Revenue $3.7 Million; Acquisition by Danfoss Approved by Shareholders
LONGMONT, Colo.–(BUSINESS WIRE)–UQM Technologies, Inc. (NYSE American: UQM) (“UQM” or the “Company”),
a developer of alternative energy technologies, today announced
operating results for the first quarter ended March 31, 2019.
Recent Highlights
-
Reported revenue of $3.7 million for the first quarter of 2019 versus
$1.6 million for the prior-year period -
Held special meeting of shareholders on April 23, 2019 at which the
acquisition by Danfoss A/S (“Danfoss”) was approved by 69.65% of
outstanding shares – such that 92.38% of total shares voted were in
favor of the merger -
The transaction – at $1.71 per share, or approximately $100 million
total valuation – is anticipated to close during the second quarter of
2019, subject to government and regulatory approvals
“UQM took the next step in its evolution on April 23, 2019, when the
acquisition by Danfoss was overwhelmingly approved by shareholders,”
said Joe Mitchell, UQM Technologies’ President and Chief Executive
Officer. “With over 92% of votes cast in favor of this monumental
transaction, everything is moving in the right direction for our merger
to close during the second quarter. We continue to work with CFIUS – and
Danfoss – to prepare for this transformational event where our products
can more effectively compete, penetrate new markets, and play an
important role in the electric vehicles of tomorrow.”
Results for the Three Months Ended March 31, 2019
Revenue for the first quarter of 2019 was $3.7 million compared with
$1.6 million for the first quarter of 2018. UQM’s net loss for the first
quarter was $2.6 million, or $(0.05) per common share, compared to a net
loss of $1.9 million, or $(0.04) per common share, last year, primarily
reflecting higher SG&A costs due to merger-related professional and
administrative expenses.
Conference Call
The Company will host a conference call tomorrow, May 15, 2019, at 10:30
a.m. Eastern Time, to discuss operating results for the quarter ended
March 31, 2019. To attend the conference call, please dial 888-241-0326
approximately ten minutes before the conference is scheduled to begin
and provide the conference ID “2289855” to access the call.
International callers should dial +1 647-427-3411. The call will also be
webcast live and can be accessed from 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 ten minutes prior to the start of the
webcast to register.
An audio replay of the webcast will be available two hours after the
call and can be accessed on the investor page of website using the link
listed above.
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 IATF 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, the merger
with Danfoss, 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.
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UQM TECHNOLOGIES, INC. AND SUBSIDIARIES Consolidated Condensed Statements of Operations (unaudited) (derived from the Company’s Quarterly Report on Form 10-Q) |
|||||||||||
| Three Months Ended March 31, | |||||||||||
| 2019 | 2018 | ||||||||||
| Revenue: | |||||||||||
| Product sales | $ | 2,991,409 | $ | 1,405,364 | |||||||
| Contract services | 692,327 | 206,210 | |||||||||
| 3,683,736 | 1,611,574 | ||||||||||
| Operating costs and expenses: | |||||||||||
| Costs of product sales | 2,593,264 | 1,176,138 | |||||||||
| Costs of contract services | 369,906 | 128,765 | |||||||||
| Research and development | 502,184 | 678,505 | |||||||||
| Selling, general and administrative | 2,692,207 | 1,519,917 | |||||||||
| 6,157,561 | 3,503,325 | ||||||||||
| Loss from operations | (2,473,825 | ) | (1,891,751 | ) | |||||||
| Other income (expense): | |||||||||||
| Interest income | 129 | 3,131 | |||||||||
| Interest expense | (75,005 | ) | (43,768 | ) | |||||||
| Amortization of deferred financing costs | (13,159 | ) | (9,327 | ) | |||||||
| Other | 11,172 | 8,917 | |||||||||
| (76,863 | ) | (41,047 | ) | ||||||||
| Net loss | $ | (2,550,688 | ) | $ | (1,932,798 | ) | |||||
| Net loss per common share – basic and diluted | $ | (0.05 | ) | $ | (0.04 | ) | |||||
|
Weighted average number of shares of common stock outstanding – basic and diluted |
55,349,670 | 54,124,230 | |||||||||
|
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES Consolidated Condensed Balance Sheets (unaudited) (derived from the Company’s Annual Report on Form 10-K) |
|||||||||||
| March 31, | December 31, | ||||||||||
| 2019 | 2018 | ||||||||||
|
Assets |
|||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 2,910,507 | $ | 1,918,570 | |||||||
| Restricted cash | 222,392 | 296,314 | |||||||||
| Accounts receivable | 1,541,178 | 1,681,289 | |||||||||
| Inventories, net | 4,815,599 | 4,783,887 | |||||||||
| Prepaid expenses and other current assets | 282,403 | 377,762 | |||||||||
| Total current assets | 9,772,079 | 9,057,822 | |||||||||
| Property and equipment, at cost: | |||||||||||
| Land | 896,388 | 896,388 | |||||||||
| Building | 4,516,301 | 4,516,301 | |||||||||
| Machinery and equipment | 7,719,597 | 7,479,790 | |||||||||
| 13,132,286 | 12,892,479 | ||||||||||
| Less accumulated depreciation | (8,381,913 | ) | (8,282,269 | ) | |||||||
| Net property and equipment | 4,750,373 | 4,610,210 | |||||||||
|
Patent costs, net of accumulated amortization of $976,215 and $958,543, respectively |
271,328 | 260,021 | |||||||||
|
Trademark costs, net of accumulated amortization of $91,001 and $86,505, respectively |
84,840 | 85,964 | |||||||||
| Other assets | 94,899 | – | |||||||||
| Total assets | $ | 14,973,519 | $ | 14,014,017 | |||||||
|
Liabilities and Stockholders’ Equity |
|||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 2,679,319 | $ | 2,995,632 | |||||||
| Unearned revenue | 1,308,664 | 736,819 | |||||||||
| Other current liabilities | 1,788,979 | 1,394,150 | |||||||||
| Deferred contract liabilities | 230,116 | 110,727 | |||||||||
|
Current debt, net of deferred financing costs of $26,933 and $7,772, respectively |
4,637,596 | 4,656,757 | |||||||||
| Total current liabilities | 10,644,674 | 9,894,085 | |||||||||
| Other long-term liabilities | 168,282 | 106,159 | |||||||||
| Total long-term liabilities | 168,282 | 106,159 | |||||||||
| Total liabilities | 10,812,956 | 10,000,244 | |||||||||
| Stockholders’ equity: | |||||||||||
|
Common stock, $0.01 par value, 175,000,000 shares authorized; 56,222,189 and 54,267,440 shares issued and outstanding, respectively |
562,222 | 542,674 | |||||||||
| Additional paid-in capital | 137,323,841 | 134,645,911 | |||||||||
| Accumulated deficit | (133,725,500 | ) | (131,174,812 | ) | |||||||
| Total stockholders’ equity | 4,160,563 | 4,013,773 | |||||||||
| Total liabilities and stockholders’ equity | $ | 14,973,519 | $ | 14,014,017 | |||||||
Source: UQM Technologies, Inc.
Contacts
Chris Witty
UQM Investor Relations
646-438-9385
[email protected]
or
David
Rosenthal
UQM Technologies, Inc.
303-682-4900
[email protected]
