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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Maxwell Technologies, Inc. | NASDAQ:MXWL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.48 | 4.48 | 4.49 | 0 | 01:00:00 |
SAN DIEGO, May 3, 2016 /PRNewswire/ -- Maxwell Technologies, Inc. (NASDAQ: MXWL) today reported operational and financial results for the three months ended March 31, 2016. Total revenues for the first quarter of 2016 were $35.2 million, compared with $49.8 million for the fourth quarter of 2015 and $34.7 million for the prior year quarter. The Company reported $(1.3) million of adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) for the first quarter of 2016, compared with $3.9 million for the fourth quarter of 2015 and $(4.9) million for the prior year quarter. Net loss for the first quarter of 2016 was $6.8 million, compared with $2.2 million for the fourth quarter of 2015 and $9.3 million for the prior year quarter. Non-GAAP net loss for the first quarter of 2016 was $4.3 million, compared with non-GAAP net income of $0.6 million for the fourth quarter of 2015 and non-GAAP net loss of $8.5 million for the prior year quarter.
"We achieved first quarter revenue of $35.2 million, even in the face of a challenging market for our hybrid bus and high-voltage capacitor products in China," said Dr. Franz Fink, Maxwell's president and chief executive officer. "We believe we have taken the right steps to focus and streamline our business, reducing operating expenses nearly 25% year-over-year. Additionally, in the first quarter we completed the consolidation of our U.S. manufacturing facilities and in late April we announced the completion of the sale of our Microelectronics product line for $21 million in cash, further strengthening our balance sheet. These actions, as well as the steps we plan to take throughout the remainder of the year, including the introduction of new and innovative products for the high-voltage and hybrid bus markets, the expansion of our footprint in the wind market, and new technology for the rail market, position us well to sustain and grow our business as we transition to profitability and revenue growth in the years ahead."
Financial Results and Operating Metrics (1) | ||||||||||||
Three Months Ended | ||||||||||||
March |
December |
March | ||||||||||
Total revenue |
$ |
35,203 |
$ |
49,830 |
$ |
34,670 |
||||||
Ultracapacitor revenue |
$ |
23,520 |
$ |
37,331 |
$ |
21,944 |
||||||
High-Voltage revenue |
$ |
8,177 |
$ |
8,900 |
$ |
10,651 |
||||||
Microelectronics revenue |
$ |
3,506 |
$ |
3,599 |
$ |
2,075 |
||||||
Non-GAAP gross margin |
28.4% |
29.1% |
30.3% |
|||||||||
Operating loss |
$ |
(6,240) |
$ |
(1,523) |
$ |
(8,572) |
||||||
Non-GAAP operating income (loss) |
$ |
(3,721) |
$ |
1,232 |
$ |
(7,733) |
||||||
Adjusted EBITDA |
$ |
(1,259) |
$ |
3,872 |
$ |
(4,858) |
||||||
Net loss |
$ |
(6,848) |
$ |
(2,167) |
$ |
(9,341) |
||||||
Non-GAAP net income (loss) |
$ |
(4,329) |
$ |
588 |
$ |
(8,502) |
||||||
Non-GAAP net income (loss) per share |
||||||||||||
Basic and diluted |
$ |
(0.14) |
$ |
0.02 |
$ |
(0.29) |
||||||
Net cash provided by (used in) operating activities |
$ |
(1,594) |
$ |
850 |
$ |
(777) |
||||||
Cash purchases of property and equipment |
$ |
2,238 |
$ |
1,364 |
$ |
1,275 |
||||||
Cash, cash equivalents and restricted cash |
$ |
21,989 |
$ |
24,782 |
$ |
23,101 |
||||||
(1)For a reconciliation of non-GAAP financial measures, please refer to the section entitled "Reconciliation of GAAP to Non-GAAP Financial Measures" included at the end of this release |
Discussion of Financial and Operational Results for the Quarter
Revenue and Non-GAAP Gross Margin
Adjusted EBITDA, Operating Expense, Operating Loss & Net Loss
Capital Expenditures
Business Outlook
Other Business & Operational Highlights
Webcast Information
As previously announced, Maxwell management will host a live webcast at approximately 5:00 p.m. EDT / 2:00 p.m. PDT today to discuss these results. Other forward-looking and material information may also be discussed during this call.
The call may be accessed by dialing toll-free, (800) 862-9098 from the U.S. and Canada, or (785) 424-1051 for international callers, and entering the conference ID, MAXWELL.
More information about this event including a live webcast and other supporting materials may be accessed by visiting http://investors.maxwell.com.
A replay of the conference call will be available for a limited time by visiting http://investors.maxwell.com.
