SAN DIEGO, CA -- May 31, 1996 -- Maxwell Laboratories
Inc. (NMS:MXWL) Friday announced fiscal 1996 third quarter and nine
month results for the period ended April 30.
For the quarter, sales rose 16 percent to $20,331,000 from
$17,468,000 in the same period a year earlier. The company reported
an operating profit of $104,000 before the previously announced $4.9
million of third quarter charges which are primarily for restructure-
related activities.
After the $4.9 million of charges, the net loss is $4,823,000,
or $1.76 per share. This compares to a net loss of $464,000, or
$0.17 a share, for the same period last year.
For the nine months, sales rose 11 percent to $58,843,000 from
$53,016,000 last year. After combined second and third quarter
restructure, asset write-offs and other charges totaling
approximately $14.4 million, the company's net loss is $15,329,000,
or $5.64 per share, compared to a profit of $96,000, or $0.04 a
share in last year's first nine months.
"The positive operating results for the quarter are an important
step," said Ken Potashner, Maxwell's recently hired president and
CEO. "Changes are underway at Maxwell that will enable us to
improve our cost structure and focus our technologies for the
marketplace, and the quarterly results reflect specific progress in
certain of these areas.
"Improved product quality and cost reduction strategies resulted
in the Balboa division contributing to the bottom line. Likewise,
the restructuring of our Sierra division has resulted in profitable
operations in the military and space segment of their business as
they continue to enjoy strong growth in the medical filter/capacitor
area. In addition, we have reorganized our business units to have a
sharper customer focus."
Maxwell Laboratories develops, manufactures and markets products
and services for purification technologies, information
technologies, and power conversion systems and components. The
company's advanced technology solutions are used in the food
processing and packaging, health care, OEM PC manufacturing, mining,
transportation, and information technology markets, as well as for
federal and local government applications.
MAXWELL LABORATORIES INC.
Summary of Results
Consolidated Statement of Income
Quarter Ended
April 30,
1996 1995
----------- -----------
Sales $20,331,000 $17,468,000
Net Loss (4,823,000) (464,000)
Average Shares
Outstanding 2,737,000 2,675,000
Loss Per Share (1.76) (0.17)
Nine Months Ended
April 30,
1996 1995
----------- ----------
Sales $58,843,000 $53,016,000
Net Income (Loss) (15,329,000) 96,000
Average Shares
Outstanding 2,717,000 2,678,000
Primary Earnings
(Loss) Per Share (5.64) 0.04
CONTACT: Maxwell Laboratories Inc., San Diego -
Gary Davidson, 619/576-7557 -
http://www.maxwell.com/" target=_new>http://www.maxwell.com/">http://www.maxwell.com/