- Maxwell (MXWL +19.9%) says it has finished its accounting restatement. The company has "filed all required and delinquent periodic SEC filings, and expects to regain compliance with NASDAQ listing rules." Among the filings are a 2012 10-K and Q1 and Q2 10-Qs.
- The restatement has lowered Maxwell's 2011 revenue by $10.1M, and revenue for the first 3 quarters of 2012 by $9.2M.
- Maxwell says it posted Q4 2012 revenue of $44.5M (+19% Y/Y) and EPS of $0.12, Q1 2013 revenue of $47.7M (+33%) and EPS of $0.02, and Q2 revenue of $55.6M (+53%) and EPS of $0.15. The Q2 numbers, in particular, are likely going over well.
- Gross margin was 39% in Q4, 38% in Q1, and 39% in Q2. Opex was 31% of revenue in Q4, 37% in Q1, and 31% in Q2.
- Ultracapacitor sales totaled $29.5M (+40% Y/Y) in Q4, $33.8M (+82%) in Q1, and (most notably) $39.3M (+101%) in Q2.
- Maxwell says 1H ultracapacitor strength was fueled by "a European automotive program" and Chinese hybrid bus/wind demand. Automotive and wind demand remains strong, but Maxwell cautions bus demand could slump as customers await a new Chinese subsidy program.
- Shares had plunged thanks to the accounting review, and the bad news that followed (I, II). But they've been gradually rallying over the last 3 months.
Maxwell soars after making SEC filings, releasing 3 quarters worth of results
Aug 2 2013, 13:06 ET