UQM Technologies, Inc. (NYSE MKT: UQM), a developer of
alternative energy technologies, today announced operating results
for the second quarter ended June 30, 2017. Total revenue for the
quarter was $1.8 million compared to $1.4 million in the second
quarter last year. Net loss for the second quarter was $1.3
million, or $0.03 per common share. This compares to a net loss of
$2.0 million, or $0.04 per common share for the same period last
year.
“We had a solid second quarter with higher sales of our PP220
and fuel cell compressor systems,” said Joe Mitchell, UQM
Technologies’ President and Chief Executive Officer. “We continue
to see good traction on our China partnership initiatives and are
optimistic about the future given the interest and momentum we are
seeing in the business.”
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, 2017. To attend the conference call, please dial
888-241-0326 approximately 10 minutes before the conference is
scheduled to begin and provide the conference ID “57428448” to
access the call. International callers should dial 647-427-3411.
The call will also be webcast from the Investors section of the
company’s website at www.uqm.com/investors. Parties listening via
the webcast will be in a “listen-only” mode. Please log onto UQM’s
website 10 minutes prior to the start of the webcast to
register.
An audio replay will be available after the call on the investor
page of website listed above, or by calling 855-859-2056 or
404-537-3406 (international) and entering conference ID 57428448#.
The replay will be available through August 14, 2017.
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 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 June 30, Six Months Ended June
30, 2017 2016 2017
2016 Revenue: Product sales $ 1,571,390 $
1,173,261 $ 2,416,925 $ 2,392,058 Contract services 217,565
261,820 387,075 547,313
1,788,955 1,435,081
2,804,000 2,939,371 Operating costs and
expenses: Costs of product sales 1,006,639 759,089 1,614,488
1,568,923 Costs of contract services 80,552 236,949 161,616 540,390
Research and development 555,465 718,918 1,188,247 1,403,264
Selling, general and administrative 1,470,914 1,684,645 2,774,121
2,917,539 Recovery of impaired assets - -
- (585,800 ) 3,113,570
3,399,601 5,738,472 5,844,316
Loss from operations (1,324,615 ) (1,964,520 )
(2,934,472 ) (2,904,945 ) Other income/ (expense): Interest
income 449 3,408 2,099 7,290 Interest expense (21,363 ) - (22,731 )
- Amortization of deferred financing costs (9,327 ) - (10,881 ) -
Other 6,635 7,082 11,738
12,707 (23,606 ) 10,490
(19,775 ) 19,997 Net loss $ (1,348,221 ) $
(1,954,030 ) $ (2,954,247 ) $ (2,884,948 ) Net loss per
common share - basic and diluted $ (0.03 ) $ (0.04 ) $ (0.06 ) $
(0.06 )
Weighted average number of shares of
common stock outstanding - basic and diluted
48,563,209 48,346,344 48,543,093
48,327,310
UQM TECHNOLOGIES, INC. AND
SUBSIDIARIESConsolidated Condensed Balance Sheets
(unaudited)
June 30, December 31, 2017
2016
Assets
Current assets: Cash and cash equivalents $ 2,074,389 $ 2,100,089
Restricted cash 165,312 - Accounts receivable 791,918 1,163,316
Costs and estimated earnings in excess of billings on uncompleted
contracts 29,917 29,917 Inventories, net 2,356,514 1,749,735
Prepaid expenses and other current assets 206,243
259,682 Total current assets 5,624,293
5,302,739 Property and equipment, at cost:
Land 896,388 1,683,330 Building 4,516,301 4,516,301 Machinery and
equipment 7,090,147 7,052,740
12,502,836 13,252,371 Less accumulated depreciation
(7,771,450 ) (7,590,641 ) Net property and equipment
4,731,386 5,661,730
Patent costs, net of accumulated
amortization of $943,147 and $932,564, respectively
210,435 213,326
Trademark costs, net of accumulated
amortization of $83,133 and $80,885, respectively
92,707 94,955 Restricted cash 420,631 - Land held for sale
786,942 - Total assets $ 11,866,394 $
11,272,750
Liabilities and
Stockholders’ Equity
Current liabilities: Accounts payable $ 951,962 $ 809,950 Other
current liabilities 1,487,029 1,318,941
Total current liabilities 2,438,991 2,128,891
Long-term debt, net of deferred financing
costs of $63,732 and $0, respectively
3,100,797 - Other long-term liabilities 131,667
141,667 Total long-term liabilities 3,232,464 141,667
Total liabilities 5,671,455
2,270,558 Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par value, 175,000,000
shares authorized; 48,566,548 and 48,519,313 shares
issued and outstanding, respectively
485,665 485,193 Additional paid-in capital 128,556,455 128,409,933
Accumulated deficit (122,847,181 ) (119,892,934 )
Total stockholders’ equity 6,194,939 9,002,192
Total liabilities and stockholders’ equity $
11,866,394 $ 11,272,750
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version on businesswire.com: http://www.businesswire.com/news/home/20170807005855/en/
EnergyTech InvestorShawn Severson,
415-233-7094orUQM Technologies, Inc.David
Rosenthal, 303-682-4900
UQM Technologies (AMEX:UQM)
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