Unique Mobility, Inc. Reports Record Nine Month Revenues and Cyclical Third Quarter Revenue Decline; Reaffirms Expectation of Profitability in Fourth Quarter on Record Revenue
January 24, 2000 08:45
GOLDEN, Colo., Jan. 24 /PRNewswire/ -- UNIQUE MOBILITY, INC. (Amex: UQM), a leading developer and manufacturer of high efficiency motor/generator systems, announced today its operating results for the quarter and nine months ended December 31, 1999.
Revenue for the nine months ended December 31, 1999 were a record $14,766,416 an increase of 39 percent over the prior years record level of $10,607,379. The record year-to-date revenue performance was achieved despite a cyclical 16 percent decline in revenue for the third quarter this year versus last years record third quarter revenue.
Operations for the quarter resulted in a reduction in net loss to $943,716 or $0.06 per common share compared to a net loss of $970,668 or $0.06 per common share for the comparable quarter last year. Earnings before interest, taxes, depreciation and amortization ("EBITDA") for the quarter was $(280,934) or $(0.02) per common share compared to $(398,433) or $(0.02) per common share for the fiscal third quarter last year. Operations for the nine months ended December 31, 1999 resulted in a net loss of $6,485,673 or $0.39 per common share compared to a net loss of $3,335,724 or $0.21 per common share for the comparable period last year. EBITDA for the nine month period was $(4,528,346) or $(0.27) per common share versus $(1,800,226) or $(0.11) per common share for the comparable period last year. Excluding non-recurring charges to earnings, net loss for the year-to-date period was $1,801,309 or $0.11 per common share and EBITDA was $156,018 or $0.01 per common share.
Commenting on the results, Donald A. French, Unique's Treasurer and Chief Financial Officer said, "The third quarter is typically challenging because of seasonal factors and order volatility associated with customer's calendar year end inventory realignment. Despite the impact of these factors, which resulted in a 16 percent reduction in total revenue this quarter from last year's third quarter revenue, we had lower net losses and improved EBITDA performance for the quarter. With our seasonally weakest quarter behind us, we are continuing to focus our efforts on achieving our goal of profitable operations before fiscal year end and expect to report record revenue levels for the fourth quarter and fiscal year."
The Company will host a conference call today, January 24th at 4:30 p.m. Eastern Standard Time to discuss third quarter results. To attend the conference call, please dial 212-346-7469 approximately ten minutes before the scheduled time. A playback of the conference call will be available for seventy-two hours beginning at 6:30 p.m. Eastern Standard Time today by calling 800-633-8284 and providing reservation number 14234619.
Unique Mobility, Inc. is a leading developer and manufacturer of power dense, high efficiency motors, gear assemblies and electronic assemblies for the automotive, aerospace, telecommunications, medical and industrial markets. The Company's headquarters and engineering and product development center is located in Golden, Colorado. Manufacturing facilities are located in Frederick, Colorado (electric motors and gear assemblies) and St. Charles, Missouri (electronic assemblies and wire harnesses). For more information on the Company, please visit its World Wide Web site at uqm.com.
This press release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the Risk Factors section of the Registration Statement on Form S-3 (File No. 333-78525) filed by the Company with the SEC, which identifies important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including the Company's ability to become profitable and its ability to obtain additional financing, the Company's reliance on major customers and suppliers and the possibility that product liability insurance may become unavailable. These forward-looking statements represent the Company's judgment as of the date of the press release. The Company disclaims, however, any intent or obligation to update these forward-looking statements.
Quarter Ended Nine Months Ended
December 31, December 31,
1999 1998 1999 1998
Revenue:
Contract services $343,226 384,301 1,158,649 1,129,629
Product sales 3,324,616 3,982,503 13,607,767 9,477,750
3,667,842 4,366,804 14,766,416 10,607,379
Operating costs
and expenses:
Costs of contract
services 168,173 315,631 905,617 1,013,701
Costs of product
sales 3,121,035 3,677,497 11,746,959 8,828,014
Research and
development 203,023 138,937 337,469 589,659
General and
administrative 902,473 925,674 3,258,001 2,782,564
Write-down of
investments -- -- 4,104,628 --
Amortization of
goodwill 83,166 84,445 249,211 225,318
4,477,870 5,142,184 20,601,885 13,439,256
Operating loss (810,028) (775,380) (5,835,469) (2,831,877)
Other income (expense):
Interest income 9,448 12,095 47,600 92,680
Interest expense (120,558) (83,735) (360,497) (238,985)
Equity in loss
of Taiwan joint
venture -- (108,616) (186,538) (308,905)
Equity in loss
of Germany joint
venture -- -- (93,632) --
Minority interest
share of earnings
of consolidated
subsidiary (18,796) (18,118) (55,689) (54,112)
Other (3,782) 3,086 (1,448) 5,475
(133,688) (195,288) (650,204) (503,847)
Net loss $(943,716) (970,668) (6,485,673) (3,335,724)
Net loss per
common share
basic and
diluted $ (.06) (.06) (.39) (.21)
Weighted average
number of shares
of common stock
outstanding 16,574,409 15,979,473 16,514,551 15,883,242
SOURCE Unique Mobility, Inc.
/CONTACT: John S. Gould, Director Investor Relations of Unique Mobility,
Inc., 303-278-2002/
/Web site: uqm.com
(UQM)
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