Maxwell Reports Second Quarter 2016 Results

~ Provides Business Outlook for Third Quarter 2016

~Note: A webcast of Maxwell's conference call will be available at 5:00 p.m. EDT today at http://investors.maxwell.com.

SAN DIEGO, Aug. 2, 2016 /PRNewswire/ -- Maxwell Technologies, Inc. MXWL today reported operational and financial results for the three months ended June 30, 2016. Total revenues for the second quarter of 2016 were $34.1 million, compared with $35.2 million for the first quarter of 2016 and $37.8 million for the prior year quarter. Net income for the second quarter of 2016 was $2.2 million, compared with a net loss of $6.8 million for the first quarter of 2016 and a net loss of $9.4 million for the prior year quarter. The Company reported $(0.7) million of adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) for the second quarter of 2016, compared with $(1.3) million for the first quarter of 2016 and $0.7 million for the prior year quarter. Non-GAAP net loss for the second quarter of 2016 was $4.0 million, compared with $4.3 million for the first quarter of 2016 and $3.2 million for the prior year quarter.

"Second quarter financial results came in about where we expected despite a lack of clarity around changes to China's bus subsidy policy. Our third quarter outlook reflects continued weakness from the China bus market and a new challenge presented by a sudden slowdown in wind turbine deployments in China as we believe local governments are slowing down new installations in order to address local economic issues," said Dr. Franz Fink, Maxwell's president and chief executive officer. "The proactive steps we took last year to restructure the company will allow us to withstand these more difficult near-term challenges. As we look at our growth prospects, we are making good progress executing our strategy of diversifying our business and we are establishing important partnerships that will allow us to transition our business to a very large, future market opportunity."


Financial Results and Operating Metrics (1)

(Unaudited; in thousands, except for per share amounts)




Three Months Ended


Six Months Ended



June 30, 2016


March 31, 2016


June 30, 2015


June 30, 2016


June 30, 2015

Total revenue


$

34,135



$

35,203



$

37,796



$

69,338



$

72,466


Ultracapacitor revenue


$

21,224



$

23,520



$

23,449



$

44,744



$

45,393


High-Voltage revenue


$

11,841



$

8,177



$

11,892



$

20,018



$

22,543


Microelectronics revenue


$

1,070



$

3,506



$

2,455



$

4,576



$

4,530


Gross margin


29.2%



27.4%



32.2%



28.3%



31.0%


Non-GAAP gross margin


30.0%



28.4%



33.0%



29.2%



31.7%


Operating loss


$

(3,812)



$

(6,240)



$

(6,259)



$

(10,052)



$

(14,831)


Non-GAAP operating loss


$

(3,120)



$

(3,721)



$

(2,158)



$

(6,841)



$

(9,891)


Net income (loss)


$

2,167



$

(6,848)



$

(9,376)



$

(4,681)



$

(18,717)


Net income (loss) per share











Basic and diluted


$

0.07



$

(0.22)



$

(0.31)



$

(0.15)



$

(0.63)


Adjusted EBITDA


$

(741)



$

(1,259)



$

711



$

(2,000)



$

(4,147)


Non-GAAP net loss


$

(4,038)



$

(4,329)



$

(3,190)



$

(8,367)



$

(11,692)


Non-GAAP net loss per share











Basic and diluted


$

(0.13)



$

(0.14)



$

(0.11)



$

(0.26)



$

(0.39)


Net cash provided by (used in) operating activities


$

(5,394)



$

(1,594)



$

1,901



$

(6,988)



