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Maxwell Technologies Inc. has a market cap of $568.3 million; its shares were traded at around $21.04 with a P/E ratio of 404 and P/S ratio of 4.7.
Highlight of Business Operations:In 2011, revenues were $157.3 million, representing an increase of 29% compared with 2010. This revenue growth is primarily attributable to increased ultracapacitor product sales, which grew in 2011 by 42% compared with 2010. Further, overall gross profit in 2011 was 39%, compared with 38% in 2010. The increase in gross margin was driven mainly by significantly improved profitability for our ultracapacitor products related to increased sales volume and reduced manufacturing costs. As of December 31, 2011, we had cash and cash equivalents of $29.3 million, which we believe will be sufficient to fund operations for at least the next twelve months. However, in the future, we may decide to supplement planned cash flow provided from operations by issuing debt or equity.
Net cash used in operating activities was $5.1 million in 2011. This usage of cash related primarily to increased inventory levels of $8.1 million and an increase in accounts receivable balances of $9.1 million. The increase in accounts receivable is due to revenue growth as well as significant sales in the last month of 2011. The increase in inventories relates to anticipated sales growth, as well as a change in our inventory management strategy to ensure that we are able to meet our customers’ delivery requirements. In addition, we made settlement payments totaling $6.7 million to the SEC and DOJ during the first quarter of 2011. Excluding this cash outflow, there was a $9.6 million increase in accounts payable and accrued liabilities and other long-term liabilities primarily correlating to the increase in inventory, which positively impacted cash flows. In addition, included in 2011 net income of $849,000 are net non-cash charges of $9.2 million which negatively impact the statement of operations but do not impact cash. Net cash provided by operating activities was $8.7 million in 2010 and net cash used in operating activities was $1.0 million in 2009. Although we achieved positive net income in 2011 of $849,000 compared with a net loss of $6.1 million in 2010, which contributed to an improvement in our operating cash flows, this improvement in cash flows was offset by settlement payments in 2011 to the SEC and DOJ of $6.7 million, as well as a significant consumption of cash related to increased accounts receivable and inventory balances, as compared with 2010.
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