Maxwell Technologies, Inc. News
Maxwell Technologies Reports First Quarter Financial Results
BOOSTCAP(R) ultracapacitor revenue for Q108 increased by 64 percent to
"Heavy transportation and industrial applications that are advancing into production are contributing to a broader, more predictable revenue base for our emerging ultracapacitor product line," said
Other significant recent developments include: — Announcement of a development collaboration with the Johnson Controls-Saft lithium-ion battery joint venture (JC-S), through which Maxwell will validate the cost, performance and environmental advantages of its proprietary dry fabrication process in the production of electrodes for lithium-ion batteries for hybrid-electric vehicles. — Announcement by Maxwell and NessCap Co., Ltd. that the companies have agreed to a framework for settling patent disputes relating to their respective ultracapacitor products and have signed a Memorandum of Understanding including a provision to immediately halt litigation. — Opening of an ultracapacitor customer support office in Munich, Germany, to service European automakers and global Tier 1 suppliers to the automotive and transportation industries. — Recognition of Maxwell's high voltage capacitor group in Switzerland as the Siemens Power Transmission & Distribution High Voltage Circuit Breaker division's 2007 Supplier of the Year.
"We are encouraged by the positive trends for our existing product lines, and we believe that leveraging our patented energy storage technology into the large and rapidly growing lithium-ion battery industry represents a new and exciting value-creation opportunity for Maxwell," Schramm said. "The recently announced alliance with JC-S establishes a working relationship with the world's largest producer of automobile batteries, and late last year we announced a product development and outsource manufacturing collaboration with
Q108 gross margin was 30 percent, compared with 29 percent in Q407, reflecting ongoing improvements in manufacturing costs and production efficiency. Cash, investments in marketable securities and restricted cash totaled
Management will conduct a conference call and simultaneous webcast to discuss first quarter financial results and the outlook for the balance of 2008 at
Maxwell is a leading developer and manufacturer of innovative, cost-effective energy storage and power delivery solutions. Our BOOSTCAP(R) ultracapacitor cells and multi-cell modules provide safe and reliable power solutions for applications in consumer and industrial electronics, transportation and telecommunications. Our CONDIS(R) high-voltage grading and coupling capacitors help to ensure the safety and reliability of electric utility infrastructure and other applications involving transport, distribution and measurement of high-voltage electrical energy. Our radiation-mitigated microelectronic products include power modules, memory modules and single board computers that incorporate powerful commercial silicon for superior performance and high reliability in aerospace applications. For more information, please visit our website: http://www.maxwell.com.
Forward-Looking Statements — Statements in this news release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors such as:
— the company's history of losses and uncertainty about its ability to achieve or maintain profitability, or to obtain sufficient capital to finance its operations; — development and acceptance of products based on new technologies; — demand for original equipment manufacturers' products reaching anticipated levels; — general economic conditions in the markets served by the company's products; — cost-effective manufacturing and the success of outsourced manufacturing; — the impact of competitive products and pricing; — risks and uncertainties involved in foreign operations, including the impact of currency fluctuations; — product liability or warranty claims in excess of reserves.
For further information regarding risks and uncertainties associated with Maxwell's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of our SEC filings, including, but not limited to, our annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting Maxwell's investor relations department at (858) 503-3233 or at our investor relations website: http://www.maxwell.com/investors/sec-filing.asp. All information in this release is as of
MAXWELL TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (Unaudited) Three Months Ended March 31, 2008 2007 Revenues: Products $16,777 $12,193 License fees and service revenue 557 363 Total revenues 17,334 12,556 Cost of sales 12,106 9,143 Gross profit 5,228 3,413 Operating expenses: Selling, general and administrative 5,339 5,055 Research and development 3,207 2,817 Amortization of intangibles 83 19 Loss on sale of equipment - 41 Total operating expenses 8,629 7,932 Loss from operations (3,401) (4,519) Interest expense, net (156) (319) Amortization of debt discount and prepaid debt costs (728) (904) Gain (loss) on embedded derivatives and warrants (993) 1,499 Other income (expense), net (33) 96 Loss from continuing operations before income taxes (5,311) (4,147) Income tax provision (benefit) 246 (99) Net loss $(5,557) $(4,048) Basic and diluted net loss per share $(0.28) $(0.24) Shares used in computing basic and diluted net loss per share 20,164 17,086 MAXWELL TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) (Unaudited) March 31, December 31, 2008 2007 ASSETS Current assets: Cash and cash equivalents $15,625 $14,579 Investments in marketable securities 5,024 7,635 Trade and other accounts receivable, net 14,063 13,933 Inventories, net 16,371 14,717 Prepaid expenses and other current assets 1,831 1,657 Total current assets 52,914 52,521 Property and equipment, net 15,883 14,636 Intangible assets, net 3,318 3,154 Goodwill 23,598 21,183 Prepaid pension asset 9,662 8,369 Restricted cash 8,000 8,000 Other non-current assets 326 417 $113,701 $108,280 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $12,094 $9,516 Accrued warranty 809 768 Accrued employee compensation 3,357 2,885 Short-term borrowings and current portion of long-term debt 17,072 16,472 Deferred tax liability - current portion 378 378 Total current liabilities 33,710 30,019 Deferred tax liability, long-term 1,493 1,493 Convertible debentures and long-term debt, excluding current portion 12,060 13,544 Stock warrants 922 577 Other long-term liabilities 580 535 Commitments and contingencies Stockholders' equity: Common stock, $0.10 par value per share, 40,000 shares authorized; 20,795 and 20,417 shares issued and outstanding at March 31, 2008 and December 31, 2007, respectively 2,077 2,042 Additional paid-in capital 176,561 172,899 Accumulated deficit (125,651) (120,094) Accumulated other comprehensive income 11,949 7,265 Total stockholders' equity 64,936 62,112 $113,701 $108,280
SOURCE Maxwell Technologies, Inc.
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