February 16, 2016 - 4:05 PM EST
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Maxwell Reports Fourth Quarter And Full Year 2015 Results

~ Provides Business Outlook for First Quarter 2016 ~Fourth Quarter 2015 Highlights - 11% increase in sequential quarterly revenue driven by strong ultracapacitor sales - Better than expected non-GAAP operating expense in the quarter achieved through continued cost discipline and focus on operating efficiencies Full Year 2015 Highlights - Successfully navigated global restructuring to improve cost structure and accelerate path to profitability - Announced effort to consolidate U.S. manufacturing facilities, expect to complete in first quarter 2016 - Initiated process to divest non-strategic Microelectronics product line - Delivered innovation and technology advancements to diversify business into higher growth opportunities - Maintained solid balance sheet, ending year with $25 million in cash and no debt 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, Feb. 16, 2016 /PRNewswire/ -- Maxwell Technologies, Inc. (NASDAQ: MXWL) today reported operational and financial results for the three months and year ended December 31, 2015. Total revenues for the fourth quarter of 2015 were $49.8 million, compared with $45.1 million for the third quarter of 2015 and $52.9 million for the prior year quarter. Fourth quarter ultracapacitor revenue was $37.3 million, an increase of 17% from the third quarter of 2015 and a decrease of 9% from the prior year quarter. The Company reported $3.9 million of adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) for the fourth quarter of 2015, compared with $3.8 million for the third quarter of 2015 and $4.6 million for the prior year quarter. Net loss for the fourth quarter of 2015 was $2.2 million, compared with $1.4 million for the third quarter of 2015 and $2.1 million for the prior year quarter. Non-GAAP net income for the fourth quarter of 2015 was $588,000, compared with $234,000 for the third quarter of 2015 and $506,000 for the prior year quarter.

"During the fourth quarter of 2015, we continued to implement changes to reduce costs, accelerate innovation, and diversify our business, further positioning Maxwell for sustainable growth and value creation," said Dr. Franz Fink, Maxwell's president and chief executive officer. "Our fourth quarter results demonstrate that we are taking the right steps to unlock the value of our unique technologies. We achieved revenue at the top end of our guidance, driven by strong demand in the China hybrid bus market, and we made significant progress transitioning to higher growth opportunities, as well as penetrating into other key markets. We are building on strong momentum and are more confident than ever that Maxwell is poised to deliver significant value for our customers and shareholders in the years ahead."

Financial Results and Operating Metrics (1)

(Unaudited; in millions, except for per share amounts)




Three Months Ended


Year Ended



December
31, 2015


September
30, 2015


December
31, 2014


December
31, 2015


December
31, 2014

Total revenue


$

49,830



$

45,076



$

52,918



$

167,372



$

186,586


Ultracapacitor revenue


$

37,331



$

31,801



$

40,918



$

114,525



$

135,637


High-Voltage revenue


$

8,900



$

10,275



$

9,847



$

41,718



$

40,361


Microelectronics revenue


$

3,599



$

3,000



$

2,153



$

11,129



$

10,588


Non-GAAP gross margin


29.1%



32.3%



35.3%



31.1%



37.1%


Operating income (loss)


$

(1,523)



$

(651)



$

670



$

(17,005)



$

(899)


Non-GAAP operating income (loss)


$

1,232



$

1,032



$

1,704



$

(7,626)



$

3,068


Adjusted EBITDA


$

3,872



$

3,765



$

4,646



$

3,491



$

14,430


Net loss


$

(2,167)



$

(1,449)



$

(2,118)



$

(22,333)



$

(6,272)


Non-GAAP net income (loss)


$

588



$

234



$

506



$

(10,869)



$

(715)


Non-GAAP net income (loss) per share











Basic and diluted


$

0.02



$

0.01



$

0.02



$

(0.35)



$

(0.02)


Net cash provided by (used in) operating activities


$

850



$

7,406



$

(12,414)



$

9,380



$

(6,163)


