Maxwell Technologies, Inc. today reported revenue of $46.0 million for its first quarter ended March 31, 2014, down 4 percent from the $47.7 million recorded in the same period in 2013. In a separate news release issued today, the company announced the appointment of Dr. Franz Fink as president and chief executive officer. Ultracapacitor revenue decreased by 5 percent, to $32.0 million in Q114, compared with $33.8 million in the same period last year. Sales of high voltage capacitor and microelectronics products totaled $14.0 million in both Q114 and Q113.
On a U.S. generally accepted accounting principles (GAAP) basis, operating income for the first quarter 2014 was $760,000, compared with $705,000 in Q113. GAAP net income for Q114 was $319,000, or $0.01 per share, compared with a net loss of $278,000, or $0.01 per share, in Q113. On a non-GAAP basis, the Company reported operating income of $1.5 million in Q114 compared with $1.7 million in Q113. Non-GAAP net income for Q114 was $1.1 million, or $0.04 per diluted share compared with $679,000, or $0.02 per diluted share, in Q113. A reconciliation of GAAP to non-GAAP financial measures is included as an addendum to this release.
GAAP gross margin was 39 percent in Q114, compared with 38 percent in Q113 and 37 percent in Q413. GAAP operating expenses totaled approximately $17.1 million, or 37 percent of revenue, in Q114 compared with $17.5 million, or 37 percent of revenue in Q113. Non-GAAP operating expenses totaled approximately $16.6 million, or 36 percent of revenue, in Q114 compared with $16.8 million, or 35 percent of revenue, in Q113. Cash, cash equivalents and restricted cash totaled $32.6 million as of March 31, 2014, compared with cash and cash equivalents of $30.6 million as of December 31, 2013.
“While the plug-in hybrid bus market gains momentum in China, our visibility into this demand remains limited. However, the growth in our other ultracapacitor markets remains robust,” said John Warwick, Maxwell’s chief operating officer. “Based on customer forecasts across our product lines, we expect total revenue for the second quarter to be similar to that reported for the first quarter.”
Maxwell's new president and CEO, Dr. Fink, was previously an independent business consultant, assisting companies in the industrial and automotive markets with business optimization and growth initiatives. From 2006 to 2012, he was President and Chief Executive Officer of Gennum Corp., a leading supplier of high-speed analog and mixed-signal semiconductors for the optical communications, networking, and video broadcast markets that was listed on the Toronto Stock Exchange before being acquired by Semtech Corp. in March 2012. From 2003 to 2006, he was senior vice president and general manager of the Wireless and Mobile Systems Group of Austin, Texas-based Freescale Semiconductor, Inc.
From 1991 through 2003, he held a series of senior management positions in the Semiconductor Products Sector of Motorola Corp. in Germany, the United Kingdom and the United States. He currently serves as a director and is a member of the Governance Committee of Pason Systems Corp. He holds a doctorate in natural sciences from the department of computer-aided design and a master’s degree in computer science and electrical engineering from the Technical University of Munich, Germany.
“Franz is a seasoned technology executive with an established track record of bringing innovative products to the automotive, telecommunications and other global markets,” said Mark Rossi, chairman of the board. “His drive, leadership skills and broad experience in international business operations will be instrumental in accelerating the company’s growth and development.”
“I am excited to be joining Maxwell at this pivotal moment in the company’s history,” Dr. Fink said. “Global demand for clean, efficient, affordable power and energy solutions is creating significant opportunities for our industry-leading products and technology. I look forward to working with the board of directors and our people to execute for our customers and to enhance value for our shareholders.”