Energy storage device company, Maxwell Technologies, Inc. (Nasdaq: MXWL) reported that Q4 loss was the result of the lower value of convertible debt.
The company reported a net loss of $1.1 million or $0.04 per share, on revenue of $17.0 million for Q407, compared with net income of $633,000, or $0.03 per share, on revenue of $15.1 million for Q406.
The year-to-year net loss/net income comparison is affected by a negative swing of approximately $2.7 million, or $0.14 per share, in the change in fair value of convertible debentures issued in 2005, the company said.
Higher sales drove a 19% quarter-to-quarter increase in total revenue, from $14.2 million to $17.0 million in Q407.
The company’s BOOSTCAP® ultracapacitor revenue increased by 7%, from $5.0 million in Q307 to $5.3 million in Q407.
"Heavy transportation, wind energy, telecommunications and other industrial applications generated the majority of our ultracapacitor sales in 2007," said David Schramm, Maxwell’s president and CEO. "We expect ongoing production ramps for those applications and sales growth for our high voltage and microelectronics products to drive year-over-year revenue growth and margin improvement in 2008, and contribute to a significantly stronger performance in the current first quarter, compared with the seasonal weakness we have experienced in the past couple of years. As we announced last month, we expect the first meaningful revenue contribution from high-volume automotive applications now in development to begin in the second half of 2009."
Gross margin increased from 24% in Q307 to 29% in Q407, reflecting more favorable revenue mix and continuing progress in reducing ultracapacitor manufacturing costs, the company said.
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