the next year. We are excited about our inroads in China, our recently announced development partnership with Meritor, and the progress we are making to identify a strategic partner to support our global expansion efforts.”

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

 

 

Conference Call

The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss operating results for the quarter and nine months ended December 31, 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 “73316281” 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 and enter replay code “73316281#”. 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, 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended December 31,

 

 

Year ended March 31,

 

 

 

 

2016

    

2015

 

    

2016

    

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Product sales

 

$
3,491,859

 

$
3,374,057

 

 

$
4,592,852

 

 

Contract services

 

 
631,136

 

 
428,454

 

 

 
713,947

 

 

 

 

 
4,122,995

 

 
3,802,511

 

 

 
5,306,799

 

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Costs of product sales

 

 
9,526,302

 

 
2,533,674

 

 

 
3,343,508

 

 

Costs of contract services

 

 
538,700

 

 
355,803

 

 

 
659,244

 

 

Research and development

 

 
2,377,195

 

 
2,775,400

 

 

 
3,459,746

 

 

Selling, general and administrative

 

 
4,686,098

 

 
4,173,735

 

 

 
5,406,628

 

 

Recovery of impaired assets

 

 

 -

 

 

 -

 

 

 
(585,800)

 

 

Loss on disposal of long- lived assets

 

 
39,247

 

 

 -

 

 

 

 -

 

 

 

 

 
17,167,542

 

 
9,838,612

 

 

 
12,283,326

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

 
(13,044,547)

 

 
(6,036,101)

 

 

 
(6,976,527)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 
7,921

 

 
4,240

 

 

 
8,122

 

 

Other

 

 
19,118

 

 
24,429

 

 

 
30,054

 

 

 

 

 
27,039

 

 
28,669

 

 

 
38,176

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$
(13,017,508)

 

$
(6,007,432)

 

 

$
(6,938,351)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per common share - basic

 

 

 

 

 

 

 

 

 

 

 

 

and diluted

 

$
(0.27)

 

$
(0.14)

 

 

$
(0.16)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares of common stock

 

 

 

 

 

 

 

 

 

 

 

 

outstanding - basic and diluted

 

 
48,448,718

 

 
42,001,299

 

 

 
43,574,137

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

March 31,

 

 

 

2016

    

2016

 

Assets

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

$
2,100,089

 

$
7,030,230

 

Accounts receivable

 

 
1,163,316

 

 
481,404

 

Costs and estimated earnings in excess of billings on uncompleted contracts

 

 
29,917

 

 
60,296

 

Inventories

 

 
1,749,735

 

 
2,271,271

 

Prepaid expenses and other current assets

 

 
259,682

 

 
272,597

 

Total current assets 

 

 
5,302,739

 

 
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

 

 
7,052,740

 

 
7,089,332

 

 

 

 
13,252,371

 

 
13,288,963

 

Less accumulated depreciation

 

 
(7,590,641)

 

 
(7,241,769)

 

Net property and equipment

 

 
5,661,730

 

 
6,047,194

 

 

 

 

 

 

 

 

 

Patent costs, net of accumulated amortization of $932,564 and $916,960, respectively

 

 
213,326

 

 
249,414

 

 

 

 

 

 

 

 

 

Trademark costs, net of accumulated amortization of $80,885 and $77,514, respectively

 

 
94,955

 

 
98,327

 

 

 

 

 

 

 

 

 

Noncurrent inventories

 

 

 -

 

 
6,840,170

 

 

 

 

 

 

 

 

 

Total assets

 

$
11,272,750

 

$
23,350,903

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

 

$
809,950

 

$
364,841

 

Other current liabilities

 

 
1,318,941

 

 
985,435

 

Total current liabilities

 

 
2,128,891

 

 
1,350,276

 

 

 

 

 

 

 

 

 

Other long-term liabilities

 

 
141,667

 

 
288,889

 

 

 

 

 

 

 

 

 

Total liabilities

 

 
2,270,558

 

 
1,639,165

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

Common stock, $0.01 par value, 75,000,000 shares authorized; 48,519,313 and

 

 

 

 

 

 

 

48,330,286 shares issued and outstanding, respectively

 

 
485,193

 

 
483,303

 

Additional paid-in capital

 

 
128,409,933

 

 
128,103,861

 

Accumulated deficit

 

 
(119,892,934)

 

 
(106,875,426)

 

Total stockholders’ equity

 

 
9,002,192

 

 
21,711,738

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$
11,272,750

 

$
23,350,903

 

 

#End Table

# End #

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

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