FREDERICK, Colo., Jan. 30 /PRNewswire-FirstCall/ -- UQM TECHNOLOGIES, INC. (AMEX:UQM), a developer of alternative energy technologies, announced today operating results for the quarter and nine months ended December 31, 2006. Continuing operations for the third quarter resulted in a loss of $818,297 or $0.03 per common share on total revenue of $1,726,526 versus a loss from continuing operations of $536,106 or $0.02 per common share on total revenue of $1,144,156 for the third quarter last year. Net loss for the quarter was $824,019 or $0.03 per common share versus a net loss of $518,064 or $0.02 per common share for the comparable quarter last year.
Continuing operations for the nine months ended December 31, 2006 resulted in a loss of $2,468,911 or $0.10 per common share on total revenue of $4,642,076 versus a loss from continuing operations of $1,799,918 or $0.08 per common share on total revenue of $3,181,361 last fiscal year. Net loss for the nine months ended December 31, 2006 was $2,491,385 or $0.10 per common share versus a net loss for the comparable period last year of $1,825,577 or $0.08 per common share.
"Our business continued to experience significant growth in higher volume product sales revenue during the third quarter driven by deliveries of auxiliary motors for conventional vehicles and DC-to-DC converters for hybrid electric vehicles. Low volume product sales also showed significant growth during the quarter fueled principally by shipments of generators and motor controllers to Denver's Regional Transportation District as part of the continued retro-fitting of their hybrid-electric bus fleet. We expect further growth in higher volume product sales to continue next quarter and beyond as we begin deliveries under our recently announced $9.25 million production order from Phoenix Motorcars, Inc. for electric propulsion systems and DC-to-DC converters for their all-electric Sport Utility Trucks," said William G. Rankin, President and Chief Executive Officer of UQM Technologies, Inc. "We expect total revenue for the fourth quarter to exceed $2 million and to see improvement in profit margins, however, losses from continuing operations may expand modestly driven by increases in production engineering and other start-up costs associated with the launch of volume production for the Phoenix electric SUT program." "Loss from continuing operations for the quarter and nine months ended December 31, 2006 were adversely impacted by higher levels of internally- funded research and development expenditures which rose $60,661 and $101,290, respectively, over the comparable periods last fiscal year and by new share based payment accounting rules which generated additional non-cash expenses for the quarter and nine month period of $284,674 and $759,057, respectively. Loss from continuing operations for the quarter and nine months ended December 31, 2006 rose by $282,191 and $668,993, respectively, due to these factors. Operating results for the comparable prior-year periods do not include any non-cash expenses associated with share based compensation. Accounting for share based payments is expected to continue to adversely impact the year-over-year comparability of financial results throughout the remainder of this first fiscal year of implementation," said Donald A. French, UQM Technologies' Treasurer and Chief Financial Officer.
The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss operating results for the quarter and nine months ended December 31, 2006. To attend the conference call, please dial 1-866-321-6651 approximately ten minutes before the conference is scheduled to begin. International callers should dial 1-416-642-5212. For anyone who is unable to participate in the conference, a recording will be available for 48 hours beginning at 6:30 p.m. Eastern Time today. To access the playback call 1-866-244-4494 and give replay code 779315. International callers should dial 1-416-915-1028.
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, plug-in hybrid electric and fuel cell electric vehicles, 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 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 officers and directors with respect to, among other things the development of markets for our products and the adequacy of our 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 filed today, which is available through our website at http://www.uqm.com/ or at http://www.sec.gov/.
