Unique Mobility Reports Q4 Profit on Record Revenue
11 May 2000
Unique Mobility Reports Fourth Quarter Profit on Record Revenue; FY2000 Operations Generate EBITDA of $.8 Million on Record Revenue of $20.6 Million
Company Expects Continued Strong Revenue Growth and Profitable Operations
for FY2001
GOLDEN, Colo., May 10 Unique Mobility, Inc. (Amex: UQM), a
leading developer and manufacturer of alternative energy technology products,
today announced its operating results for the quarter and year ended March 31,
2000.
Operations for the quarter ended March 31, 2000 resulted in net earnings
of $13,866 or nil per common share compared to a net loss of $418,346 or
$0.03 per common share for the fourth quarter last year. Total revenue for
the quarter was a record $5,831,444, an increase of 12 percent over the
$5,191,039 reported for the comparable quarter last year. Earnings before
interest, taxes, depreciation and amortization ("EBITDA") for the fourth
quarter increased three-fold to a record $660,330 or $0.04 per common share
compared to EBITDA of $209,875 or $0.01 per common share for the same quarter
last year.
Operations for the year ended March 31, 2000 resulted in a net loss of
$6,471,807 or $0.39 per common share compared to a net loss of $3,754,070 or
$0.24 per common share for the fiscal year ended March 31, 1999. Current year
operations included charges associated principally with the write-down of
certain long-term investments and retirement compensation payable to the
Company's former CEO totaling $4,684,364 or $0.28 per common share. Excluding
these items, net loss for the year declined more than 50 percent to $1,787,443
or $0.11 per common share from the net loss of $3,754,070 or $0.24 per common
share for the previous fiscal year. EBITDA for the fiscal year, before the
foregoing charges, improved by $2,406,699 to $816,348 versus EBITDA of
$(1,590,351) last year.
"Our improved financial performance for the quarter and fiscal year is
attributable to revenue growth in all segments of our business together with
aggressive company-wide cost reduction efforts. As a result, we achieved
nominally profitable operations in the fourth quarter, generating EBITDA of
$.7 million and for the fiscal year, before non-recurring charges, improved
operating earnings by $2.0 million and operating EBITDA by $2.4 million," said
Donald A. French, Unique's Treasurer and Chief Financial Officer. "For the
current year we expect continued strong revenue growth and profitable
operations."
William G. Rankin, Chairman and Chief Executive Officer of Unique
Mobility, said "This past year was a watershed for the Company as we
transitioned from cash consumption to cash generation. Our new management
team reached its stated goal of achieving profitable operations before year
end, reviewing and writing-down under-performing investments where necessary
and concentrating on product marketing and sales. While we focused on cost
reduction, we did not slow our technology development and commercialization
efforts," said Mr. Rankin. "To the contrary, we achieved a number of key
technology milestones including:
-- Development of a high performance integrated propulsion system for
hybrid-electric and fuel cell electric vehicles that will provide
further packaging and power density advantages over our existing high
power products;
-- Issuance of a U.S. patent covering the packaging of an electro-
mechanical brake inside the gearless brushless motor currently being
manufactured in volume for Invacare Corporation's Storm electric
wheelchair product line;
-- Development of a multipurpose motor/generator unit for General Motors
Precept hybrid electric passenger car unveiled at the 2000 North
American International Auto Show in Detroit;
-- Development of fuel cell compressor drive motors and electronic motor
controls for electrically powered air conditioning systems for Tier-one
automotive suppliers; and
-- Launch of an exclusive product development effort for a multinational
equipment maker's product."
Mr. Rankin added, "Our manufacturing operations experienced excellent
growth during the year from the expansion of orders from their existing
customers and the production of products developed in our Engineering and
Product Development Center. As we move into Fiscal 2001, we have the largest
manufacturing backlog in the Company's history, several proprietary products
under development to serve both existing commercial markets as well as the
developing hybrid and fuel cell electric vehicle and distributed power
generation markets, increasing production volumes of high power propulsion
systems for transit buses and military applications and an experienced,
dedicated and motivated workforce who are all owners of our company. I expect
that all of these factors will contribute to make Fiscal 2001 a banner year."
Year Year
Ended Ended
March 31, March 31,
2000 1999
Revenue:
Contract services $1,702,937 1,517,960
Product sales 18,894,923 14,280,458
20,597,860 15,798,418
Operating costs and expenses:
Costs of contract services 1,300,052 1,471,827
Costs of product sales 16,133,891 13,033,930
Research and development 378,954 667,989
General and administrative 4,036,732 3,461,161
Amortization of goodwill 332,377 308,103
Write-down of investments 4,104,628 --
26,286,634 18,943,010
Operating loss (5,688,774) (3,144,592)
Other income (expense):
Interest income 59,369 111,365
Interest expense (483,298) (338,396)
Equity in loss of Taiwan joint
venture (186,538) (417,801)
Equity in loss of Germany joint
venture (93,632) --
Minority interest share of earnings
of consolidated subsidiary (80,823) (72,596)
Other 1,889 107,950
(783,033) (609,478)
Net loss $(6,471,807) (3,754,070)
Net loss per common share --
basic and diluted (.39) (.24)
Weighted average number of shares
of common stock outstanding 16,573,391 15,960,966