Maxwell Technologies Reports Third Quarter Financial Results
Maxwell Technologies, Inc. reported revenue of $31.5 million for its third quarter ended September 30, 2010, up 21% over the $26.1 million recorded in the same period in 2009. BOOSTCAP® ultracapacitor revenue increased by 78%, to $18.6 million in Q310, compared with $10.5 million for the same period last year. Sales of high voltage capacitor and microelectronics products totaled $12.8 million in Q310, down 18% from the $15.6 million recorded in Q309.
"Ultracapacitor sales growth continues to be driven by several key target markets, including wind energy, hybrid and electric transit vehicles, micro hybrid automotive systems, backup power and wireless communications," said David Schramm, Maxwell’s President and Chief Executive Officer. "Higher ultracapacitor volume and ongoing cost reduction and efficiency improvements were key factors in enabling the company to generate cash from operations for the fifth time in the past six quarters."