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Maxwell Technologies, Inc. Message Board

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  • sempar_grumpy sempar_grumpy Apr 27, 2012 4:35 PM Flag

    Maxwell Technologies Financial Condition

    As of March 31, 2012, we had approximately $30.6 million in cash and cash equivalents, and working capital of $58.7 million. In addition, we entered into a credit facility which provides for aggregate borrowings up to $27.5 million, with $15.0 million available to fund operations and $12.5 million available to finance qualifying capital assets put into service between April 1, 2011 and April 30, 2012. During the quarter ended March 31, 2012, we drew $5.0 million from this credit facility to fund recent capital expenditure activity. The remaining balance of the facility is available to us, however, we do not expect to benefit from the full availability of the portion of the credit facility available to fund capital expenditures, as we do not anticipate putting an amount of capital assets into service by April 30, 2012 sufficient to utilize the remaining available balance. In addition, we are subject to certain financial covenants and other requirements under the credit agreement, and if we fail to meet these requirements, the credit facility may not be available to us.

 
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