Maxwell Technologies Reports Fourth-Quarter Revenues

September 23, 1999 by Jeff Shepard

Maxwell Technologies Inc. (San Diego, CA) reported record revenues for its fourth fiscal quarter ended July 31, 1999, of $49.8 million, compared with revenues of $40.0 million for the same period a year ago. The company's fourth quarter was $3.7 million, or $0.38 per share, after giving effect to special charges and credits, compared to $2.2 million, or $0.22 per share, for the same period last year.

Maxwell reported a fiscal year 1999 revenue of $179.7 million, compared with $140.6 million for fiscal year 1998. Net income for the year was $11.1 million, or $1.12 per share, compared to a net loss of $1.7 million, or $0.20 per share for fiscal 1998, after giving effect to special charges and credits recorded in both years.

Vickie Capps, Maxwell's CFO, said that the fourth-quarter net income reflects special charges of $4.2 million, related primarily to amounts provided to complete the closure of a business discontinued in fiscal 1998. This amount was offset by an income tax credit of $6.1 million, which represented deferred tax benefits recognized as a result of the company's continuing financial performance. Fiscal 1999 net income was also affected by $1.6 million of acquisition-related charges recognized in the second quarter. Excluding all special items, the company's fiscal 1999 operating income grew to $11.3 million, or 71 percent, from $6.6 million for fiscal 1998.