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Maxwell Reports Q4, 2006 Results

Maxwell Technologies, Inc. (Nasdaq: MXWL) reports net income of $633,000, or $0.03 per share, on revenue of $15.1 million for its fourth quarter ended December 31, 2006, compared with a net loss of $1.1 million, or $0.06 per share, on revenue of $12.6 million for the same period in 2005. BOOSTCAP® ultracapacitor revenue for the quarter totaled $5.4 million, compared with $3.2 million for the same period in 2005, an increase of 53%, year-over-year, from $12.1 million in fiscal year 2005, to $18.5 million in FY2006. “Heavy transportation, wind energy and telecommunications applications were mainly responsible for ultracapacitor revenue growth in 2006,” said Dr. Richard Balanson, Maxwell CEO. Although it appears that ultracapacitor revenue will be lower in Q1 than it was in Q4 as a result of a major customer’s internal production delays unrelated to ultracapacitors, we expect sales into those key applications to be major drivers in accelerating demand exiting Q1 and for the remainder of 2007. While overall growth prospects for the full year remain bright, we expect company revenue for the first quarter ending March 31 to be lower than it was in the fourth quarter, due to the combined effect of the aforementioned delayed ultracapacitor […]

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AMSC to Acquire Power Quality Systems

American Superconductor Corporation (NASDAQ: AMSC), has signed a merger agreement to acquire Power Quality Systems, Inc. (PQS) in an all-stock transaction valued at approximately $3.8 million, or approximately 1.3 times PQS sales for calendar year 2006. Based in Pennsylvania, PQS offers reactive compensation products known as Static VAR Compensators, or “SVCs,” based on its proprietary thyristor switch technology. These products enhance the reliability of power transmission and distribution grids and greatly improve the quality of power for manufacturing operations. The acquisition is expected to close in April 2007. Thyristor switches are the heart of many power electronic-based reactive compensation products, including SVC systems. These systems are used to regulate and stabilize power grid voltage, which increases grid reliability and allows more power to be transmitted over existing power transmission lines. Utilizing PQS’s proprietary thyristor switch, AMSC expects to offer SVC systems that not only have a lower initial cost, but also lower energy and maintenance costs and a smaller footprint when compared with conventional products. “The proprietary technology PQS has developed and marketed over the past 10 years will significantly enhance AMSC’s reactive compensation product offerings,” said Greg Yurek, founder and chief executive officer of AMSC. “PQS sales to date […]

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NREL Scientists Win $1M Energy Prize

Two scientists at the U.S. Department of Energy’s National Renewable Energy Laboratory have been named Dan David Prize Laureates for 2007. Jerry Olson and Sarah Kurtz will receive their award in a March 8 ceremony in Paris. The NREL scientists will share the $1 million prize in the Future Time Dimension: Quest for Energy with NASA climate scientist James Hansen. Olson and Kurtz were selected for their “exceptional and profound contributions to the field of photovoltaic energy,” the prize committee said. Solar cells based on the scientists’ work “have the potential to alleviate the world’s impending energy crisis,” the committee wrote. “We are extremely proud of Sarah Kurtz and Jerry Olson for receiving this prestigious, international recognition from the Dan David Foundation. Their work in advancing the development of solar technology exemplifies the progress of the National Renewable Energy Laboratory in addressing the enormous global energy challenges ahead,” said James L. Spigarelli, President and CEO of Midwest Research Institute, the organization that manages NREL for the U.S. Department of Energy. “I also applaud the Dan David Prize for recognizing the achievements being made in energy technology at a time when energy concerns are paramount throughout the world.” The scientists pioneered […]

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Los Angeles to Fast Track Green Buildings, Construction Projects

The Los Angeles Department of Water and Power (LADWP) Board of Commissioners have adopted a policy to only build “green” – new LADWP construction projects will meet a minimum of a LEED Silver Standard, as certified by the U.S. Green Building Council They also approved a policy which will expedite water and electrical connections for buildings that meet LEED standards. Said LADWP Commission President David Nahai, “The LADWP wants to tangibly demonstrate that it means business. Not only will the LADWP give priority to buildings and construction that will be “green,” but we also will ensure that department resources are mobilized to support these projects.” The LADWP will work in concert with the Los Angeles Department of Building and Safety to shepherd a project through the necessary steps to completion. Builders and developers can take advantage of the LADWP Green Building Incentive that offers up to $250,000 in financial incentives to assist a building in becoming more green and meeting LEED standards. The LADWP also has additional energy efficiency programs, such as the Commercial Lighting Program and the Solar Incentive and Green Power Programs that can assist a project in earning points towards LEED certification. The LADWP will also work […]

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Fuel Tech 4Q Profit Falls

Fuel Tech Inc. (Nasdaq: FTEK), which makes air pollution control equipment, said that even though sales increased 11%, profits for the fourth quarter dropped by 44% because expenses outpaced revenue growth. Net income fell to $1.5 million (6 cents per share) from $2.6 million (11 cents per share) for the prior year quarter. FTEK spent $900,000 for tax expenses, compared to a $200,000 benefit a year ago. Revenues from its emissions control segment were roughly flat for the quarter, but its fuel treatment chemical technology business – which sells products to coal-fired utilities – saw revenue climb 26%. Costs rose 15% for increased staff, expenses associated with business growth and stock compensation costs. Fuel Tech forecast 2007 sales growth of 20-27%. It estimates sales will be in the range of $90- $95 million this year. In 2006, the company posted sales of $75.1 million versus $52.9 million. Full-year earnings in 2006 totaled $6.8 million, or 28 cents per share, down from $7.6 million, or 33 cents per share, in 2005.

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