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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 8-K

Current Report
Pursuant to Section 13 or 15 (d) of
The Securities Exchange Act of 1934

October 14, 2002   September 29, 2002
Date of Report   (Date of earliest event reported)

Maxwell Technologies, Inc.
(Exact name of registrant as specified in its charter)

Delaware
(State or Other Jurisdiction
of Incorporation)		   0-10964
(Commission
File Number)		   95-2390133
(I.R.S. Employer
Identification No.)


9244 Balboa Avenue, San Diego, California 92123
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code    (858) 279-5100

Not applicable
(Former name or former address, if changed since last report.)

        This Report on Form 8-K hereby incorporates by reference Form 8-K/A filed September 18, 2002 and Form 8-K filed July 19, 2002 by Maxwell Technologies, Inc., a Delaware Corporation ("Maxwell"), relating to the acquisition of Montena Components Ltd. ("Montena").


Item 2. Disposition of Assets.

        On September 29, 2002, the Company's I-Bus/Phoenix, Inc. subsidiary ("IBP") sold substantially all of the assets, liabilities and business operations of its applied computing business, located principally in San Diego, California and Tangmere, United Kingdom, to I-Bus Corporation, a new company, whose principal shareholders are former IBP senior managers. The IBP computing business designs, manufactures and sells applied computing systems mainly to original equipment manufacturers serving the telecommunications, broadcasting and industrial automation markets. The IBP computing business was sold for (i) an 8% Senior Subordinated Note in the aggregate principal amount of $7 million of which $1 million is payable (plus 50% of all accrued interest) on March 30, 2004 and $3 million is payable (plus 100% of all accrued interest) on each of March 30, 2005 and March 30, 2006; (ii) a warrant to purchase up to 19.9% of the common stock of the new I-Bus Corporation exercisable any time after June 30, 2004 at the fair market value per share at the time of exercise; and (iii) a possible additional contingent purchase price payment of $1 million if the new I-Bus Corporation sells the computing business prior to the cash repayment of the 8% Senior Subordinated Note referred to above. IBP also agreed to reimburse I-Bus Corporation for certain shutdown and restructuring costs and to provide up to $300,000 of a back up working capital credit facility until September 2003.

        The Company will not assign any value to the Subordinated Debt as its collectability is uncertain. The warrant will expire on the earlier of the date that I-Bus Corporation completes an initial public offering or the date on which a sale of I-Bus Corporation is completed. The book value of the net assets transferred to I-Bus Corporation included in these Pro Forma Financial Statements was $5.3 million as of June 30, 2002 and the actual amounts as of September 29, 2002 are not expected to be significantly different. The Company also wrote off $5.3 million of goodwill associated with the computing business, assumed approximately $0.8 million of I-Bus Corporation's shutdown costs and will record an impairment charge of $1.4 million related to certain Maxwell assets that supported the applied computing business.

        On September 30, 2002, the Company's Maxwell Electronic Components Group Inc. subsidiary ("ECG") sold substantially all of the assets, liabilities and business operations of its TeknaSeal glass-to-metal seals division in Minneapolis, Minnesota, to a group of private investors. TeknaSeal designs, manufactures and sells hermetic glass-to-metal seals for vacuum components, battery headers, implantable medical devices and other specialty applications. The aggregate purchase price was $5.5 million in cash, of which $1 million is held in an escrow account. Each calendar quarter following the sale, the escrow agent will release from escrow an amount equal to 40% of the sales during that quarter to certain key customers. If no sales to those customers occur during any calendar quarter during the term of the escrow, all sums then held in escrow shall be paid to the buyers and the escrow shall be terminated. The escrow shall otherwise terminate when all amounts held thereunder have been paid to Maxwell. Approximately $384,000 of the $5.5 million is payable to certain TeknaSeal employees under a TeknaSeal incentive program. The net cash proceeds of the TeknaSeal sale have been invested in short-term cash equivalents and will be used to finance the Company's ongoing liquidity requirements.


Item 7. Financial Statements and Exhibits.

        Unaudited Pro Forma Condensed Combined Balance Sheet of Maxwell Technologies, Inc. and Subsidiaries as of June 30, 2002.

        Unaudited Pro Forma Condensed Combined Statement of Operations of Maxwell Technologies, Inc. and Subsidiaries for the year ended December 31, 2001.

        Unaudited Pro Forma Condensed Combined Statement of Operations of Maxwell Technologies, Inc. and Subsidiaries for the six months ended June 30, 2002.

