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Share Name | Share Symbol | Market | Type |
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UQM Technologies Inc | AMEX:UQM | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.71 | 0 | 01:00:00 |
UQM Technologies, Inc. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced operating results for the second quarter ended June 30, 2017. Total revenue for the quarter was $1.8 million compared to $1.4 million in the second quarter last year. Net loss for the second quarter was $1.3 million, or $0.03 per common share. This compares to a net loss of $2.0 million, or $0.04 per common share for the same period last year.
“We had a solid second quarter with higher sales of our PP220 and fuel cell compressor systems,” said Joe Mitchell, UQM Technologies’ President and Chief Executive Officer. “We continue to see good traction on our China partnership initiatives and are optimistic about the future given the interest and momentum we are seeing in the business.”
Conference Call
The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss operating results for the quarter ended June 30, 2017. To attend the conference call, please dial 888-241-0326 approximately 10 minutes before the conference is scheduled to begin and provide the conference ID “57428448” to access the call. International callers should dial 647-427-3411. The call will also be webcast from the Investors section of the company’s website at www.uqm.com/investors. Parties listening via the webcast will be in a “listen-only” mode. Please log onto UQM’s website 10 minutes prior to the start of the webcast to register.
An audio replay will be available after the call on the investor page of website listed above, or by calling 855-859-2056 or 404-537-3406 (international) and entering conference ID 57428448#. The replay will be available through August 14, 2017.
About UQM
UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators, power electronic controllers and fuel cell compressors for the commercial truck, bus, automotive, marine 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 and ISO 14001 certified and located in Longmont, Colorado. For more information, please visit 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 management with respect to, among other things, gaining required certifications, 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-K and Form 10-Q’s, which are available through our website at www.uqm.com or at www.sec.gov.
Source: UQM Technologies, Inc.
UQM TECHNOLOGIES, INC. AND SUBSIDIARIESConsolidated Condensed Statements of Operations (unaudited)
Quarters Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Revenue: Product sales $ 1,571,390 $ 1,173,261 $ 2,416,925 $ 2,392,058 Contract services 217,565 261,820 387,075 547,313 1,788,955 1,435,081 2,804,000 2,939,371 Operating costs and expenses: Costs of product sales 1,006,639 759,089 1,614,488 1,568,923 Costs of contract services 80,552 236,949 161,616 540,390 Research and development 555,465 718,918 1,188,247 1,403,264 Selling, general and administrative 1,470,914 1,684,645 2,774,121 2,917,539 Recovery of impaired assets - - - (585,800 ) 3,113,570 3,399,601 5,738,472 5,844,316 Loss from operations (1,324,615 ) (1,964,520 ) (2,934,472 ) (2,904,945 ) Other income/ (expense): Interest income 449 3,408 2,099 7,290 Interest expense (21,363 ) - (22,731 ) - Amortization of deferred financing costs (9,327 ) - (10,881 ) - Other 6,635 7,082 11,738 12,707 (23,606 ) 10,490 (19,775 ) 19,997 Net loss $ (1,348,221 ) $ (1,954,030 ) $ (2,954,247 ) $ (2,884,948 ) Net loss per common share - basic and diluted $ (0.03 ) $ (0.04 ) $ (0.06 ) $ (0.06 )Weighted average number of shares of common stock outstanding - basic and diluted
48,563,209 48,346,344 48,543,093 48,327,310UQM TECHNOLOGIES, INC. AND SUBSIDIARIESConsolidated Condensed Balance Sheets (unaudited)
June 30, December 31, 2017 2016Assets
Current assets: Cash and cash equivalents $ 2,074,389 $ 2,100,089 Restricted cash 165,312 - Accounts receivable 791,918 1,163,316 Costs and estimated earnings in excess of billings on uncompleted contracts 29,917 29,917 Inventories, net 2,356,514 1,749,735 Prepaid expenses and other current assets 206,243 259,682 Total current assets 5,624,293 5,302,739 Property and equipment, at cost: Land 896,388 1,683,330 Building 4,516,301 4,516,301 Machinery and equipment 7,090,147 7,052,740 12,502,836 13,252,371 Less accumulated depreciation (7,771,450 ) (7,590,641 ) Net property and equipment 4,731,386 5,661,730Patent costs, net of accumulated amortization of $943,147 and $932,564, respectively
210,435 213,326Trademark costs, net of accumulated amortization of $83,133 and $80,885, respectively
92,707 94,955 Restricted cash 420,631 - Land held for sale 786,942 - Total assets $ 11,866,394 $ 11,272,750Liabilities and Stockholders’ Equity
Current liabilities: Accounts payable $ 951,962 $ 809,950 Other current liabilities 1,487,029 1,318,941 Total current liabilities 2,438,991 2,128,891Long-term debt, net of deferred financing costs of $63,732 and $0, respectively
3,100,797 - Other long-term liabilities 131,667 141,667 Total long-term liabilities 3,232,464 141,667 Total liabilities 5,671,455 2,270,558 Commitments and contingencies Stockholders’ equity:Common stock, $0.01 par value, 175,000,000 shares authorized; 48,566,548 and 48,519,313 shares issued and outstanding, respectively
485,665 485,193 Additional paid-in capital 128,556,455 128,409,933 Accumulated deficit (122,847,181 ) (119,892,934 ) Total stockholders’ equity 6,194,939 9,002,192 Total liabilities and stockholders’ equity $ 11,866,394 $ 11,272,750
View source version on businesswire.com: http://www.businesswire.com/news/home/20170807005855/en/
EnergyTech InvestorShawn Severson, 415-233-7094orUQM Technologies, Inc.David Rosenthal, 303-682-4900
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