UQM Technologies Reports Third Quarter Operating Results.pdf by yan198555

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									                                                        Contact: John Baldiserra
                                                                 BPC Financial Marketing
                                                                 800-368-1217
  For Immediate Release                                                 or
                                                                 Donald A. French
                                                                 UQM Technologies, Inc.
                                                                 303-682-4918


         UQM Technologies Reports Third Quarter Operating Results

        Product sales and total revenue rose 30 percent for the quarter
        Volume production and shipment of automotive-qualified PowerPhase Pro®
         electric propulsion system to CODA Automotive underway
        PowerPhase HD® electric propulsion systems will drive 100 UPS delivery
         vehicles being built by Electric Vehicles International


  LONGMONT, COLORADO, JANUARY 31, 2012 – UQM Technologies, Inc. (NYSE
  Amex: UQM), a developer of alternative-energy technologies, announced today
  operating results for the quarter and nine month period ended December 31, 2011.

  “Operating results for the third quarter were positively impacted by shipments of our
  PowerPhase Pro® electric propulsion systems to CODA Automotive. Product sales for
  the quarter rose 30 percent contributing to a reduction in net loss,” said Eric R.
  Ridenour, UQM Technologies’ President and Chief Executive Officer. “CODA has
  announced that they will begin delivering vehicles to customers in February and we are
  ramping-up our production to meet their increasing requirements. In addition, we
  recently received a 100 unit order from Electric Vehicles International for PowerPhase
  HD® electric propulsion systems to power all-electric trucks for UPS, expanding our
  penetration in the medium-duty truck market. We are looking forward to acceleration in
  our revenues in future quarters from these programs and from additional market
  opportunities originating from an aggressive sales and marketing outreach program lead
  by our newly hired Vice President of Sales and Business Development, Adrian
  Schaffer.”

  Operations for the third quarter resulted in a net loss of $846,416 or $0.03 per common
  share on total revenue of $2,719,323 versus a net loss of $932,520 or $0.03 per
  common share on total revenue of $2,090,474 for the third quarter last fiscal year.

  Operations for the nine month period ended December 31, 2011 resulted in a net loss of
  $3,476,144 or $0.10 per common share on total revenue of $6,368,606 versus a net
  loss of $1,797,183 or $0.05 per common share on total revenue of $6,673,356 for the


UQM TECHNOLOGIES, INC. 4120 SPECIALTY PLACE, LONGMONT, COLORADO 80504 (303) 682-4900 FAX (303) 682-4901
     comparable period last year. Net loss for the nine month period last fiscal year includes
     an expense reduction for the recovery of costs from earlier periods under our DOE grant
     of $1,546,446.

     “The reduction in net loss for the quarter was driven by a 30 percent increase in total
     revenue which fueled an expansion in gross profit to $578,529 versus $439,834 for the
     comparable period last fiscal year,” said Donald A. French, UQM Technologies’
     Treasurer and Chief Financial Officer. “Operating results for the quarter and the nine
     months ended December 31, 2011 were negatively impacted by the bankruptcy filing of
     Saab, which resulted in a bad debt charge of $127,697 and recruiting costs for our new
     Vice President of Sales.”

     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, 2011. To attend
     the conference call, please dial 1-877-941-8631 approximately ten minutes before the
     conference is scheduled to begin and provide the passcode “4509986” to access the
     call. International callers should dial 1-480-629-9644. 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 1-800-406-7325 and enter replay
     code “4509986#”. International callers should dial +1 303-590-3030.

     UQM Technologies is a developer and manufacturer of power-dense, high-efficiency
     electric motors, generators and power electronic controllers for the automotive,
     aerospace, military and industrial markets. A major emphasis for UQM 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. UQM headquarters, engineering,
     product development center and manufacturing operation are 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 officers and directors with
     respect to, among other things, orders to be received under our supply agreement with CODA
     Automotive, Electric Vehicles International and Proterra, future financial results, 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-Q filed today, which
     is available through our website at www.uqm.com or at www.sec.gov .