Cash purchases of property and equipment


$

1,364



$

562



$

1,780



$

4,143



$

6,975


Cash, cash equivalents and restricted cash


$

24,782



$

25,213



$

24,732



$

24,782



$

24,732













(1) For a reconciliation of non-GAAP financial measures, please refer to the section entitled "Reconciliation of GAAP to Non-GAAP Financial Measures" included at the end of this release

 

Discussion of Financial and Operational Results for the Quarter

Revenue and Non-GAAP Gross Margin

  • Total revenue for the fourth quarter of 2015 was $49.8 million, compared with $45.1 million for the third quarter of 2015, primarily due to increases in ultracapacitor and microelectronics revenue.
    • Ultracapacitor revenue for the fourth quarter of 2015 was $37.3 million, compared with $31.8 million for the third quarter of 2015, primarily driven by increased demand in the China hybrid bus market.
    • High-voltage revenue was $8.9 million for the fourth quarter of 2015, compared with $10.3 million for the third quarter of 2015, primarily driven by reduced government spending in certain markets.
    • Microelectronic revenue for the fourth quarter of 2015 was $3.6 million, compared with $3.0 million for the third quarter of 2015.
  • Non-GAAP gross margin for the fourth quarter of 2015 was 29.1%, a decrease when compared with the third quarter of 2015, reflecting a product mix shift toward ultracapacitors sold into the China hybrid bus market, and certain one-time charges in the quarter.

Adjusted EBITDA & Operating Expense

  • Adjusted EBITDA for the fourth quarter of 2015 was $3.9 million, compared with $3.8 million for the third quarter of 2015. The quarter-over-quarter increase was primarily driven by reductions in operating expenses due to ongoing cost reduction efforts, partially offset by lower gross margins.
  • Operating expense for the fourth quarter of 2015 was $15.8 million, compared with $14.9 million for the third quarter of 2015, primarily driven by higher legal expenses associated with previously disclosed SEC and FCPA matters and shareholder proxy advisement fees. Additionally, the third quarter of 2015 had the benefit of a one-time China VAT refund of $474,000.
  • Non-GAAP operating expense for the fourth quarter of 2015 was $13.2 million compared with $13.5 million for the third quarter of 2015 and excludes stock-based compensation, legal expenses associated with SEC and FCPA matters, and other non-standard charges not reflective of the on-going costs to run the business.
  • Operating loss for the fourth quarter of 2015 was $1.5 million, compared with an operating loss of $651,000 for the third quarter of 2015. The quarter-over-quarter increase was primarily driven by higher costs associated with SEC and FCPA matters and shareholder proxy advisement fees. Additionally, the third quarter of 2015 had the benefit of a one-time China VAT refund of $474,000.
  • Non-GAAP operating income for the fourth quarter of 2015 was $1.2 million compared with $1.0 million for the third quarter of 2015.
  • Net loss for the fourth quarter of 2015 was $2.2 million, or $(0.07) per share, compared with a net loss of $1.4 million, or $(0.05) per share, for the third quarter of 2015.
  • Non-GAAP net income for the fourth quarter of 2015 was $588,000 compared with $234,000 for the third quarter of 2015.

Capital Expenditures

  • Capital expenditures during the fourth quarter of 2015 were $1.4 million, compared with $562,000 for the third quarter of 2015.

Business Outlook

  • Total revenue for the first quarter of 2016 is expected to be in the range of $34 million to $36 million.
  • Non-GAAP gross margin for the first quarter of 2016 is expected to be in the range of 30% to 32%.
  • Non-GAAP operating expense for the first quarter of 2016 is expected to be approximately $13.5 million.

Other Business & Operational Highlights

  • Maxwell ultracapacitors selected as a standard component of the energy-storage system used to power light-rail cars in new tramways and catenary-free light-rail lines by CAF Power & Automation.

Webcast Information
As previously announced, Maxwell management will host a live webcast at approximately 5:00 p.m. EST / 2:00 p.m. PST today to discuss these results. Other forward-looking and material information may also be discussed during this call.

The call may be accessed by dialing toll-free, (800) 862-9098 from the U.S. and Canada, or (785) 424-1051 for international callers, and entering the conference ID, MAXWELL.