$

1,124


Cash purchases of property and equipment


$

1,391



$

2,238



$

942



$

3,629



$

2,217


Cash, cash equivalents and restricted cash


$

35,775



$

21,989



$

25,031



$

35,775



$

25,031



(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 Gross Margin

  • Total revenue for the second quarter of 2016 was $34.1 million, compared with $35.2 million for the first quarter of 2016, primarily due to a decrease in ultracapacitor revenue and the sale of the microelectronics product line.
    • Ultracapacitor revenue for the second quarter of 2016 was $21.2 million, compared with $23.5 million for the first quarter of 2016, primarily driven by an expected decline in the China hybrid bus market.
    • High-voltage revenue was $11.8 million for the second quarter of 2016, compared with $8.2 million for the first quarter of 2016, primarily driven by a strong market in China following the release of China's new 5-year plan at the end of the first quarter.
    • Microelectronic revenue for the second quarter of 2016 was $1.1 million, compared with $3.5 million for the first quarter of 2016. The microelectronics product line was sold in April 2016 and revenue for the second quarter of 2016 reflects the 27 day period during which it was owned by Maxwell, compared with a full quarter of results in the first quarter of 2016.
  • Gross margin for the second quarter of 2016 was 29.2% compared with 27.4% in the first quarter of 2016, primarily reflecting an increase in high-voltage revenue.
  • Non-GAAP gross margin for the second quarter of 2016 was 30.0% compared with 28.4% in the first quarter of 2016.

Net Income (Loss), Adjusted EBITDA, Operating Expense & Operating Loss

  • Net income for the second quarter of 2016 was $2.2 million, or $0.07 per share, compared with a net loss of $6.8 million, or $(0.22) per share, for the first quarter of 2016.
  • Non-GAAP net loss for the second quarter of 2016 was $4.0 million compared with a non-GAAP net loss of $4.3 million for the first quarter of 2016.
  • Adjusted EBITDA for the second quarter of 2016 was $(0.7) million, compared with $(1.3) million for the first quarter of 2016. The quarter-over-quarter improvement was primarily driven by margin improvements from increased high-voltage product sales and reduced operating expenses.
  • Operating expense for the second quarter of 2016 was $13.8 million, compared with $15.9 million for the first quarter of 2016, primarily driven by the release of a tax liability during the quarter, the sale of the microelectronics product line and several non-recurring items that resulted in higher first quarter operating expense.
  • Non-GAAP operating expense for the second quarter of 2016 was $13.4 million compared with $13.7 million for the first quarter of 2016 and excludes stock-based compensation, legal expenses associated with SEC and FCPA matters, the release of a tax liability, and other non-standard charges not reflective of the on-going costs to run the business.
  • Operating loss for the second quarter of 2016 was $3.8 million, compared with an operating loss of $6.2 million for the first quarter of 2016. The quarter-over-quarter improvement was primarily driven by higher gross margins and lower operating expenses.
  • Non-GAAP operating loss for the second quarter of 2016 was $3.1 million compared with a non-GAAP operating loss of $3.7 million for the first quarter of 2016.

Capital Expenditures

  • Capital expenditures during the second quarter of 2016 were $1.4 million, compared with $2.2 million for the first quarter of 2016. Capital expenditures of $1.4 million in the second quarter of 2016 primarily related to the manufacturing consolidation and capital investments to support new technology and research & development activities.

Business Outlook

  • Total revenue for the third quarter of 2016 is expected to be in the range of $24 million to $27 million.
  • Gross margin for the third quarter of 2016 is expected to be in the range of 28% to 31%.
  • Non-GAAP gross margin for the third quarter of 2016 is expected to be in the range of 29% to 32%.
  • GAAP operating expense for the third quarter of 2016 is expected to be in the range of $13.8 million to $14.2 million.
  • Non-GAAP operating expense for the third quarter of 2016 is expected to be in the range of $12.5 million to $12.9 million.

The Company has reconciled expected GAAP and Non-GAAP gross margin, operating expenses, adjusted EBITDA, net loss and net loss per share at the midpoint of expectations. However, the Company is not able to estimate additional potentially excluded and reconciling amounts due to the substantial uncertainties involved. The effect of these excluded items may be significant.

The reconciliation of GAAP and non-GAAP third quarter outlook is as follows (in millions, except for percentages and per share data):



Projected at Midpoint
of Guidance




Projected at Midpoint
of Guidance



Three Months Ended
September 30, 2016




Three Months Ended
September 30, 2016

Gross Margin Reconciliation:




Total Operating Expenses Reconciliation:



GAAP gross margin


29.5%



GAAP total operating expenses


$

14.0


Stock-based compensation expense


1.0%



Stock-based compensation expense


1.3


Non-GAAP gross margin


30.5%



Non-GAAP total operating expenses


$

12.7









Net Loss Reconciliation:




Adjusted EBITDA Reconciliation:



GAAP net loss


$

(7.3)



GAAP net loss


$

(7.3)


Stock-based compensation expense


1.6



Interest, taxes, depreciation


3.3


Non-GAAP net loss


$

(5.7)



EBITDA


(4.0)






