LONGMONT, Colo.--(BUSINESS WIRE)--
UQM Technologies, Inc. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced operating results for the second quarter of fiscal year 2017. Total revenue for the quarter was $1.0 million compared to $1.7 million in the second quarter last year. Net loss for the second quarter was $2.4 million, or $0.05 per common share. This compares to a net loss of $2.4 million, or $0.06 per common share for the same period last year.
“Revenue was lower this quarter primarily because of higher sales of fuel cell systems last year,” said Joe Mitchell, UQM Technologies’ President and Chief Executive Officer. ”We continue to see good traction on our China initiatives and believe higher volume shipments should begin in early 2017.”
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 September 30, 2016. 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 “10379005” 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 or 1-800-585-8367 and enter replay code “10379005#”. 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, power electronic controllers and fuel cell compressors 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. 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.
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UQM TECHNOLOGIES, INC. AND SUBSIDIARIES |
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| Quarters Ended September 30, | Six Months Ended September 30, | |||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Revenue: | ||||||||||||||||
| Product sales | $ | 728,921 | $ | 1,618,666 | $ | 1,902,182 | $ | 2,249,332 | ||||||||
| Contract services | 292,204 | 116,144 | 554,024 | 226,007 | ||||||||||||
| 1,021,125 | 1,734,810 | 2,456,206 | 2,475,339 | |||||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Costs of product sales | 525,313 | 1,289,315 | 1,284,402 | 1,866,761 | ||||||||||||
| Costs of contract services | 251,291 | 96,029 | 488,240 | 160,827 | ||||||||||||
| Research and development | 882,090 | 912,395 | 1,601,008 | 2,000,875 | ||||||||||||
| Selling, general and administrative | 1,738,439 | 1,855,214 | 3,423,084 | 3,100,588 | ||||||||||||
| 3,397,133 | 4,152,953 | 6,796,734 | 7,129,051 | |||||||||||||
| Loss from operations | (2,376,008 | ) | (2,418,143 | ) | (4,340,528 | ) | (4,653,712 | ) | ||||||||
| Other income: | ||||||||||||||||
| Interest income | 2,445 | 125 | 5,853 | 3,497 | ||||||||||||
| Other | 5,318 | 8,971 | 12,400 | 16,917 | ||||||||||||
| 7,763 | 9,096 | 18,253 | 20,414 | |||||||||||||
| Net loss | $ | (2,368,245 | ) | $ | (2,409,047 | ) | $ | (4,322,275 | ) | $ | (4,633,298 | ) | ||||
| Net loss per common share - basic and diluted | $ | (0.05 | ) | $ | (0.06 | ) | $ | (0.09 | ) | $ | (0.12 | ) | ||||
| Weighted average number of shares of common stock outstanding - basic and diluted | 48,479,908 | 40,235,636 | 48,413,491 | 40,142,682 | ||||||||||||
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UQM TECHNOLOGIES, INC. AND SUBSIDIARIES Consolidated Condensed Balance Sheets (unaudited) |
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| September 30, | March 31, | |||||||
| 2016 | 2016 | |||||||
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Assets |
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| Current assets: | ||||||||
| Cash and cash equivalents | $ | 3,861,947 | $ | 7,030,230 | ||||
| Accounts receivable | 484,100 | 481,404 | ||||||
| Costs and estimated earnings in excess of billings on uncompleted contracts | 46,246 | 60,296 | ||||||
| Inventories | 2,421,982 | 2,271,271 | ||||||
| Prepaid expenses and other current assets | 286,059 | 272,597 | ||||||
| Total current assets | 7,100,334 | 10,115,798 | ||||||
| Property and equipment, at cost: | ||||||||
| Land | 1,683,330 | 1,683,330 | ||||||
| Building | 4,516,301 | 4,516,301 | ||||||
| Machinery and equipment | 7,107,224 | 7,089,332 | ||||||
| 13,306,855 | 13,288,963 | |||||||
| Less accumulated depreciation | (7,541,532 | ) | (7,241,769 | ) | ||||
| Net property and equipment | 5,765,323 | 6,047,194 | ||||||
| Patent costs, net of accumulated amortization of $927,249 and $916,960, respectively | 251,984 | 249,414 | ||||||
| Trademark costs, net of accumulated amortization of $79,762 and $77,514, respectively | 96,079 | 98,327 | ||||||
| Noncurrent inventories | 6,727,706 | 6,840,170 | ||||||
| Total assets | $ | 19,941,426 | $ | 23,350,903 | ||||
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Liabilities and Stockholders’ Equity |
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| Current liabilities: | ||||||||
| Accounts payable | $ | 782,495 | $ | 364,841 | ||||
| Other current liabilities | 1,135,460 | 985,435 | ||||||
| Total current liabilities | 1,917,955 | 1,350,276 | ||||||
| Other long-term liabilities | 372,222 | 288,889 | ||||||
| Total liabilities | 2,290,177 | 1,639,165 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Common stock, $0.01 par value, 75,000,000 shares authorized; 48,503,260 and 48,330,286 shares issued and outstanding, respectively | 485,033 | 483,303 | ||||||
| Additional paid-in capital | 128,363,917 | 128,103,861 | ||||||
| Accumulated deficit | (111,197,701 | ) | (106,875,426 | ) | ||||
| Total stockholders’ equity | 17,651,249 | 21,711,738 | ||||||
| Total liabilities and stockholders’ equity | $ | 19,941,426 | $ | 23,350,903 | ||||
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