More information about this event including a live webcast and other supporting materials may be accessed by visiting http://investors.maxwell.com.

A replay of the conference call will be available for a limited time by visiting http://investors.maxwell.com.

About Maxwell
Maxwell is a global leader in the development and manufacture 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, transportation, renewable energy and information technology. Our CONDIS® high-voltage grading and coupling capacitors 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-hardened microelectronic products for satellites and spacecraft include single board computers and components incorporating our proprietary RADPAK® packaging and shielding technology that enables them to perform reliably in space. For more information, visit www.maxwell.com.

Notes Regarding Non-GAAP Financial Measures
The Company uses non-GAAP financial measures for internal evaluation and to report the results of its business. Information presented in this press release and in the attached financial tables includes financial information prepared in accordance with generally accepted accounting principles in the U.S., or GAAP, as well as non-GAAP financial measures. Generally, a non-GAAP financial measure, within the meaning of Item 10 of Regulation S-K promulgated by the Securities and Exchange Commission (SEC), is a numerical measure of a company's financial performance or cash flows that (a) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, which are included in the most directly comparable measure calculated and presented in accordance with GAAP in the condensed consolidated balance sheets, condensed consolidated statements of comprehensive income or condensed consolidated statements of cash flows; or (b) includes amounts, or is subject to adjustments that have the effect of including amounts, which are excluded from the most directly comparable measure so calculated and presented. The Company believes that these measures provide useful information to its management, board of directors and investors about its operating activities and business trends related to its financial condition and results of operations. The Company believes that it is useful to provide investors with information to understand how specific line items in the statement of operations are affected by certain non-cash or non-recurring items, such as stock-based compensation expense, significant non-standard tax charges, significant non-standard legal expenses, and restructuring-related costs.

In addition, the Company's management and board of directors use these non-GAAP financial measures in developing operating budgets and in reviewing the Company's results of operations, as non-cash and non-recurring items have limited impact on current and future operating decisions. Additionally, the Company believes that inclusion of non-GAAP financial measures provide consistency and comparability with its past reports of financial results. Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. These measures are intended to supplement GAAP financial information, and may be computed differently from non-GAAP financial measures used by other companies. However, investors should be aware that non-GAAP measures have inherent limitations and should be read in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP.

Reconciliations of non-GAAP financial measures used in this release to the most directly comparable GAAP financial measures can be found in the section entitled "Reconciliation of GAAP to Non-GAAP Financial Measures" included toward the end of this release.

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 and are subject to the Safe Harbor provisions created by the Private Securities Litigation Reform Act of 1995. Such risks, uncertainties and contingencies include, but are not limited to, the following:

  • Our 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;
  • Dependence 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 future;
  • Dependence upon the sale of products into Asia and Europe, where macroeconomic factors outside our control may adversely affect our sales;
  • Downward pressures on product pricing from increased competition and potential shift in sales mix with respect to low margin and high margin business;
  • Risks 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;
  • Risk that activist stockholders attempt to effect changes to our company which could adversely affect our corporate governance;
  • Risk that our restructuring efforts may not be successful and that we may not be able to realize the anticipated cost savings and other benefits;
  • Successful acquisition, development and retention of key personnel;
  • Our ability to effectively manage our reliance upon certain suppliers of key component parts, specialty equipment and logistical services;
  • Our ability to match production volume to actual customer demand;
  • Our ability to manage product quality problems;
  • Our ability to protect our intellectual property rights and to defend claims against us;
  • Our ability to effectively identify, enter into, manage and benefit from strategic alliances;
  • Occurrence of a catastrophic event at any of our facilities;
  • Occurrence of a technology systems failure, network disruption, or breach in data security;
  • Our ability to obtain sufficient capital to meet our operating or other needs; and,
  • Our ability to manage and minimize the impact of unfavorable legal proceedings.