2


MAXWELL TECHNOLOGIES, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA COMBINED CONDENSED FINANCIAL STATEMENTS

        The following unaudited pro forma combined condensed financial information gives effect to:

        The unaudited pro forma combined condensed balance sheet is based on the historical balance sheets of Maxwell and Montena as of June 30, 2002 and has been prepared to reflect the acquisition of Montena, the sale of TeknaSeal and I-Bus/Phoenix, Inc.'s computing assets and the write-down of its owned facility held for sale and related other Maxwell assets as if these transactions had occurred as of June 30, 2002.

        The unaudited pro forma combined condensed statement of operations for the year ended December 31, 2001 is based on the historical statement of operations of Maxwell, less operating results attributable to the IBP computing business and TeknaSeal, and combines the results of operations of Montena for the year ended December 31, 2001 as if the transactions had occurred as of January 1, 2001.

        The unaudited pro forma combined condensed statement of operations for the six months ended June 30, 2002 is based on the historical statements of operations of Maxwell, less operating results attributable to the IBP computing business and TeknaSeal, and combines the results of operations for Montena for the six months ended June 30, 2002 as if the transactions had occurred as of January 1, 2002.

        The pro forma combined condensed financial information is presented for illustrative purposes only and is not necessarily indicative of the financial position or operating results that would have been achieved if the transactions had been completed as of the beginning of the periods presented, nor are they necessarily indicative of the future financial position or operating results of Maxwell. The pro forma combined condensed financial information does not give effect to any cost savings that may result from these transactions.

        The unaudited pro forma combined condensed financial information should be read in conjunction with the audited and unaudited financial statements and accompanying notes of Maxwell included in Maxwell's Annual Report on Form 10-K for the year ended December 31, 2001, Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2002 and Current Report on Form 8-K, as amended, filed on July 19, 2002 and September 18, 2002, respectively.

3


MAXWELL TECHNOLOGIES, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET
As of June 30, 2002
(in thousands)

 
    
    
    
   Pro Forma Adjustments
    
  
 
   Montena
   Maxwell
   Consolidated
   Montena
   I-Bus &
TeknaSeal
   Pro Forma
  
Assets                                      
Current assets:                                      
  Cash and cash equivalents   $ 608   $ 6,584   $ 7,192   $ (3,000 )(a) $ 3,996 (a) $ 8,188  
  Short-term investments     —     10,452     10,452     —           10,452  
  Accounts receivable, net     4,479     10,232     14,711     —     (3,631 )(b)   11,080  
  Inventories     5,336     13,246     18,582     —     (4,893 )(c)   13,689  
  Prepaid expenses and other current assets     1,040     1,134     2,174     (992 )(e)   (281 )(d)   901  
  Deferred income taxes     —     278     278     —     —     278  
  Assets held for sale     —     —     —     —     5,931 (f)   5,931  
  Due from related parties     263     —     263     —     —     263  
   
 
 
 
 
 
 
    Total current assets     11,726     41,926     53,652     (3,992 )   1,122     50,782  
  Property, plant and equipment, net     2,394     20,283     22,677     1,100 (d)   (9,542 )(e)   14,235  
  Deferred income taxes     53     —     53     —     —     53  
  Intangible and other non-current assets     —     12,047     12,047     18,379 (f)   (8,425 )(g)   22,001  
   
 
 
 
 
 
 
    $ 14,173   $ 74,256   $ 88,429   $ 15,487   $ (16,845 ) $ 87,071  
   
 
 
 
 
 
 
Liabilities and Stockholders' Equity                                      
Current liabilities:                                      
  Accounts payable and accrued liabilities   $ 5,980   $ 8,733   $ 14,713   $ (309 )(a),(e) $ (2,179 )(h) $ 12,225  
  Accrued employee compensation     1,092     1,926     3,018     —     (598 )(i)   2,420  
  Short-term borrowings     338     300     638     —     —     638  
  Income taxes payable     573     3,006     3,579     —     —     3,579  
  Deferred income taxes     138     —     138     —     —     138  
  Loan from pension fund     51     —     51     —     —     51  
  Due to related party     252     —     252     —     —     252  
  Loan from related party     1,093     —     1,093     —     —     1,093  
   
 
 
 
 
 
 
    Total current liabilities     9,517     13,965     23,482     (309 )   (2,777 )   20,396  
Long-term debt     —     5,575     5,575     —     —     5,575  
Loan from pension fund     202     —     202     —     —     202  
Stockholders' equity:                                      
  Common stock     675     1,143     1,818     (450 )(b),(c)   —     1,368  
  Additional paid-in capital     —     94,312     94,312     20,025 (c)   —     114,337  
  Deferred Compensation     —     (102 )   (102 )   —     —     (102 )
  Accumulated deficit     3,779     (39,959 )   (36,180 )   (3,779 )(b)   (14,835 )(j)   (54,794 )
  Accumulated other comprehensive gain (loss)     —     (678 )   (678 )   —     767 (j)   89  
   
