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UQM Technologies Reports Third Quarter and Nine Month Operating Results
FREDERICK, Colo.-(Business Wire)-January 30, 2008 - UQM TECHNOLOGIES, INC. (AMEX: UQM), a developer of alternative energy technologies, announced today operating results for the quarter and nine months ended December 31, 2007. Continuing operations for the third quarter resulted in a loss of $1,322,849 or $0.05 per common share on total revenue of $1,714,858 versus a loss from continuing operations of $818,297 or $0.03 per common share on total revenue of $1,726,526 for the third quarter last year. Net loss for the quarter was $1,306,996 or $0.05 per common share versus a net loss of $824,019 or $0.03 per common share for the comparable quarter last year.
Continuing operations for the nine months ended December 31, 2007 resulted in a loss of $3,591,494 or $0.14 per common share on total revenue of $5,159,901 versus a loss from continuing operations of $2,468,911 or $0.10 per common share on total revenue of $4,642,076 last fiscal year. Net loss for the nine months ended December 31, 2007 was $3,575,641 or $0.14 per common share versus a net loss for the comparable period last year of $2,491,385 or $0.10 per common share.
"Although total revenue for the third quarter was flat, total revenue for the nine months ended December 31, 2007 rose 11 percent to $5,159,901 driven by higher levels of product sales revenue which rose 42 percent during the nine month period. Gross profit margins for the quarter rose to 16 percent versus 9 percent for the same quarter last year due to improved execution of funded programs. Losses from continuing operations for the quarter and nine month period increased due to higher internally funded research and development costs, production engineering expenditures and selling, general and administrative expenses," said Donald A. French, Treasurer and Chief Financial Officer of UQM Technologies, Inc.
"During the quarter, we announced a new production contract to supply Club Car, Inc., a leading maker of golf, utility and transportation vehicles, with an auxiliary motor that actuates an automatic service brake feature on Club Car golf carts in certain international markets," said William G. Rankin, President and Chief Executive Officer of UQM Technologies, Inc. "The addition of an another large, well-known company to our roster of production customers further reinforces our strategy to establish world-class production capability to meet the current and future volume production requirements of our customers."
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, 2007. To attend the conference call, please dial 1-866-322-2356 approximately ten minutes before the conference is scheduled to begin and provide confirmation code 7798714 to access the call. International callers should dial 1-416-640-3405. For anyone who is unable to participate in the conference, a recording will be available for 48 hours beginning at 6:30 p.m. Eastern Time today. To access the playback call 1-888-203-1112 and give replay code 7798714. International callers should dial 1-647-436-0148.
UQM Technologies, Inc. is a developer and manufacturer of power dense, high efficiency electric motors, generators and power electronic controllers for the automotive, aerospace, medical, military and industrial markets. A major emphasis of the Company is developing products for the alternative energy technologies sector including propulsion systems for electric, hybrid electric, plug-in hybrid electric and fuel cell electric vehicles, under-the-hood power accessories and other vehicle auxiliaries and distributed power generation applications. The Company's headquarters, engineering and product development center, and motor manufacturing operation are located in Frederick, Colorado. For more information on the Company, please visit its worldwide website at 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 officers and directors with respect to, among other things the development of markets for our products and the adequacy of our cash balances and liquidity to meet future operating needs. Important Risk Factors that could cause actual results to differ from those contained in the forward-looking statements are contained in our Form 10-Q filed today, which is available through our website at www.uqm.com or at www.sec.gov. -0- *T UQM TECHNOLOGIES, INC. AND SUBSIDIARIES Consolidated Balance Sheets (unaudited) December 31, 2007 March 31, 2007 ————————- ——————— Assets —————————————————— Current assets: Cash and cash equivalents $4,425,729 1,952,177 Short-term investments 6,150,190 5,981,828 Accounts receivable 1,217,732 1,434,686 Accounts receivable from discontinued operations 27,892 76,097 Costs and estimated earnings in excess of billings on uncompleted contracts 319,758 187,913 Inventories 973,757 899,885 Prepaid expenses and other current assets 229,147 279,343 ————————- ——————— Total current assets 13,344,205 10,811,929 ————————- ——————— Property and equipment, at cost: Land 181,580 181,580 Building 2,428,895 2,306,154 Machinery and equipment 3,433,862 3,152,296 ————————- ——————— 6,044,337 5,640,030 Less accumulated depreciation (3,237,159) (2,977,305) ————————- ——————— Net property and equipment 2,807,178 2,662,725 ————————- ——————— Patent and trademark costs, net of accumulated amortization of $664,048 and $622,320 471,604 482,303 Other assets 55,237 55,650 ————————- ——————— Total assets $16,678,224 14,012,607 ================= ============== December 31, 2007 March 31, 2007 ————————- ——————— Liabilities and Stockholders' Equity —————————————————— Current liabilities: