Maxwell Technologies reports third quarter financial results

26th October 2013 | By Mouseworld Now Correspondent |

New Delhi, India, October 26, 2013: Maxwell Technologies, today reported revenue of $51.2 million for its third quarter ended September 30, 2013, up 20 percent over the $42.7 million recorded in the same period in 2012. Third quarter ultracapacitor revenue was $37.0 million, up 30 percent from the $28.3 million recorded in Q312. Sales of high voltage capacitor and microelectronics products totaled $14.2 million in Q313, down 1 percent from the $14.4 million recorded in Q312.

Maxwell’s president and CEO David Schramm said, ”Although the expiration of a Chinese government subsidy for diesel electric hybrid buses resulted in lower ultracapacitor shipments volume in the third quarter, revenue recognition of $11.3 million, net, of ultracapacitor product that was shipped but not recognized as revenue in previous periods partially offset that softness.”

On a U.S. generally accepted accounting principles (GAAP) basis, operating income for the third quarter 2013 was $6.2 million, compared with $5.7 million in Q312. GAAP net income for Q313 was $6.0 million, or $0.21 per diluted share, compared with $5.2 million, or $0.18 per diluted share, in Q312.

On a non-GAAP basis, the company reported operating income of $6.9 million in Q313 compared with $6.2 million in Q312. Non-GAAP net income for Q313 was $6.7 million, or $0.23 per diluted share, compared with $5.7 million, or $0.20 per diluted share in Q312. A reconciliation of GAAP to non-GAAP financial measures is included as an addendum to this release.

GAAP gross margin was 41 percent in Q313, compared with 42 percent in Q312 and 39 percent in Q213. GAAP operating expenses totaled $14.9 million, or 29 percent of revenue, in Q313 compared with $12.4 million, or 29 percent of revenue in Q312. Non-GAAP operating expenses totaled $14.4 million, or 28 percent of revenue, in Q313 compared with $12.1 million, or 28 percent of revenue, in Q312. Cash and cash equivalents and restricted cash totaled $41.1 million as of September 30, 2013, compared with $38.6 million as of June 30, 2013. Complete financial statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations will be available in the company’s Quarterly Report on Form 10-Q, which we anticipate filing next week with the Securities & Exchange Commission.

 

© Mouseworld Now News Service

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