Maxwell Technologies Reports 2010 Financial Results
Maxwell Technologies, Inc. reported revenue of $34.2 million for its fourth quarter ended December 31, 2010, up 22% over the $28.0 million recorded in the same period in 2009. For fiscal year ended December 31, 2010, the company reported revenue of $121.9 million, up 20% over the $101.3 million recorded in fiscal 2009.
BOOSTCAP® ultracapacitor revenue increased by 36%, to $20.2 million in Q410, compared with $14.9 million for the same period last year. Sales of high voltage capacitor and microelectronics products totaled $14.0 million in Q410, up 7% from the $13.1 million recorded in Q409.
"Further penetration of the large and growing global wind energy and hybrid transit bus markets helped to drive a 56% increase in full year ultracapacitor sales, from $43.8 million in 2009 to $68.5 million in 2010," said David Schramm, Maxwell’s President and Chief Executive Officer. "We also generated the company’s first meaningful automotive revenue from Continental AG for the series production launch of PSA Peugeot Citroen’s stop-start idle elimination system in Europe, and we began to see more substantial contributions from backup power and other industrial electronics applications."
On a U.S. generally accepted accounting principles (GAAP) basis, operating loss for the fourth quarter 2010 was $629,000, compared with an operating loss of $9.7 million in Q409. GAAP operating loss for the full year was $6.5 million, compared with $14.1 million in 2009. GAAP net loss for Q410 was $2.4 million or $0.09 per share, compared with a GAAP net loss of $10.0 million, or $0.39 per share, in Q409. GAAP net loss for the full year was $6.1 million, or $0.23 per share, compared with $22.9 million, or $0.94 cents per share in 2009.
Fourth quarter operating loss and net loss comparisons are affected by: a $9.3 million operating expense accrual in Q409 for the company’s estimate of payments required to settle charges arising from U.S. Foreign Corrupt Practices Act (FCPA) violations; a non-cash loss of $1.3 million, or $0.05 per share, in Q410 vs. a non-cash gain of $1.9 million, or $0.07 per share, in Q409, based on the quarterly valuation of conversion features and warrants associated with convertible debentures issued in 2005; and reclassification of assets from held for sale to held and used in Q410, including a $520,000 depreciation adjustment recorded in cost of revenue and an $880,000 asset impairment charge recorded in selling, general and administrative expenses.
On a non-GAAP basis, the company reported an operating profit of $1.5 million in Q410 compared with an operating loss of $55,000 in the same period last year. Non-GAAP operating profit for the full year was $3.2 million compared with a non-GAAP operating loss of $1.5 million in 2009. Non-GAAP net income for Q410 was $1.1 million, or $0.04 per diluted share, compared with a net loss of $2.2 million or $0.09 per share in Q409. Non-GAAP net income for the full year was $1.3 million, or $0.05 per diluted share, compared with a net loss of $5.0 million or $0.21 per share in 2009.
GAAP gross margin was 37% in Q410, compared with 34% in Q409 and 39% in Q310. GAAP operating expenses, totaled approximately $13.1 million, or 38% of revenue in Q410, compared with $19.1 million, or 68% of revenue in Q409. Non-GAAP operating expenses totaled approximately $11.6 million, or 34% of revenue in Q410, compared with $9.6 million, or 34% of revenue in Q409. Cash, cash equivalents and restricted cash totaled $47.8 million as of December 31, 2010, compared with $40.1 million as of September 30, 2010.