UQM Technologies improves results, only loses $764K in last quarter
Even in a down economy, things were looking up for UQM Technologies in its most recent fiscal quarter. Lots of interest in its electric drive systems helped the company raise its revenues to $2,873,595, a big jump from the $1,714,858 it recorded a year earlier. The company still lost money but narrowed its losses to $764,101 compared to $1,306,996 in 2007. One of UQM's more noteworthy customers in 2008, if not its biggest revenue source, was Chrysler. The five electric drive vehicles shown by Chrysler in recent months are all propelled by UQM motors. If Chrysler does succeed in its stated plan to get an electric vehicle in production in 2010, it could be UQM'S first big production program. The full press release of the financial results is after the jump.
[Source: UQM Technologies]
PRESS RELEASE:
UQM TECHNOLOGIES REPORTS THIRD QUARTER AND NINE MONTH OPERATING RESULTS
Frederick, Colorado January 29th, 2009 - UQM TECHNOLOGIES, INC. (AMEX:UQM), a developer of alternative energy technologies, announced today operating results for the quarter and nine months ended December 31, 2008.
"During the quarter and nine month period ended December 21, 2008 we experienced strong demand for our electric propulsion systems and related products. As a result, total revenue for the fiscal third quarter rose 68 percent to $2,873,595 versus the comparable quarter last fiscal year fueled by product sales, which nearly doubled to $2,080,982. Gross profit margin on product sales for the quarter was 33 percent contributing $683,293 to operating results versus 12 percent and $126,501 for the comparable quarter last year. Similarly, total revenue for the nine months ended December 31, 2008 increased 35 percent to $6,944,281 versus the same period last year, with contract services revenue increasing 14 percent and product sales increasing 45 percent over the comparable revenue last fiscal year. Gross profit margin on product sales for the nine month period was 24 percent contributing $1,180,405 to operating results versus 9 percent and $302,715 for the comparable nine month period last year. Primarily due to these factors, net loss for the quarter and nine month period declined by 42 percent and 8 percent to $764,101 or $0.03 per common share and $3,301,927 or $0.12 per common share, respectively," said Donald A. French, UQM Technologies' Treasurer and Chief Financial Officer.
"Despite the world economic slowdown, demand for our electric propulsion systems and related products has continued to be strong, driven by an expansion in the number of all-electric and hybrid electric vehicle platforms being developed for potential introduction in the passenger automobile and truck markets. In the passenger automobile market we have delivered products this year to three international automobile manufacturers, one of which has publicly announced their plan to introduce at least one all-electric or hybrid electric automobile in 2010. We are also supplying electric propulsion systems and/or generators to an additional eight entrepreneurial automobile developers, some of which have publicly announced plans to begin delivering limited quantities of automobiles to consumers in calendar 2009. In the truck market, we are delivering DC-to-DC converters to Eaton Corporation as part of their hybrid electric propulsion system which powers medium duty hybrid trucks including International Truck and Engine Corporation's DuraStar™ Hybrid, a diesel electric medium-duty truck, Peterbilt Motors Company's Model 330 and Model 335 medium-duty hybrid trucks and Freightliner Trucks Business Class® M2e Hybrid truck," said William G. Rankin, UQM Technologies' President and Chief Executive Officer. "We believe demand for our electric propulsion system products will remain strong for the foreseeable future as vehicle makers continue to focus on the development and introduction of electric and hybrid electric vehicles as part of the restructuring of the global automotive industry to provide a broader selection of highly fuel efficient vehicles to consumers."
Operations for the third quarter resulted in a net loss of $764,101 or $0.03 per common share on total revenue of $2,873,595 versus a net loss of $1,306,996 or $0.05 per common share on total revenue of $1,714,858 for the third quarter last year.
Operations for the nine months ended December 31, 2008 resulted in a net loss of $3,301,927 or $0.12 per common share on total revenue of $6,944,281 versus a net loss of $3,575,641 or $0.14 per common share on total revenue of $5,159,901 last fiscal year
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, 2008. To attend the conference call, please dial 1-866-322-2356 approximately ten minutes before the conference is scheduled to begin and provide confirmation code 9431091 to access the call. International callers should dial 1-416-640-3405. 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 1-888-203-1112 and give replay code 9431091. International callers should dial 1-647-436-0148.
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 www.uqm.com.
Reader Comments (Page 1 of 1)
Ron Silver 11:08AM (1/30/2009)
Was that photo from the display UQM had in Detroit at the time of the Auto Show? How does AutoBloggreen know UQM is under the hood in all 5 Chrysler ENVI offerings, did they peek? UQM is unable to announce due to contractural language. Are you putting out facts? Thanks! RS
Reply
RyanD1981 3:27PM (1/30/2009)
I think that photo is from the UQM website. UQM is definitely under the Dodge Circuit, as there is photographic evidence on ABG. As for being under all 5 concepts, it seems logical to work with 1 supplier. I don't know for certain.
Keith Turner 6:00PM (1/30/2009)
When you take the 765K quarterly loss for UQM and add back the non-cash depreciation of 156K and non-cash stock options of 237K and consider the 300K one time legal fee that only leaves UQM with a 71K negative cash flow. They have almost reached the break even point. Later this year, it is anticipated they will be profitable.
Also, UQM will receive an answer to the judgment against Phoenix sometime within the next month. Everything is pointing to UQM winning the judgment and an award of over $5 million.
Plus, consider the fact that this month UQM was invited by Deutsche Bank to present at the Auto Analysts of New York Detroit Auto Conference with the "big boys" (Toyota, GM, Ford and Voltswagon, and major auto industry suppliers).
This is looking to be a breakout year for UQM.
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Ron Silver 7:09PM (1/30/2009)
Keith, you must have also listened to UQM's CC. It was very interesting, and I believe their products will play a major role in the electrification of the auto, but my question was, and still is, 'does Autobloggreen have confirmation of a UQM/Chrysler contract for all 5 electrics, like they stated in their article? RS
ron silver 7:20PM (1/30/2009)
Ryan, the photo to the best of my knowledge is not from their website. (www.uqm.com) In fact it looks like a new propulsion system, that may have been on display in Detroit. I think Sam from autobloggreen was there, and the picture plus comments were his way of letting us know that he knows for sure uqm is chrysler's motor of choice. rs
Sam Abuelsamid 8:05PM (1/30/2009)
The photo came from this page http://www.uqm.com/technology.php
As for Chrysler, Roger Becker from Lotus said it was a UQM motor in the prototypes. There has been no indication from Chrysler who a production supplier might be.