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UQM Technologies (UQM) Reports Wider Loss On Higher Revenues
UQM Technologies (UQM), the developer of parts for electric cars announced results after the bell today posting a loss of .06/share, widening the loss from the year ago quarter by .02. Revenues increased to 2.78 million in the quarter from revenue of 2 million in the year ago quarter, but the company was hurt this quarter on rising expenses.
Said the CFO, “Production engineering expense for the quarter rose 20 percent to $485,369, reflecting a continued expansion of this group and its activities. Selling, general and administrative expenses for the quarter and six month period increased 17 percent and 19 percent, respectively, reflecting a change in the timing of annual awards of incentive compensation and increased legal fees,” said Donald A. French, UQM Technologies’ Treasurer and Chief Financial Officer.”
“The increase in product sales for both the quarter and first half was fueled by growth in deliveries of propulsion systems to producers of on-road electric and hybrid electric vehicles. We expect deliveries for this class of product to increase further in our fiscal third quarter.
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