MANHASSET, N.Y. Maxwell Technologies Inc. has asked the Securities and Exchange Commission for a 15-day extension of the March 16, 2005 deadline for filing its annual Form 10-K, to allow restatement of the company's consolidated financial statements for fiscal year 2002.
According to Maxwell (San Diego, Calif.), the restatement will reflect an accounting adjustment related to stock based compensation arising from the merger of subsidiaries into the parent company.
The restatement does not affect Maxwell's consolidated statements of operations for 2003 or 2004.
In addition, Maxwell announced it expects to post a net loss of $5.1 million for the fourth quarter of 2004 ended December 2004, reflecting an additional $0.7 million charge for the phase-out of a Swiss tax holiday that ends in 2005. The company originally projected a fourth-quarter 2004 net loss of $4.0 to $4.8 million on revenue of $8.5 million.