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Maxwell Technologies Reports 2010 Financial Results

SAN DIEGO Feb. 17, 2011 $34.2 million December 31, 2010 $28.0 million December 31, 2010 $121.9 million $101.3 million

$20.2 million $14.9 million $14.0 million $13.1 million

$43.8 million $68.5 million David Schramm Europe

$629,000 $9.7 million $6.5 million $14.1 million $2.4 million $0.09 $10.0 million $0.39 $6.1 million $0.23 $22.9 million $0.94 cents

  • $9.3 million
  • $1.3 million $0.05 $1.9 million $0.07
  • $520,000 $880,000

$1.5 million $55,000 $3.2 million $1.5 million $1.1 million $0.04 $2.2 million $0.09 $1.3 million $0.05 $5.0 million $0.21

$13.1 million $19.1 million $11.6 million $9.6 million $47.8 million December 31, 2010 $40.1 million September 30, 2010

Outlook:   Chinese New Year

January 31, 2011 $3.175 million $6.35 million $3.175 million $8.0 million $3.5 million $4.5 million $2.25 million $14.4 million September 30, 2010

Non-GAAP Financial Measures:

  • stock-based compensation expense;
  • amortization of intangible assets;
  • expenses for matters related to the FCPA investigation;
  • gains or losses on embedded derivative and warrants, and
  • non-recurring fixed asset depreciation and impairment charges

In addition, the company’s management and board of directors use these non-GAAP financial measures in developing operating budgets and in reviewing the company’s results of operations, as non-cash and non-recurring items have limited impact on current and future operating decisions. Additionally, the company believes that inclusion of non-GAAP financial measures provide consistency and comparability with its past reports of financial results. However, investors should be aware that non-GAAP measures have inherent limitations and should be read in conjunction with the company’s consolidated financial statements prepared in accordance with GAAP. Please refer to the accompanying tables for a detailed reconciliation of GAAP to non-GAAP gross profit, operating expenses, income (loss) from operations, net income (loss), and diluted net income (loss) per share.

5 p.m. (EST) Canada http://phx.corporate-ir.net/phoenix.zhtml?c=94560&p=irol-calendar

Maxwell is a leading developer and manufacturer of innovative, cost-effective energy storage and power delivery solutions. Our BOOSTCAP® ultracapacitor cells and multi-cell modules provide safe and reliable power solutions for applications in consumer and industrial electronics, transportation and telecommunications. Our CONDIS® high-voltage grading and coupling capacitors help to ensure the safety and reliability of electric utility infrastructure and other applications involving transport, distribution and measurement of high-voltage electrical energy. Our radiation-mitigated microelectronic products include power modules, memory modules and single board computers that incorporate powerful commercial silicon for superior performance and high reliability in aerospace applications.

Forward-looking statements:

  • the company’s history of losses and uncertainty about its ability to achieve or maintain profitability,  or to   obtain sufficient capital to finance its operations;
  • general economic conditions in the markets served by the company’s products;
  • development and acceptance of products based on new technologies;
  • demand for original equipment manufacturers’ products reaching anticipated levels;
  • cost-effective manufacturing and the success of outsourced product assembly;
  • the impact of competitive products and pricing;
  • risks and uncertainties involved in foreign operations, including the impact of currency fluctuations;
  • product liability or warranty claims in excess of the company’s reserves.

http://phx.corporate-ir.net/phoenix.zhtml?c=94560&p=irol-sec February 17, 2011

MAXWELL TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(Unaudited)

Three Months Ended December 31,

Twelve Months Ended December 31,

2010

2009

2010

2009

Revenue

$     34,228

$     28,001

$     121,882

$     101,315

Cost of revenue

21,711

18,617

74,995

66,026

Gross profit

12,517

9,384

46,887

35,289

Operating expenses:

Selling, general and administrative

8,327

15,149

35,413

33,111

Research and development

4,768

3,889

17,736

15,955

Amortization of intangibles

51

86

233

353

Total operating expenses

13,146

19,124

53,382

49,419

Loss from operations

(629)

(9,740)

(6,495)

(14,130)

Interest expense, net

(44)

(52)

(188)

(254)

Amortization of debt discount and prepaid debt costs

(21)

(42)

(83)

(737)

Gain (loss) on embedded derivatives and warrants

(1,320)

1,924

2,341

(5,251)

Loss before income taxes

(2,014)

(7,910)

(4,425)

(20,372)

Income tax provision

350

2,065

1,631

2,540

Net loss

$     (2,364)

$     (9,975)

$       (6,056)

$     (22,912)

Net loss per common share:

Basic and diluted

$       (0.09)

$       (0.39)

$         (0.23)

$         (0.94)

Weighted average common shares outstanding:

Basic and diluted

26,486

25,890

26,234

24,457

MAXWELL TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

(Unaudited)

December 31,

December 31,

2010

2009

ASSETS

Current assets:

Cash and cash equivalents

$          39,829

$          29,582

Restricted cash

8,000

Trade and other accounts receivable, net

27,141

20,485

Inventories, net

19,290

17,788

Prepaid expenses and other current assets

2,713

1,776

 Total current assets

96,973

69,631

Property and equipment, net

20,129

17,080

Intangible assets, net

1,651

2,922

Goodwill

24,956

22,799

Pension asset

5,321

7,653

Restricted cash

8,000

Other non-current assets

781

734

 Total assets

$        149,811

$        128,819

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable and accrued liabilities

$          35,840

$          23,672

Accrued warranty

449

588

Accrued employee compensation

6,079

4,615

Short-term borrowings and current portion of long-term debt

13,891

5,245

Stock warrants

2,465

Deferred tax liability

1,373

906

 Total current liabilities

57,632

37,491

Deferred tax liability, long-term

519

1,097

Long-term debt, excluding current portion

2,228

11,452

Other long-term liabilities

762

787

 Total liabilities

61,141

50,827

Stockholders’ equity:

Common stock, $0.10 par value per share, 40,000 shares authorized;  27,182 and 26,321 shares issued and outstanding at December 31, 2010 and December 31, 2009, respectively

2,715

2,633

Additional paid-in capital

238,419

224,575

Accumulated deficit

(163,870)

(157,814)

Accumulated other comprehensive income

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