News

Maxwell Technologies Reports 2011 Financial Results; Announces At-the-Market Equity Offering

February 16, 2012 by Jeff Shepard

Maxwell Technologies, Inc. reported revenue of $42.5 million for its fourth quarter ended December 31, 2011, up 24 percent over the $34.2 million recorded in the same period in 2010. Revenue for the fiscal year ended December 31, 2011, totaled $157.3 million, up 29 percent over the $121.9 million recorded in fiscal 2010.

Ultracapacitor revenue increased by 30 percent, to $26.2 million in Q411, compared with $20.2 million in the same period last year, and totaled $97.0 million for the full year, up 42 percent from the $68.5 million recorded in 2010. Sales of high voltage capacitor and microelectronics products totaled $16.3 million in Q411, up 16 percent from the $14.0 million recorded in Q410, and full year sales for those products totaled $60.3 million, up 13 percent from the $53.4 million recorded in 2010.

"Emerging ultracapacitor applications in backup power and stop-start idle elimination systems in micro hybrid autos augmented ongoing contributions from established customer bases in wind energy and hybrid bus drive systems to drive steadily increasing sales growth in 2011," said David Schramm, Maxwell’s president and chief executive officer. "We have also introduced new products for the uninterruptible power supply (UPS) and engine starting markets that we expect to drive additional growth in the coming year."

On a U.S. generally accepted accounting principles (GAAP) basis, operating income for the fourth quarter 2011 was $2.2 million, compared with an operating loss of $629,000 in Q410. GAAP operating income for the full year was $1.8 million, compared with an operating loss of $6.5 million in 2010. GAAP net income for Q411 was $1.6 million, or $0.06 per diluted share, compared with a net loss of $2.4 million or $0.09 per share, in Q410. GAAP net income for the full year was $849,000, or $0.03 per diluted share, compared with a net loss of $6.1 million, or $0.23 per share, in 2010.

The company has also entered into an At-the-Market (ATM) equity offering sales agreement with Citadel Securities LLC on February 16, 2012, under which Maxwell may, from time to time, offer and sell shares of its common stock having an aggregate value of up to $30 million through Citadel. Maxwell expects to use any proceeds from this offering to satisfy working capital needs and fund the ongoing growth of its business.

Under the ATM equity offering sales agreement, sales of common stock, if any, through Citadel, will be made by means of ordinary brokers’ transactions, in private negotiated transactions, or otherwise, at market prices prevailing at the time of sales, prices related to prevailing market prices or negotiated prices.

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