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Maxwell Technologies Inc (MXWL) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Maxwell Technologies Inc

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CIK: 319815 Ticker: MXWL
Exhibit 99.1


maxwelllogoa12.jpg
 
FOR IMMEDIATE RELEASE
Investor Contact:
Kimberly Tom, CFA
(858) 503-3368
ir@maxwell.com

Maxwell Reports Fourth Quarter and Full Year 2017 Results
~ Provides Business Outlook for First Quarter 2018 ~

Note: A webcast of Maxwell's conference call will be available at 5:00 p.m. EST today at http://investors.maxwell.com.
SAN DIEGO - February 15, 2018 - Maxwell Technologies, Inc. (NASDAQ: MXWL) today reported financial results for the three months and full year ended December 31, 2017. Total revenues for the fourth quarter of 2017 were $30.8 million, compared with $35.8 million for the third quarter of 2017 and $26.4 million for the prior year quarter. Net loss for the fourth quarter of 2017 was $8.8 million, compared with a net loss of $13.9 million for the third quarter of 2017 and a net loss of $12.2 million for the prior year quarter. The Company reported $(1.8) million of adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) for the fourth quarter of 2017, compared with $(2.1) million for the third quarter of 2017 and $(3.9) million for the prior year quarter. Non-GAAP net loss for the fourth quarter of 2017 was $5.3 million, compared with a non-GAAP net loss of $4.9 million for the third quarter of 2017 and $7.5 million for the prior year quarter.
For the full year ended December 31, 2017, net revenues were $130.4 million, compared with $121.2 million for the year ended December 31, 2016. Net loss for 2017 was $43.1 million, compared to a net loss of $23.7 million for the prior year. Non-GAAP net loss for 2017 was $23.1 million, compared with a non-GAAP net loss of $21.5 million for the prior year. Non-GAAP financial measures are described and defined later in this release.
Full Year 2017 Highlights
•
Successfully completed the acquisition of the core business and operating entities of Nesscap Energy, Inc., creating the most comprehensive ultracapacitor product portfolio globally.
•
Grew top-line revenue 8% year over year.
•
Reduced annual non-GAAP operating expense 5% due to focus on expense management and organizational optimization, achieving the lowest operating expense in six years.
•
Solidified the balance sheet by adding $43 million in cash from a convertible debt financing to facilitate investment in future growth areas.
•
Successfully completed the dry battery electrode "proof of concept" technology program, achieving an energy density milestone of approximately 300 Wh/kg, as compared to an average of 250 Wh/kg for current batteries in the market.



