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
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.
Source: UQM Technologies, Inc.
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. 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
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version on businesswire.com: http://www.businesswire.com/news/home/20160804006315/en/
UQM Technologies, Inc.David Rosenthal,
303-682-4900orEnergyTech Investor LLCShawn Severson,
415-233-7094
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