UQM UQM Technologies Inc

UQM Technologies Reports Second Quarter Operating Results FREDERICK, Colo., Nov. 9 /PRNewswire-FirstCall/ -- UQM TECHNOLOGIES, INC. (AMEX:UQM), a developer of alternative energy technologies, announced today operating results for the quarter ended September 30, 2004. Continuing operations for the second quarter resulted in a loss of $378,461 or $0.02 per common share on total revenue of $1,234,477 versus a loss from continuing operations of $458,224 or $0.02 per common share on total revenue of $1,209,023 for the second quarter last year. Net loss for the quarter was $380,251 or $0.02 per common share versus a net loss of $1,001,981 or $0.05 per common share for the comparable quarter last year. Continuing operations for the six months ended September 30, 2004 resulted in a loss of $1,076,182 or $0.06 per common share on total revenue of $1,918,473 versus a loss from continuing operations of $642,222 or $0.03 per common share on total revenue of $3,088,919 for the comparable period last year. Net loss for the six month period was $1,095,154 or $0.06 per common share versus a net loss of $1,392,307 or $0.07 per common share for the comparable period last year. "Total revenue and operating results for the second quarter improved over the comparable quarter last year and over the first quarter this fiscal year lead by higher levels of product sales during the quarter. Net loss for the quarter and six months ended September 30, 2004 was reduced by 62 percent and 21 percent, respectively, as a result of the divestiture early this year of our contract electronics manufacturing business which contributed significantly to consolidated losses in the comparable prior year periods. Shortly after the end of the quarter we completed a secondary offering of our common stock which resulted in cash proceeds to the Company, before deducting underwriting commissions and expenses of $7,740,000 and raised our cash balances on hand to approximately $9,200,000," said Donald A. French, Treasurer and Chief Financial Officer. The Company will host a conference call today at 4:30 p.m. Eastern Standard Time to discuss operating results for the quarter and six months ended September 30, 2004. To attend the conference call, please dial 1-415-904-7348 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 21213049. 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. Important Risk Factors that could cause actual results to differ from those contained in the forward-looking statements are contained in our Form 8-K filed October 25, 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 Six Months Ended September 30, September 30, 2004 2003 2004 2003 Revenue: Contract services $591,309 705,989 1,007,299 1,339,304 Product sales 643,168 503,034 911,174 1,749,615 1,234,477 1,209,023 1,918,473 3,088,919 Operating costs and expenses: Costs of contract services 582,501 603,818 1,164,068 1,039,797 Costs of product sales 550,053 430,976 784,733 1,459,473 Research and development 43,639 151,724 95,675 296,513 General and administrative 436,050 463,825 937,991 902,427 1,612,243 1,650,343 2,982,467 3,698,210 Loss from continuing operations before other income (expense) (377,766) (441,320) (1,063,994) (609,291) Other income (expense): Interest income 8,422 4,483 16,789 11,070 Interest expense (19,117) (21,987) (38,977) (44,601) Other 10,000 600 10,000 600 (695) (16,904) (12,188) (32,931) Loss from continuing operations (378,461) (458,224) (1,076,182) (642,222) Discontinued operations: Loss from operations of discontinued electronic products segment (1,790) (543,757) (18,972) (750,085) Net loss $(380,251) (1,001,981) (1,095,154) (1,392,307) Net loss per common share - basic and diluted Continuing operations $(.02) (.02) (.06) (.03) Discontinued operations -- (.03) -- (.04) $(.02) (.05) (.06) (.07) Weighted average number of shares of common stock outstanding - basic and diluted 19,574,730 18,849,333 19,574,452 18,847,793 UQM TECHNOLOGIES, INC. AND SUBSIDIARIES Consolidated Balance Sheets September 30, 2004 March 