San Diego Business Journal

Maxwell Technologies Files Amendment to Annual Report for 2012

Tuesday, October 15, 2013

Maxwell Technologies, the San Diego manufacturer of energy storage devices, filed an amendment to its annual report for 2012 to respond to a comment from the Securities and Exchange Commission, making clear that the 2011 results contain restated numbers.

The document provides the audited and restated financial results for 2012 and 2011 which were already filed with the SEC in August. The restatements were done following a company initiated investigation into accounting irregularities the company first made public in January.

Following its internal probe into mistakes made on the booking of certain revenues for all of 2011 and three quarters of 2012, the company terminated several employees and replaced its auditor.

The latest filing contains the same financial statements released earlier. No other item or disclosure appearing in the 2012 annual report was affected by the latest filing, the company said.

For 2012, Maxwell reported $7.2 million in net income on revenue of $159 million. That compared to a net loss of $1.4 million on revenue of $147 million in 2011.

— Mike Allen