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Maxwell Technologies' CEO Discusses Q3 2011 Results - Earnings Call Transcript

Electronic copies of these filings may be accessed by visiting the investor section of our website maxwell.com or via the SEC’s website. Printed copies may be obtained by contacting the company. We encourage all investors to read these reports and our other SEC filings. Some of you are listening via the Internet and an archived replay of the call will be available online at our website. All information in today’s call is as of November 3, 2011. The company undertakes no duty to update our forward-looking statements to conform the statements to actual results or changes in the company’s expectations.

It is now my pleasure to introduce Maxwell’s President and CEO, David Schramm.

David Schramm

Very good Mike, and thank you, and good afternoon, everybody. We are pleased to report that Maxwell recorded total revenue of $41.1 million for the third quarter ending September 30, Now that’s up 31% from the same period a year ago. That growth was mainly driven by strong ultracapacitor sales of $24.9 million. Now that’s up 3% from Q3 of 2010.

Sales of microelectronics and the high-voltage capacitor products came in at $16.2 million for the quarter, up 26% from last year’s first quarter. That’s higher than usual for these mature product lines with boats continue to deliver solid contributions to our bottom line. This growth, along with continuing costs and efficiency improvements enable the company to show a non-GAAP net profit of about $1.2 million for the quarter. That’s the sixth consecutive quarter that Maxwell has been profitable on a non-GAAP basis. So our products aren’t just contributing to a greener world, but also delivering another kind of green to the bottom line. Kevin will provide more financial details on all this in a few minutes.

Although the wind turban deployments in China and elsewhere have slowed compared with the previous years, hybrid and electric drive systems for public transit vehicles continue to be a primary driver of Ultracap sales growth, along with increasing contributions from the stop-start idle elimination system for automobiles in Europe and various backup power applications.

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