UQM TECHNOLOGIES INC 
By UQM TECHNOLOGIES, INC. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced operating results for the fiscal third quarter ended December 31, 2013. Total revenue was $2.04 million, an increase of 6% from $1.9 million for the same quarter last year. Net loss for the third quarter was $66,000, or $0.00 per common share, including a reduction of an accrued liability related to import duty fees of $727,000. This compares to a net loss of $4.6 million, or $0.12 per common share for the same period last year, which included a charge of $3.8 million for the Coda bankruptcy.
"Our strong performance in the third quarter was the result of the continued execution of our strategy to expand sales of our industry-leading products worldwide," said Eric R. Ridenour, UQM Technologies' President and Chief Executive Officer. "Our focus on new markets began to pay off this quarter with the delivery of our first units for electric buses into China and Indonesia. We are excited for the opportunities ahead and believe that our ongoing focus on product innovation, quality, and costs positions us well for future growth."
As of December 31, 2013, cash and short-term investments were $6.3 million and working capital was $15.7 million.
Conference Call
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, 2013. To attend the conference call, please dial 1-877-941-6009 approximately ten minutes before the conference is scheduled to begin and provide the passcode "4664380" to access the call. International callers should dial 1-480-629-9819. 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 1-800-406-7325 and enter replay code "4664380#". International callers should dial +1 303-590-3030.
About UQM
UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators and power electronic controllers for the automotive, commercial truck, bus and military 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 located in Longmont, Colorado.
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, 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 annual report on Form 10-K for the fiscal year ended March 31, 2013 and our Form 10-Q filed today, which is available through our website at www.uqm.com or at www.sec.gov.
| UQM TECHNOLOGIES, INC. AND SUBSIDIARIES | ||||||||||||
| Consolidated Condensed Statements of Operations (unaudited) | ||||||||||||
| Quarter Ended December 31, | Nine Months Ended December 31, | |||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||
| Revenue: | ||||||||||||
| Product sales | $ | 1,825,351 | $ | 1,692,276 | $ | 5,351,287 | $ | 4,568,795 | ||||
| Contract services | 214,898 | 235,794 | 679,431 | 951,807 | ||||||||
| 2,040,249 | 1,928,070 | 6,030,718 | 5,520,602 | |||||||||
| Operating costs and expenses: | ||||||||||||
| Costs of product sales | 1,053,716 | 1,529,852 | 3,134,230 | 3,331,469 | ||||||||
| Costs of contract services | 153,647 | 121,624 | 552,797 | 518,159 | ||||||||
| Research and development | 44,307 | 23,190 | 158,852 | 55,647 | ||||||||
| Production engineering | 818,460 | 991,653 | 2,851,416 | 3,646,975 | ||||||||
| Reimbursement of costs under DOE grant | (451,026) | (1,446,356) | (2,576,685) | (3,176,556) | ||||||||
| Selling, general and administrative | 1,220,184 | 1,434,241 | 4,079,660 | 5,729,741 | ||||||||
| Impairment of assets | (726,640) | 3,833,860 | (726,640) | 3,833,860 | ||||||||
| (Gain) loss on disposal of long-lived assets | - | 407 | (40,032) | 407 | ||||||||
| 2,112,648 | 6,488,471 | 7,433,598 | 13,939,702 | |||||||||
| Loss before other income | (72,399) | (4,560,401) | (1,402,880) | (8,419,100) | ||||||||
| Other income: | ||||||||||||
| Interest income | 339 | 5,244 | 1,409 | 10,250 | ||||||||
| Other | 6,147 | 124 | 6,935 | 2,835 | ||||||||
| 6,486 | 5,368 | 8,344 | 13,085 | |||||||||
| Net loss | $ | (65,913) | $ | (4,555,033) | $ | (1,394,536) | $ | (8,406,015) | ||||
Net loss per common share - basic and diluted | $ | 0.00 | $ | (0.12) | $ | (0.04) | $ | (0.23) | ||||
Weighted average number of shares of common stock outstanding - basic and diluted | 36,878,092 | 36,654,737 | 36,794,834 | 36,532,510 | ||||||||
| UQM TECHNOLOGIES, INC. AND SUBSIDIARIES | ||||||
| Consolidated Condensed Balance Sheets | ||||||
| December 31, 2013 | March 31, 2013 | |||||
| (unaudited) | ||||||
Assets | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 6,263,510 | $ | 4,527,899 | ||
Accounts receivable, net of allowance for doubtful accounts of zero and $3,838,092, respectively | 682,980 | 2,212,395 | ||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 445,037 | 178,264 | ||||
| Inventories | 10,255,074 | 10,998,461 | ||||
| Facility held for sale | - | 1,525,000 | ||||
| Prepaid expenses and other current assets | 304,417 | 309,957 | ||||
| Total current assets | 17,951,018 | 19,751,976 | ||||
| Property and equipment, at cost: | ||||||
| Land | 1,683,330 | 1,683,330 | ||||
| Building | 4,516,301 | 4,516,301 | ||||
| Machinery and equipment | 8,208,689 | 7,771,363 | ||||
| 14,408,320 | 13,970,994 | |||||
| Less accumulated depreciation | (6,348,064) | (5,507,801) | ||||
| Net property and equipment | 8,060,256 | 8,463,193 | ||||
Patent costs, net of accumulated amortization of $872,118 and $845,795, respectively | 227,339 | 206,287 | ||||
Trademark costs, net of accumulated amortization of $67,595 and $64,230, respectively | 107,163 | 110,528 | ||||
| Other assets | 65,880 | 76,731 | ||||
| Total assets | $ | 26,411,656 | $ | 28,608,715 | ||
Liabilities and Stockholders' Equity | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 551,701 | $ | 617,197 | ||
| Other current liabilities | 1,666,114 | 2,599,435 | ||||
Short-term deferred compensation under executive employment agreements | - | 524,000 | ||||
| Total current liabilities | 2,217,815 | 3,740,632 | ||||
| Long-term deferred compensation under executive employment agreements | 162,165 | 103,412 | ||||
| Total liabilities | 2,379,980 | 3,844,044 | ||||
| Commitments and contingencies | ||||||
| Stockholders' equity: | ||||||
Common stock, $0.01 par value, 50,000,000 shares authorized; 36,891,654 and 36,664,097 shares issued and outstanding, respectively | 368,917 | 366,641 | ||||
| Additional paid-in capital | 116,232,596 | 115,573,331 | ||||
| Accumulated deficit | (92,569,837) | (91,175,301) | ||||
| Total stockholders' equity | 24,031,676 | 24,764,671 | ||||
| Total liabilities and stockholders' equity | $ | 26,411,656 | $ | 28,608,715 | ||
StreetSmart Investor Relations
Annie Leschin, 415-775-1788
