Exhibit 99.1
For Immediate Release
For more information contact: Annie Leschin
StreetSmart Investor Relations
415-775-1788
or
David I. Rosenthal
UQM Technologies, Inc.
303-682-4900
UQM Technologies Reports Second Quarter Operating Results
LONGMONT, COLORADO, NOVEMBER 5, 2014 - UQM TECHNOLOGIES, INC. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced operating results for the second quarter ended September 30, 2014. Total revenue for the quarter was $1.1 million compared to $2.0 million for the same quarter last year. Net loss for the second quarter was $2.0 million, or $0.05 per common share. This compares to a net loss of $0.4 million, or $0.01 per common share for the same period last year.
”Despite the slowdown in the domestic market due to lower fuel prices and the cyclicality of our order flow by fleets, we made significant strategic progress on a number of fronts, including the recent announcement of a long-term supply agreement,” said Eric R. Ridenour, UQM Technologies’ President and Chief Executive Officer. “Our progress in China with several different partners is moving as planned and could result in significant sales as early as calendar year 2015.”
As of September 30, 2014, UQM reported cash and short term investments of $8.1 million and working capital of $17.5 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 1-888-241-0326 approximately 10 minutes before the conference is scheduled to begin and provide conference ID code “25662360” 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 seven days beginning at 6:30 p.m. Eastern Time today. To access the playback call 1-855-859-2056 and enter replay access code 25662360#. International callers should dial +1-404-537-3406.
UQM TECHNOLOGIES, INC. 4120 SPECIALTY PLACE, LONGMONT, COLORADO 80504 (303) 682-4900 FAX (303) 682-4901
About UQM
UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators and power electronic controllers 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 certified and located in Longmont, Colorado.
Please visit 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 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, 2014 and our Form 10-Q filed today, both which are available through our website at www.uqm.com or at www.sec.gov.
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UQM TECHNOLOGIES, INC. 4120 SPECIALTY PLACE, LONGMONT, COLORADO 80504 (303) 682-4900 FAX (303) 682-4901
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Operations (unaudited)
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| Quarter Ended September 30, |
| Six Months Ended September 30, | ||||||||
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| 2014 |
| 2013 |
| 2014 |
| 2013 | ||||
Revenue: |
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Product sales |
| $ | 846,283 |
| $ | 1,838,676 |
| $ | 1,669,315 |
| $ | 3,525,936 |
Contract services |
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| 270,496 |
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| 203,282 |
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| 467,012 |
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| 464,533 |
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| 1,116,779 |
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| 2,041,958 |
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| 2,136,327 |
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| 3,990,469 |
Operating costs and expenses: |
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Costs of product sales |
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| 489,281 |
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| 974,979 |
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| 953,309 |
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| 2,080,514 |
Costs of contract services |
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| 227,867 |
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| 218,416 |
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| 376,101 |
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| 399,150 |
Research and development |
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| 92,801 |
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| 59,637 |
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| 177,205 |
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| 114,545 |
Production engineering |
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| 1,065,810 |
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| 939,887 |
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| 2,293,001 |
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| 2,032,956 |
Reimbursement of costs under DOE grant |
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| (539,329) |
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| (1,352,201) |
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| (1,255,343) |
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| (2,125,659) |
Selling, general and administrative |
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| 1,771,713 |
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| 1,615,075 |
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| 2,900,244 |
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| 2,859,476 |
Gain on sale of facility held for sale |
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| - |
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| - |
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| - |
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| (40,032) |
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| 3,108,143 |
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| 2,455,793 |
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| 5,444,517 |
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| 5,320,950 |
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Loss before other income |
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| (1,991,364) |
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| (413,835) |
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| (3,308,190) |
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| (1,330,481) |
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Other income: |
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Interest income |
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| 400 |
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| 941 |
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| 7,189 |
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| 1,070 |
Other |
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| 250 |
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| 625 |
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| 250 |
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| 788 |
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| 650 |
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| 1,566 |
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| 7,439 |
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| 1,858 |
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Net loss |
| $ | (1,990,714) |
| $ | (412,269) |
| $ | (3,300,751) |
| $ | (1,328,623) |
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Net loss per common share - basic and |
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diluted |
| $ | (0.05) |
| $ | (0.01) |
| $ | (0.08) |
| $ | (0.04) |
Weighted average number of shares of common |
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stock outstanding - basic and diluted |
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| 39,974,078 |
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| 36,836,009 |
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| 39,881,930 |
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| 36,752,977 |
UQM TECHNOLOGIES, INC. 4120 SPECIALTY PLACE, LONGMONT, COLORADO 80504 (303) 682-4900 FAX (303) 682-4901
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
| September 30, 2014 |
| March 31, 2014 | ||||
| (unaudited) |
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Assets |
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Current assets: |
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Cash and cash equivalents | $ | 8,047,444 |
| $ | 10,247,112 | ||
Short-term investments |
| 63,323 |
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| 63,029 | ||
Accounts receivable |
| 1,015,007 |
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| 960,419 | ||
Costs and estimated earnings in excess of billings on |
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uncompleted contracts |
| 38,779 |
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| 341,255 | ||
Inventories |
| 9,750,250 |
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| 10,054,422 | ||
Prepaid expenses and other current assets |
| 451,283 |
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| 263,988 | ||
Total current assets |
| 19,366,086 |
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| 21,930,225 | ||
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Property and equipment, at cost: |
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Land |
| 1,683,330 |
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| 1,683,330 | ||
Building |
| 4,516,301 |
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| 4,516,301 | ||
Machinery and equipment |
| 7,753,571 |
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| 7,706,066 | ||
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| 13,953,202 |
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| 13,905,697 | ||
Less accumulated depreciation |
| (6,852,808) |
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| (6,337,924) | ||
Net property and equipment |
| 7,100,394 |
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| 7,567,773 | ||
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Patent costs, net of accumulated amortization of $886,960 and $878,707, respectively |
| 239,524 |
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| 227,015 | ||
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Trademark costs, net of accumulated amortization of $70,868 and $68,718, respectively |
| 104,973 |
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| 107,123 | ||
Other assets |
| 39,317 |
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| 2,997 | ||
Total assets | $ | 26,850,294 |
| $ | 29,835,133 | ||
Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Accounts payable | $ | 351,079 |
| $ | 386,293 | ||
Other current liabilities |
| 1,513,022 |
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| 1,491,745 | ||
Billings in excess of costs and estimated earnings on |
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uncompleted contracts |
| 28,087 |
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| - | ||
Total current liabilities |
| 1,892,188 |
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| 1,878,038 | ||
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Long-term deferred compensation under executive employment agreements |
| 232,471 |
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| 182,100 | ||
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Total liabilities |
| 2,124,659 |
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| 2,060,138 | ||
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Commitments and contingencies |
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Stockholders’ equity: |
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Common stock, $0.01 par value, 50,000,000 shares |
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authorized; 39,999,984 and 39,777,767 shares |
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issued and outstanding, respectively |
| 400,000 |
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| 397,778 | ||
Additional paid-in capital |
| 121,574,931 |
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| 121,325,762 | ||
Accumulated deficit |
| (97,249,296) |
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| (93,948,545) | ||
Total stockholders’ equity |
| 24,725,635 |
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| 27,774,995 | ||
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Total liabilities and stockholders’ equity | $ | 26,850,294 |
| $ | 29,835,133 | ||
#End Table
# End #
UQM TECHNOLOGIES, INC. 4120 SPECIALTY PLACE, LONGMONT, COLORADO 80504 (303) 682-4900 FAX (303) 682-4901