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Maxwell Technologies' CEO Discusses Q4 2011 Results - Earnings Call Transcript

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 February 16, 2012. 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, thank you very much, and good afternoon, everybody. We're really pleased to report that Maxwell reported total revenue of $42.5 million for the fourth quarter ended December 31, 2011. Now, that's up 24% from the same period a year ago.

That growth was driven mainly by strong ultracapacitor sales of $26.2 million. That's up 30% from Q4 of 2010. Sales of our microelectronics and high-voltage capacitor products came in at $16.3 million for the quarter, up 16% from last year's fourth quarter. That's higher than usual for these mature product lines, which both continue to deliver solid contributions to the Maxwell bottomline.

This growth along with continuing cost and efficiency improvements enable the company to show a net profit of about $1.5 million for the quarter. On a non-GAAP basis, net profit for Q4 was $1.7 million, and this was the seventh consecutive quarter that Maxwell has been profitable on a non-GAAP basis. Total sales for the year came in at $157.3 million, up 29% from fiscal 2010. GAAP net income for the full year was nearly $0.75 million and the net was nearly $5 million on a non-GAAP basis. Kevin will provide a little more detail on that in a few minutes.

Looking at key ultracapacitor markets, wind turbine deployments in China and elsewhere continued to be well below level seen in previous years. So wind related sales continued to be down. However, sales for hybrid bus drive systems were our highest ever. And increasing contributions from a stop-start idle elimination system for autos in Europe and various backup power applications enable us to sustain rapid growth overall.

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