http://www.maxwell.com/news-events/release.asp?PRID=280
FOR IMMEDIATE RELEASE
August 6, 2008
MAXWELL TECHNOLOGIES REPORTS SECOND QUARTER FINANCIAL RESULTS
Ultracapacitor Revenue Up 76% as Top Line Grows by 44% vs. Q2 2007
San Diego, CA — Maxwell Technologies, Inc. (Nasdaq: MXWL) today reported revenue of $19.6 million for its second quarter ended June 30, 2008, an increase of 44 percent over the $13.6 million recorded in the same period in 2007. Operating loss for the second quarter 2008 was $4.0 million, compared with $5.5 million in the same period last year. The net loss for Q208 was $5.0 million, or $0.24 per share, compared with $8.0 million, or $0.45 per share, in Q207. The net loss comparison is affected by a non-cash charge of $1.4 million, or $0.08 per share, in Q207 related to the change in fair value of conversion features of convertible debentures issued in 2005.
Q208 BOOSTCAP® ultracapacitor revenue increased by 76 percent to $6.8 million, compared with $3.9 million for the same period last year. High voltage capacitor and microelectronics products also generated increased sales, combining for Q208 revenue of $12.8 million, up 31 percent from the $9.8 million recorded in Q207.
“New ultracapacitor orders for hybrid and electric transit vehicles and wind energy systems combined with existing customer volume to generate the highest quarterly ultracapacitor revenue in the company’s history,” said David Schramm, Maxwell’s president and chief executive officer. “Based on the ultracapacitor growth we have seen over the past several quarters and continuing strong demand for our high voltage and microelectronics products, we are expecting additional top line growth in the third quarter.”
Other significant recent developments include:
• An order from Vossloh Kiepe GmbH, a leading producer of heavy vehicle drive systems, for 300 125-volt BOOSTCAP ultracapacitor modules for emission-free electric trolley buses it is producing in collaboration with Van Hool NV for the Milan, Italy, municipal transit system.
• An order from Golden Dragon Bus Co. Ltd., one of the world’s largest producers of medium- and heavy-duty buses, for 720 48-volt BOOSTCAP ultracapacitor modules for low-emission diesel-electric hybrid transit buses it is producing for the Hangzhou, China, Public Transit Group.
Q208 gross margin was 28 percent, compared with 20 percent in Q207, and 30 percent in Q108. Operating expenses totaled approximately $9.6 million, or 49 percent of revenue in Q208, compared with $8.2 million, or 60 percent of revenue in Q207, and $8.6 million, or 50 percent of revenue in Q108. Cash and cash equivalents, investments in marketable securities and restricted cash totaled $23.8 million as of June 30, 2008, compared with $28.6 million as of March 31, 2008. Complete financial statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations will be available with the filing of the company’s Quarterly Report on Form 10-Q with the Securities & Exchange Commission.
Management will conduct a conference call and simultaneous webcast to discuss second quarter financial results and the outlook for the balance of 2008 at 5 p.m. (EDT) today. The call may be accessed by dialing toll-free, (800) 862-9098 from the U.S. and Canada, or (785) 424-1051 for international callers. The live webcast may be accessed via the following link: http://www.maxwell.com/investors/investor-calendar.asp. Subsequent replay may be accessed at the company’s Presentation Archive via the following link: http://www.maxwell.com/investors/presentations.asp.
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