Maxwell Reports 2Q Results

Maxwell Technologies, Inc. (Nasdaq: MXWL) has reported a net loss of $4.3 million, or $0.25 per share, on revenue of $12.8 million for its second quarter ended June 30, 2006, compared with a net loss of $1.7 million or $0.11 per share, on revenue of $11.0 million for the same period in 2005. The Q2 06 loss includes approximately $1.5 million, or $0.09 per share, related to ramping BOOSTCAP ultracapacitor production to meet rapidly growing demand, and non-cash provisions totaling $693,000, or $0.04 per share, of compensation expense for stock options and restricted stock grants. Dr. Richard Balanson, Maxwell’s president and CEO, attributed the ultracapacitor production impacts to Maxwell’s ongoing transition from research and development to manufacturing scale-up. He noted that ultracapacitor revenue increased by 50 percent, quarter-to-quarter, from $2.8 million in Q1 to a highest-ever $4.2 million in Q2. “Previously announced transportation and industrial applications generated increasing ultracapacitor sales in the second quarter, and high-volume deliveries for a new telecommunications power quality application should enable us to grow ultracapacitor revenue by at least another 30 percent in Q3,” Balanson said. “This ultracapacitor ramp, along with continuing solid sales for our High Voltage and Microelectronics products, are combining to produce […]

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