About Maxwell
Maxwell is a global leader in the development and manufacture of innovative, cost-effective energy storage and power delivery solutions. Our ultracapacitor products provide safe and reliable power solutions for applications in consumer and industrial electronics, transportation, renewable energy and information technology. Our CONDIS® high-voltage grading and coupling capacitors help to ensure the safety and reliability of electric utility infrastructure and other applications involving transport, distribution and measurement of high-voltage electrical energy. Our radiation-hardened microelectronic products for satellites and spacecraft include single board computers and components incorporating our proprietary RADPAK® packaging and shielding technology that enables them to perform reliably in space. For more information, visit www.maxwell.com.
Notes Regarding Non-GAAP Financial Measures
The Company uses non-GAAP financial measures for internal evaluation and to report the results of its business. Information presented in this press release and in the attached financial tables includes financial information prepared in accordance with generally accepted accounting principles in the U.S., or GAAP, as well as non-GAAP financial measures. Generally, a non-GAAP financial measure, within the meaning of Item 10 of Regulation S-K promulgated by the Securities and Exchange Commission (SEC), is a numerical measure of a company's financial performance or cash flows that (a) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, which are included in the most directly comparable measure calculated and presented in accordance with GAAP in the condensed consolidated balance sheets, condensed consolidated statements of comprehensive income or condensed consolidated statements of cash flows; or (b) includes amounts, or is subject to adjustments that have the effect of including amounts, which are excluded from the most directly comparable measure so calculated and presented. The Company believes that these measures provide useful information to its management, board of directors and investors about its operating activities and business trends related to its financial condition and results of operations. The Company believes that it is useful to provide investors with information to understand how specific line items in the statement of operations are affected by certain non-cash or non-recurring items, such as stock-based compensation expense, significant non-standard tax charges, significant non-standard legal expenses, and restructuring-related costs.
In addition, the Company's management and board of directors use these non-GAAP financial measures in developing operating budgets and in reviewing the Company's results of operations, as non-cash and non-recurring items have limited impact on current and future operating decisions. Additionally, the Company believes that inclusion of non-GAAP financial measures provides consistency and comparability with its past reports of financial results. Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. These measures are intended to supplement GAAP financial information, and may be computed differently from non-GAAP financial measures used by other companies. However, investors should be aware that non-GAAP measures have inherent limitations and should be read in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP.
Reconciliations of non-GAAP financial measures used in this release to the most directly comparable GAAP financial measures can be found in the section entitled "Reconciliation of GAAP to Non-GAAP Financial Measures" included toward the end of this release.
Forward-Looking Statements
Statements in this news release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties and are subject to the Safe Harbor provisions created by the Private Securities Litigation Reform Act of 1995. Such risks, uncertainties and contingencies include, but are not limited to, the following:
For further information regarding risks and uncertainties associated with Maxwell's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of our SEC filings, including, but not limited to, our annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of these documents may be obtained by contacting Maxwell's investor relations department at (858) 503-3359, or at our investor relations website: investors.maxwell.com. All information in this release is as of May 3, 2016. The Company undertakes no duty to update any forward-looking statement to reflect actual results or changes in the Company's expectations.
