Maxwell Technologies Reports 1st Quarter Financial Results

May 07, 2009 by Jeff Shepard

Maxwell Technologies, Inc. reported revenue of $22.5 million for its first quarter ended March 31, 2009, up 31% over the $17.1 million recorded in the same period in 2008. Operating loss for the first quarter 2009 was $1.8 million, compared with $3.4 million in the same period last year. Net loss for Q109 was $3.0 million, or $0.13 per share, including a non-cash charge of $0.6 million, or $0.03 per share, reflecting a quarterly "mark-to-market" valuation of conversion features and warrants associated with convertible debentures issued in 2005. That compares with a net loss of $5.6 million, or $0.28 per share, including a non-cash charge of $1.0 million, or $0.05 per share, for the conversion feature valuation in Q108.

First quarter BOOSTCAP(R) ultracapacitor revenue increased by 43% to $7.7 million, compared with $5.4 million for the same period last year. High voltage capacitor and microelectronics products also generated strong sales growth, combining for Q109 revenue of $14.7 million, up 25% from the $11.8 million recorded in Q108.

"As demonstrated by increasing sales across all of our product lines, the key markets we sell into, including utility infrastructure, renewable energy, public transportation and space programs have remained stable," said David Schramm, Maxwell’s President and Chief Executive Officer. "Looking specifically at ultracapacitors, public and private investments in wind energy and cleaner, more efficient, hybrid and electric transit vehicles continue to be key drivers of year-over-year sales growth."

"Economic conditions and tight credit are affecting some of our customers’ plans and projects, but we now have a much broader customer base than we had even one year ago, so we believe we are gaining market share in key target markets," Schramm added. "Given the unsettled external environment, we are guiding with caution, but second quarter sales are on pace to come in well above Q208, and we are optimistic that we will benefit both directly and indirectly from government stimulus programs. We are also making steady progress with the cost reduction initiatives discussed over the past few quarters, so operating results should continue to improve throughout the year."