Stock-based compensation expense


1.6


Net Loss per Share Reconciliation:




Adjusted EBITDA


$

(2.4)


GAAP net loss per basic share


$

(0.23)






Stock-based compensation expense


0.05






Non-GAAP net loss per diluted share


$

(0.18)






 

Other Business & Operational Highlights

  • Completed sale of microelectronics product line to Data Device Corporation for $21 million. The sale included all assets and certain liabilities related to the microelectronics product line. Thirty-seven employees transitioned from Maxwell to DDC as part of the transaction.
  • Welcomed Steve Bilodeau and Jörg Buchheim to Maxwell's board of directors. The two new members bring strong backgrounds in operational and executive management as well as key company and industry experience to complement Maxwell's already experienced board.

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) 894-5910 from the U.S. and Canada, or (785) 424-1052 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. 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 uses the following non-GAAP financial measures in this release, in its earnings conference call and in its on-going evaluation of the business: (a) non-GAAP gross profit; (b) non-GAAP operating expense; (c) non-GAAP income (loss) from operations; (d) EBITDA; (e) adjusted EBITDA; (f) non-GAAP net income (loss); (g) non-GAAP net income (loss) per diluted share and (h) non-GAAP gross margin.

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.

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 items, non-recurring items and items unrelated to ongoing operating results 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.

The Company's statements of operations included in this news release are affected by the following non-cash items, non-recurring items or items unrelated to its ongoing operating results:

  • Stock-based compensation expense consists of non-cash charges for employee stock options, restricted stock awards, restricted stock units, employee stock purchase plan awards and bonuses expected to be settled with the Company's fully vested common stock.
  • Gain on sale of product line consists of the gain recorded in connection with the sale of the Company's microelectronics product line.
  • Release of tax liability consists of a foreign tax liability that was released without payment due to the lapse of a statute of limitation.
  • Tax impact of potential cash repatriation consists of non-cash charges associated with a portion of the unremitted earnings of a foreign subsidiary that may be repatriated to the U.S.
  • 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.
  • Accelerated depreciation charges represent the adjustment of the remaining useful life for certain manufacturing equipment in connection with the Company's restructuring plan.
  • CFO transition costs consist of severance charges related to the departure of the Company's former CFO.
  • Shareholder proxy advisement fees represent external advisor expenses incurred in connection with preparing for the Company's 2016 shareholder proxy and annual meeting.
  • 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.

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:

  • Our ability to remain competitive and stimulate customer demand through successful introduction of new products, and to educate our prospective customers on the products we offer;
  • Dependence upon the sale of products to a small number of customers and vertical markets, some of which are heavily dependent on government funding or government subsidy programs which could be reduced, modified or discontinued in the future;
  • Dependence upon the sale of products into Asia and Europe, where macroeconomic factors outside our control may adversely affect our sales;
  • Downward pressures on product pricing from increased competition and shifts in sales mix with respect to low margin and high margin business;
  • Risks related to our international operations including, but not limited to, our ability to adequately comply with the changing rules and regulations in countries where our business is conducted, our ability to oversee and control our foreign subsidiaries and their operations, our ability to effectively manage foreign currency exchange rate fluctuations arising from our international operations, and our ability to continue to comply with the U.S. Foreign Corrupt Practices Act as well as the anti-bribery laws of foreign jurisdictions;
  • Risk that our restructuring efforts may not be successful and that we may not be able to realize the anticipated cost savings and other benefits;
  • Successful acquisition, development and retention of key personnel;
  • Our ability to effectively manage our reliance upon certain suppliers of key component parts, specialty equipment and logistical services;
  • Our ability to match production volume to actual customer demand;
  • Our ability to manage product quality problems;
  • Our ability to protect our intellectual property rights and to defend claims against us;
  • Our ability to effectively identify, enter into, manage and benefit from strategic alliances;
  • Occurrence of a catastrophic event at any of our facilities;
  • Occurrence of a technology systems failure, network disruption, or breach in data security;
  • Our ability to obtain sufficient capital to meet our operating or other needs; and,
  • Our ability to manage and minimize the impact of unfavorable legal proceedings.

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 August 2, 2016. The Company undertakes no duty to update any forward-looking statement to reflect actual results or changes in the Company's expectations.

