San Diego Business Journal

Maxwell Technologies Reports Net Income of $6.3M for the Year

By Brad Graves Thursday, February 20, 2014

Maxwell Technologies Inc. — a San Diego maker of ultracapacitors, high-voltage capacitors and microelectronics — reported a net loss of $2.8 million on revenue of $39 million during its fourth quarter, which ended Dec. 31. In the same quarter of 2012, the business reported net income of $2.87 million on revenue of $44.5 million.

For the year, Maxwell (Nasdaq: MXWL) reported net income of $6.3 million on revenue of $193.5 million. For 2012 as a whole, Maxwell reported net income of $7.2 million on revenue of $159.3 million.

Maxwell expects current quarter revenue to be flat or slightly higher than that of the fourth quarter, according to a statement issued by John Warwick, the company’s interim CEO.

Cash and cash equivalents stood at $30.6 million on Dec. 31, a decrease from $41.1 million on Sept. 30, but an increase from $28.7 million on Dec. 31, 2012.

Shares of Maxwell stock rose almost 5 percent to $9.16 on Feb. 20. The company released results after the market closed that day. Shares traded 3 percent lower after-hours.