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: investors.maxwell.com. All information in this release is as of February 16, 2016. 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:
Amy Wakeham
858-503-3359
[email protected]

MAXWELL TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(Unaudited)




Three Months Ended


Twelve Months Ended



December
31, 2015


September
30, 2015


December
31, 2014


December
31, 2015


December
31, 2014

Revenue


$

49,830



$

45,076



$

52,918



$

167,372



$

186,586


Cost of revenue


35,580



30,820



34,415



116,410



118,143


Gross profit


14,250



14,256



18,503



50,962



68,443


Operating expenses:











Selling, general and administrative


10,589



9,070



10,830



40,758



43,022


Research and development


5,068



5,781



7,003



24,697



26,320


Restructuring and exit costs


116



56





2,512




Total operating expenses


15,773



14,907



17,833



67,967



69,342


Income (loss) from operations


(1,523)



(651)



670



(17,005)



(899)


Interest expense, net


77



25



53



266



169


Amortization of prepaid debt costs


6



5



5



18



20


Foreign currency losses (gains)


125



(97)



324



441



838


Income (loss) before income taxes


(1,731)



(584)



288



(17,730)



(1,926)


Income tax provision


436



865



2,406



4,603



4,346


Net loss


$

(2,167)



$

(1,449)



$

(2,118)



$

(22,333)



$

(6,272)


Net loss per common share:











Basic and diluted


$

(0.07)



$

(0.05)



$

(0.07)



$

(0.73)



$

(0.21)


Weighted average common shares outstanding:











Basic and diluted


31,534



31,529



29,301



30,716



29,216


 

MAXWELL TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

(Unaudited)




December 31,
2015


December 31,
2014

ASSETS





Current assets:





Cash and cash equivalents


$

24,382



$

24,732


Restricted cash


400




Trade and other accounts receivable, net


43,172



43,698


Inventories, net


39,055



44,856


Prepaid expenses and other current assets


2,593



2,426


  Total current assets


109,602



115,712


Property and equipment, net


32,324



39,223


Goodwill


23,635



23,599


Pension asset


5,849



7,362


Other non-current assets


603



704


  Total assets


$

172,013



$

186,600







LIABILITIES AND STOCKHOLDERS' EQUITY





Current liabilities:





Accounts payable and accrued liabilities


$

33,985



$

27,011


Accrued employee compensation


6,672



9,348


Deferred revenue and customer deposits


3,066



703


Short-term borrowings and current portion of long-term debt


42



15,549


Deferred tax liability




1,111


  Total current liabilities


43,765



53,722


Deferred tax liability, long-term


6,076



3,304


Long-term debt, excluding current portion


49



20


Other long-term liabilities


2,947



2,601


  Total liabilities


52,837



59,647


Stockholders' equity:





Common stock, $0.10 par value per share, 40,000 shares authorized; 31,782 and 29,846 shares issued and outstanding at December 31, 2015 and 2014, respectively


3,176



2,982


Additional paid-in capital


291,505



277,314


Accumulated deficit


(180,399)



(158,066)


Accumulated other comprehensive income


4,894



4,723


  Total stockholders' equity


119,176



126,953


  Total liabilities and stockholders' equity


$

172,013



$

186,600


 

MAXWELL TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, except per share data)

(Unaudited)




Years Ended December 31,



2015


2014

Operating activities:





Net loss


$

(22,333)



$

(6,272)


Adjustments to reconcile net loss to net cash from operating activities:





Depreciation


11,385



11,159


Amortization of intangible assets


166



203


Amortization of prepaid debt costs


18



20


Loss on lease due to restructuring


1,043




Pension cost


412



319


Stock-based compensation expense


3,946



3,967


Unrealized loss (gain) on foreign currency exchange rates


1,631



(2,126)


Release of tax valuation allowance


(170)




Provision for losses on accounts receivable


281



20


Provision for losses on inventory


541



910


Provision for warranties


1,327



717


Changes in operating assets and liabilities:





Trade and other accounts receivable


315



(15,100)


Inventories


5,251



(1,520)


Prepaid expenses and other assets


(53)



(99)


Pension asset


(650)



(724)


Deferred tax liability


2,017



2,250


Accounts payable and accrued liabilities


5,031



144


Deferred revenue and customer deposits


2,362



46


Accrued employee compensation


(2,670)



651


Other long-term liabilities


(470)



(728)


