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MXWL
28 1/2
-1 3/8
delayed 20 mins - disclaimer
Monday February 22, 9:54 pm Eastern Time
Company Press Release
Maxwell Technologies Reports 95 Percent Increase in Net Income Before Acquisition Charge
Company Reports Record Funded Backlog
SAN DIEGO--(BUSINESS WIRE)--Feb. 22, 1999--Maxwell Technologies Inc. (NMS:MXWL) announced today net income of $3,189,000 or $.32 per share on a diluted basis, before acquisition charges, for the second quarter ended Jan. 31, 1999.
This compares to net income of $1,633,000 or $.18 per share for the quarter ended Jan. 31, 1998, after giving effect to acquisitions. The acquisition charges relate primarily to the company's merger with Space Electronics Inc. (SEi) at the end of January 1999, and include acquisition-related legal fees and a transaction-based fee paid by SEi to consultants which SEi retained to manage the sale of their company. After recognition of the charges, the company's net income was $1,544,000 or $.15 per share.
Revenue for the quarter was $40.0 million, a gain of 20 percent over adjusted revenue of $33.3 million in the same period one year ago.
''Before the one time charge, earnings per share increased 78 percent over last year,'' said Kenneth F. Potashner, chairman of Maxwell Technologies. ''We are very pleased with the company's performance in that we have demonstrated consistent revenue and profit growth over the past eleven quarters.''
''The company achieved significant milestones this quarter,'' added Thomas L. Horgan, interim chief executive officer. ''The company's backlog is at an all-time record of $105 million, of which over $80 million is fully funded. Our entire operation has contributed to this backlog, including significant business wins with Siemens Electrocom by our I-Bus operation, a significant growth from last quarter in our technology programs and systems sector, and an increase in demand for our power conversion devices and systems.
''We have had major successes in crossing the threshold from field testing to commercialization within our PurePulse subsidiary in the area of medical sterilization products. The agreements with SANYO, Johnson & Johnson, and la Calhene bear testimony to this. The previously announced design-ins with Johnson & Johnson Vistakon for contact lens sterilization and the French company la Calhene for sterilization of products going into Barrier Isolation chambers demonstrate the value proposition that our PureBright® purification technology brings to the medical market. Our relationship with SANYO is significant in that we now have additional sales efforts for portions of Asia, a global field service and support capability, and as a result of SANYO North America being headquartered in San Diego, we have the benefit of volume manufacturing support in close proximity to our operations.''
Added Horgan, ''We are also pleased with the design-in progress of our PowerCache(TM) ultracapacitor product this quarter. We have had significant wins in power quality, two-dimensional scanners and burst mode communications devices.
''In addition, the merger with SEi is an important step in our planned expansion into the commercial satellite and space market. The addition of SEi adds the most cost-effective radiation protected microelectronics to the range of solutions offered by Maxwell Technologies for commercial satellites. In summary, this build-up of our business combined with our globalization strategy, including opening several offices in Europe over the last six months, places the company in a very strong position for rapid growth.''
Maxwell Technologies is a leader in pulsed power technologies, providing pulsed power based systems and components for a wide range of commercial applications and research and development for both commercial customers and the U.S. government. The company's advanced technology solutions address diverse markets such as utilities, telecommunications, medical equipment and products, water purification, food processing and packaging and transportation. The company also offers industrial computers and subsystems, primarily to OEMs in computer telephony and other markets, and software products and services, both for government research and for various commercial applications.
Except for historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties, including product development based on new technologies, applications and acceptance of new products in major markets, demand for the OEM's product reaching anticipated levels, the impact of competitive products and pricing, the successful integration of acquired businesses, risks and uncertainties involved in foreign operations, and other risks detailed from time-to-time in the company's SEC reports, including the report on Form 10-K for the year ended July 31, 1998. Actual results may differ materially from those projected. These forward-looking statements represent the company's judgment as of the date of this release. The company disclaims, however, any intent or obligation to update these forward-looking statements.
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Maxwell Technologies Inc. (MXWL)
Summary of Results
($ in thousands except per share amounts)
Quarter Six Months
Ended Jan. 31, Ended Jan. 31,
1999 1998 1999 1998
Consolidated Statement
of Operations
(Unaudited)
Sales $ 40,034 $ 33,337 $ 83,020 $ 65,074
Cost of Sales 26,061 21,590 54,440 42,168
Gross Profit 13,973 11,747 28,580 22,906
Operating Expenses:
Selling, general
and administrative
expenses 8,156 8,346 17,663 15,684
Research and
development
expenses 2,483 2,138 4,986 4,159
Acquisition
charges 1,645 -- 1,645 --
Total operating
expenses 12,284 10,484 24,294 19,843
Operating income 1,689 1,263 4,286 3,063
Interest and other (121) (380) (291) (324)
Income before income
taxes and minority
interest 1,810 1,643 4,577 3,387
Income tax provision 125 -- 225 187
Minority interest in
net income (loss) of
subsidiaries 141 10 336 (9)
Net income $ 1,544 $ 1,633 $ 4,016 $ 3,209
Earnings per
share: Basic $0.16 $0.19 $0.43 $0.41
Earnings per
share: Diluted $0.15 $0.18 $0.40 $0.38
Weighted average
shares of common
stock and common
stock equivalents
used in calculating
diluted earnings per
share (in thousands) 9,943 9,185 9,824 8,461
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or
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or
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