Operating loss for the first quarter 2009 was $1.8 million, compared with $3.4 million in the same period last year.
First quarter BOOSTCAP ultracapacitor revenue increased by 43% to $7.7 million, compared with $5.4 million for the same period last year. High voltage capacitor and microelectronics products also generated strong sales growth, combining for the first quarter of 2009 revenue of $14.7 million, up 25% from the $11.8 million recorded in the first quarter of 2008.
“As demonstrated by increasing sales across all of our product lines, the key markets we sell into, including utility infrastructure, renewable energy, public transportation and space programs have remained stable,” said David Schramm, Maxwell’s president and chief executive officer. “Looking specifically at ultracapacitors, public and private investments in wind energy and cleaner, more efficient, hybrid and electric transit vehicles continue to be key drivers of year-over-year sales growth.”
“Economic conditions and tight credit are affecting some of our customers’ plans and projects, but we now have a much broader customer base than we had even one year ago, so we believe we are gaining market share in key target markets,” Schramm added. “Given the unsettled external environment, we are guiding with caution, but second quarter sales are on pace to come in well above the second quarter of 2008, and we are optimistic that we will benefit both directly and indirectly from government stimulus programs. We are also making steady progress with the cost reduction initiatives discussed over the past few quarters, so operating results should continue to improve throughout the year.”
Significant recent developments include:
Appointment of Kevin S. Royal, a seasoned public company financial and operational executive, as senior vice president, chief financial officer, treasurer and secretary.
Purchase orders with a total value of $13.5 million from three of China’s bus producers for BOOSTCAP ultracapacitor modules to support braking energy recuperation and torque assist functions in diesel-electric hybrid transit buses scheduled for delivery over the balance of 2009.
In the first quarter of 2009 gross margin was 31%, compared with 29% in the first quarter of 2008. Operating expenses totaled about $8.8 million, or 39% of revenue in the first quarter of 2009, compared with $8.5 million, or 49% of revenue in the first quarter of 2008, and $11.0 million, or 48% of revenue in fourth quarter of 2008. Cash and restricted cash totaled $15.4 million as of March 31, 2009, compared with $20.6 million as of December 31, 2008. During the first quarter of 2009, the company raised about $2.4 million, net of fees, through the sale of 473,206 shares of common stock at a weighted average price of $5.47, under its Equity Distribution Program.
