UQM UQM Technologies Inc

UQM Technologies Reports First Quarter Operating Results FREDERICK, Colo., July 28 /PRNewswire-FirstCall/ -- UQM TECHNOLOGIES, INC. (AMEX:UQM), a developer of alternative energy technologies, announced today operating results for the quarter ended June 30, 2004. Continuing operations for the first quarter resulted in a loss of $697,721 or $0.04 per common share on total revenue of $683,996 versus a loss from continuing operations of $183,998 or $0.01 per common share on total revenue of $1,879,896 for the first quarter last year. Net loss for the quarter, which includes losses from discontinued operations of $17,182 or nil per common share, was $714,903 or $0.04 per common share versus a net loss of $390,326 or $0.02 per common share, which included losses from discontinued operations of $206,328 or $0.01 per common share, for the comparable quarter last year. "Revenue and operating results for the first quarter were adversely impacted by delays in the application of software developed earlier this year for our new microprocessor platform to additional motor systems which reduced contract services revenue levels and margins and by the previously announced disruption of orders for wheelchair propulsion motors which resulted in a substantial decline in product sales for the quarter. Shipments of wheelchair propulsion systems have resumed at previously announced revenue levels and contract services revenue levels are expected to rise as we move through the second quarter, resulting in a decline in losses from continuing operations in future quarters", said Donald A. French, Treasurer and Chief Operating Officer. The Company will host a conference call today at 4:30 p.m. Eastern Daylight Time to discuss operating results for the quarter ended June 30, 2004. To attend the conference call, please dial 1-415-537-1802 approximately ten minutes before the conference is scheduled to begin. For anyone who is unable to participate in the conference, a recording will be available for 48 hours beginning approximately four hours after the call. To access the playback dial 1-800-633-8284 and give reservation number 21203282. International callers should dial 1-402-977-9140. UQM Technologies, Inc. is a developer and manufacturer of power dense, high efficiency electric motors, generators and power electronic controllers for the automotive, aerospace, medical, military and industrial markets. A major emphasis of the Company is developing products for the alternative energy technologies sector including propulsion systems for electric, hybrid electric and fuel cell electric vehicles, 42-volt under-the-hood power accessories and other vehicle auxiliaries and distributed power generation applications. The Company's headquarters, engineering and product development center and motor manufacturing operation are located in Frederick, Colorado. For more information on the Company, please visit its worldwide website at http://www.uqm.com/. This press 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 press release and include statements regarding our plans, beliefs or current expectations, including those plans, beliefs and expectations of our officers and directors with respect to, among other things the development of markets for our products and the adequacy of the Company's cash balances and liquidity to meet future operating needs. Important Risk Factors that could cause actual results to differ from those contained in the forward-looking statements are contained in our Form 10-Q for the quarter ended June 30, 2004 and is available through our website at http://www.uqm.com/ or at http://www.sec.gov/. UQM TECHNOLOGIES, INC. AND SUBSIDIARIES Consolidated Statements of Operations (unaudited) Quarter ended June 30, 2004 2003 Revenue: Contract services $415,990 633,315 Product sales 268,006 1,246,581 683,996 1,879,896 Operating costs and expenses: Costs of contract services 581,567 435,979 Costs of product sales 234,680 1,028,497 Research and development 52,036 144,789 General and administrative 499,707 437,793 Other 2,234 809 1,370,224 2,047,867 Loss from continuing operations before other income (expense) (686,228) (167,971) Other income (expense): Interest income 8,367 6,587 Interest expense (19,860) (22,614) (11,493) (16,027) Loss from continuing operations (697,721) (183,998) Discontinued operations: Loss from operations of discontinued electronic products segment (17,182) (206,328) Net loss $(714,903) (390,326) Net loss per common share -- basic and diluted Continuing operations $(.04) (.01) Discontinued operations -- (.01) $(.04) (.02) Weighted average number of shares of common stock outstanding -- basic and diluted 19,574,172 18,846,235 UQM TECHNOLOGIES, INC. AND SUBSIDIARIES Consolidated Balance Sheets June 30, 2004 March 31, 2004 Assets (unaudited) Current assets: Cash and cash equivalents $2,887,678 3,005,709 Accounts receivable 494,398 512,995 Costs and estimated earnings in excess of billings on uncompleted contracts 327,534 245,984 Inventories 631,685 428,438 Prepaid expenses and other current assets 256,943 72,649 Assets of discontinued operations -- 1,226,943 4,598,238 5,492,718 Property and equipment, at cost: Land 181,580 181,580 Building 2,292,687 2,292,687 Machinery and equipment 2,735,368 2,793,343 5,209,635 5,267,610 Less accumulated depreciation (2,714,289) (2,732,291) Net property and equipment 2,495,346 2,535,319 Patent and trademark costs, net of accumulated amortization of $381,788 and $360,260 689,296 692,371 Other assets 850 850 $7,783,730 8,721,258 June 30, 2004 March 31, 2004 Liabilities and Stockholders' Equity (unaudited) Current liabilities: Accounts payable $504,746 392,474 Other current liabilities 389,037 258,258 Note payable 96,393 -- Current portion of long-term debt 127,797 125,611 Liabilities of discontinued operations -- 542,617 Current portion of accrued lease obligation 39,493 11,947 Billings in excess of costs and estimated earnings on uncompleted contracts 201,772 189,252 Total current liabilities 1,359,238 1,520,159 Long-term debt, less current portion 913,743 946,423 Long-term portion of accrued lease obligation 155,764 192,118 Total long-term liabilities 1,069,507 1,138,541 Total liabilities 2,428,745 2,658,700 Stockholders' equity: Common stock, $.01 par value, 50,000,000 shares authorized; 19,574,730 and 19,572,625 shares issued and outstanding 195,747 195,726 Additional paid-in capital 58,030,883 58,025,631 Accumulated deficit (52,857,884) (52,142,981) Note receivable from officer (13,761) (15,818) Total stockholders' equity 5,354,985 6,062,558 $7,783,730 8,721,258 The following table summarizes significant financial statement information for continuing operations of each of the reportable segments as of and for the quarter ended June 30, 2004: Mechanical Technology Products Total Revenue $462,590 221,406 683,996 Interest income 7,053 1,314 8,367 Interest expense (1,121) (18,739) (19,860) Depreciation and amortization (64,094) (27,964) (92,058) Segment earnings (loss) from continuing operations (719,880) 22,159 (697,721) Assets of continuing operations 4,948,256 2,835,474 7,783,730 Expenditures for segment assets $(50,497) (747) (51,244) The following table summarizes significant financial statement information for continuing operations of each of the reportable segments as of and for the quarter ended June 30, 2003: Mechanical Technology Products Total Revenue $869,832 1,010,064 1,879,896 Interest income 5,657 930 6,587 Interest expense (1,971) (20,643) (22,614) Depreciation and amortization (68,612) (54,639) (123,251) Segment earnings (loss) from continuing operations (227,505) 43,507 (183,998) Assets of continuing operations 4,036,137 3,283,635 7,319,772 Expenditures for segment assets $(85,301) -- (85,301) DATASOURCE: UQM TECHNOLOGIES, INC. CONTACT: Donald A. French, Treasurer of UQM Technologies, Inc., +1-303-278-2002 Web site: http://www.uqm.com/

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