Maxwell Technologies Inc., the San Diego maker of energy storage devices, said Chief Executive Officer David Schramm is retiring at the end of this year. Chief Operating Officer John Warwick will serve as the company’s interim CEO and president until a successor is found.
Maxwell reported third quarter net income of $6.2 million, up from $5.7 million in the like quarter of 2012.
For the nine months ended Sept. 30, Maxwell reported net income of $9.1 million compared with $4.3 million for the like period of last year.
Revenue for the quarter was $51.2 million, up 20 percent over the like quarter of 2012. For the nine months, revenue was $154 million, up from $114.7 million for the like period of last year.
Schramm said the fourth quarter sales could be 30 percent below the third quarter results due to uncertainty surrounding the Chinese government’s subsidy for diesel electric hybrid buses which use Maxwell’s ultracapacitors for more efficient braking and starting systems.
The company said it has implemented some cost-cutting measures including a hiring freeze to deal with the anticipated slow-down in sales.
— SDBJ Staff Report