FREDERICK, Colo., Aug. 3 /PRNewswire-FirstCall/ -- UQM
TECHNOLOGIES, INC. (AMEX:UQM), a developer of alternative energy
technologies, announced today operating results for the quarter
ended June 30, 2005. Continuing operations for the first quarter
resulted in a loss of $720,374 or $0.03 per common share on total
revenue of $1,153,205 versus a loss from continuing operations of
$697,721 or $0.04 per common share on total revenue of $683,996 for
the first quarter last year. Net loss for the quarter was $730,805
or $0.03 per common share versus a net loss of $714,903 or $0.04
per common share for the comparable quarter last year. "Product
sales for the quarter more than doubled to $685,617 from $268,006
for the first quarter last fiscal year driven by sales of higher
volume products manufactured by our power products segment which
nearly doubled and by higher levels of low volume products which
rose over five-fold to $257,556. Our losses from continuing
operations for the quarter ended June 30, 2005 were due to reduced
gross profit margins on contract services and expenses associated
with the expansion of our production engineering and manufacturing
infrastructure, which was partially offset by lower levels of
research and development expenses and general and administrative
expenses," said Donald A. French, UQM Technologies' Treasurer and
Chief Financial Officer. "On June 30, 2005 we completed a private
placement of our common stock which raised our cash and short-term
investments to $11.2 million and further strengthened our balance
sheet which we believe is important to the execution of our
strategy to make selective investments in programs and product
developments that we believe could lead to volume production of our
motor and controls technology in both existing and emerging
markets." Separately, the Company announced today that it has
received an order for twenty-nine DC to DC converters from Eaton
Corporation's (NYSE:ETN) Truck Components business unit for use in
hybrid electric trucks. The Company will host a conference call
today at 4:30 p.m. Eastern Daylight Time to discuss operating
results for the quarter ended June 30, 2005. To attend the
conference call, please dial 1-888-293-1201 approximately ten
minutes before the conference is scheduled to begin. International
callers should dial 1-415-908-6229. 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 Daylight Time today. To access
the playback call 1-800-633-8284 and give reservation number
21256610. International callers should dial 1-402-977-9140. UQM
Technologies, Inc. is a developer and manufacturer of power dense,
high efficiency electric motors, generators and power electronic
controllers for the automotive, aerospace, medical, military and
industrial markets. A major emphasis of the Company is developing
products for the alternative energy technologies sector including
propulsion systems for electric, hybrid electric and fuel cell
electric vehicles, 42-volt under-the-hood power accessories and
other vehicle auxiliaries and distributed power generation
applications. The Company's headquarters, engineering and product
development center, and motor manufacturing operation are located
in Frederick, Colorado. For more information on the Company, please
visit its worldwide website at http://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 the development of markets for our products;
the adequacy of our cash balances and liquidity to meet future
operating needs, and our ability to issue equity or debt
securities; and the effect of legal actions and claims that we are
involved in. 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 August 3, 2005 which is
available through our website at http://www.uqm.com/ or at
http://www.sec.gov/. UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Balance Sheets (unaudited) June 30, 2005 March 31,
2005 Assets Current assets: Cash and cash equivalents $8,692,548
5,788,232 Short-term investments 2,484,004 2,220,594 Accounts
receivable 674,109 890,509 Costs and estimated earnings in excess
of billings on uncompleted contracts 442,732 435,925 Inventories
481,957 648,173 Prepaid expenses and other current assets 291,048
109,198 Total current assets 13,066,398 10,092,631 Property and
equipment, at cost: Land 181,580 181,580 Building 2,295,067
2,292,687 Machinery and equipment 2,459,126 2,422,034 4,935,773
4,896,301 Less accumulated depreciation (2,509,022) (2,443,590) Net
property and equipment 2,426,751 2,452,711 Patent and trademark
costs, net of accumulated amortization of $473,361 and $450,011
592,468 613,448 Other assets 850 850 Total assets $16,086,467
13,159,640 Liabilities and Stockholders' Equity Current
liabilities: Accounts payable $336,656 678,007 Other current
liabilities 367,576 269,746 Current portion of long-term debt
137,689 135,255 Liabilities and commitments of discontinued
operations 157,581 154,287 Billings in excess of costs and
estimated earnings on uncompleted contracts 59,856 66,510 Total
current liabilities 1,059,358 1,303,805 Long-term debt, less
current portion 775,653 810,915 Long-term liabilities and
commitments of discontinued operations 57,051 57,051 832,704
867,966 Total liabilities 1,892,062 2,171,771 Commitments and
contingencies Stockholders' equity: Common stock, $.01 par value,
50,000,000 shares authorized; 24,544,194 and 23,177,133 shares
issued and outstanding 245,442 231,771 Additional paid-in capital
68,691,645 64,767,975 Accumulated deficit (54,742,682) (54,011,877)
Total stockholders' equity 14,194,405 10,987,869 Total liabilities
and stockholders' equity $16,086,467 13,159,640 UQM TECHNOLOGIES,
INC. AND SUBSIDIARIES Consolidated Statements of Operations
(unaudited) Quarter Ended June 30, 2005 2004 Revenue: Contract
services $467,588 415,990 Product sales 685,617 268,006 1,153,205
683,996 Operating costs and expenses: Costs of contract services
662,556 581,567 Costs of product sales 603,686 234,680 Research and
development 30,320 52,036 Production engineering 166,690 -- General
and administrative 448,445 499,707 Impairment of long-lived assets
1,455 2,234 1,913,152 1,370,224 Loss from continuing operations
before other income (expense) (759,947) (686,228) Other income
(expense): Interest income 56,165 8,367 Interest expense (16,592)
(19,860) 39,573 (11,493) Loss from continuing operations (720,374)
(697,721) Discontinued operations: Loss from operations of
discontinued electronic products segment (10,431) (17,182) Net loss
$(730,805) (714,903) Net loss per common share - basic and diluted:
Continuing operations $(.03) (.04) Discontinued operations -- --
$(.03) (.04) Weighted average number of shares of common stock
outstanding - basic and diluted 23,193,205 19,574,172 The following
table summarizes significant unaudited financial statement
information for continuing operations of each of the reportable
segments as of and for the quarter ended June 30, 2005: Power
Technology Products Total Revenue $725,144 428,061 1,153,205
Interest income 53,756 2,409 56,165 Interest expense -- (16,592)
(16,592) Depreciation and amortization (60,274) (28,508) (88,782)
Segment earnings (loss) from continuing operations (748,588) 28,214
(720,374) Assets of continuing operations 13,208,642 2,877,825
16,086,467 Expenditures for segment assets $(16,978) (26,319)
(43,297) The following table summarizes significant unaudited
financial statement information for continuing operations of each
of the reportable segments as of and for the quarter ended June 30,
2004: Power Technology Products Total Revenue $462,590 221,406
683,996 Interest income 7,053 1,314 8,367 Interest expense (1,121)
(18,739) (19,860) Depreciation and amortization (64,094) (27,964)
(92,058) Segment loss from continuing operations (653,556) (44,165)
(697,721) Assets of continuing operations 4,948,256 2,835,474
7,783,730 Expenditures for segment assets $(50,497) (747) (51,244)
DATASOURCE: UQM Technologies, Inc. CONTACT: John Baldiserra of BPC
Financial Marketing, +1-800-368-1217, for UQM Technologies, Inc.;
or Donald A. French of UQM Technologies, Inc., +1-303-278-2002 Web
site: http://www.uqm.com/
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