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Maxwell Technologies Reports First Quarter Financial Results

SAN DIEGO April 26, 2012 $39.2 million March 31, 2012 $35.3 million

$22.0 million $21.4 million $17.2 million $13.9 million

Chinese New Year David Schramm

$1.3 million $73,000 $504,000 $0.02 $0.01 $1.1 million $0.04 February 2011

$2.6 million $978,000 $1.8 million $0.07 $161,000 $0.01

$14.9 million $14.0 million $13.7 million $13.1 million $30.6 million March 31, 2012 $29.3 million December 31, 2011 $10.3 million

April 12, 2012 $3.0 million $2.7 million $290,000

Outlook:  Europe

Non-GAAP Financial Measures:

  • stock-based compensation expense;
  • amortization of intangible assets;
  • expenses in prior periods for legal settlements, and
  • gains or losses on embedded derivative and warrants in prior periods.

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 net income (loss) per share.

5 p.m. (EDT) Canada http://investors.maxwell.com/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 ultracapacitor products provide safe and reliable power solutions for applications in consumer and industrial electronics, automotive, transportation and information technology.

Our high-voltage capacitors products 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:

  • risks related to our international operations including, but not limited to, our ability to adequately comply with the changing rules and regulations in countries where our business is conducted, our ability to oversee and control our foreign subsidiaries and their operations, our ability to effectively manage foreign currency exchange rate fluctuations arising from our international operations, and our ability to continue to comply with the U.S. Foreign Corrupt Practices Act as well as the anti-bribery laws of foreign jurisdictions and the terms and conditions of our settlement agreements with the Securities and Exchange Commission and the Department of Justice.
  • our ability to remain competitive and stimulate customer demand through successful introduction of new products, and to educate our prospective customers on the products we offer;
  • dependence upon the sale of products to a small number of customers and vertical markets, some of which are heavily dependent on government funding or government subsidies which may or may not continue in the future;
  • successful acquisition, development and retention of key personnel;
  • our ability to effectively manage our reliance upon certain suppliers of key component parts, specialty equipment and logistical services;
  • our ability to match production volume to actual customer demand;
  • our ability to manage product quality problems;
  • our ability to protect our intellectual property rights and to defend claims against us;
  • our ability to effectively identify, enter into, manage and benefit from strategic alliances;
  • occurrence of a catastrophic event at any of our facilities;
  • occurrence of a technology systems failure, network disruption, or breach in data security; and,
  • our ability to obtain sufficient capital to meet our operating or other needs.

http://investors.maxwell.com/phoenix.zhtml?c=94560&p=irol-sec April 26, 2012

MAXWELL TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(Unaudited)

Three Months Ended

March 31, 2012

March 31, 2011

Revenue

$               39,230

$               35,259

Cost of revenue

23,093

21,375

Gross profit

16,137

13,884

Operating expenses:

Selling, general and administrative

9,235

7,934

Research and development

5,596

5,972

Amortization of intangibles

51

51

Total operating expenses

14,882

13,957

Income (loss) from operations

1,255

(73)

Interest expense, net

(26)

(36)

Amortization of debt discount and prepaid debt costs

(11)

(55)

Gain on embedded derivatives

1,086

Income before income taxes

1,218

922

Income tax provision 

714

726

Net income

$                    504

$                    196

Net income per common share:

Basic 

$                   0.02

$                   0.01

Diluted

$                   0.02

$                   0.01

Weighted average common shares outstanding:

Basic

28,122

27,285

Diluted

28,559

28,112

MAXWELL TECHNOLOGIES, INC. 

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

(Unaudited)

March 31,

December 31,

2012

2011

ASSETS

Current assets:

Cash and cash equivalents

$    30,628

$          29,289

Trade and other accounts receivable, net

43,147

36,131

Inventories, net

30,606

27,232

Prepaid expenses and other current assets

3,158

3,125

  Total current assets

107,539

95,777

Property and equipment, net

31,922

28,541

Intangible assets, net

985

1,111

Goodwill

25,730

24,887

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