                                               ###Tables Attached###




UQM TECHNOLOGIES, INC. 4120 SPECIALTY PLACE, LONGMONT, COLORADO 80504 (303) 682-4900 FAX (303) 682-4901
                                   UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
                                    Consolidated Statements of Operations (unaudited)

                                                         Quarter Ended December 31,     Nine Months Ended December 31,
                                                          2011              2010             2011             2010
   Revenue:
     Contract services                              $      210,047         166,687           421,896          512,177
     Product sales                                       2,509,276       1,923,787         5,946,710        6,161,179
                                                         2,719,323       2,090,474         6,368,606        6,673,356

   Operating costs and expenses:
     Costs of contract services                            127,229          97,094           258,922          447,844
     Costs of product sales                              2,013,565       1,553,546         3,922,719        4,594,997
     Research and development                                5,861          10,537            10,671          282,484
     Production engineering                              1,210,506         874,054         4,407,492        2,534,370
     Reimbursement of costs under DOE grant               (937,273)       (546,803)       (3,169,943)      (3,098,747)
     Selling, general and administrative                 1,149,659       1,045,845         4,438,287        4,046,667
     Gain on sale of long-lived asset                         -               -               (3,138)          (1,004)
                                                         3,569,547       3,034,273         9,865,010        8,806,611

        Loss before other income                         (850,224)        (943,799)       (3,496,404)      (2,133,255)

   Other income:
     Interest income                                         3,386          11,150           19,281           70,803
     Other                                                     422             129              979          265,269
                                                             3,808          11,279           20,260          336,072


        Net loss                                     $ (846,416)          (932,520)       (3,476,144)      (1,797,183)

        Net loss per common share - basic and
          diluted                                        $ (0.03)          (0.03)             (0.10)         (0.05)

   Weighted average number of shares of
     common stock outstanding - basic and
     diluted                                            36,326,516      36,137,980        36,284,675      36,030,576




UQM TECHNOLOGIES, INC. 4120 SPECIALTY PLACE, LONGMONT, COLORADO 80504 (303) 682-4900 FAX (303) 682-4901
                                   UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
                                       Consolidated Balance Sheets (unaudited)

                                                                                    December 31, 2011     March 31, 2011
   Assets
   Current assets:
      Cash and cash equivalents                                                        $ 11,545,184         15,878,752
      Short-term investments                                                              3,447,893          8,332,523
      Accounts receivable, net                                                            3,952,876          3,527,054
      Costs and estimated earnings in excess of billings on uncompleted contracts            84,239            126,775
      Inventories                                                                         7,992,353          2,213,441
      Facility held for sale                                                              1,621,257               -
      Prepaid expenses and other current assets                                           1,151,932            367,154
             Total current assets                                                        29,795,734         30,445,699

   Property and equipment, at cost:
      Land                                                                                  1,683,330        1,859,988
      Building                                                                              4,474,092        6,822,850
      Machinery and equipment                                                               7,517,846        6,766,539
                                                                                           13,675,268       15,449,377
      Less accumulated depreciation                                                        (4,494,696)      (4,696,942)
            Net property and equipment                                                      9,180,572       10,752,435
   Patent costs, net of accumulated amortization of $807,689 and $781,608                     256,611          264,091
   Trademark costs, net of accumulated amortization of $58,621 and $55,256                    114,966          118,331
   Other assets                                                                               374,353          223,364
             Total assets                                                             $ 39,722,236          41,803,920


   Liabilities and Stockholders’ Equity
   Current liabilities:
      Accounts payable                                                                 $     1,903,876       1,373,403
      Other current liabilities                                                              1,616,474         903,706
      Short-term deferred compensation under executive employment
         agreements                                                                               -            739,200
      Billings in excess of costs and estimated earnings on uncompleted contracts               54,236          15,726
              Total current liabilities                                                      3,574,586       3,032,035
   Long-term deferred compensation under executive employment agreements                       650,623        577,172
             Total liabilities                                                               4,225,209       3,609,207
   Commitments and contingencies
   Stockholders’ equity:
      Common stock, $0.01 par value, 50,000,000 shares
         authorized; 36,326,516 and 36,213,293 shares
         issued and outstanding                                                                363,265        362,133
      Additional paid-in capital                                                           114,168,375    113,391,049
      Accumulated deficit                                                                  (79,034,613)   (75,558,469)
             Total stockholders’ equity                                                     35,497,027      38,194,713
             Total liabilities and stockholders’ equity                                $ 39,722,236         41,803,920

                                                          #End Table
                                                            # End #



UQM TECHNOLOGIES, INC. 4120 SPECIALTY PLACE, LONGMONT, COLORADO 80504 (303) 682-4900 FAX (303) 682-4901

								
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