Friday, February 1, 2013

UQM Technologies CFO Retires, As Firm's Revenues Plunge

Longmont, Colorado-based UQM Technologies said Thursday that the firm's CFO has retired, at the same time reporting a plunge of 29% in revenues in Q3, due to issues with one of its customers, CODA Automotive. UQM said that Treasurer and CFO Donald A. French will retire on July 31st, in order to provide an orderly transition of responsibilities to the company. Separately, the firm said it had total revenues of $1.9M in its fiscal third quarter, ended December 31, 2012. The firm blamed the drop on a charge of $3.8M for doubtful accounts for receivables from CODA Automotive. Electric Auto maker CODA reportedly has stopped paying its bills, and is in legal battle with a number of its vendors over amounts owed to the company. UQM is a manufacturer of high efficiency electric motors, generators, and associated controllers.