Hi, Del. It looks like Unique will soon be profitable.
Unique Mobility, Inc. Announces Third Quarter Results
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GOLDEN, Co, February 17, 1998... Unique Mobility, Inc. (AMEX:UQM) today reported its financial results for the third quarter and nine months ended December 31, 1997.
For the quarter ended December 31, 1997, revenues were $778,521, a 158.5% increase over the $301,174 reported for the third quarter last year. Product sales for the quarter increased 228.3%, from $45,136 for the third quarter last year to $148,173 in the current quarter. Contract revenues increased 146.2% between the respective periods, from $256,038 to $630,348. This increase is attributable to increased demand for automotive systems projects. Net loss for the quarter was $680,533, or $0.05 per share, which was 16.6 % less than the net loss of $816,194, or $0.07 per share reported for the third quarter last year. The reduction in loss between the periods is primarily attributable to the increase in product sales, gross margin expansion in product sales and a 51.3% decrease in research and development expense.
For the nine months ended December 31, 1997, revenues were $2,828,312, a 70.4% increase over the $1,660,035 reported for the comparable period last year. Net losses for the nine months ending December 31, 1997 were $1,534,981, or $0.11 per share, which was 26.3% less than the net loss of $2,083,793, or $0.18 per share reported for the first nine months of last year.
The balance sheet remained strong at December 31, 1997, with $3,474,700 in cash and cash equivalents and working capital of $4,493,554.
In commenting on the quarter, Ray Geddes, Chairman and Chief Executive Officer, said, "We are very pleased with the progress made in preparation for the commencement of large volume production in fiscal 1999. Our acquisition of Aerocom Industries will provide us with the required manufacturing expertise and approximately 25,000 square feet of manufacturing space in which to begin the manufacture of motors for our Invacare order. Also, we are progressing with the runoff manufacture of starters and alternators for KYMCO's gas scooter in our facility in Taiwan. Pending KYMCO's approval of product quality and quantity, we anticipate starting volume production in the first quarter 1999. While the launch of large volume production is nearing, we continue to seize opportunities to further our technology in partnership with large corporations. During the third quarter, we were pleased to have received a DARPA award to work with John Deere on a diesel fuel engine generator for large hybrid electric vehicles, such as buses. We believe that these types of projects will continue to strengthen our position in the emerging hybrid electric vehicle market."
Unique Mobility, Inc. is an innovative developer and manufacturer of power dense, high efficiency motor systems for propulsion applications. Its technology is value-added to a wide range of markets, including the industrial, agricultural, healthcare, mining, aerospace, oil & gas equipment and emerging light electric vehicle and hybrid electric bus, truck and car markets.
This release may contain 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 (FileÿNo.ÿ 333-44597) filed by Unique with the SEC, which identifies important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including Unique's history of operating losses, its ability to obtain additional financing, competition, changes in government regulations mandating low and zero emission vehicles, Unique's ability to protect its proprietary information, and Unique's limited experience in manufacturing processes and procedures and marketing and distribution.
Quarter Ended
December 31,
Nine Months Ended
December 31,
Revenue:
1997
1996
1997
1996
ÿÿÿÿÿContract services
$ 630,348
256,038
2,333,718
1,239,512
ÿÿÿÿÿProduct sales
148,173
45,136
494,594
420,523
778,521
301,174
2,828,312
1,660,035
Cost and Expenses:
ÿÿÿÿÿCosts of revenue
719,496
299,066
2,554,503
1,285,035
ÿÿÿÿÿResearch and development
220,505 ÿÿ
453,094
486,643
1,333,582
ÿÿÿÿÿGeneral and administrative
405,373 ÿÿ
268,498
1,093,684
800,152
ÿÿÿÿÿOther
113,680
96,710
228,463
325,059
1,459,054
1,117,368
4,363,293
3,743,828
Net loss
(680,533)
(816,194)
(1,534,981)
(2,083,793)
Net loss per common share
(.05)
(.07)
(.11)
(.18)
Weighted average number of shares of common stock outstanding
13,829,939
111,751,102
13,667,499
11,354,549
ÿ
Press Release 98-4 ÿÿÿÿÿÿÿÿContact:
Unique Mobility, Inc.
425 Corporate Circle
Golden CO 80401
John S. Gould
Director-Investor Relations
Banchik & Associates
686 Alamo Pintado Rd.,Ste. B
Solvang, California 93101
Doris Banchik
Principal
(805) 688-2340 |
