Don't know if anyone else follows Unique Mobility, ECD's strategic ally in the electric scooter and bike worlds and some other activities. Their numbers are interesting, so I've incorporated them here:
Unique Mobility, Inc. Announces Third Quarter Results
Revenue for the Quarter Grows 29 Percent
Franklin Manufacturing Unit Expands Manufacturing Capability and Capacity
GOLDEN, Colo., Feb. 16 /PRNewswire/ -- Unique Mobility, Inc. (Amex: UQM)
today reported its financial results for the quarter and nine months ended
December 31, 1998.
Revenue for the quarter ended December 31, 1998, was $4,366,804 compared
to $778,521 for the comparable quarter last year. Revenue for the nine months
ended December 31, 1998, was $10,607,379 compared to $2,828,312 for the
comparable period last year. Growth in revenue for the quarter and nine
months was driven by product sales in the Company's electronic and mechanical
products segments, which amounted to approximately 90 percent of total
revenue. Product sales for the third quarter rose to $3,982,503 from $148,173
for the comparable quarter last year and rose over nineteen fold to $9,477,750
for the nine months ended December 31, 1998, versus the same period last year.
Operations for the quarter ended December 31, 1998, resulted in a net loss
of $970,668 or $0.06 per share compared to a net loss of $680,533 or
$0.05 per share for the quarter ended December 31, 1997. Operations for the
nine months ended December 31, 1998, resulted in a net loss of $3,335,724 or
$0.21 per share compared to a net loss of $1,534,981 or $0.11 per share for
the nine months ended December 31, 1997. Approximately $1.3 million or
$0.08 per share of the increase in net loss for the year to date period is
attributable to higher levels of non-cash expenses including depreciation and
amortization charges from recent acquisitions and recognition of the Company's
proportionate share of losses at Taiwan UQM Electric Co., Ltd.
Commenting on the results, Donald A. French, Treasurer and Chief Financial
Officer, said, "Revenue for the third quarter rose 29 percent from the record
levels achieved during the second quarter despite adverse seasonal factors and
lower demand in the agricultural sector throughout the period. Although
non-cash charges impacted bottom line results, cash used by operations
(net loss reduced by non-cash expenses) was $291,219 for the quarter, an
improvement of 43 percent over the cash used by operations for the comparable
quarter last year of $514,484 and the lowest level of cash used by operations
for any quarter this year. For the fourth quarter we expect continued
improvement in financial performance on higher revenue levels."
Separately, the Company announced that its Franklin Manufacturing unit has
invested $1.5 million to expand its production and testing capability. Two
new surface mount production lines have been installed, one of which contains
"ball grid array" component placement technology which allows for higher
precision and dense placement of components on a printed circuit board. The
addition of the new surface mount manufacturing lines increases Franklin's
component placement capacity nearly three-fold from 37,000 parts per hour to
110,000 parts per hour.
"The requirement to expand manufacturing operations is being driven by
growth in the automotive sector of our business," said Michael G. Franklin,
Unique's Vice President of Electronics Manufacturing. "This investment
greatly expands our manufacturing capacity, improves our capability to
manufacture increasingly complex electronic board assemblies and positions us
to continue to meet the quality, pricing and volume expectations of our
customers."
Commenting on these announcements, Ray A. Geddes, Chairman and
Chief Executive Officer, said, "The capital improvements made at Franklin are
indicative of the Company's commitment to provide modern facilities and
equipment necessary to meet the rapidly growing needs of the business."
Unique Mobility, Inc., is a leading developer and manufacturer of power
dense, high efficiency motors, gear assemblies and electronic assemblies for
the aerospace, telecommunications, automotive, medical and industrial markets |
