UQM Technologies Reports Third Quarter and Nine Month Operating Results

Date : 01/30/2007 @ 4:00PM
Source : PR Newswire
Stock : Uqm Technologies (UQM)
Quote : 1.88  -0.14 (-6.93%) @ 8:00PM
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UQM Technologies Reports Third Quarter and Nine Month Operating Results

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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