Unique Mobility Shareholders Attending Annual Meeting Told to Expect Another Record Year
16 August 2000
Unique Mobility Shareholders Attending Annual Meeting Told to Expect Another Record Year
GOLDEN, Colo. - UNIQUE MOBILITY, INC. Chairman, President and Chief
Executive Officer William G. Rankin told shareholders at the annual meeting
today that the Company "has expanded its capabilities as a developer of
alternative energy technologies by adding volume manufacturing operations of
motors, gears and electronic products, and is positioned to achieve record
revenues and profits in the current fiscal year."
"The breadth of the Company's expanding operations include the development
of alternative energy products, the manufacture and sale of these developed
products, and the contract manufacture of high-quality competitively priced
products for others," Mr. Rankin said. "We have and continue to develop a
portfolio of compelling technology aimed at growth markets; have a broad range
of proprietary and contracted products in volume production at modern
manufacturing facilities with capacity for growth, which is beginning to
produce the revenue growth and financial performance that we expect," Mr.
Rankin added.
Mr. Rankin was joined at the meeting by other members of Unique Mobility's
management team, who presented shareholders an overview of the Company's
operating segments.
"Franklin Manufacturing experienced 39 percent revenue growth during the
year from a combination of production for new customers and volume increases
from a number of our existing customers," stated William C. Moffitt, newly
appointed General Manager of the subsidiary. "New business this year is
coming on line at a similar pace, which we expect will propel the electronic
segment to record revenue and profitability for the current fiscal year."
Richard L. Hugen, Unique Mobility's Director of Marketing, noted the
Company's flexibility, diversity and the benefits of cross-marketing. "As
hybrid electric vehicles evolve into maturity, Unique Mobility is taking full
advantage of existing opportunities in related areas," Mr. Hugen said. He
cited a recent $450,000 follow-on order from PEI Electronics Inc. for
additional advanced electric motors, motor controls and generators for hybrid
electric utility trucks and a contract with Deere & Company to develop hybrid
electric vehicle systems and components for future John Deere Products. He
noted that hybrid electric and fuel cell technologies are being developed for
many markets besides automobiles.
Jon F. Lutz, Unique Mobility's Director of Engineering, discussed the
Company's technology developments. "Unique Mobility is developing products
for a diverse set of applications, including on-road and off-road hybrid
electric and fuel cell electric vehicles," Mr. Lutz said. "In addition, we
are involved in the development of products that operate at the new 42-volt
automotive standard, which is expected to enhance the opportunities for the
Company to exploit its technology in conventional vehicles, independent of the
emerging market for hybrid electric and fuel cell electric technologies." Mr.
Lutz also noted that "Unique is focused on developing technology based
products that are volume producible and competitively priced. In fact,
several projects under way are related to the engineering of low-cost
components and manufacturing methods."
Donald A. French, Unique Mobility's Treasurer and Chief Financial Officer,
said "During the fiscal year ended March 31, 2000 we made tremendous progress
in our financial performance including reaching profitable operations in the
fourth quarter and a $2.4 million improvement in EBITDA for the year to
$.8 million." "We are looking forward to another year of record revenues and
profitable operations on a full year basis," Mr. French stated.
Total revenue for the fiscal year ended March 31, 2000 increased
30 percent from the prior year to $20,597,860. Operations for the year
resulted in a net loss of $6,471,807, compared to a net loss of $3,754,070 for
the fiscal year ended March 31, 1999. Excluding charges associated principally
with the write-down of certain long-term investments, the net loss for the
year declined more than 50 percent to $1,787,443. EBITDA, before the charges,
improved by $2,406,699 to $816,348 versus EBITDA of ($1,590351) the previous
year.
Shareholders attending the meeting and those voting by proxy re-elected
four members of the Board of Directors, William G. Rankin, J.B. Richey, Ernest
H. Drew and Stephen J. Roy and ratified the appointment of KPMG LLP as the
Company's independent auditors.
Unique Mobility, Inc. is a leading developer and manufacturer of power
dense, high efficiency motors, gear assemblies and electronic assemblies for
the automotive, aerospace, telecommunications, medical and industrial markets.
A major emphasis of the Company is developing products for the alternative
energy technologies sector including electric, hybrid electric and fuel cell
electric vehicle and distributed power markets. The Company's headquarters
and engineering and product development center are located in Golden,
Colorado. Manufacturing facilities are in Frederick, Colorado (electric
motors and gear assemblies) and St. Charles, Missouri (electronic assemblies
and wire harnesses).