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© jakub krechowicz / dreamstime.com Components | April 30, 2012

Ultracapacitor sales up 3% for Maxwell

Maxwell Technologies reported revenue of $39.2 million for its first quarter ended March 31, 2012, up 11 percent over the $35.3 million recorded in the same period in 2011.
Ultracapacitor revenue increased by 3 percent, to $22.0 million in Q112 compared with $21.4 million in the same period last year. Sales of high voltage capacitor and microelectronics products totaled $17.2 million in Q112, up 24 percent from the $13.9 million recorded in Q111.

"Ultracapacitor revenue was down sequentially from Q4, due in part to seasonal factors, including the Chinese New Year observance," said David Schramm, Maxwell's president and chief executive officer. "Continued demand for ultracapacitor-based energy storage systems to power hybrid electric transit buses helped to offset softness in other applications. That, along with ongoing order flow for backup power applications and stop-start idle elimination systems in micro hybrid autos enabled us to sustain year-over-year growth."

On a U.S. generally accepted accounting principles (GAAP) basis, operating income for the first quarter 2012 was $1.3 million, compared with an operating loss of $73,000 in Q111. GAAP net income for Q112 was $504,000, or $0.02 per diluted share, compared with $196,000 or $0.01 per diluted share, in Q111.

Q111 net income is affected by a non-cash gain of $1.1 million, or $0.04 per diluted share, based on a quarterly valuation of conversion features associated with convertible debentures issued in 2005. As previously disclosed, the company retired the convertible debentures in February 2011, and therefore no longer records gains or losses for the conversion features.

GAAP gross margin was 41 percent in Q112, compared with 39 percent in Q111 and 38 percent in Q411. GAAP operating expenses totaled approximately $14.9 million, or 38 percent of revenue, in Q112 compared with $14.0 million, or 40 percent of revenue in Q111. Non-GAAP operating expenses totaled approximately $13.7 million, or 35 percent of revenue, in Q112 compared with $13.1 million, or 37 percent of revenue, in Q111.

On April 12, 2012, a settlement was reached in the shareholder derivative suit involving certain of the company's past and current officers and directors. Under the terms of the settlement, $3.0 million was paid to plaintiffs' counsels; $2.7 million was paid by the company's insurer and $290,000 was paid by the company.

In addition, the company agreed to ensure that certain corporate governance measures are in place and enforced. Without admitting any wrong doing, the defendants to this suit entered into this settlement to expedite resolution of the matter and relieve the defendants and the company from further financial and resource burden.

Outlook

"We expect revenue to increase by 4 to 7 percent sequentially in the current second quarter compared with that reported in the first quarter," Schramm said. "On the basis of reduced forecasts from customers in Europe and elsewhere, we now anticipate top line growth for the full year to be in the range of 15 to 20 percent, and continuing solid operating performance should enable the company to be profitable on a non-GAAP basis."
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