UQM Technologies, Inc. (NYSE MKT: UQM), a developer of
alternative energy technologies, today announced operating results
for the first quarter of 2017. Total revenue for the quarter was
$1.0 million compared to $1.5 million in the same quarter last
year. Net loss for the quarter was $1.6 million, or $0.03 per
common share. This compares to a net loss of approximately
$930,000, or $0.02 per common share for the same period last year.
The main difference in net loss between the two comparable quarters
was that last year the company recognized a positive settlement
with a vendor and recorded a non-cash adjustment of approximately
$586,000.
“Operating results for the first quarter were fairly consistent
with prior quarters,” said Joe Mitchell, UQM Technologies’
President and Chief Executive Officer. ”But we are seeing a lot of
momentum in our business as evidenced by our backlog of over $5
million and the receipt of a significant order from a major Chinese
OEM for fuel cell compressor systems that is incremental to our
previously announced backlog. We are in discussions with a number
of potential strategic partners regarding our China strategy, and
we are excited about the potential opportunities that lie
ahead.”
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
March 31, 2017. 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 “14076403” 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 “14076403#”. 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-KT 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)
Three Months Ended March 31, 2017 2016
Revenue: Product sales $ 845,535 $ 1,218,797 Contract
services 169,510 285,493
1,015,045 1,504,290 Operating costs and
expenses: Costs of product sales 607,849 809,834 Costs of contract
services 81,064 303,441 Research and development 632,782 684,346
Selling, general and administrative 1,303,207 1,232,894 Recovery of
impaired assets - (585,800 ) 2,624,902
2,444,715 Loss from operations
(1,609,857 ) (940,425 ) Other income: Interest income 1,650
3,882 Interest expense (2,922 ) - Other 5,103
5,625 3,831 9,507 Net
loss $ (1,606,026 ) $ (930,918 ) Net loss per common share -
basic and diluted $ (0.03 ) $ (0.02 ) Weighted average
number of shares of common stock outstanding - basic and diluted
48,522,754 48,327,219
UQM TECHNOLOGIES, INC. AND
SUBSIDIARIES
Consolidated Condensed Balance Sheets
(unaudited)
March 31, December 31, 2017
2016
Assets
Current assets: Cash and cash equivalents $ 1,088,450 $ 2,100,089
Restricted cash 33,094 - Accounts receivable 477,005 1,163,316
Costs and estimated earnings in excess of billings on uncompleted
contracts 29,917 29,917 Inventories, net 2,099,024 1,749,735
Prepaid expenses and other current assets 254,017
259,682 Total current assets 3,981,507
5,302,739 Property and equipment, at cost:
Land 1,683,330 1,683,330 Building 4,516,301 4,516,301 Machinery and
equipment 7,063,834 7,052,740
13,263,465 13,252,371 Less accumulated depreciation
(7,686,077 ) (7,590,641 ) Net property and equipment
5,577,388 5,661,730 Patent costs, net
of accumulated amortization of $937,855 and $932,564, respectively
213,374 213,326 Trademark costs, net of accumulated amortization of
$82,009 and $80,885, respectively 93,831 94,955 Restricted cash
566,906 - Total assets $ 10,433,006
$ 11,272,750
Liabilities and
Stockholders’ Equity
Current liabilities: Accounts payable $ 832,097 $ 809,950 Other
current liabilities 1,395,528 1,318,941 Billings in excess of costs
and estimated earnings on uncompleted contracts 17,565
- Total current liabilities 2,245,190
2,128,891 Long-term debt, net of
deferred financing costs of $73,060 and $0, respectively 591,469 -
Other long-term liabilities 136,667 141,667
Total long-term liabilities 728,136 141,667
Total liabilities 2,973,326
2,270,558 Commitments and contingencies
Stockholders’ equity: Common stock, $0.01 par value, 175,000,000
shares authorized; 48,523,136 and 48,519,313 shares issued and
outstanding, respectively 485,231 485,193 Additional paid-in
capital 128,473,409 128,409,933 Accumulated deficit
(121,498,960 ) (119,892,934 ) Total stockholders’ equity
7,459,680 9,002,192 Total liabilities
and stockholders’ equity $ 10,433,006 $ 11,272,750
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version on businesswire.com: http://www.businesswire.com/news/home/20170511006110/en/
EnergyTech InvestorShawn Severson,
415-233-7094orUQM Technologies, Inc.David
Rosenthal, 303-682-4900
UQM Technologies (AMEX:UQM)
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