Net cash provided by (used in) operating activities


9,380



(6,163)


Investing activities:





Purchases of property and equipment


(4,143)



(6,975)


Net cash used in investing activities


(4,143)



(6,975)


Financing activities:





Principal payments on long-term debt and short-term borrowings


(18,845)



(7,164)


Proceeds from long-term and short-term borrowings


3,040



15,279


Proceeds from issuance of common stock under equity compensation plans


875



1,448


Proceeds from sale of common stock, net of offering costs


9,564




Restricted cash - compensating balance


(400)




Net cash provided by (used in) financing activities


(5,766)



9,563


Decrease in cash and cash equivalents from operations


(529)



(3,575)


Effect of exchange rate changes on cash and cash equivalents


179



(2,340)


Decrease in cash and cash equivalents


(350)



(5,915)


Cash and cash equivalents at beginning of year


24,732



30,647


Cash and cash equivalents at end of year


$

24,382



$

24,732


 

MAXWELL TECHNOLOGIES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(in thousands, except per share data)

(Unaudited)




Three Months Ended


Twelve Months Ended



December
31, 2015


September
30, 2015


December
31, 2014


December
31, 2015


December
31, 2014

Gross Profit Reconciliation:











GAAP gross profit


$

14,250



$

14,256



$

18,503



$

50,962



$

68,443


Stock-based compensation expense

A

105



186



153



644



740


Accelerated depreciation

D

125



125





434




Non-GAAP gross profit


$

14,480



$

14,567



$

18,656



$

52,040



$

69,183













Total Operating Expenses Reconciliation:











GAAP total operating expenses


$

15,773



$

14,907



$

17,833



$

67,967



$

69,342


Stock-based compensation expense

A

(935)



(869)



(881)



(3,302)



(3,227)


Restructuring and exit costs

C

(116)



(56)





(2,512)




CFO transition

E







(284)




VAT refund

F



474





474




Shareholder proxy advisement fees

G

(250)







(250)




Legal costs for SEC and FCPA matters

H

(1,224)



(921)





(2,427)




Non-GAAP total operating expenses


$

13,248



$

13,535



$

16,952



$

59,666



$

66,115













Income (Loss) From Operations Reconciliation:











GAAP income (loss) from operations


$

(1,523)



$

(651)



$

670



$

(17,005)



$

(899)


Stock-based compensation expense

A

1,040



1,055



1,034



3,946



3,967


Restructuring and exit costs

C

116



56





2,512




Accelerated depreciation

D

125



125





434




CFO transition

E







284




VAT refund

F



(474)





(474)




Shareholder proxy advisement fees

G

250







250




Legal costs for SEC and FCPA matters

H

1,224



921





2,427




Non-GAAP income (loss) from operations


$

1,232



$

1,032



$

1,704



$

(7,626)



$

3,068













Adjusted EBITDA Reconciliation:











GAAP net loss


$

(2,167)



$

(1,449)



$

(2,118)



$

(22,333)



$

(6,272)


Add back:











Interest expense, net


77



25



53



266



169


Amortization of prepaid debt costs


6



5



5



18



20


Income tax provision


436



865



2,406



4,603



4,346


Depreciation


2,752



2,807



2,892



11,385



11,159


Amortization of intangible assets


13



51



50



166



203


EBITDA


1,117



2,304



3,288



(5,895)



9,625


Foreign currency exchange gains and losses, net


125



(97)



324



441



838


Stock-based compensation expense

A

1,040



1,055



1,034



3,946



3,967


Restructuring and exit costs

C

116



56





2,512




CFO transition

E







284




VAT refund

F



(474)





(474)




Shareholder proxy advisement fees

G

250







250




Legal costs for SEC and FCPA matters

H

1,224



921





2,427




Adjusted EBITDA


$

3,872



$

3,765



$

4,646



$

3,491



$

14,430







Net Income (Loss) Reconciliation:











GAAP net loss


$

(2,167)



$

(1,449)



$

(2,118)



$

(22,333)



$

(6,272)


