Maxwell Technologies, Inc.
) reported preliminary, financial numbers for the fourth quarter
ending Dec 31, 2012 and first quarter ending Mar 31, 2013.
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During the fourth quarter of 2012 and first quarter of 2013,
invoiced shipments were $41.9 million and $46.6 million,
respectively. Invoiced ultracapacitor shipments in fourth quarter
2012 were $26.1 million. The number increased 27% sequentially to
$33.1 million in the first quarter 2013.
Invoiced shipments of high voltage capacitor and microelectronics
products were $15.8 million in the fourth quarter of 2012. These
shipments declined 15% quarter over quarter to $13.4 million in
the first quarter of 2013.
Cash and cash equivalents as of Mar 31, 2013 were $34.1 million,
up from $28.7 million as of Dec 31, 2012. Accounts payable and
accrued liabilities at the end of the first quarter were $31.4
million, up from $28.3 million at the end of fourth quarter 2012.
Outstanding debt obligations as of first quarter 2013 were $9.1
million. This includes equipment term loan of $3.7 million at an
interest rate of 2.5% as of Mar 31, 2013 and debt of $5.4 million
held by the company's Swiss subsidiary, with the majority of
interest rates ranging from of 2.1% to 2.35% as of Mar 31, 2013.
Last month, the company announced that it will restate its
financial statements for period ended Dec 31, 2011, and unaudited
quarterly reports for the first three quarters of 2012. However,
revenue recognition rectifications for these periods as well as
the complete audited financial statements for fourth quarter and
full year 2012 have been delayed.
Maxwell Technologies Inc. continues to be the market leader in
the budding ultracapacitor market. Strong demand for
ultracapacitor for hybrid transit bus production in China
increased in Dec 2012. This trend continued through the first
quarter and into the current second quarter. Also, demand for
high-voltage capacitor and microelectronic products has remained
Although the hiccups remain with the recent notification letter
from NASDAQ as the company is not in compliance with NASDAQ
Listing Rule 5250, the company is continuously taking initiatives
to expand its ultracapacitor production capacity to meet
increasing demand. It continues to monitor ultracapacitor demand
indications and intends to adjust its operating plans
accordingly. The company received the notification letter for not
filing its annual report on a timely basis with the Securities
and Exchange Commission for the period ended Dec 31, 2012.
The company expects to increase contract assembly capacity for
large cells by approximately 50% in the third quarter of 2013.
Also, the company is installing an ultracapacitor electrode
fabrication line in the company's 123,000 square-foot leased
facility in Peoria, Ariz. It expects this to double the current
electrode production capacity, once it comes online in 2013.
Going forward, we expect top-line growth to be fueled by the
expected increase in ultracapacitor sales through a production
ramp-up for automotives. The company is also focused on improving
its cost structure and the steady demand from heavy
transportation, wind, braking recuperation and automotive
programs continue to act as tailwinds. The company presently
retains a short-term Zacks Rank #1 (Strong Buy).
Currently, the Zacks Consensus Estimate for revenue for both
fourth quarter 2012 and first quarter 2013 is $39 million. Zacks
Consensus Estimate for earnings for fourth quarter 2012 and first
quarter 2013 is 6 cents and 11 cents, respectively.
Other stocks to consider are
Orbit International Corp.
Ballard Power Systems Inc.
). While Orbit International carries a Zacks Rank #1 (Strong
Buy), Ballard Power and CalAmp Corp. hold a Zacks Rank #2