Maxwell Technologies Reports Unaudited Financial Highlights For Fourth Quarter 2012 And First Quarter 2013

Maxwell Technologies Reports Unaudited Financial Highlights For Fourth Quarter
                         2012 And First Quarter 2013

Increased Hybrid Bus Production in China Drives Strong Ultracapacitor

PR Newswire

SAN DIEGO, April 30, 2013

SAN DIEGO, April 30, 2013 /PRNewswire/ --Maxwell Technologies, Inc. (Nasdaq:
MXWL) today reported the following preliminary, unaudited selected financial
highlights for the fourth quarter ended December 31, 2012, and the first
quarter ended March 31, 2013, pending quarterly reviews, annual audits and
filing of financial statements with the Securities and Exchange Commission
(SEC) for those periods.


  oInvoiced shipments for the quarters ended December 31, 2012 and March 31,
    2013, totaled $41.9 million and $46.6 million, respectively.
  oCash and cash equivalents totaled $28.7 million and $34.1 million as of
    December 31, 2012 and March 31, 2013, respectively.
  oDays of shipments outstanding at the close of the December 2012 and March
    2013 quarters were 85 and 67, respectively.
  oAccounts payable and accrued liabilities at the close of the December 2012
    and March 2013 quarters totaled $28.3 million and $31.4 million,
  oDebt obligations outstanding as of March 31, 2013 totaled $9.1 million,
    consisting of an equipment term loan of $3.7 million at an interest rate
    of 2.5 percent at March 31, 2013, and debt of $5.4 million held by the
    company's Swiss subsidiary, the majority of which is at interest rates
    ranging from of 2.1 to 2.35 percent at March 31, 2013.

Invoiced ultracapacitor shipments totaled $26.1 million in the fourth quarter
of 2012, and increased by 27 percent, to $33.1 million in the first quarter of
2013. Invoiced shipments of high voltage capacitor and microelectronics
products totaled $15.8 million in the fourth quarter of 2012, and decreased by
15 percent to $13.4 million in the first quarter of 2013.

"Strong ultracapacitor demand for hybrid transit bus production in China that
originally was expected in the fourth quarter materialized in late December
with the announcement of a new government subsidy program," said David
Schramm, Maxwell's president and chief executive officer. "This surge in
bus-related demand has continued through the first quarter and into the
current second quarter. However, visibility into the remainder of the year is
limited, so we will continue to monitor ultracapacitor demand indications and
adjust our operating plans accordingly. Demand for high-voltage capacitor and
microelectronic products has been steady and in line with our expectations."

Previously announced steps to expand ultracapacitor production capacity to
meet increasing demand continue on schedule.Contract assembly capacity for
large cells will be increased by approximately 50 percent during the third
quarter of 2013, and a new ultracapacitor electrode fabrication line that is
being installed in the company's 123,000 square-foot leased facility in
Peoria, Arizona, will roughly double current electrode production capacity
when it comes on line later this year.

On March 7, 2013, the company announced that previously issued financial
statements for the fiscal year ended December 31, 2011, and unaudited
quarterly reports for the first three fiscal quarters of 2012, would be
restated to correct revenue recognition errors in those statements.

On March 18, 2013, the company's former independent auditors resigned,
resulting in a delay in filing restated financial statements for year end 2011
and the first three fiscal quarters of 2012, and in completing audited
financial statements for fiscal year 2012. On April 1, 2013, the company
appointed BDO USA, LLP, as its new independent auditor. BDO currently is in
the process of auditing financial statements for the fiscal years ended
December 31, 2010, 2011 and 2012, and reviewing quarterly statements for 2013,
and is working with management to develop a timeline for filing financial
statements with the SEC.

Following our restatement announcement, several shareholder class action
lawsuits have been filed in federal court against the company and certain of
our current and former officers and directors. These lawsuits will be
consolidated into one class action lawsuit. In addition, shareholder
derivative lawsuits have been filed against certain of our current and former
officers and directors in state and federal court. The company is also
cooperating with investigations by the Department of Justice and the
Securities and Exchange Commission related to the restatement. Although the
company carries directors' and officers' insurance, to the extent our
indemnification obligations in these matters or an adverse result should
exceed our available insurance coverage, it could have a material adverse
effect on our operating results.

