Maxwell Technologies, Inc. (MXWL) saw its loss widen to $12.17 million, or $0.38 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $2.17 million, or $0.07 a share. On an adjusted basis, net loss for the quarter stood at $7.45 million, or $0.23 a share compared with a net profit of $0.59 million, or $0.02 a share in the last year period. Revenue during the quarter plunged 47.02 percent to $26.40 million from $49.83 million in the previous year period. Gross margin for the quarter contracted 698 basis points over the previous year period to 21.62 percent. Operating margin for the quarter stood at negative 37.48 percent as compared to a negative 3.06 percent for the previous year period.
Operating loss for the quarter was $9.90 million, compared with an operating loss of $1.52 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $6.38 million compared to operating profit of $1.23 million in prior year period.
"Q4 revenue came in at the high end of guidance with gross margins at lower than historical levels due to low utilization of our factory and one time charges. To counteract near-term challenges, we have implemented new, conservative planning and business models which discount China bus revenue and we have been working diligently on three key measures addressing business diversification, scale, and cost structure," said Dr. Franz Fink, Maxwell's president and chief executive officer.
For the first-quarter 2017, Maxwell Technologies, Inc. projects revenue to be in the range of $25 million to $27 million. The company forecasts net loss to be $10.80 million. The company projects adjusted net loss to be $7.60 million. The company projects adjusted basic loss per share to be $0.24. The company projects diluted loss per share to be $0.34.
Working capital declines
Maxwell Technologies, Inc. has witnessed a decline in the working capital over the last year. It stood at $53.11 million as at Dec. 31, 2016, down 19.32 percent or $12.72 million from $65.84 million on Dec. 31, 2015. Current ratio was at 2.81 as on Dec. 31, 2016, up from 2.50 on Dec. 31, 2015. Debt comes down
Maxwell Technologies, Inc. has recorded a decline in total debt over the last one year. It stood at $0.08 million as on Dec. 31, 2016, down 8.79 percent or $0.01 million from $0.09 million on Dec. 31, 2015. Total debt was 0.06 percent of total assets as on Dec. 31, 2016, compared with 0.05 percent on Dec. 31, 2015.
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