UQM Technologies Reports Fourth Quarter & Fiscal 2008 Operating Results
UQM Technologies Inc. announced operating results for the quarter and fiscal year ended March 31, 2008. Continuing operations for the fourth quarter resulted in a loss of $981,152 or $0.04 per common share on total revenue of $2,348,421 versus a loss from continuing operations of $933,655 or $0.04 per common share on total revenue of $2,011,118 for the fourth quarter last year. Net loss for the quarter was $1,010,464 or $0.04 per common share versus a net loss of $939,972 or $0.04 per common share for the comparable quarter last year.
Continuing operations for the fiscal year ended March 31, 2008 resulted in a loss of $4,572,646 or $0.18 per common share on total revenue of $7,508,322 versus a loss from continuing operations of $3,402,566 or $0.14 per common share on total revenue of $6,653,194 last fiscal year. Net loss for the fiscal year ended March 31, 2008 was $4,586,105 or $0.18 per common share versus a net loss for the previous fiscal year of $3,431,357 or $0.14 per common share.
William G. Rankin, UQM Technologies’ President and Chief Executive Officer, commented, "With the cost of oil over $130 a barrel and record fuel prices at the pump, both of which are forecasted to go significantly higher, vehicle owners are demanding more fuel-efficient vehicles and vehicle manufacturers are beginning to respond. As a result, over the last six months, we have seen a substantial increase in the seriousness and sense of urgency from a number of our existing, as well as new customers, to develop and field all-electric and hybrid electric vehicles. This changing landscape contributed to a 61% increase in our prototype and evaluation system sales to $1.8 million for the fiscal year ended March 31, 2008. We have also recently launched multiple production intent programs with vehicle OEM’s. During the same period, International Truck and Engine Corp., Peterbilt Motors Co. and Freightliner Trucks, have all announced production plans for hybrid electric medium-duty trucks this year powered by the Eaton Corp. hybrid electric system. We supply a dc-dc converter to Eaton. that will be used on some of these trucks and as production ramps up, we expect to see significantly greater revenue from this product and companion products that we are developing and hope to sell into these emerging markets."
Donald A. French, UQM Technologies’ Treasurer and Chief Financial Officer, commented, "For the second straight year, we recorded double-digit growth in our total revenue, driven primarily by increasing product sales revenue. Revenue for the fourth quarter and fiscal year ended March 31, 2008 rose 17% and 13%, respectively, versus the comparable periods last fiscal year. Loss from continuing operations for the fiscal year increased primarily due to increased levels of internally funded research and development costs, production engineering expenditures and selling general and administrative costs which were partially offset by improvements in gross profit margins which increased by $413,562 to $1,076,863 for the fiscal year. Capital expenditures for the year increased 55% to $616,488 due to improvements to our Frederick, Colorado, facility and purchases of manufacturing equipment. In light of recent industry developments that we believe signal the emergence of new markets for all-electric and hybrid electric vehicles, as well as the expansion of existing markets for these vehicles, we expect to further increase our investments in production engineering activities next fiscal year, possibly substantially, to support a number of anticipated production intent development programs."