UQM Technologies Reports First Quarter 2014 Operating Results

LONGMONT, Colo.--(BUSINESS WIRE)--UQM TECHNOLOGIES, INC. (NYSE MKT: UQM), a developer and manufacturer of power-dense, high-efficiency electric motors, generators and power electronic controllers, today announced its operating results for the quarter ended June 30, 2013.

Revenue for the quarter was $1.95 million versus $2.4 million in the same quarter last year. Net loss for the first quarter was $0.9 million, or $0.02 per common share, versus a net loss of $1.3 million, or $0.04 per common share, for the comparable period last year. The improvement in net loss results from recent actions to lower the cost structure that more than offset the decline in revenue.

“In the first quarter, we continued to execute on our stated strategic priorities to expand our worldwide presence, launch new products for our major markets and run a cost efficient company,” said Eric R. Ridenour, President and Chief Executive Officer of UQM Technologies. “We solidified and expanded relationships with existing customers EVI and Boulder EV, and also signed a new agreement with Zenith Motors. With the launch of our PowerPhase HD^® 950T, we continue to bring new and innovative products to the market and expand our portfolio. In addition, we began to see the positive financial benefits from our ongoing cost management efforts.”

Selling, general and administrative costs were $1.2 million or $0.6 million lower than the first quarter last year as a result of actions taken to reduce costs while maintaining the new product introduction pace. At June 30, 2013, cash and short-term investments were $5.3 million and working capital was $15.5 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. To attend the conference call, please dial 1-800-762-8795 approximately ten minutes before the conference is scheduled to begin and provide conference code “4632557” to access the call. International callers should dial [phone]. 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 4632557#. International callers should dial [phone].

Annual Meeting of Shareholders

The Company’s Annual Meeting of Shareholders will be held Wednesday, August 7, 2013 beginning at 10:00 a.m. Denver time at The Golden Hotel located at 800 Eleventh Street, Golden, Colorado 80401. Shareholders and members of the press are cordially invited to attend. A continental breakfast will be available beginning at 9:00 a.m. Directions to The Golden Hotel are available on our website at www.uqm.com.

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, marine 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. Please visit www.uqm.com for more information.

Please visit www.uqm.com for more information.

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, 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-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 June 30,
	2013			2012
Revenue:
Contract services	$	261,251			365,379
Product sales		1,687,260			2,031,049
		1,948,511			2,396,428
Operating costs and expenses:
Costs of contract services		180,734			183,076
Costs of product sales		1,105,535			1,282,863
Research and development		54,908			12,647
Production engineering		1,093,069			1,150,219
Reimbursement of costs under DOE grant		(773,458	)		(764,636	)
Selling, general and administrative		1,244,401			1,822,847
Gain on sale of facility held for sale		(40,032	)		-
		2,865,157			3,687,016
Loss before other income (expense)		(916,646	)		(1,290,588	)
Other income (expense):
Interest income		129			2,746
Other		163			408
		292			3,154
Net loss	$	(916,354	)		(1,287,434	)
Net loss per common share - basic and diluted	$	(0.02	)		(0.04	)
Weighted average number of shares of common stock outstanding - basic and diluted		36,669,033			36,393,403

UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
	June 30, 2013			March 31, 2013
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	5,334,699			4,527,899
Accounts receivable, net		2,726,195			2,212,395
Costs and estimated earnings in excess of billings on uncompleted contracts		158,026			178,264
Inventories		10,758,922			10,998,461
Facility held for sale		-			1,525,000
Prepaid expenses and other current assets		316,117			309,957
Total current assets		19,293,959			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		7,908,355			7,771,363
		14,107,986			13,970,994
Less accumulated depreciation		(5,803,120	)		(5,507,801	)
Net property and equipment		8,304,866			8,463,193
Patent costs, net of accumulated amortization of $855,662 and $845,795, respectively		199,532			206,287
Trademark costs, net of accumulated amortization of $65,351 and $64,230, respectively		109,407			110,528
Other assets		66,992			76,731
Total assets	$	27,974,756			28,608,715
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	895,453			617,197
Other current liabilities		2,418,396			2,599,435
Short-term deferred compensation under executive employment agreements		524,000			524,000
Total current liabilities		3,837,849			3,740,632
Long-term deferred compensation under executive employment agreements		122,294			103,412
Total liabilities		3,960,143			3,844,044
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par value, 50,000,000 shares authorized; 36,669,509 and 36,664,097 shares issued and outstanding, respectively		366,695			366,641
Additional paid-in capital		115,739,573			115,573,331
Accumulated deficit		(92,091,655	)		(91,175,301	)
Total stockholders’ equity		24,014,613			24,764,671
Total liabilities and stockholders’ equity	$	27,974,756			28,608,715