Media & Investor Contact:  Amy Wakeham, +1 858.503.3359; ir@maxwell.com

MAXWELL TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(Unaudited)




Three Months Ended


Six Months Ended



June 30, 2016


March 31, 2016


June 30, 2015


June 30, 2016


June 30, 2015

Revenue


$

34,135



$

35,203



$

37,796



$

69,338



$

72,466


Cost of revenue


24,154



25,550



25,643



49,704



50,010


Gross profit


9,981



9,653



12,153



19,634



22,456


Operating expenses:











Selling, general and administrative


8,223



10,098



10,142



18,321



21,099


Research and development


5,461



5,607



5,930



11,068



13,848


Restructuring and exit costs


109



188



2,340



297



2,340


Total operating expenses


13,793



15,893



18,412



29,686



37,287


Loss from operations


(3,812)



(6,240)



(6,259)



(10,052)



(14,831)


Gain on sale of product line


(6,657)







(6,657)




Interest expense, net


61



70



77



131



171


Other income


(47)



(84)





(131)




Foreign currency exchange loss, net


64



139



85



203



413


Income (loss) before income taxes


2,767



(6,365)



(6,421)



(3,598)



(15,415)


Income tax provision


600



483



2,955



1,083



3,302


Net income (loss)


$

2,167



$

(6,848)



$

(9,376)



$

(4,681)



$

(18,717)


Net income (loss) per common share:











Basic and diluted


$

0.07



$

(0.22)



$

(0.31)



$

(0.15)



$

(0.63)


Weighted average common shares outstanding:











Basic


31,842



31,650



30,323



31,746



29,886


Diluted


32,027



31,650



30,323



31,746



29,886


 

MAXWELL TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

(Unaudited)




June 30,
2016


December 31,
2015

ASSETS





Current assets:





Cash and cash equivalents


$

35,675



$

24,382


Restricted cash


100



400


Trade and other accounts receivable, net


25,874



43,172


Inventories, net


32,955



39,055


Prepaid expenses and other current assets


4,702



2,593


Total current assets


99,306



109,602


Property and equipment, net


30,428



32,324


Goodwill


23,649



23,635


Pension asset


6,122



5,849


Other non-current assets


627



603


Total assets


$

160,132



$

172,013







LIABILITIES AND STOCKHOLDERS' EQUITY





Current liabilities:





Accounts payable and accrued liabilities


$

23,438



$

33,985


Accrued employee compensation


6,722



6,672


Deferred revenue and customer deposits


3,316



3,066


Short-term borrowings and current portion of long-term debt


33



42


Total current liabilities


33,509



43,765


Deferred tax liability, long-term


6,143



6,076


Long-term debt, excluding current portion


36



49


Other long-term liabilities


2,596



2,947


Total liabilities


42,284



52,837


Stockholders' equity:





Common stock, $0.10 par value per share, 80,000 and 40,000 shares authorized at June 30, 2016 and December 31, 2015, respectively; 32,082 and 31,782 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively


3,205



3,176


Additional paid-in capital


293,800



291,505


Accumulated deficit


(185,080)



(180,399)


Accumulated other comprehensive income


5,923



4,894


Total stockholders' equity


117,848



119,176


Total liabilities and stockholders' equity


$

160,132



$

172,013


 

MAXWELL TECHNOLOGIES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(in thousands, except per share data)

(Unaudited)



Three Months Ended


Six Months Ended


June 30, 2016


March 31, 2016


June 30, 2015


June 30, 2016


June 30, 2015

Gross Profit Reconciliation:










GAAP gross profit

$

9,981



$

9,653



$

12,153



$

19,634



$

22,456


Stock-based compensation expense

262



235



147



497



353


Accelerated depreciation



125



184



125



184


Non-GAAP gross profit

$

10,243



$

10,013



$

12,484



$

20,256



$

22,993


Total Operating Expenses Reconciliation:










GAAP total operating expenses

$

13,793



$

15,893



$

18,412



$

29,686



$

37,287


Stock-based compensation expense

(1,197)



(968)



(864)



(2,165)



(1,497)


Restructuring and related costs

(279)



(574)



(2,340)



(853)



(2,340)


CFO transition





(284)





(284)


Release of tax liability(1)

1,278







1,278




Shareholder proxy advisement fees



(314)





(314)




Legal costs for SEC and FCPA matters

(232)



(303)



(282)



(535)



(282)