The following information was filed by Maxwell Technologies Inc (MXWL) on Thursday, February 15, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Maxwell Technologies Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Comprehensive Loss (parenthetical)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (parenthetical)
Balance Sheet Details
Balance Sheet Details (details)
Balance Sheet Details (schedule Of Accounts Payable And Accrued Liabilities) (details)
Balance Sheet Details (schedule Of Accumulated Other Comprehensive Income) (details)
Balance Sheet Details (schedule Of Inventories) (details)
Balance Sheet Details (schedule Of Product Warranty Liability) (details)
Balance Sheet Details (tables)
Business Combination
Business Combination (details Textual)
Business Combination (schedule Of Fair Value Of Purchase Price Consideration) (details)
Business Combination (schedule Of Intangible Assets Acquired) (details)
Business Combination (schedule Of Pro Forma Information) (details)
Business Combination (schedule Of Purchase Price Allocation) (details)
Business Combination (tables)
Debt And Credit Facilities
Debt And Credit Facilities (details Textual)
Debt And Credit Facilities (schedule Of Carrying Value Of The Notes) (details)
Debt And Credit Facilities (schedule Of Convertible Debt Interest Expense) (details)
Debt And Credit Facilities (tables)
Description Of Business And Summary Of Significant Accounting Policies
Description Of Business And Summary Of Significant Accounting Policies (antidilutive Securities Excluded From Computation Of Earnings Per Share) (details)
Description Of Business And Summary Of Significant Accounting Policies (computation Of Basic And Diluted Net Income (loss) Per Share) (details)
Description Of Business And Summary Of Significant Accounting Policies (concentration Of Credit Risk) (details)
Description Of Business And Summary Of Significant Accounting Policies (long-lived Assets By Geographic Location) (details)
Description Of Business And Summary Of Significant Accounting Policies (policies)
Description Of Business And Summary Of Significant Accounting Policies (revenues By Product Line And Geographic Area) (details)
Description Of Business And Summary Of Significant Accounting Policies (tables)
Description Of Business And Summary Of Significant Accounting Policies (textual) (details)
Fair Value Measurement
Fair Value Measurement (details)
Foreign Currency Derivative Instruments
Foreign Currency Derivative Instruments (gains And Losses On Foreign Currency Derivative Contracts Partially Offset By Net Gains And Losses On Underlying Monetary Assets) (details)
Foreign Currency Derivative Instruments (gains And Losses On Foreign Currency Forward Contracts) (details)
Foreign Currency Derivative Instruments (tables)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (goodwill Rollforward) (details)
Goodwill And Intangible Assets (schedule Of Intangible Assets) (details)
Goodwill And Intangible Assets (tables)
Goodwill And Intangible Assets (textual) (details)
Income Taxes
Income Taxes (tables)
Income Taxes - Deferred Tax Assets And Liabilities (details)
Income Taxes - Income (loss) Before Income Taxes (details)
Income Taxes - Income Taxes Provision (benefit) (details)
Income Taxes - Reconciliation (details)
Income Taxes - Reconciliation Of Unrecognized Tax Benefit (details)
Income Taxes Income Taxes (textual) (details)
Leases
Leases (future Annual Minimum Rental Commitments) (details)
Leases (tables)
Legal Proceedings
Legal Proceedings Legal Proceedings (details)
Pension And Other Postretirement Benefit Plans
Pension And Other Postretirement Benefit Plans (amounts Recognized In Balance Sheet) (details)
Pension And Other Postretirement Benefit Plans (amounts That Will Be Amortized In Next Fiscal Year) (details)
Pension And Other Postretirement Benefit Plans (assumptions Used To Determine The Benefit Obligation And Net Periodic Benefit Cost) (details)
Pension And Other Postretirement Benefit Plans (changes In The Pension Benefit Obligation And Plan Assets) (details)
Pension And Other Postretirement Benefit Plans (contributory Employee Savings Plan) (details)
Pension And Other Postretirement Benefit Plans (expected Benefit Payments) (details)
Pension And Other Postretirement Benefit Plans (fair Values Of The Plans Assets) (details)
Pension And Other Postretirement Benefit Plans (net Periodic Pension Cost (income) And Other Amounts Recognized In Other Comprehensive Income (loss) Before Taxes) (details)
Pension And Other Postretirement Benefit Plans (plan Assets) (details)
Pension And Other Postretirement Benefit Plans (tables)
Pension And Other Postretirement Benefit Plans (textual) (details)
Restructuring And Exit Costs
Restructuring And Exit Costs (narrative) (details)
Restructuring And Exit Costs (schedule Of Restructuring And Exit Costs) (details)
Restructuring And Exit Costs (summary Of Restructuring Liability By Plan) (details)
Restructuring And Exit Costs (tables)
Sale Of Microelectronics Product Line
Sale Of Microelectronics Product Line (details)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (details)
Shelf Registration Statement
Shelf Registration Statement (textual) (details)
Stock Plans
Stock Plans (fair Value Of "look Back" Option For Espp Weighted-average Assumptions) (details)
Stock Plans (fair Value Of Awards Weighted-average Assumptions) (details)
Stock Plans (market-condition Psu Award Fair Value Assumptions) (details)
Stock Plans (reservation Of Shares For Issuance) (details)
Stock Plans (restricted Stock Award Activity) (details)
Stock Plans (restricted Stock Unit Awards Activity) (details)
Stock Plans (stock Option Activity) (details)
Stock Plans (stock-based Compensation Expense) (details)
Stock Plans (tables)
Stock Plans (textual) (details)
Unaudited Quarterly Financial Information
Unaudited Quarterly Financial Information (details)
Unaudited Quarterly Financial Information (tables)
Ticker: MXWL
CIK: 319815
Form Type: 10-K Annual Report
Accession Number: 0000319815-18-000006
Submitted to the SEC: Fri Feb 16 2018 5:14:43 PM EST
Accepted by the SEC: Fri Feb 16 2018
Period: Sunday, December 31, 2017
Industry: Miscellaneous Electrical Machinery Equipment And Supplies

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