UNIQUE MOBILITY ANNOUNCES THIRD QUARTER RESULTS
UNIQUE MOBILITY ANNOUNCES THIRD QUARTER RESULTS DENVER, Sept. 18 /PRNewswire/ -- Unique Mobility, Inc.
(AMEX: UQM.EC) reported an operating loss for the third quarter ended July 31, 1992 of $495,619 or $0.07 per share on total revenues of $739,127. This compares with an operating loss of $155,053 on total revenue of $942,864 for the year earlier period. The company's nine month operating loss rose to $1,294,491 or $0.19 per share versus a loss of $289,775 or $0.06 per share for the comparable prior year period.
Ray A. Geddes, chairman and chief executive officer stated: "Over the past several months we have been increasing internally funded research and development activities. These accelerated expenditures reflect the continuing success the company has experienced in developing enhanced performance features and more cost effective manufacturing process for its first generation motors and controllers. In addition, we are continuing to invest in the research and development of promising new technologies which we believe will keep Unique Mobility in the forefront if high power permanent magnet motor technology." The company reported research and development expenditures of $152,548 and $607,075 for the quarter and nine months ended July 31, 1992 compared with $120,990 and $201,219 for the comparable fiscal 1991 periods. Separately, the company announced that it has filed patent applications in the United States and 20 foreign countries covering the novel design and production process for a new motor armature to be used in high power density electric motors and generators. The company was granted United States Patents earlier this year covering the design and manufacturing processes for its first generation permanent magnet motors and electronic control circuitry. "We are very pleased with the commercial potential of the technology embraced in this new patient application. As a result of our decision to invest internal funds on promising new technologies, this invention will be totally owned by Unique Mobility," Mr. Geddes said. Unique Mobility is an engineering concern active in the design and development of advanced electric motors and related electronic controls for automotive, aerospace, and general industrial applications. UNIQUE MOBILITY, INC. Condensed Consolidated Statement of Operations (In thousands of dollars excepts per share amounts) Quarter Nine Months Period ended July 31 1992 1991 1992 1991 Revenues $739 $943 $2,520 $2,629 Net loss (496) (155) (1,294) (290) Loss per common share $(.07) $(.03) $(.19) $(.06) Average equivalent shares outstanding 6,794 5,150 6,712 5,039 -0- 9/18/92 /CONTACT: Ray A. Geddes, chairman Unique Mobility, Inc., 303-761-2137, or Mark Cohen of Cameron Associates, 212-644-9560, for Unique Mobility/ CO: Unique Mobility, Inc. ST: Colorado IN: SU: ERN
LD-SM -- NY006 -- 0949 09/18/92 08:00 EDT
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|Date:||Sep 18, 1992|
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