UQM Technologies, Inc. (NYSE MKT: UQM), a developer of
alternative energy technologies, today announced operating results
for the second quarter of fiscal year 2017. Total revenue for the
quarter was $1.0 million compared to $1.7 million in the second
quarter last year. Net loss for the second quarter was $2.4
million, or $0.05 per common share. This compares to a net loss of
$2.4 million, or $0.06 per common share for the same period last
year.
“Revenue was lower this quarter primarily because of higher
sales of fuel cell systems last year,” said Joe Mitchell, UQM
Technologies’ President and Chief Executive Officer. ”We continue
to see good traction on our China initiatives and believe higher
volume shipments should begin in early 2017.”
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
September 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 “10379005” 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 “10379005#”. 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.
UQM TECHNOLOGIES, INC. AND
SUBSIDIARIESConsolidated Condensed Statements of Operations
(unaudited)
Quarters Ended September 30, Six Months Ended
September 30, 2016 2015 2016
2015 Revenue: Product sales $ 728,921 $
1,618,666 $ 1,902,182 $ 2,249,332 Contract services 292,204
116,144 554,024 226,007
1,021,125 1,734,810
2,456,206 2,475,339 Operating costs and
expenses: Costs of product sales 525,313 1,289,315 1,284,402
1,866,761 Costs of contract services 251,291 96,029 488,240 160,827
Research and development 882,090 912,395 1,601,008 2,000,875
Selling, general and administrative 1,738,439
1,855,214 3,423,084 3,100,588
3,397,133 4,152,953 6,796,734
7,129,051 Loss from operations
(2,376,008 ) (2,418,143 ) (4,340,528 ) (4,653,712 ) Other
income: Interest income 2,445 125 5,853 3,497 Other 5,318
8,971 12,400 16,917
7,763 9,096 18,253
20,414 Net loss $ (2,368,245 ) $ (2,409,047 )
$ (4,322,275 ) $ (4,633,298 ) Net loss per common share -
basic and diluted $ (0.05 ) $ (0.06 ) $ (0.09 ) $ (0.12 )
Weighted average number of shares of common stock outstanding -
basic and diluted 48,479,908 40,235,636
48,413,491 40,142,682
UQM TECHNOLOGIES, INC. AND
SUBSIDIARIES
Consolidated Condensed Balance Sheets
(unaudited)
September 30, March 31, 2016
2016
Assets
Current assets: Cash and cash equivalents $ 3,861,947 $ 7,030,230
Accounts receivable 484,100 481,404 Costs and estimated earnings in
excess of billings on uncompleted contracts 46,246 60,296
Inventories 2,421,982 2,271,271 Prepaid expenses and other current
assets 286,059 272,597 Total current
assets 7,100,334 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 7,107,224
7,089,332 13,306,855 13,288,963 Less accumulated
depreciation (7,541,532 ) (7,241,769 ) Net property
and equipment 5,765,323 6,047,194
Patent costs, net of accumulated amortization of $927,249
and $916,960, respectively 251,984 249,414 Trademark costs,
net of accumulated amortization of $79,762 and $77,514,
respectively 96,079 98,327 Noncurrent inventories 6,727,706
6,840,170 Total assets $ 19,941,426
$ 23,350,903
Liabilities and
Stockholders’ Equity
Current liabilities: Accounts payable $ 782,495 $ 364,841 Other
current liabilities 1,135,460 985,435
Total current liabilities 1,917,955 1,350,276
Other long-term liabilities 372,222
288,889 Total liabilities 2,290,177
1,639,165 Commitments and contingencies
Stockholders’ equity: Common stock, $0.01 par value,
75,000,000 shares authorized; 48,503,260 and 48,330,286 shares
issued and outstanding, respectively 485,033 483,303 Additional
paid-in capital 128,363,917 128,103,861 Accumulated deficit
(111,197,701 ) (106,875,426 ) Total stockholders’ equity
17,651,249 21,711,738 Total
liabilities and stockholders’ equity $ 19,941,426 $
23,350,903
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version on businesswire.com: http://www.businesswire.com/news/home/20161110006516/en/
EnergyTech InvestorShawn Severson,
415-233-7094orUQM Technologies, Inc.David
Rosenthal, 303-682-4900
UQM Technologies (AMEX:UQM)
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