Accounts payable $462,440 982,931 Other current liabilities 317,804 344,952 Current portion of long-term debt 104,168 98,760 Short-term deferred compensation under executive employment agreements 359,667 149,325 Liabilities and commitments of discontinued operations - 13,847 Billings in excess of costs and estimated earnings on uncompleted contracts 697,833 312,537 ————————- ——————— Total current liabilities 1,941,912 1,902,352 ————————- ——————— Long-term debt, less current portion 444,236 522,925 Long-term deferred compensation under executive employment agreements 630,937 396,214 ————————- ——————— 1,075,173 919,139 ————————- ——————— Total liabilities 3,017,085 2,821,491 ————————- ——————— Commitments and contingencies Stockholders' equity: Common stock, $.01 par value, 50,000,000 shares authorized; 26,521,948 and 25,176,889 shares issued and outstanding 265,220 251,769 Additional paid-in capital 77,408,675 71,376,462 Accumulated deficit (64,012,756) (60,437,115) ————————- ——————— Total stockholders' equity 13,661,139 11,191,116 ————————- ——————— Total liabilities and stockholders' equity $16,678,224 14,012,607 ================= ============== *T -0- *T UQM TECHNOLOGIES, INC. AND SUBSIDIARIES Consolidated Statements of Operations (unaudited) Quarter Ended Nine Months Ended December 31, December 31, ———————————— ———————————- 2007 2006 2007 2006 —————— —————- —————- —————- Revenue: Contract services $640,020 720,835 1,736,199 2,224,315 Product sales 1,074,838 1,005,691 3,423,702 2,417,761 —————— —————- —————- —————- 1,714,858 1,726,526 5,159,901 4,642,076 —————— —————- —————- —————- Operating costs and expenses: Costs of contract services 492,951 707,773 1,372,539 1,976,028 Costs of product sales 948,337 865,567 3,120,987 2,268,891 Research and development 126,919 110,919 353,418 285,400 Production engineering 397,622 219,071 1,347,077 699,960 Selling, general and administrative 1,188,852 735,785 2,901,217 2,188,624 —————— —————- —————- —————- 3,154,681 2,639,115 9,095,238 7,418,903 —————— —————- —————- —————- Loss from continuing operations before other income (expense) (1,439,823) (912,589) (3,935,337) (2,776,827) Other income (expense): Interest income 120,016 106,041 364,138 344,252 Interest expense (10,028) (11,749) (31,281) (36,336) Gain on sale of property and equipment 6,986 - 10,986 - —————— —————- —————- —————- 116,974 94,292 343,843 307,916 —————— —————- —————- —————- Loss from continuing operations (1,322,849) (818,297) (3,591,494) (2,468,911) Discontinued operations - income (loss) from operations of discontinued electronic products segment 15,853 (5,722) 15,853 (22,474) —————— —————- —————- —————- Net loss $(1,306,996) (824,019) (3,575,641) (2,491,385) ============ =========== =========== =========== Net loss per common share - basic and diluted Continuing operations $(.05) (.03) (.14) (.10) Discontinued operations - - - - —————— —————- —————- —————- $(.05) (.03) (.14) (.10) ============ =========== =========== =========== Weighted average number of shares of common stock outstanding - basic and diluted 26,517,104 25,143,051 26,088,165 25,102,663 ============ =========== =========== =========== *T
The following table summarizes significant financial statement information for continuing operations of each of the reportable segments as of and for the quarter ended December 31, 2007: -0- *T Power Technology Products Total —————- ————— —————- Revenue $1,106,553 608,305 1,714,858 Interest income 117,392 2,624 120,016 Interest expense - (10,028) (10,028) Depreciation and amortization (54,233) (54,514) (108,747) Segment loss from continuing operations (1,064,857) (257,992) (1,322,849) Assets of continuing operations 13,040,376 3,609,956 16,650,332 Expenditures for long-lived segment assets (55,273) (12,473) (67,746) *T
The following table summarizes significant financial statement information for continuing operations of each of the reportable segments as of and for the quarter ended December 31, 2006: -0- *T Power Technology Products Total —————- ————— —————- Revenue $1,078,976 647,550 1,726,526 Interest income 104,865 1,176 106,041 Interest expense - (11,749) (11,749) Depreciation and amortization (54,383) (48,787) (103,170) Segment loss from continuing operations (745,538) (72,759) (818,297) Assets of continuing operations 10,838,276 3,447,528 14,285,804 Expenditures for long-lived segment assets (27,183) (25,352) (52,535) *T
The following table summarizes significant financial statement information for continuing operations of each of the reportable segments as of and for the nine months ended December 31, 2007: -0- *T Power Technology Products Total —————- ————— —————- Revenue $3,017,499 2,142,402 5,159,901 Interest income 357,216 6,922 364,138 Interest expense - (31,281) (31,281) Depreciation and amortization (167,768) (157,773) (325,541) Segment loss from continuing operations (3,002,398) (589,096) (3,591,494) Assets of continuing operations 13,040,376 3,609,956 16,650,332 Expenditures for long-lived segment assets (282,562) (180,234) (462,796) *T
The following table summarizes significant financial statement information for continuing operations of each of the reportable segments as of and for the nine months ended December 31, 2006: -0- *T Power Technology Products Total —————- ————— —————- Revenue $3,089,136 1,552,940 4,642,076 Interest income 340,784 3,468 344,252 Interest expense - (36,336) (36,336) Depreciation and amortization (189,050) (120,786) (309,836) Segment loss from continuing operations (2,046,746) (422,165) (2,468,911) Assets of continuing operations 10,838,276 3,447,528 14,285,804 Expenditures for long-lived segment assets (144,203) (233,871) (378,074) *T