31, 2004 Assets (unaudited) Current assets: Cash and cash equivalents $2,408,770 3,005,709 Accounts receivable 415,936 512,995 Costs and estimated earnings in excess of billings on uncompleted contracts 403,339 245,984 Inventories 453,282 428,438 Prepaid expenses and other current assets 224,917 72,649 Assets of discontinued operations -- 1,226,943 3,906,244 5,492,718 Property and equipment, at cost: Land 181,580 181,580 Building 2,292,687 2,292,687 Machinery and equipment 2,760,115 2,793,343 5,234,382 5,267,610 Less accumulated depreciation (2,781,335) (2,732,291) Net property and equipment 2,453,047 2,535,319 Patent and trademark costs, net of accumulated amortization of $403,311 and $360,266 676,646 692,371 Other assets 850 850 $7,036,787 8,721,258 September 30, 2004 March 31, 2004 Liabilities and Stockholders' Equity (unaudited) Current liabilities: Accounts payable $364,153 392,474 Other current liabilities 380,189 258,258 Current portion of long-term debt 130,023 125,611 Liabilities and commitments of discontinued operations 99,538 554,564 Billings in excess of costs and estimated earnings on uncompleted contracts 106,647 189,252 Total current liabilities 1,080,550 1,520,159 Long-term debt, less current portion 880,490 946,423 Long-term portion of accrued lease obligation 98,909 192,118 Total long-term liabilities 979,399 1,138,541 Total liabilities 2,059,949 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 (53,238,135) (52,142,981) Note receivable from officer (11,657) (15,818) Total stockholders' equity 4,976,838 6,062,558 $7,036,787 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 September 30, 2004: Mechanical Technology Products Total Revenue $828,347 406,130 1,234,477 Interest income 7,085 1,337 8,422 Interest expense (704) (18,413) (19,117) Depreciation and amortization (60,691) (27,878) (88,569) Segment earnings (loss) from continuing operations (445,408) 66,947 (378,461) Assets of continuing operations 4,139,383 2,897,404 7,036,787 Expenditures for segment assets $(33,620) -- (33,620) The following table summarizes significant financial statement information for continuing operations of each of the reportable segments as of and for the quarter ended September 30, 2003: Mechanical Technology Products Total Revenue $869,870 339,153 1,209,023 Interest income 3,236 1,247 4,483 Interest expense (1,236) (20,751) (21,987) Depreciation and amortization (65,219) (46,880) (112,099) Segment loss from continuing operations (408,518) (49,706) (458,224) Assets of continuing operations 3,890,286 2,842,179 6,732,465 Expenditures for segment assets $(19,331) (4,981) (24,312) The following table summarizes significant financial statement information for continuing operations of each of the reportable segments as of and for the six months ended September 30, 2004: Mechanical Technology Products Total Revenue $1,290,937 627,536 1,918,473 Interest income 14,138 2,651 16,789 Interest expense (1,825) (37,152) (38,977) Depreciation and amortization (124,785) (55,842) (180,627) Segment earnings (loss) from continuing operations (1,165,288) 89,106 (1,076,182) Assets of continuing operations 4,139,383 2,897,404 7,036,787 Expenditures for segment assets $(84,117) (747) (84,864) The following table summarizes significant financial statement information for continuing operations of each of the reportable segments as of and for the six months ended September 30, 2003: Mechanical Technology Products Total Revenue $1,739,702 1,349,217 3,088,919 Interest income 8,893 2,177 11,070 Interest expense (3,207) (41,394) (44,601) Depreciation and amortization (133,831) (101,519) (235,350) Segment loss from continuing operations (636,023) (6,199) (642,222) Assets of continuing operations 3,890,286 2,842,179 6,732,465 Expenditures for segment assets $(104,632) (4,981) (109,613) DATASOURCE: UQM Technologies, Inc. CONTACT: John Baldissera of BPC Financial Marketing, +1-800-368-1217, for UQM Technologies, Inc.; or Donald A. French of UQM Technologies, Inc., +1-303-278-2002 Web site: http://www.uqm.com/

Copyright