LONGMONT, Colo.--(BUSINESS WIRE)--UQM Technologies, Inc. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced financial and operating results for the first quarter ended June 30, 2015.
Total revenue for the quarter was $741,000 compared with $1.0 million in the same quarter last year. Net loss for the first quarter was $2.2 million, or $0.06 per common share. This compares to a net loss of $1.3 million, or $0.03 per common share for the same period last year. As of June 30, 2015, cash was $5.6 million and working capital was $13.8 million.
“While first quarter revenue was down from same quarter last year, we are beginning to see signs of a recovery with some of our customers in the U.S. electric vehicle market and early traction with our newly acquired fuel cell business,” said Joe Mitchell, COO and interim President and CEO. “The pace and progress of our negotiations with potential Chinese partners has increased, and with production orders from existing and new customers anticipated in the coming quarters, we believe that we are poised to turn a corner as a company in the coming year.”
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, 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 “85195023” 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 “85195023#.” 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.
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 Form 10-K and Form 10-Q’s, which are available through our website at www.uqm.com or at www.sec.gov.
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UQM TECHNOLOGIES, INC. AND SUBSIDIARIES Consolidated Condensed Statements of Operations (unaudited) |
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| Quarter Ended June 30, | ||||||||||
| 2015 | 2014 | |||||||||
| Revenue: | ||||||||||
| Product sales | $ | 630,666 | $ | 823,032 | ||||||
| Contract services | 109,863 | 196,516 | ||||||||
| 740,529 | 1,019,548 | |||||||||
| Operating costs and expenses: | ||||||||||
| Costs of product sales | 577,446 | 464,028 | ||||||||
| Costs of contract services | 64,798 | 148,234 | ||||||||
| Research and development | 1,088,480 | 84,404 | ||||||||
| Production engineering | - | 1,227,191 | ||||||||
| Reimbursement of costs under DOE grant | - | (716,014 | ) | |||||||
| Selling, general and administrative | 1,245,374 | 1,128,531 | ||||||||
| 2,976,098 | 2,336,374 | |||||||||
| Loss before other income | (2,235,569 | ) | (1,316,826 | ) | ||||||
| Other income: | ||||||||||
| Interest income | 3,372 | 6,789 | ||||||||
| Other | 7,946 | - | ||||||||
| 11,318 | 6,789 | |||||||||
| Net loss | $ | (2,224,251 | ) | $ | (1,310,037 | ) | ||||
| Net loss per common share - basic and | ||||||||||
| diluted | $ | (0.06 | ) | $ | (0.03 | ) | ||||
| Weighted average number of shares of common | ||||||||||
| stock outstanding - basic and diluted | 40,040,673 | 39,788,769 | ||||||||
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UQM TECHNOLOGIES, INC. AND SUBSIDIARIES Consolidated Condensed Balance Sheets |
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| June 30, 2015 | March 31, 2015 | |||||||||||
| (unaudited) | ||||||||||||
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Assets |
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| Current assets: | ||||||||||||
| Cash and cash equivalents | $ | 5,626,817 | $ | 6,585,703 | ||||||||
| Accounts receivable | 414,861 | 522,417 | ||||||||||
| Other receivable | - | 855,000 | ||||||||||
| Costs and estimated earnings in excess of billings on uncompleted contracts | 69,917 | 49,917 | ||||||||||
| Inventories | 9,374,848 | 9,354,053 | ||||||||||
| Prepaid expenses and other current assets | 335,414 | 266,448 | ||||||||||
| Total current assets | 15,821,857 | 17,633,538 | ||||||||||
| Property and equipment, at cost: | ||||||||||||
| Land | 1,683,330 | 1,683,330 | ||||||||||
| Building | 4,516,301 | 4,516,301 | ||||||||||
| Machinery and equipment | 7,083,950 | 7,037,200 | ||||||||||
| 13,283,581 | 13,236,831 | |||||||||||
| Less accumulated depreciation | (6,664,667 | ) | (6,410,242 | ) | ||||||||
| Net property and equipment | 6,618,914 | 6,826,589 | ||||||||||
| Patent costs, net of accumulated amortization of $898,292 and $895,227, respectively | 238,430 | 239,043 | ||||||||||
| Trademark costs, net of accumulated amortization of $74,048 and $73,018, respectively | 101,793 | 102,823 | ||||||||||
| Total assets | $ | 22,780,994 | $ | 24,801,993 | ||||||||
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Liabilities and Stockholders’ Equity |
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| Current liabilities: | ||||||||||||
| Accounts payable | $ | 497,043 | $ | 398,568 | ||||||||
| Other current liabilities | 1,464,540 | 1,544,971 | ||||||||||
| Billings in excess of costs and estimated earnings on uncompleted contracts | 83,591 | 84,444 | ||||||||||
| Total current liabilities | 2,045,174 | 2,027,983 | ||||||||||
| Other long-term liabilities | 470,080 | 445,024 | ||||||||||
| Total liabilities | 2,515,254 | 2,473,007 | ||||||||||
| Commitments and contingencies | ||||||||||||
| Stockholders’ equity: | ||||||||||||
| Common stock, $0.01 par value, 50,000,000 shares | ||||||||||||
| authorized; 40,052,602 and 39,999,984 shares | ||||||||||||
| issued and outstanding, respectively | 400,526 | 400,000 | ||||||||||
| Additional paid-in capital | 122,026,540 | 121,866,061 | ||||||||||
| Accumulated deficit | (102,161,326 | ) | (99,937,075 | ) | ||||||||
| Total stockholders’ equity | 20,265,740 | 22,328,986 | ||||||||||
| Total liabilities and stockholders’ equity | $ | 22,780,994 | $ | 24,801,993 | ||||||||
