UQM Technologies Reports Fiscal-Year 2001 Results

June 17, 2001 by Jeff Shepard

UQM Technologies (Golden, CO) reported record fiscal-year 2001 revenues. Operations for the year ended March 31, 2001, excluding asset write-down charges, resulting in a net loss of $2,427,523, or $0.14 per common share. In comparison, the company had a net loss of $2,367,179, or $0.14 per common share, in 2000. Total revenue for fiscal-year 2001 was $26,897,071, compared to $20,597,860 for fiscal-year 2000.

Donald French, treasurer and CFO, stated, “During the fourth quarter, we wrote down slow-moving or not-readily-marketable electronic-component raw-material inventories in our electronics unit. Stringent fiscal management throughout the year permitted us to absorb increased infrastructure costs while also expanding our research and development programs. The ability to drive revenues forward at a 31-percent pace is an achievement of which we are proud. We expect to again achieve record revenue in fiscal 2002, together with improved bottom-line results.”