To All, Earnings are out.
Subj: Maxwell Technologies Announces Record Fourth Quarter...
Date: 9/15/98 6:32:17 PM Central Daylight Time
From: AOL News
BCC: JerryCo
Maxwell Technologies Announces Record Fourth Quarter Sales and Earnings; Fourth Quarter Net Income Rises 102 percent on 33 percent Increase in Sales
SAN DIEGO--(BUSINESS WIRE)--Sept. 15, 1998--Maxwell Technologies Inc. (NMS:MXWL) today announced record sales and earnings for its fiscal 1998 fourth quarter, ended July 31, 1998.
Sales for the quarter were $35.7 million, a gain of 33% over sales of $26.9 million in the same period a year ago, resulting in a 102% increase in net income to $2,494,000 from $1,237,000 last year. Diluted earnings per share rose by 56% to $0.28 from $0.18, on 33% more shares.
"We are very pleased with these results. Operationally, it was the most successful quarter and full-year in the company's history," said Kenneth F. Potashner, chairman and chief executive officer of Maxwell Technologies. "During the year, growth was recorded across the board in all our core business areas, strong gains were made in our balance sheet, and several strategic partnerships were announced that we believe have significant implications for the continued success of the company.
"The Power Conversion Products group, which benefited from growing sales of Maxwell's PowerCache(TM) line of ultracapacitors, continues to receive a tremendous amount of attention from the consumer, industrial and automotive industries. Ultracapacitor manufacturing capabilities are being ramped to meet this increased demand."
Potashner continued, "The strategic partnering arrangements that were announced this year are, in our opinion, very positive signs of the strong underlying value of Maxwell's technologies. Strategic partnerships established this year include agreements with Siemens Matsushita, Pall Corp., Pacificorp, Monsanto and General Electric."
"Also important are the benefits associated with our expansion into Europe. We are making the investments necessary to capitalize on the European opportunities for I-Bus. In addition, we now have global recognition for the company's broader suite of technologies and products."
For the full 1998 fiscal year, Maxwell's sales increased 24% to $125.3 million from $101.4 million in 1997. Net income for the year, excluding the Acquired In-Process Research and Development and Other Special Charges, which are primarily related to acquisitions in the fiscal third quarter, doubled to $8.2 million from $4.0 million in 1997.
Without these special charges, Maxwell would have reported 1998 diluted earnings per share of $0.98, compared to $0.60 for fiscal year 1997. After the special charges, the company reported a full-year net loss of $769,000, or $0.10 per share.
Maxwell Technologies is a leader in pulsed power technologies, providing pulsed power based systems and components for a wide range of commercial applications and research and development for both commercial customers and the U.S. government. The company's advanced technology solutions address diverse markets such as utilities, telecommunications, medical equipment and products, food processing and packaging and transportation.
The company also offers industrial computers and subsystems, primarily to OEMs in computer telephony and other markets, and software products and services, both for government research and for various commercial applications.
Except for historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties, including product development based on new technologies, applications and acceptance of new products in major markets, demand for the OEM's product reaching anticipated levels, the successful integration of acquired businesses, continued funding of government programs, the impact of competitive products and pricing, and other risks detailed from time-to-time in the company's SEC reports, including the report on Form 10-K for the year ended July 31, 1997.
Actual results may differ materially from those projected. These forward-looking statements represent the company's judgment as of the date of this release. The company disclaims, however, any intent or obligation to update these forward-looking statements.
*T
Maxwell Technologies Inc. (MXWL) Summary of Results
($ in thousands except for per share amounts)
Quarter Ended Twelve Months
Ended
July, 31 July, 31
1998 1997 1998 1997
Consolidated Statement of Operations
Sales $35,719 $26,895 $125,308 $101,411 Cost of Sales 23,916 18,611 83,459 70,107
Gross Profit 11,803 8,284 41,849 31,304
Operating Expenses:
Selling, general and administrative expenses 7,049 5,357 26,391 21,900 Research and development expenses 2,321 1,626 8,206 5,303 Acquired in-process R&D and other special charges -- -- 8,942 -- -------- -------- -------- ------- Total operating expenses 9,370 6,983 43,539 27,203
Operating income (loss) 2,433 1,301 (1,690) 4,101 Interest and other (317) 18 (1,227) 23
Income (loss) before income taxes and minority interest 2,750 1,283 (463) 4,078 Income tax provision 152 -- 226 -- Minority interest in net income of subsidiary 104 46 80 54
Net income (loss) $2,494 $1,237 $(769) $4,024
Earnings per share: Basic $0.30 $0.20 $(0.10) $0.68
Earnings per share: Diluted $0.28 $0.18 $(0.10) $0.60
Weighted average shares of common stock and common stock equivalents used in calculating diluted earnings per share (in thousands) 8,919 6,715 7,677 6,644
*T
--30--jm/sd* sf/sd
CONTACT:
Maxwell Technologies Inc.
Gary Davidson, 619/576-7557
maxwell.com |