Stock-based compensation expense

A

1,040



1,055



1,034



3,946



3,967


Tax impact of potential cash repatriation

B





1,590



2,085



1,590


Restructuring and exit costs

C

116



56





2,512




Accelerated depreciation

D

125



125





434




CFO transition

E







284




VAT refund

F



(474)





(474)




Shareholder proxy advisement fees

G

250







250




Legal costs for SEC and FCPA matters

H

1,224



921





2,427




Non-GAAP net income (loss)


$

588



$

234



$

506



$

(10,869)



$

(715)













Net Income (Loss) per Share Reconciliation:











GAAP net loss per basic share


$

(0.07)



$

(0.05)



$

(0.07)



$

(0.73)



$

(0.21)


Stock-based compensation expense

A

0.04



0.03



0.04



0.13



0.14


Tax impact of potential cash repatriation

B





0.05



0.07



0.05


Restructuring and exit costs

C

*



*





0.08




Accelerated depreciation

D

*



0.01





0.01




CFO transition

E







0.01




VAT refund

F



(0.01)





(0.01)




Shareholder proxy advisement fees

G

0.01







0.01




Legal costs for SEC and FCPA matters

H

0.04



0.03





0.08




Non-GAAP net income (loss) per diluted share


$

0.02



$

0.01



$

0.02



$

(0.35)



$

(0.02)













Weighted average common shares outstanding:











Basic


31,534


31,529


29,301


30,716


29,216

Diluted


31,680


31,561


29,515


30,716


29,216



*

Net income (loss) effect of this reconciling item was less than $0.01 per share.

 

See notes following


MAXWELL TECHNOLOGIES, INC.


(A)

Stock-based compensation expense consists of non-cash charges for employee stock options, restricted stock awards, restricted stock units and employee stock purchase plan awards. Results include stock-based compensation expense as follows (in thousands):
















Three Months Ended


Twelve Months Ended




December
31, 2015


September
30, 2015


December
31, 2014


December
31, 2015


December
31, 2014


Cost of revenue


$

105



$

186



$

153



$

644



$

740



Selling, general and administrative


770



708



658



2,502



2,362



Research and development


165



161



223



800



865



Total stock-based compensation expense


$

1,040



$

1,055



$

1,034



$

3,946



$

3,967
















(B)

During the three months ended December 31, 2014 and the years ended December 31, 2015 and 2014, the Company recorded tax charges of $1.6 million, $2.1 million and $1.6 million, respectively, associated with a portion of the unremitted earnings of a foreign subsidiary that may be repatriated to the U.S.

(C)

During the three months ended December 31, 2015 and September 30, 2015 and the year ended December 31, 2015, the Company recorded restructuring charges of $116,000, $56,000 and $2.5 million, respectively.

(D)

During the three months ended December 31, 2015 and September 30, 2015 and the year ended December 31, 2015, the Company recorded accelerated depreciation charges of $125,000, $125,000 and $434,000, respectively, related to the adjustment of the remaining useful life for certain manufacturing equipment.

(E) 

During the year ended December 31, 2015, the Company recorded one-time severance charges of $284,000 related to the departure of its former CFO.

(F)  

During the three months ended September 30, 2015 and the year ended December 31, 2015, the Company received a refund of $474,000 in previously paid value-added-tax (VAT) related to its operations in China.

(G)  

Shareholder proxy advisement fees represent external advisor expenses incurred in connection with preparing for the Company's 2016 shareholder proxy and annual meeting.

(H)  

Legal costs for the FCPA and SEC matters represent external legal expenses related to the U.S. Securities and Exchange Commission's investigation of the facts and circumstances surrounding the restatement of the Company's financial statements for the fiscal years 2011 and 2012, as well as for ongoing legal matters related to previous Foreign Corrupt Practices Act (FCPA) violations.

 

Enabling Energy's Future. (PRNewsFoto/Maxwell Technologies, Inc.)

Logo - http://photos.prnewswire.com/prnh/20121018/LA91771LOGO

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/maxwell-reports-fourth-quarter-and-full-year-2015-results-300220821.html

SOURCE Maxwell Technologies, Inc.


Source: PR Newswire (February 16, 2016 - 4:05 PM EST)

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