Subj: Maxwell Technologies Reports Record Revenues and...
Date: 6/1/99 5:45:00 PM Eastern Daylight Time
From: AOL News
BCC: JerryCo
Maxwell Technologies Reports Record Revenues and Earnings; 3rd Quarter Sales Up 32%, Net Income Increases 77
SAN DIEGO--(BUSINESS WIRE)--June 1, 1999--Maxwell Technologies
Inc. (Nasdaq:MXWL) today reported net income of $3.3 million, or $.34
per share on a diluted basis, on revenue of $46.8 million for the
third fiscal quarter ended April 30, 1999.
That compares to net income of $1.9 million, or $.19 per share,
before special charges $8.9 million, on revenue of $35.5 million for
the same period last year, as restated for business combinations.
Tom Horgan, Maxwell's chief executive officer, attributed this 32
percent year-to-year quarterly increase in sales and 77 percent gain
in profits to continuing strong performances in all three of the
company's business segments.
"The accelerating sales and profit growth that Maxwell has
achieved over the past 12 quarters reflects the strength of the
commercial platforms we have put into place," Horgan said. "It is
particularly noteworthy that the company's funded backlog remained at
$81 million while revenue grew sequentially over the previous quarter
by 17 percent."
Highlights for the quarter included the successful integration of
the Space Electronics acquisition, which was announced in February.
Horgan also noted that recently established operations in the United
Kingdom, France and Germany to develop the European industrial
computer systems market are contributing to the company's bottom line,
and that Maxwell's flagship PowerCache(TM) and PureBright(TM)
technologies are poised to ramp up product sales.
"The automated ultracapacitor manufacturing line that we are
bringing on line will enable us to begin producing in volume later in
the summer to meet demand expected to be generated by the design-in
wins we have targeted over the past several months," Horgan said. "In
addition to the key relationships we have built around our
PureBright(TM) technology for medical product and food packaging
sterilization and industrial water purification, we recently formed a
strategic alliance with a major Asian company to explore development
of a high volume system as our first entry into the municipal drinking
water market.
"We are very pleased with the progress we are making on all
fronts and we are actively pursuing additional collaborations and
acquisitions to continue translating Maxwell's technology assets into
shareowner value," Horgan concluded.
Maxwell Technologies applies industry-leading capabilities in
pulsed power, space applications, industrial computers and other
advanced technologies to develop and market products and services for
OEMs, governmental agencies and other customers in multiple
industries, including energy, space and satellite, defense
telecommunications, consumer electronics, transportation, medical
products, water purification and food processing and packaging.
Except for historical information contained herein, the matters
discussed in this news release are forward-looking statements. These
statements involve risks and uncertainties, including product
development based on new technologies, acceptance of new products,
timing and securing of FDA and other regulatory approval, demand for
the OEM's product reaching anticipated levels, cost-effective
manufacturing of new products, the impact of competitive products and
pricing, continued funding of defense and other government programs,
the successful integration of acquired businesses and risks and
uncertainties involved in foreign operations. These and other risks
are 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.
-0-
*T
Maxwell Technologies Inc. (MXWL)
Summary of Results
($ in thousands, except per share amounts)
Quarter Ended Nine Months Ended
April 30, April 30,
1999 1998 1999 1998
Consolidated Statement of Operations
(Unaudited)
Sales $ 46,819 $ 35,519 $ 129,839 $ 100,593
Cost of Sales 30,347 24,068 84,787 66,236
Gross Profit 16,472 11,451 45,052 34,357
Operating Expenses:
Selling, general
and
administrative
expenses 9,797 7,232 27,460 22,916
Research and
development
expenses 3,087 2,829 8,073 6,988
Acquired
in-process R&D
and other
acquisition
related charges -- 8,942 1,645 8,942
Total operating
expenses 12,884 19,003 37,178 38,846
Operating income
(loss) 3,588 (7,552) 7,874 (4,489)
Interest and
other (20) (536) (311) (860)
Income (loss)
before income
taxes
and minority
interest 3,608 (7,016) 8,185 (3,629)
Income tax
provision 50 74 275 261
Minority interest
in net income
(loss) of
subsidiaries 248 (15) 584 (24)
Net income
(loss) $ 3,310 $ (7,075) $ 7,326 $ (3,866)
Earnings (loss)
per share: Basic $0.35 $(0.77) $0.78 $(0.47)
Earnings (loss)
per share:
Diluted $0.34 $(0.77) $0.76 $(0.47)
Weighted average
shares of common
stock and common
stock equivalents
used in calculating
diluted earnings
(loss) per share
(in thousands) 9,830 9,181 9,720 8,247
Note: The consolidated statements of operations for the prior
fiscal year have been restated for business combinations.
Maxwell Technologies Inc. (MXWL)
Summary of Results
($ in thousands)
04/30/99 07/31/98
Consolidated Balance Sheet (Unaudited)
Assets
Current assets:
Cash and cash equivalents $ 7,680 $ 21,397
Accounts receivable 45,727 39,753
Inventories 24,276 19,378
Other current assets 6,230 2,656
Total current assets 83,913 83,184
Property, plant and equipment 27,339 25,542
Goodwill and other non-current
assets 9,146 6,659
$ 120,398 $ 115,385
Liabilities and Shareholders' Equity
Total current liabilities $ 29,464 $ 32,302
Long-term debt and minority
interest 2,967 2,930
Shareholders' equity 87,967 80,153
$ 120,398 $ 115,385
Note: The July 31, 1998 balance sheet has been restated for
business combinations.
*T
--30--jm/sd* ts/sd
CONTACT:
Maxwell Technologies Inc.
Michael Sund, 619/576-7743
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