SAN DIEGO, July 31, 2014 /PRNewswire/ – Maxwell Technologies, Inc. (Nasdaq: MXWL) today reported revenue of $46.1 million for its second quarter ended June 30, 2014, up slightly from the $46.0 million recorded in the first quarter ended March 31, 2014, but down 17 percent from the $55.6 million recorded in the second quarter of 2013.
Second quarter ultracapacitor revenue increased by 6 percent sequentially to $33.9 million, compared with $32.0 million in the first quarter ended March 31, 2014, but was down 14 percent compared with the $39.3 million recorded in the second quarter of 2013. Sales of high voltage capacitor and microelectronics products totaled $12.2 million in Q214, down 13 percent sequentially from the $14.0 million recorded in the first quarter and down 26 percent from the $16.4 million recorded in Q213.
“This was a solid quarter in line with our expectations despite lower ultracapacitor sales into the hybrid bus market in China and challenging market conditions for our microelectronics products,” said Dr. Franz Fink, Maxwell’s president and CEO. “Increasing sales for wind energy and electric rail applications were mainly responsible for the sequential growth in ultracapacitor sales.”
On a U.S. generally accepted accounting principles (GAAP) basis, operating loss for the second quarter 2014 was $567,000, compared with operating income of $760,000 in Q114 and $4.2 million in Q213. GAAP net loss for Q214 was $1.2 million, or $0.04 per share, compared with net income of $319,000, or $0.01 per diluted share in Q114 and $3.4 million, or $0.12 per diluted share, in Q213.
On a non-GAAP basis, the Company reported operating income of $599,000 in Q214 compared with $1.5 million in Q114 and $5.2 million in Q213. Non-GAAP net loss for Q214 was $15,000, or zero cents per share, compared with net income of $1.1 million, or $0.04 per diluted share in Q114 and $4.4 million, or $0.15 per diluted share, in Q213. A reconciliation of GAAP to non-GAAP financial measures is included as an addendum to this release.