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Balance Sheets (unaudited) December 31, 2006 March 31, 2006
Assets
Current assets:
Cash and cash equivalents $2,219,994 4,076,806
Short-term investments 6,162,790 6,009,394
Accounts receivable 1,346,903 512,409
Accounts receivable from discontinued
operations 58,224 --
Costs and estimated earnings in excess
of billings on uncompleted contracts 354,894 450,044
Inventories 699,034 467,485
Prepaid expenses and other current assets 220,282 118,439
Total current assets 11,062,121 11,634,577 Property and equipment, at cost:
Land 181,580 181,580
Building 2,306,154 2,297,467
Machinery and equipment 3,171,314 2,808,324
5,659,048 5,287,371
Less accumulated depreciation (2,930,679) (2,683,295)
Net property and equipment 2,728,369 2,604,076 Patent and trademark costs, net of
accumulated amortization of
$607,919 and $545,468 496,327 552,382 Other assets 57,211 5,053 Total assets $14,344,028 14,796,088 December 31, 2006 March 31, 2006 Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $649,440 534,428
Other current liabilities 229,550 309,097
Current portion of long-term debt 97,052 92,013
Short-term deferred compensation under
executive employment agreements 136,835 -- Liabilities and commitments of discontinued
operations 11,868 62,004
Billings in excess of costs and estimated
earnings on uncompleted contracts 438,957 221,626
Total current liabilities 1,563,702 1,219,168 Long-term debt, less current portion 548,404 621,685
Long-term deferred compensation under
executive employment agreements 171,814 210,861
720,218 832,546 Total liabilities 2,283,920 2,051,714 Commitments and contingencies Stockholders' equity:
Common stock, $.01 par value, 50,000,000
shares authorized; 25,143,051 and
24,776,042 shares issued and outstanding 251,431 247,760
Additional paid-in capital 71,096,909 69,293,461
Accumulated deficit (59,288,232) (56,796,847)
Total stockholders' equity 12,060,108 12,744,374 Total liabilities and stockholders'
equity $14,344,028 14,796,088 UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Statements of Operations (unaudited) Quarter Ended Nine Months Ended
December 31, December 31,
2006 2005 2006 2005
Revenue:
Contract services $720,835 664,481 2,224,315 1,602,345
Product sales 1,005,691 479,675 2,417,761 1,579,016
1,726,526 1,144,156 4,642,076 3,181,361 Operating costs and
expenses:
Costs of contract
services 707,773 546,919 1,976,028 1,681,233
Costs of product
sales 865,567 407,891 2,268,891 1,338,775
Research and
development 110,919 50,258 285,400 184,110
Production
engineering 219,071 224,792 699,960 564,358
Selling, general
and administrative 735,785 548,653 2,188,624 1,415,706
Impairment of
long-lived assets -- 353 -- 1,808
2,639,115 1,778,866 7,418,903 5,185,990 Loss from
continuing
operations
before other
income
(expense) (912,589) (634,710) (2,776,827) (2,004,629) Other income (expense):
Interest income 106,041 114,048 344,252 252,046
Interest expense (11,749) (15,444) (36,336) (47,860)
Other -- -- -- 525
94,292 98,604 307,916 204,711 Loss from
continuing
operations (818,297) (536,106) (2,468,911) (1,799,918) Discontinued
operations - loss
from operations of
discontinued
electronic products
segment (5,722) 18,042 (22,474) (25,659) Net loss $(824,019) (518,064) (2,491,385) (1,825,577) Net loss per
common share -
basic and diluted
Continuing
operations $(.03) (.02) (.10) (.08) Discontinued
operations -- -- -- -- $(.03) (.02) (.10) (.08) Weighted average number
of shares of common
stock outstanding -
basic and
diluted 25,143,051 24,669,688 25,102,663 24,141,970 The following table summarizes significant financial statement information for continuing operations of each of the reportable segments as of and for the quarter ended December 31, 2006: Power
Technology Products Total Revenue $1,078,976 647,550 1,726,526
Interest income 104,865 1,176 106,041
Interest expense -- (11,749) (11,749)
Depreciation and
amortization (54,383) (48,787) (103,170)
Segment loss from continuing
operations (745,538) (72,759) (818,297)
Assets of continuing
operations 10,838,276 3,447,528 14,285,804
Expenditures for long-lived
segment assets $(27,183) (25,352) (52,535) The following table summarizes significant financial statement information for continuing operations of each of the reportable segments as of and for the quarter ended December 31, 2005: Power
Technology Products Total Revenue $954,032 190,124 1,144,156
Interest income 110,965 3,083 114,048
Interest expense -- (15,444) (15,444)
Depreciation and
amortization (60,820) (27,925) (88,745)
Segment loss from continuing
operations (499,968) (36,138) (536,106)
Assets of continuing
operations 12,544,942 2,723,726 15,268,668
Expenditures for long-lived
segment assets $(102,172) (3,595) (105,767) The following table summarizes significant financial statement information for continuing operations of each of the reportable segments as of and for the nine months ended December 31, 2006: Power
Technology Products Total Revenue $3,089,136 1,552,940 4,642,076
Interest income 340,784 3,468 344,252
Interest expense -- (36,336) (36,336)
Depreciation and
amortization (189,050) (120,786) (309,836)
Segment loss from continuing
operations (2,046,746) (422,165) (2,468,911)
Assets of continuing
operations 10,838,276 3,447,528 14,285,804
Expenditures for long-lived
segment assets $(144,203) (233,871) (378,074) The following table summarizes significant financial statement information for continuing operations of each of the reportable segments as of and for the nine months ended December 31, 2005: Power
Technology Products Total Revenue $2,397,020 784,341 3,181,361
Interest income 244,116 7,930 252,046
Interest expense -- (47,860) (47,860)
Depreciation and
amortization (181,989) (84,029) (266,018)
Segment loss from continuing
operations (1,757,525) (42,393) (1,799,918)
Assets of continuing
operations 12,544,942 2,723,726 15,268,668
Expenditures for long-lived
segment assets $(172,792) (13,776) (186,568)
DATASOURCE: UQM Technologies, Inc.
CONTACT: John Baldiserra 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/
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