UQM TECHNOLOGIES, INC. (Amex: UQM), a developer of alternative energy technologies, reported a third-quarter loss of $518,064 (2 cents per share) on revenue of $1.1 million, as compared with a loss of $392,980, (2 cents per share), on revenue of $1.3 million for the year-ago quarter.
Continuing operations for the nine months ended December 31, 2005 resulted in a loss of $1,799,918 or $0.08 per common share on total revenue of $3,181,361 versus a loss from continuing operations of $1,443,354 or $0.07 per common share on total revenue of $3,226,056 last fiscal year.
“Operating results for the quarter and nine months ended December 31, 2005 reflect the impact of additional investment in establishing a production engineering group. Production engineering expenditures rose to $224,792 and $564,358 for the quarter and nine months versus $93,479 for each comparable period last fiscal year,” said William G. Rankin, President and Chief Executive Officer of UQM Technologies, Inc. “This investment is beginning to bear fruit, evidenced by an initial order for 10,000 motors we received from a new customer in November 2005 that will begin to generate revenue in February 2006 and by numerous additional opportunities identified by our recently hired National Sales Manager, Doug Smeltzer, that we are aggressively pursuing.”
“Contract services revenue for the quarter rose 11 percent to $664,481, driven by a strong backlog of projects while low volume product sales rose 43 percent to $289,551 due to shipments to the Denver Regional Transportation District for their hybrid electric bus fleet. Higher volume product sales declined to $190,124 for the quarter and $784,341 for the nine months ended December 31, 2005, primarily due to the cessation of production of wheelchair propulsion motors in November 2005. General and administrative expenses rose $191,591 for the quarter and $122,887 for the nine month period as a result of the write-off of a trade account receivable in conjunction with the bankruptcy filing of a customer, higher levels of professional fees related to our compliance with the provisions of the Sarbanes-Oxley Act and higher marketing, selling and employee benefit costs. Loss from continuing operations for the quarter and nine months ended December 31, 2005 rose due to these factors and our continuing investment in our production engineering group,” said Donald A. French, UQM Technologies’ Treasurer and Chief Financial Officer.
UQM Technologies, Inc. is a developer and manufacturer of power dense, high efficiency electric motors, generators and power electronic controllers for the automotive, aerospace, medical, military and industrial markets. A major emphasis of the Company is developing products for the alternative energy technologies sector including propulsion systems for electric, hybrid electric and fuel cell electric vehicles, 42-volt under-the-hood power accessories and other vehicle auxiliaries and distributed power generation applications. The Company’s headquarters, engineering and product development center, and motor manufacturing operation are located in Frederick, Colorado.
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