UQM reports $1 million net loss in first quarter

LONGMONT – UQM Technologies Inc. (NYSE Amex: UQM) reported a net loss of $1.04 million in the first quarter of its fiscal 2012.

The loss amounted to 3 cents per common share on total revenue of $1.31
million during the quarter compared to a net loss of $486,870, or 1 cent
per share in the same quarter in 2011.

“First-quarter revenue and results were lower than expected due to a
change in the timing of deliveries to CODA (Automotive) from the first
fiscal quarter to the second fiscal quarter,´ said Eric Ridenour, UQM’s
president and CEO. “During the first quarter we began final preparations
for the launch of volume manufacturing operations for CODA Automotive,
which we expect will have a substantial effect on our product sales
revenue in the second half of this fiscal year.”

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Donald French, UQM’s CFO, said gross profit margins on product sales for
the quarter were up about 8 percent. But French noted that lower
revenue for the quarter, together with increased selling, general and
administrative costs, contributed to higher losses for the first quarter
compared to the same quarter in 2011.

“We expect operating results to improve over the remainder of the fiscal
year, driven by substantially higher revenue from product sales
following the launch of production for CODA,” he said.

UQM shares were down 5 cents at $2.02 in afternoon trading.