UQM Technologies Reports Fourth Quarter and Fiscal 2009 Operating Results
FREDERICK, Colo.--UQM Technologies, Inc. (NYSE Amex: UQM), a developer of alternative energy technologies, announced today operating results for the quarter and fiscal year ended March 31, 2009. Operations for the fourth quarter resulted in a net loss of $1,100,092 or $0.04 per common share on total revenue of $1,784,030 versus a net loss of $1,010,464 or $0.04 per common share on total revenue of $2,348,421 for the fourth quarter last year.
Operations for the fiscal year ended March 31, 2009 resulted in a net loss of $4,402,019 or $0.17 per common share on total revenue of $8,728,311 versus a net loss of $4,586,105 or $0.18 per common share on total revenue of $7,508,322 last fiscal year.
“For the third straight year, we achieved double-digit growth in our total revenue, driven by increasing products sales. Total revenue for fiscal 2009 increased 16 percent, with product sales increasing by 22 percent,” said William G. Rankin, UQM Technologies’ President and Chief Executive Officer. “Our revenue growth and improvement in financial performance in a recessionary operating environment were driven by a 59 percent increase in unit sales of our two primary electric and hybrid electric propulsion system products and an expansion in our gross profit margins on these products. Interest in, and demand for, these products continues to be strong. During the year we increased our deliveries of prototype and evaluation propulsion systems and/or generators to six international automobile manufacturers – up from three last year – and to eight entrepreneurial automobile developers – up from three last year, which bodes well for the potential to continue to grow our business during this period of unprecedented economic turmoil and a fundamental reconfiguration of the U.S. automobile business.”
“The growth in revenues during fiscal 2009 together with an expansion in gross profit margins contributed to improved financial performance for the year. Gross profit margins grew to 20.2 percent this fiscal year from 14.3 percent last fiscal year resulting in an increase in gross profit contribution of $688,781 or approximately 64 percent to $1,765,644 versus $1,076,863 last fiscal year. Net loss for the fiscal 2009 improved despite a decrease in interest income of $264,301, the impairment of our short-term investment in Lehman Brothers commercial paper of $89,369 and increased internally-funded research and development and production engineering expenditures which together increased by $294,288. We believe we are well-positioned to continue to grow as the remaking of the U.S. automobile industry that is currently underway and the expected benefits of the U.S. Government’s stimulus package encourage vehicle makers and users to keep vehicle electrification a high priority,” said Donald A. French, UQM Technologies’ Treasurer and Chief Financial Officer.
Separately, the Company announced that it had expanded the size of its board of directors to six members and appointed its Treasurer, Secretary and Chief Financial Officer, Donald A. French to serve on the board.
The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss operating results for the quarter and fiscal year ended March 31, 2009. To attend the conference call, please dial 1-888-505-4381 approximately ten minutes before the conference is scheduled to begin and provide confirmation code 4395929 to access the call. International callers should dial 1-719-457-2646. 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 8495558. International callers should dial 1-647-436-0148.