MAXWELL TECHNOLOGIES, INC. | ||||||||||||
Three Months Ended | ||||||||||||
March |
December |
March | ||||||||||
Revenue |
$ |
35,203 |
$ |
49,830 |
$ |
34,670 |
||||||
Cost of revenue |
25,550 |
35,580 |
24,367 |
|||||||||
Gross profit |
9,653 |
14,250 |
10,303 |
|||||||||
Operating expenses: |
||||||||||||
Selling, general and administrative |
10,098 |
10,589 |
10,957 |
|||||||||
Research and development |
5,607 |
5,068 |
7,918 |
|||||||||
Restructuring and exit costs |
188 |
116 |
— |
|||||||||
Total operating expenses |
15,893 |
15,773 |
18,875 |
|||||||||
Loss from operations |
(6,240) |
(1,523) |
(8,572) |
|||||||||
Interest expense, net |
70 |
83 |
94 |
|||||||||
Other income |
(84) |
— |
— |
|||||||||
Foreign currency exchange loss, net |
139 |
125 |
328 |
|||||||||
Loss before income taxes |
(6,365) |
(1,731) |
(8,994) |
|||||||||
Income tax provision |
483 |
436 |
347 |
|||||||||
Net loss |
$ |
(6,848) |
$ |
(2,167) |
$ |
(9,341) |
||||||
Net loss per common share: |
||||||||||||
Basic and diluted |
$ |
(0.22) |
$ |
(0.07) |
$ |
(0.32) |
||||||
Weighted average common shares outstanding: |
||||||||||||
Basic and diluted |
31,650 |
31,534 |
29,445 |
MAXWELL TECHNOLOGIES, INC. | ||||||||
March |
December | |||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ |
21,589 |
$ |
24,382 |
||||
Restricted cash |
400 |
400 |
||||||
Trade and other accounts receivable, net |
28,110 |
43,172 |
||||||
Inventories, net |
29,200 |
39,055 |
||||||
Prepaid expenses and other current assets |
2,479 |
2,593 |
||||||
Assets held for sale |
14,411 |
— |
||||||
Total current assets |
96,189 |
109,602 |
||||||
Property and equipment, net |
31,512 |
32,324 |
||||||
Goodwill |
23,998 |
23,635 |
||||||
Pension asset |
6,125 |
5,849 |
||||||
Other non-current assets |
611 |
603 |
||||||
Total assets |
$ |
158,435 |
$ |
172,013 |
||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
Current liabilities: |
||||||||
Accounts payable and accrued liabilities |
$ |
22,597 |
$ |
33,985 |
||||
Accrued employee compensation |
7,133 |
6,672 |
||||||
Deferred revenue and customer deposits |
3,375 |
3,066 |
||||||
Short-term borrowings and current portion of long-term debt |
37 |
42 |
||||||
Liabilities held for sale |
922 |
— |
||||||
Total current liabilities |
34,064 |
43,765 |
||||||
Deferred tax liability, long-term |
6,261 |
6,076 |
||||||
Long-term debt, excluding current portion |
44 |
49 |
||||||
Other long-term liabilities |
2,787 |
2,947 |
||||||
Total liabilities |
43,156 |
52,837 |
||||||
Stockholders' equity: |
||||||||
Common stock, $0.10 par value per share, 40,000 shares authorized; 31,944 and 31,782 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively |
3,192 |
3,176 |
||||||
Additional paid-in capital |
292,420 |
291,505 |
||||||
Accumulated deficit |
(187,247) |
(180,399) |
||||||
Accumulated other comprehensive income |
6,914 |
4,894 |
||||||
Total stockholders' equity |
115,279 |
119,176 |
||||||
Total liabilities and stockholders' equity |
$ |
158,435 |
$ |
172,013 |
MAXWELL TECHNOLOGIES, INC. | ||||||||||||
Three Months Ended | ||||||||||||
March |
December |
March | ||||||||||
Gross Profit Reconciliation: |
||||||||||||
GAAP gross profit |
$ |
9,653 |
$ |
14,250 |
$ |
10,303 |
||||||
Stock-based compensation expense |
A |
235 |
105 |
206 |
||||||||
Accelerated depreciation |
C |
125 |
125 |
— |
||||||||
Non-GAAP gross profit |
$ |
10,013 |
$ |
14,480 |
$ |
10,509 |
||||||
Total Operating Expenses Reconciliation: |
||||||||||||
GAAP total operating expenses |
$ |
15,893 |
$ |
15,773 |
$ |
18,875 |
||||||
Stock-based compensation expense |
A |
(968) |
(935) |
(633) |
||||||||
Restructuring and related costs |
B |
(574) |
(116) |
— |
||||||||
Shareholder proxy advisement fees |
D |
(314) |
(250) |
— |
||||||||
Legal costs for SEC and FCPA matters |
E |
(303) |
(1,224) |
— |
||||||||
Non-GAAP total operating expenses |
$ |
13,734 |
$ |
13,248 |
$ |
18,242 |
||||||
Income (Loss) From Operations Reconciliation: |
||||||||||||
GAAP loss from operations |
$ |
(6,240) |
$ |
(1,523) |
$ |
(8,572) |
||||||
Stock-based compensation expense |
A |
1,203 |
1,040 |
839 |
||||||||
Restructuring and related costs |
B |
574 |
116 |
— |
||||||||
Accelerated depreciation |
C |
125 |
125 |
— |
||||||||
Shareholder proxy advisement fees |
D |
314 |
250 |
— |
||||||||
Legal costs for SEC and FCPA matters |
E |
303 |
1,224 |
— |
||||||||
Non-GAAP income (loss) from operations |
$ |
(3,721) |
$ |
1,232 |
$ |