Non-GAAP operating expenses

$

13,363



$

13,734



$

14,642



$

27,097



$

32,884


Income (Loss) From Operations Reconciliation:










GAAP loss from operations

$

(3,812)



$

(6,240)



$

(6,259)



$

(10,052)



$

(14,831)


Stock-based compensation expense

1,459



1,203



1,011



2,662



1,850


Restructuring and related costs

279



574



2,340



853



2,340


Accelerated depreciation



125



184



125



184


CFO transition





284





284


Release of tax liability(1)

(1,278)







(1,278)




Shareholder proxy advisement fees



314





314




Legal costs for SEC and FCPA matters

232



303



282



535



282


Non-GAAP loss from operations

$

(3,120)



$

(3,721)



$

(2,158)



$

(6,841)



$

(9,891)


Adjusted EBITDA Reconciliation:










GAAP net income (loss)

$

2,167



$

(6,848)



$

(9,376)



$

(4,681)



$

(18,717)


Interest expense, net

61



70



77



131



171


Income tax provision

600



483



2,955



1,083



3,302


Depreciation

2,379



2,587



3,002



4,966



5,826


Amortization of intangible assets





51





102


EBITDA

5,207



(3,708)



(3,291)



1,499



(9,316)


Foreign currency exchange loss, net

64



139



85



203



413


Other income

(47)



(84)





(131)




Stock-based compensation expense

1,459



1,203



1,011



2,662



1,850


Gain on sale of product line

(6,657)







(6,657)




Restructuring and related costs

279



574



2,340



853



2,340


CFO transition





284





284


Release of tax liability(1)

(1,278)







(1,278)




Shareholder proxy advisement fees



314





314




Legal costs for SEC and FCPA matters

232



303



282



535



282


Adjusted EBITDA

$

(741)



$

(1,259)



$

711



$

(2,000)



$

(4,147)




Three Months Ended


Six Months Ended


June 30, 2016


March 31, 2016


June 30, 2015


June 30, 2016


June 30, 2015

Net Income (Loss) Reconciliation:










GAAP net income (loss)

$

2,167



$

(6,848)



$

(9,376)



$

(4,681)



$

(18,717)


Stock-based compensation expense

1,459



1,203



1,011



2,662



1,850


Gain on sale of product line

(6,657)







(6,657)




Tax impact of potential cash repatriation





2,085





2,085


Restructuring and related costs

279



574



2,340



853



2,340


Accelerated depreciation



125



184



125



184


CFO transition





284





284


Release of tax liability(1)

(1,518)







(1,518)




Shareholder proxy advisement fees



314





314




Legal costs for SEC and FCPA matters

232



303



282



535



282


Non-GAAP net loss

$

(4,038)



$

(4,329)



$

(3,190)



$

(8,367)



$

(11,692)


Net Income (Loss) per Share Reconciliation:










GAAP net income (loss) per diluted share

$

0.07



$

(0.22)



$

(0.31)



$

(0.15)



$

(0.63)


Stock-based compensation expense

0.04



0.04



0.03



0.09



0.06


Gain on sale of product line

(0.21)







(0.21)




Tax impact of potential cash repatriation





0.07





0.07


Restructuring and related costs

0.01



0.02



0.07



0.03



0.08


Accelerated depreciation



*



0.01



*



0.01


CFO transition





0.01





0.01


Release of tax liability(1)

(0.05)







(0.05)




Shareholder proxy advisement fees



0.01





0.01




Legal costs for SEC and FCPA matters

0.01



0.01



0.01



0.02



0.01


Non-GAAP net loss per diluted share

$

(0.13)



$

(0.14)



$

(0.11)



$

(0.26)



$

(0.39)


Weighted average diluted common shares outstanding used for:










GAAP net income (loss)

32,027



31,650



30,323



31,746



29,886


Non-GAAP net loss

31,842



31,650



30,323



31,746



29,886


 

*

Net income (loss) effect of this reconciling item was less than $0.01 per share.

(1)

Release of tax liability is partially related to operating expense and partially related to income tax expense.

 

Enabling Energy's Future. (PRNewsFoto/Maxwell Technologies, Inc.)

Logo - http://photos.prnewswire.com/prnh/20121018/LA91771LOGO

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/maxwell-reports-second-quarter-2016-results-300307905.html

SOURCE Maxwell Technologies, Inc.

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