UQM Technologies Reports Third Quarter & Nine Month Operating Results
UQM Technologies, Inc. announced operating results for the quarter and nine months ended December 31, 2007. Continuing operations for the third quarter resulted in a loss of $1,322,849 or $0.05 per common share on total revenue of $1,714,858 versus a loss from continuing operations of $818,297 or $0.03 per common share on total revenue of $1,726,526 for the third quarter last year. Net loss for the quarter was $1,306,996 or $0.05 per common share versus a net loss of $824,019 or $0.03 per common share for the comparable quarter last year.
Continuing operations for the nine months ended December 31, 2007 resulted in a loss of $3,591,494 or $0.14 per common share on total revenue of $5,159,901 versus a loss from continuing operations of $2,468,911 or $0.10 per common share on total revenue of $4,642,076 last fiscal year. Net loss for the nine months ended December 31, 2007 was $3,575,641 or $0.14 per common share versus a net loss for the comparable period last year of $2,491,385 or $0.10 per common share.
"Although total revenue for the third quarter was flat, total revenue for the nine months ended December 31, 2007 rose 11% to $5,159,901 driven by higher levels of product sales revenue which rose 42% during the nine month period. Gross profit margins for the quarter rose to 16% versus 9% for the same quarter last year due to improved execution of funded programs. Losses from continuing operations for the quarter and nine month period increased due to higher internally-funded research and development costs, production engineering expenditures and selling, general and administrative expenses," said Donald A. French, Treasurer and Chief Financial Officer of UQM Technologies.
"During the quarter, we announced a new production contract to supply Club Car, Inc., a leading maker of golf, utility and transportation vehicles, with an auxiliary motor that actuates an automatic service brake feature on Club Car golf carts in certain international markets," said William G. Rankin, President and Chief Executive Officer of UQM Technologies. "The addition of an another large, well-known company to our roster of production customers further reinforces our strategy to establish world class production capability to meet the current and future volume production requirements of our customers."