(7,733) |
||||||
Adjusted EBITDA Reconciliation: |
||||||||||||
GAAP net loss |
$ |
(6,848) |
$ |
(2,167) |
$ |
(9,341) |
||||||
Add back: |
||||||||||||
Interest expense, net |
70 |
83 |
94 |
|||||||||
Income tax provision |
483 |
436 |
347 |
|||||||||
Depreciation |
2,587 |
2,752 |
2,824 |
|||||||||
Amortization of intangible assets |
— |
13 |
51 |
|||||||||
EBITDA |
(3,708) |
1,117 |
(6,025) |
|||||||||
Foreign currency exchange loss, net |
139 |
125 |
328 |
|||||||||
Other income |
(84) |
— |
— |
|||||||||
Stock-based compensation expense |
A |
1,203 |
1,040 |
839 |
||||||||
Restructuring and related costs |
B |
574 |
116 |
— |
||||||||
Shareholder proxy advisement fees |
D |
314 |
250 |
— |
||||||||
Legal costs for SEC and FCPA matters |
E |
303 |
1,224 |
— |
||||||||
Adjusted EBITDA |
$ |
(1,259) |
$ |
3,872 |
$ |
(4,858) |
Three Months Ended | ||||||||||||
March |
December |
March | ||||||||||
Net Income (Loss) Reconciliation: |
||||||||||||
GAAP net loss |
$ |
(6,848) |
$ |
(2,167) |
$ |
(9,341) |
||||||
Stock-based compensation expense |
A |
1,203 |
1,040 |
839 |
||||||||
Restructuring and related costs |
B |
574 |
116 |
— |
||||||||
Accelerated depreciation |
C |
125 |
125 |
— |
||||||||
Shareholder proxy advisement fees |
D |
314 |
250 |
— |
||||||||
Legal costs for SEC and FCPA matters |
E |
303 |
1,224 |
— |
||||||||
Non-GAAP net income (loss) |
$ |
(4,329) |
$ |
588 |
$ |
(8,502) |
||||||
Net Income (Loss) per Share Reconciliation: |
||||||||||||
GAAP net loss per basic share |
$ |
(0.22) |
$ |
(0.07) |
$ |
(0.32) |
||||||
Stock-based compensation expense |
A |
0.04 |
0.04 |
0.03 |
||||||||
Restructuring and related costs |
B |
0.02 |
* |
— |
||||||||
Accelerated depreciation |
C |
* |
* |
— |
||||||||
Shareholder proxy advisement fees |
D |
0.01 |
0.01 |
— |
||||||||
Legal costs for SEC and FCPA matters |
E |
0.01 |
0.04 |
— |
||||||||
Non-GAAP net income (loss) per diluted share |
$ |
(0.14) |
$ |
0.02 |
$ |
(0.29) |
||||||
Weighted average common shares outstanding: |
||||||||||||
Basic |
31,650 |
31,534 |
29,445 | |||||||||
Diluted |
31,650 |
31,680 |
29,445 |
* |
Net income (loss) effect of this reconciling item was less than $0.01 per share. |
See notes on next page
MAXWELL TECHNOLOGIES, INC. | |
(A) |
Stock-based compensation expense consists of non-cash charges for employee stock options, restricted stock awards, restricted stock units and employee stock purchase plan awards. Results include stock-based compensation expense as follows (in thousands): |
Three Months Ended | |||||||||||||||||
March 31, 2016 |
December 31, 2015 |
March 31, 2015 | |||||||||||||||
Cost of revenue |
$ |
235 |
$ |
105 |
$ |
206 |
|||||||||||
Selling, general and administrative |
671 |
770 |
366 |
||||||||||||||
Research and development |
297 |
165 |
267 |
||||||||||||||
Total stock-based compensation expense |
$ |
1,203 |
$ |
1,040 |
$ |
839 |
|||||||||||
(B) |
Restructuring and related costs represent restructuring and exit costs incurred in connection with the Company's restructuring plan, disposition transaction costs consisting of legal fees and other expenses incurred in connection with the sale of the microelectronics product line and executive transition costs representing recruiting and other expenses incurred in relation to the resignation and hiring of certain executive officers. |
(C) |
During the three months ended March 31, 2016 and December 31, 2015, the Company recorded accelerated depreciation charges of $0.1 million and $0.1 million, respectively, related to the adjustment of the remaining useful life for certain manufacturing equipment. |
(D) |
Shareholder proxy advisement fees represent external advisor expenses incurred in connection with preparing for the Company's 2016 shareholder proxy and annual meeting. |
(E) |
Legal costs for the FCPA and SEC matters represent external legal expenses related to the U.S. Securities and Exchange Commission's investigation of the facts and circumstances surrounding the restatement of the Company's financial statements for the fiscal years 2011 and 2012, as well as for ongoing legal matters related to previous Foreign Corrupt Practices Act (FCPA) violations. |
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Media & Investor Contact:
Amy Wakeham
858-503-3359
awakeham@maxwell.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/maxwell-reports-first-quarter-2016-results-300262076.html
SOURCE Maxwell Technologies, Inc.
Copyright 2016 PR Newswire
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