UQM UQM Technologies Inc

UQM TECHNOLOGIES, INC. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced operating results for the fourth quarter and fiscal year ended March 31, 2015. Total revenue for the quarter was $1.0 million, the same as the fourth quarter last year. Net loss for the fourth quarter was $1.3 million, or $0.03 per common share. This compares to a net loss of $1.4 million, or $0.04 per common share for the same period last year.

For the year ended March 31, 2015, total revenue was $4.0 million compared to $7.0 million in the prior year. Net loss was $6.0 million, or $0.15 per common share versus $2.8 million, or $0.07 per common share in the year ended March 31, 2014. As of March 31, 2015, cash was $6.6 million and working capital was $15.6 million versus $10.2 million and $20.1 million last year, respectively.

“Fourth quarter revenue grew 25% over last quarter, reflecting some improvement in our customers’ ordering cycles,” said Eric R. Ridenour, UQM Technologies’ President and Chief Executive Officer. ”Our primary focus is centered on our strategic business development in China where we see the greatest opportunity for our offerings at present. Having recently signed a long-term agreement with the KESHI Group and with on-going discussions with other parties to secure volume production contracts, we are making significant inroads into this market as customers recognize the clear advantages of our products.”

Conference Call

The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss operating results for the quarter and year ended March 31, 2015. 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 “47696708” 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 and enter replay code “47696708#”. 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 and power electronic controllers 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.

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, 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 annual report on Form 10-K for the fiscal year ended March 31, 2015 filed today, which is available through our website at www.uqm.com or at www.sec.gov.

                 

UQM TECHNOLOGIES, INC.AND SUBSIDIARIESConsolidated Statements of Operations

    Quarter Ended March 31, Year Ended March 31, 2015 2014 2015 2014 (unaudited) (unaudited) Revenue: Product sales $ 954,493 $ 785,018 $ 3,218,616 $ 6,136,305 Contract services   89,289   230,464   797,128   909,895   1,043,782   1,015,482   4,015,744   7,046,200 Operating costs and expenses: Costs of product sales 778,532 474,798 2,101,610 3,609,028 Costs of contract services 130,236 190,271 798,038 743,068 Research and development 913,771 61,035 1,131,159 219,887 Production engineering 179,683 1,793,230 3,406,923 4,644,646 Reimbursement of costs under DOE grant (88,439) (1,049,168) (1,901,109) (3,625,853) Selling, general and administrative 1,303,764 1,064,204 5,337,795 5,143,864 (Recovery) impairment of assets - (141,835) - (868,475) (Gain) loss on disposal of long-lived asset   1,219   2,570   1,219   (37,462)   3,218,766   2,395,105   10,875,635   9,828,703   Loss before other income (2,174,984) (1,379,623) (6,859,891) (2,782,503)   Other income: Interest income 182 378 12,306 1,787 Other   858,488   537   859,055   7,472   858,670   915   871,361   9,259   Net loss $ (1,316,314) $ (1,378,708) $ (5,988,530) $ (2,773,244)   Net loss per common share - basic and diluted $ (0.03) $ (0.04) $ (0.15) $ (0.07) Weighted average number of shares of common stock outstanding - basic and diluted   39,999,984   38,653,221   39,940,795   37,253,066          

UQM TECHNOLOGIES, INC.AND SUBSIDIARIESConsolidated Balance Sheets

    March 31, 2015 March 31, 2014 Assets Current assets: Cash and cash equivalents $ 6,585,703 $ 10,247,112 Short-term investments - 63,029 Accounts receivable 522,417 960,419 Other receivable 855,000 - Costs and estimated earnings in excess of billings on uncompleted contracts 49,917 341,255 Inventories 9,354,053 10,054,422 Prepaid expenses and other current assets   266,448   263,988 Total current assets   17,633,538   21,930,225   Property and equipment, at cost: Land 1,683,330 1,683,330 Building 4,516,301 4,516,301 Machinery and equipment   7,037,200   7,706,066 13,236,831 13,905,697 Less accumulated depreciation   (6,410,242)   (6,337,924) Net property and equipment   6,826,589   7,567,773   Patent costs, net of accumulated amortization of $895,227 and $878,707, respectively 239,043 227,015 Trademark costs, net of accumulated amortization of $73,018 and $68,718, respectively 102,823 107,123 Other assets   -   2,997 Total assets $ 24,801,993 $ 29,835,133   Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 398,568 $ 386,293 Other current liabilities 1,544,971 1,491,745 Billings in excess of costs and estimated earnings on uncompleted contracts   84,444   - Total current liabilities   2,027,983   1,878,038   Other long-term liabilities   445,024   182,100   Total liabilities   2,473,007   2,060,138   Commitments and contingencies   Stockholders’ equity: Common stock, $0.01 par value, 50,000,000 shares authorized; 39,999,984 and 39,777,767 shares issued and outstanding, respectively 400,000 397,778 Additional paid-in capital 121,866,061 121,325,762 Accumulated deficit   (99,937,075)   (93,948,545) Total stockholders’ equity   22,328,986   27,774,995 Total liabilities and stockholders’ equity $ 24,801,993 $ 29,835,133  

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UQM Technologies, Inc.David I. Rosenthal, 303-682-4900orStreetSmart Investor RelationsAnnie Leschin, 415-775-1788