UQM posts $2.8M loss for fiscal year
Last Updated: 17:02 May 29, 2014
The company reported its year-end and fourth-quarter results Thursday afternoon. UQM manufactures electric motors, generators and power electronic controllers for the commercial truck, bus, automotive, military and marine markets. It has a manufacturing plant east of Longmont in Weld County.
UQM's fiscal year 2014 loss came on revenue of $7.05 million, which was down 2 percent from a year earlier. The loss amounted to 7 cents per common share.
Half of the year's loss came in the fourth quarter, in which revenue dipped to $1 million from the previous year's $1.7 million for the same period. President and chief executive Eric Ridenour said in the earnings report that the slower-than-expected fourth quarter was due in large part to the delayed start of the 2014 California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project.
Despite that, Ridenour said the fiscal year overall was strong, with increased sales, higher gross margins and decreased losses.
"We continue to execute our business development activities in promising regions such as Asia, Europe and North America," Ridenour said. In particular, we added two new customers since January in Indonesia and Turkey as we focus on expanding our customer base and worldwide footprint. With a strong balance sheet bolstered by a successful capital raise during the fourth quarter and a lower cost structure in place, we are excited about the opportunities ahead in fiscal 2015."
UQM's stock price closed at $2.35 per share on Thursday, unchanged from the previous day's close. But the price quickly dipped 8.5 percent in after-hours trading.
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