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Maxwell Technologies' CEO Discusses Q1 2012 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 April 26, 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.

I should also mention the company’s annual meeting of stockholders will be conducted here in San Diego on May 9, and we look forward to seeing some of you there.

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

David Schramm

Thank you Mike, and good afternoon. I’ve been travelling in the last few weeks, and I’ve developed some hoarseness, so please bear with me as we report our Q1 2012 results.

Maxwell recorded total revenue of $39.2 million for the first quarter ended March 31, 2012. Now, that’s up 11% from the same period a year ago. That growth was driven not only by ultracapacitor sales of $22 million, which is up 3% from Q1 ’11, but also by unusually strong sales of microelectronics and high-voltage capacitor products, which came in at $17.2 million, which is up 24% from last year’s first quarter.

This growth, along with continuing cost and efficiency improvements, enabled the company to show a net profit of about $500,000 for the quarter. On a non-GAAP basis, net profit for Q1 was $1.8 million.

Now, this was the eight consecutive quarter that Maxwell has been profitable on a non-GAAP basis. Kevin’s going to provide some more financial details on this in a few minutes. As noted in our press release, ultracapacitor sales were lower sequentially compared with the fourth quarter. This was mainly due to normal seasonal factors including the Chinese New Year observance, which effectively shuts down business across much of Asia for two to three weeks every year.

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