Maxwell posts 4Q 2008 revenue of $23.5 million, a 39 percent rise compared to 4Q 2007

Maxwell Technologies has reported revenue of $23.5 million for its fourth quarter ended December 31, 2008, up by 39 percent over the $17.0 million recorded in the same period in 2007 and up by 7 percent compared to Q3 2008. Operating loss for the fourth quarter 2008 was $1.3 million, compared with $2.6 million in the same period last year. Net income for Q408 was $1.4 million, or $0.07 per diluted share, compared with a net loss of $1.1 million, or $0.04 per diluted share, in Q407.
Q408 BOOSTCAP ultracapacitor revenue increased by 69 percent to $9.0 million, compared with $5.3 million for the same period last year. High voltage capacitor and microelectronics products also generated strong sales growth, combining for Q408 revenue of $14.5 million, up 25 percent from the $11.7 million recorded in Q407.

"Worldwide demand for greener, more efficient and reliable energy storage solutions continues to drive ultracapacitor sales growth," said David Schramm, Maxwell's president and chief executive officer. "Wind turbine blade pitch mechanisms and braking energy recuperation systems for low-emission hybrid transit buses and energy-efficient electric rail vehicles accounted for the majority of our 2008 ultracapacitor sales, and higher volumes helped us to improve operating results.

"It is difficult to predict how global economic conditions might affect our business in the coming months, but so far many key markets for our products, such as utility infrastructure, renewable energy, public transportation and space programs have been relatively stable, and some appear likely to benefit from government stimulus programs," Schramm added. "Q109 revenue is on pace to come in well above last year's first quarter, so we are off to a good start, and we believe that our ongoing efficiency and cost-reduction programs will enable us to continue to improve operating performance."