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) (Unaudited; in
thousands, except for per share amounts)
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31, 2016
|
|
December
31, 2015
|
|
March
31, 2015
|
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
- Total revenue for the first quarter of 2016 was $35.2 million, compared with $49.8 million for the fourth quarter of 2015,
primarily due to decreases in ultracapacitor and high voltage
revenues.
- Ultracapacitor revenue for the first quarter of 2016 was
$23.5 million, compared with
$37.3 million for the fourth quarter
of 2015, primarily driven by an expected seasonal decline in the
China hybrid bus market.
- High-voltage revenue was $8.2
million for the first quarter of 2016, compared with
$8.9 million for the fourth quarter
of 2015, primarily driven by a soft market in China as customers put orders on hold while
waiting for the release of China's
new 5-year plan which was released at the end of the quarter.
- Microelectronic revenue for the first quarter of 2016 was
$3.5 million, compared with
$3.6 million for the fourth quarter
of 2015.
- Non-GAAP gross margin for the first quarter of 2016 was 28.4%,
a decrease when compared with the fourth quarter of 2015,
reflecting lower factory utilization and a decline in high-voltage
revenue.
Adjusted EBITDA, Operating Expense, Operating Loss &
Net Loss
- Adjusted EBITDA for the first quarter of 2016 was $(1.3) million, compared with $3.9 million for the fourth quarter of 2015. The
quarter-over-quarter decrease was primarily driven by lower gross
margins and higher operating expenses.
- Operating expense for the first quarter of 2016 was
$15.9 million, compared with
$15.8 million for the fourth quarter
of 2015, primarily driven by higher payroll costs due to annual
payroll tax resets, legal expenses associated with the sale of the
Microelectronics product line, and executive transition costs.
- Non-GAAP operating expense for the first quarter of 2016 was
$13.7 million compared with
$13.2 million for the fourth quarter
of 2015 and excludes stock-based compensation, legal expenses
associated with SEC and FCPA matters, and other non-standard
charges not reflective of the on-going costs to run the
business.
- Operating loss for the first quarter of 2016 was $6.2 million, compared with an operating loss of
$1.5 million for the fourth quarter
of 2015. The quarter-over-quarter increase was primarily driven by
lower gross margins and higher operating expenses.
- Non-GAAP operating loss for the first quarter of 2016 was
$3.7 million compared with non-GAAP
operating income of $1.2 million for
the fourth quarter of 2015.
- Net loss for the first quarter of 2016 was $6.8 million, or $(0.22) per share, compared with a net loss of
$2.2 million, or $(0.07) per share, for the fourth quarter of
2015.
- 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.
Capital Expenditures
- Capital expenditures during the first quarter of 2016 were
$2.2 million, compared with
$1.4 million for the fourth quarter
of 2015. Capital expenditures of $1.6
million in the first quarter of 2016 related to the
consolidation of the two U.S. manufacturing facilities completed
during the quarter.
Business Outlook
- The business outlook for the second quarter of 2016 reflects
expected results for Maxwell, excluding the Microelectronics
product line, except for the 27 days during the quarter in which it
was still owned by Maxwell.
- Total revenue for the second quarter of 2016 is expected to be
in the range of $34 million to $36
million.
- Non-GAAP gross margin for the second quarter of 2016 is
expected to be in the range of 30% to 32%.
- Non-GAAP operating expense for the second quarter of 2016 is
expected to be in the range of $13 million
to $13.5 million.
Other Business & Operational Highlights
- Maxwell ultracapacitors selected as the core component of the
first megawatt-scale, ultracapacitor-based wind farm energy storage
system in the world by China Guodian Corporation's Beijing Huadian
Tianren Electric Power Control Technology Co.
- Introduced the 3-volt, 3,000-farad ultracapacitor cell as the
newest addition to the K2 product family, giving customers the
flexibility to increase power and energy at the same time or to
significantly cost-optimize system designs utilizing fewer cells or
modules without compromising power or energy.
- Welcomed automotive industry veterans, Jörg Buchheim, as senior
vice president and chief sales officer, and Dr. Henning Hauenstein, as vice president, strategy
& marketing.
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:
- 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 subsidies which may or may not
continue 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 potential shift 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 activist stockholders attempt to effect changes to
our company which could adversely affect our corporate
governance;
- 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
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. CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (in thousands, except per share data)
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31, 2016
|
|
December
31, 2015
|
|
March
31, 2015
|
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. CONDENSED CONSOLIDATED BALANCE
SHEETS (in thousands, except per share data)
(Unaudited)
|
|
|
|
|
|
|
|
March
31, 2016
|
|
December
31, 2015
|
|
|
|
|
|
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. RECONCILIATION OF GAAP TO NON-GAAP
FINANCIAL MEASURES (in thousands, except per share data)
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31, 2016
|
|
December
31, 2015
|
|
March
31, 2015
|
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
31, 2016
|
|
December
31, 2015
|
|
March
31, 2015
|
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.