UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

 

 

FORM 10-Q

 

ý            QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

            OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Quarter Ended June 30, 2002

 

o            TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

            OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Transition Period From       to

 

 

Commission File Number 0-10964

 

MAXWELL TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 
Yes  ý   No  o

 

 

 

MAXWELL TECHNOLOGIES, INC.

INDEX TO QUARTERLY REPORT ON FORM 10-Q

For the quarter ended June 30, 2002

PART I
Item 1.	Condensed Consolidated Financial Statements
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3.	Quantitative and Qualitative Disclosures About Market Risk
PART II
Item 1.	Legal Proceedings
Item 2.	Changes in Securities and Use of Proceeds
Item 3.	Defaults Upon Senior Securities
Item 4.	Submission of Matters to a Vote of Security Holders
Item 5.	Other Information
Item 6.	Exhibits and Reports on Form 8-K

 

 

          Unless the context otherwise requires, all references in this Quarterly Report on Form 10-Q to “Maxwell,” the “Company,” “we,” “us,” and “our” refer to Maxwell Technologies, Inc. and its subsidiaries; all references to “Electronic Components Group” refer to our subsidiary, Maxwell Electronic Components Group, Inc.; all references to “I-Bus/Phoenix”  refer to our subsidiary, I-Bus/Phoenix, Inc., and its subsidiaries; and all references to “PurePulse” refer to our subsidiary, PurePulse Technologies, Inc.  This Form 10-Q may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve risks and uncertainties. The Company’s actual results may differ significantly from the results discussed in any forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in “Risk Factors” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2001. Discussions containing such forward-looking statements may be found in the material set forth under “Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” as well as within this Form 10-Q  generally.

 

 

 

2

 

PART I - FINANCIAL INFORMATION

 

Item 1.  Condensed Consolidated Financial Statements

 

MAXWELL TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

		June 30,			December 31,
		2002			2001
		(unaudited)			(audited)
Assets
Current assets:
Cash and cash equivalents		$	6,584		$	13,673
Short-term investments		10,452			11,886
Accounts receivable, net		10,232			13,984
Inventories		13,246			16,605
Prepaid expenses and other current assets		1,134			1,031
Income tax receivable		278			—
Total current assets		41,926			57,179
Property, plant and equipment, net		20,283			21,741
Goodwill and other non-current assets		12,047			6,784
		$	74,256		$	85,704
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities		$	8,733		$	12,159
Accrued employee compensation		1,926			1,586
Short-term borrowings		300			300
Net liabilities of discontinued operations		3,006			1,642
Total current liabilities		13,965			15,687
Long-term debt		5,575			5,700
Minority interest		—			4,586
Stockholders’ equity:
Common stock		1,143			1,017
Additional paid-in capital		94,312			84,283
Deferred compensation		(102		)	—
Notes receivable from executives for stock purchases		—			(897		)
Accumulated deficit		(39,959		)	(23,859		)
Accumulated other comprehensive loss		(678		)	(813		)
Total stockholders’ equity		54,716			59,731
		$	74,256		$	85,704

 

 

3

 

MAXWELL TECHNOLOGIES, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

 

 

		Three Months Ended June 30,						Six Months Ended June 30,
		2002			2001			2002			2001
Sales		$	13,155		$	20,456		$	25,944		$	47,456
Cost of sales		13,951			18,196			25,793			39,047
Gross margin		(796		)	2,260			151			8,409
Operating expenses:
Selling, general and administrative		4,904			6,969			9,595			13,236
Research and development		2,246			2,726			4,913			5,925
Restructuring		812			—			812			—
		7,962			9,695			15,320			19,161
Operating loss		(8,758		)	(7,435		)	(15,169		)	(10,752		)
Gain on sale of business		—			39,119			—			39,119
Interest expense		(104		)	(268		)	(192		)	(1,146		)
Interest income and other, net		364			98			425			145
Income (loss) before income taxes and minority interest		(8,498		)	31,514			(14,936		)	27,366
Provision (credit) for income taxes		12			11,127			(279		)	9,687