Revenue $3.7 Million; Acquisition by Danfoss
Approved by Shareholders
UQM Technologies, Inc. (NYSE American: UQM) (“UQM” or the
“Company”), a developer of alternative energy technologies,
today announced operating results for the first quarter ended March
31, 2019.
Recent Highlights
- Reported revenue of $3.7 million for
the first quarter of 2019 versus $1.6 million for the prior-year
period
- Held special meeting of shareholders on
April 23, 2019 at which the acquisition by Danfoss A/S (“Danfoss”)
was approved by 69.65% of outstanding shares – such that 92.38% of
total shares voted were in favor of the merger
- The transaction – at $1.71 per share,
or approximately $100 million total valuation – is anticipated to
close during the second quarter of 2019, subject to government and
regulatory approvals
“UQM took the next step in its evolution on April 23, 2019, when
the acquisition by Danfoss was overwhelmingly approved by
shareholders,” said Joe Mitchell, UQM Technologies’ President and
Chief Executive Officer. “With over 92% of votes cast in favor of
this monumental transaction, everything is moving in the right
direction for our merger to close during the second quarter. We
continue to work with CFIUS – and Danfoss – to prepare for this
transformational event where our products can more effectively
compete, penetrate new markets, and play an important role in the
electric vehicles of tomorrow.”
Results for the Three Months Ended March 31, 2019
Revenue for the first quarter of 2019 was $3.7 million compared
with $1.6 million for the first quarter of 2018. UQM’s net loss for
the first quarter was $2.6 million, or $(0.05) per common share,
compared to a net loss of $1.9 million, or $(0.04) per common
share, last year, primarily reflecting higher SG&A costs due to
merger-related professional and administrative expenses.
Conference Call
The Company will host a conference call tomorrow, May 15, 2019,
at 10:30 a.m. Eastern Time, to discuss operating results for the
quarter ended March 31, 2019. To attend the conference call, please
dial 888-241-0326 approximately ten minutes before the conference
is scheduled to begin and provide the conference ID “2289855” to
access the call. International callers should dial +1 647-427-3411.
The call will also be webcast live and can be accessed from 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 ten minutes prior to the start of the webcast to
register.
An audio replay of the webcast will be available two hours after
the call and can be accessed on the investor page of website using
the link listed above.
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 IATF 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, the merger with
Danfoss, 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.
UQM TECHNOLOGIES, INC. AND
SUBSIDIARIES
Consolidated Condensed Statements of
Operations (unaudited)
(derived from the Company’s Quarterly
Report on Form 10-Q)
Three Months Ended March 31, 2019 2018
Revenue: Product sales $ 2,991,409 $ 1,405,364 Contract
services 692,327 206,210
3,683,736 1,611,574 Operating costs and
expenses: Costs of product sales 2,593,264 1,176,138 Costs of
contract services 369,906 128,765 Research and development 502,184
678,505 Selling, general and administrative 2,692,207
1,519,917 6,157,561 3,503,325
Loss from operations (2,473,825 ) (1,891,751 )
Other income (expense): Interest income 129 3,131 Interest expense
(75,005 ) (43,768 ) Amortization of deferred financing costs
(13,159 ) (9,327 ) Other 11,172 8,917
(76,863 ) (41,047 ) Net loss $ (2,550,688 ) $
(1,932,798 ) Net loss per common share - basic and diluted $
(0.05 ) $ (0.04 ) Weighted average number of shares of
common stock outstanding - basic and diluted 55,349,670
54,124,230
UQM TECHNOLOGIES, INC. AND
SUBSIDIARIES
Consolidated Condensed Balance Sheets
(unaudited)
(derived from the Company’s Annual Report
on Form 10-K)
March 31, December 31, 2019 2018
Assets
Current assets: Cash and cash equivalents $ 2,910,507 $ 1,918,570
Restricted cash 222,392 296,314 Accounts receivable 1,541,178
1,681,289 Inventories, net 4,815,599 4,783,887 Prepaid expenses and
other current assets 282,403 377,762
Total current assets 9,772,079 9,057,822
Property and equipment, at cost: Land 896,388 896,388
Building 4,516,301 4,516,301 Machinery and equipment
7,719,597 7,479,790 13,132,286 12,892,479 Less
accumulated depreciation (8,381,913 ) (8,282,269 )
Net property and equipment 4,750,373 4,610,210
Patent costs, net of accumulated amortization of
$976,215 and $958,543, respectively 271,328 260,021 Trademark
costs, net of accumulated amortization of $91,001 and $86,505,
respectively 84,840 85,964 Other assets 94,899
- Total assets $ 14,973,519 $ 14,014,017
Liabilities and
Stockholders’ Equity
Current liabilities: Accounts payable $ 2,679,319 $ 2,995,632
Unearned revenue 1,308,664 736,819 Other current liabilities
1,788,979 1,394,150 Deferred contract liabilities 230,116 110,727
Current debt, net of deferred financing costs of$26,933 and $7,772,
respectively 4,637,596 4,656,757 Total
current liabilities 10,644,674 9,894,085
Other long-term liabilities 168,282
106,159 Total long-term liabilities 168,282 106,159
Total liabilities 10,812,956
10,000,244 Stockholders’ equity: Common
stock, $0.01 par value, 175,000,000 shares authorized; 56,222,189
and 54,267,440 shares issued and outstanding, respectively 562,222
542,674 Additional paid-in capital 137,323,841 134,645,911
Accumulated deficit (133,725,500 ) (131,174,812 )
Total stockholders’ equity 4,160,563 4,013,773
Total liabilities and stockholders’ equity $
14,973,519 $ 14,014,017
Source: UQM Technologies, Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20190514005979/en/
Chris WittyUQM Investor
Relations646-438-9385cwitty@darrowir.comorDavid RosenthalUQM
Technologies, Inc.303-682-4900investor@uqm.com
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