Maxwell is a leading developer and manufacturer of innovative, cost-effective
energy storage and power delivery solutions. Our ultracapacitor products
provide safe and reliable power solutions for applications in consumer and
industrial electronics, automotive, transportation and information technology.
Our high-voltage capacitor products help to ensure the safety and reliability
of electric utility infrastructure and other applications involving transport,
distribution and measurement of high-voltage electrical energy. Our
radiation-mitigated microelectronic products include power modules, memory
modules and single board computers that incorporate powerful commercial
silicon for superior performance and high reliability in aerospace

Forward-looking statements: Statements in this news release that are
"forward-looking statements" are based on current expectations and assumptions
that are subject to risks and uncertainties. Such risks, uncertainties and
contingencies include, but are not limited to, the following:

  oRisks related to our international operations including, but not limited
    to, our ability to adequately comply with the changing rules and
    regulations in countries where our business is conducted, our ability to
    oversee and control our foreign subsidiaries and their operations, our
    ability to effectively manage foreign currency exchange rate fluctuations
    arising from our international operations, and our ability to continue to
    comply with the U.S. Foreign Corrupt Practices Act as well as the
    anti-bribery laws of foreign jurisdictions and the terms and conditions of
    our settlement agreements with the Securities and Exchange Commission and
    the Department of Justice;
  oOur ability to remain competitive and stimulate customer demand through
    successful introduction of new products, and to educate our prospective
    customers on the products we offer;
  oDependence upon the sale of products to a small number of customers and
    vertical markets, some of which are heavily dependent on government
    funding or government subsidies which may or may not continue in the
  oDependence upon the sale of products into China and Europe, where
    macroeconomic factors outside our control may adversely affect our sales;
  oSuccessful acquisition, development and retention of key personnel;
  oOur ability to effectively manage our reliance upon certain suppliers of
    key component parts, specialty equipment and logistical services;
  oOur ability to match production volume to actual customer demand;
  oOur ability to manage product quality problems;
  oOur ability to protect our intellectual property rights and to defend
    claims against us;
  oOur ability to effectively identify, enter into, manage and benefit from
    strategic alliances;
  oOccurrence of a catastrophic event at any of our facilities;
  oOccurrence of a technology systems failure, network disruption, or breach
    in data security; and,
  oOur ability to obtain sufficient capital to meet our operating or other

For further information regarding risks and uncertainties associated with
Maxwell's business, please refer to the "Management's Discussion and Analysis
of Financial Condition and Results of Operations" and "Risk Factors" sections
of our SEC filings, including, but not limited to, our annual report on Form
10-K and quarterly reports on Form 10-Q. Copies of these documents may be
obtained by contacting Maxwell's investor relations department at (858)
503-3434, or at our investor relations website: All
information in this release is as of April 30, 2013. The company undertakes no
duty to update any forward-looking statement to reflect actual results or
changes in the company's expectations.

Media & Investor Contact: Michael Sund +1 (858) 503-3233;

                                               Three Months Ended
                                               December 31,       March 31,
                                               2012               2013
Invoiced Shipments by Product Line
 Ultracapacitor                                $     26,147   $  33,114
 Microelectronics and High-Voltage Capacitors  15,757             13,445
 Total Invoiced Shipments                      $     41,904   $  46,559
 Days Shipments Outstanding                    85                 67
                                               December 31,       March 31,
                                               2012               2013
Other Balance Sheet Data
 Cash and Cash Equivalents                     $     28,739   $  34,124
 Accounts Payable and Accrued Liabilities      $     28,278   $  31,358
  Equipment Term Loan                         $      3,913  $   3,634
  Swiss Subsidiary Debt                       5,622              5,424
  Total Debt                                  $      9,535  $   9,058

SOURCE Maxwell Technologies, Inc.

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