Coda’s bankruptcy hampers UQM’s year

LONGMONT – Electric-motor manufacturer UQM Technologies Inc. (NYSE:UQM) in Longmont reported a decline in revenue and income for its fourth quarter and fiscal year that ended March 31.

Revenue for the fourth quarter decreased to $1.7 million compared with $3.8 million in the same period a year ago, reflecting the lack of shipments to electric-car manufacturer Coda Automotive, whose parent, Coda Holdings Inc., filed for bankruptcy.

Fourth quarter results this year included a charge of $1.1 million, or three cents per common share, for estimated Coda-related contract settlement costs.

Excluding Coda revenue, adjusted total revenue for the fourth quarter was $1.6 million compared with $1.8 million for the comparable quarter last fiscal year. Net loss for the fourth quarter was $2.3 million or 6 cents per common share versus a net loss of $1.5 million, or 4 cents per common share, for the fourth quarter of fiscal 2012.

For the fiscal year, revenue decreased to $7.2 million compared with $10.1 million in fiscal 2012. Net loss for fiscal 2013 was $10.7 million, or 29 cents per common share, and included charges related to the termination of the Coda program totaling $4.9 million, or 13 cents per common share. This compares with a net loss of $4.9 million, or 14 cents per common share, for fiscal 2012.

“During the year, we continued our expansion into the commercial truck and bus EV markets, signing multiyear supply agreements with Proterra and Boulder Electric Vehicle Inc. increasing shipments to Electric Vehicles International,´ said Eric R. Ridenour, UQM’s president and chief executive.

“These ongoing relationships demonstrate the strength and differentiation of our product line, and have enabled us to diversify our customer base and grow our revenue, minimizing the impact of Coda’s bankruptcy. The progress we are making with potential customers in China, coupled with our ongoing expense management and cash conservation, position us well for fiscal year 2014 and beyond.”

The company is under contract to sell its former facility in Frederick for $1.65 million. The transaction is expected to close within the next three months.


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