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POWER MANAGEMENT UPDATE

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30 Apr 13. Maxwell Technologies, Inc. (MXWL) 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. Invoiced shipments for the quarters ended December 31, 2012 and March 31, 2013, totaled $41.9m and $46.6m, respectively. Cash and cash equivalents totaled $28.7m and $34.1m as of December 31, 2012 and March 31, 2013, respectively. Days of shipments outstanding at the close of the December 2012 and March 2013 quarters were 85 and 67, respectively. Accounts payable and accrued liabilities at the close of the December 2012 and March 2013 quarters totaled $28.3m and $31.4m, respectively. Debt obligations outstanding as of March 31, 2013 totaled $9.1m, consisting of an equipment term loan of $3.7m at an interest rate of 2.5 percent at March 31, 2013, and debt of $5.4m 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 $26.1m in the fourth quarter of 2012, and increased by 27 percent, to $33.1m in the first quarter of 2013. Invoiced shipments of high voltage capacitor and microelectronics products totaled $15.8m in the fourth quarter of 2012, and decreased by 15 percent to $13.4m 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. (Source: Yahoo!/PRNewswire)

01 May 13. IQMS, a manufacturing ERP software and MES developer

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