 
 
 
 
 
 
    Total stockholders' equity     4,454     54,716     59,170     15,796     (14,068 )   60,898  
   
 
 
 
 
 
 
    $ 14,173   $ 74,256   $ 88,429   $ 15,487   $ (16,845 ) $ 87,071  
   
 
 
 
 
 
 

4


MAXWELL TECHNOLOGIES, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2001
(in thousands, except share and per share data)

 
    
    
   Pro Forma Adjustments
    
  
 
   Montena
   Maxwell
   Montena
   I-Bus &
Teknaseal
   Pro Forma
  
Sales   $ 27,262   $ 77,856   $ (5,132 )(g) $ (29,548 )(a) $ 70,438  
Cost of sales     21,643     66,616     (5,311 )(g),(h)   (21,884 )(b)   61,064  
   
 
 
 
 
 
Gross profit     5,619     11,240     179     (7,664 )   9,374  
Operating expenses:                                
  Selling, general and administrative     5,379     23,661     —     (9,644 )(c)   19,396  
  Research and development     457     11,519     —     (5,169 )(d)   6,807  
   
 
 
 
 
 
    Total operating expenses     5,836     35,180     —     (14,813 )   26,203  
   
 
 
 
 
 
Operating income/(loss)     (217 )   (23,940 )   179     7,149     (16,829 )
Gain on sale of business     —     39,142     —     —     39,142  
Interest expense     (134 )   (1,232 )   —     —     (1,366 )
Interest income and other, net     42     134     —     —     176  
   
 
 
 
 
 
Income (loss) before income taxes and minority interest     (309 )   14,104     179     7,149     21,123  

Provision (credit) for income taxes
 
 
318
 
 
23,035
 
 
—
 
 
—
 
 
23,353
 
Minority interest in net loss of subsidiaries     —     (710 )   —     481 (g)   (229 )
   
 
 
 
 
 
Income (loss) from continuing operations   $ (627 ) $ (8,221 ) $ 179   $ 6,668   $ (2,001 )
   
 
 
 
 
 
Loss per share from continuing operations:                                
Basic loss per share         $ (0.82 )             $ (0.16 )
         
             
 
Diluted loss per share         $ (0.82 )             $ (0.16 )
         
             
 
Shares used in computing:                                
Basic loss per share           10,040,000     2,250,000           12,290,000  
         
 
       
 
Diluted loss per share           10,040,000     2,250,000           12,290,000  
         
 
       
 

5


MAXWELL TECHNOLOGIES, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2002
(in thousands, except share and per share data)

 
    
    
   Pro Forma Adjustments
    
  
 
   Montena
   Maxwell
   Montena
   I-Bus &
Teknaseal
   Pro Forma
  
Sales   $ 14,533   $ 25,944   $ (4,524 )(g) $ (10,461 )(a) $ 25,492  
Cost of sales     10,997     25,793     (5,261 )(g),(h)   (12,026 )(b)   19,503  
   
 
 
 
 
 
Gross profit     3,536     151     737     1,565     5,989  
Operating expenses:                                
  Selling, general and administrative     2,715     9,595     —     (4,510 )(c)   7,800  
  Research and development     238     4,913     —     (2,459 )(d)   2,692  
  Restructuring charge     —     812     —     (812 )(e)   —  
   
 
 
 
 
 
    Total operating expenses     2,953     15,320     —     (7,781 )   10,492  
   
 
 
 
 
 
Operating loss     583     (15,169 )   737     9,346     (4,503 )
Gain on sale of business     685     —     (685 )(g)   —     —  
Interest expense     (111 )   (192 )   —     —     (303 )
Interest income and other, net     (263 )   425     —     (151 )(f)   11  
   
 
 
 
 
 
Income (loss) before income taxes and minority interest     894     (14,936 )   52     9,195     (4,795 )
Provision (credit) for income taxes     131     (279 )   —     —     (148 )
Minority interest in net loss of subsidiaries     —     (241 )   —     269 (g)   28  
   
 
 
 
 
 
Income (loss) from continuing operations   $ 763   $ (14,416 ) $ 52   $ 8,926   $ (4,675 )
   
 
 
 
 
 
Loss per share from continuing operations:                                
Basic loss per share         $ (1.33 )             $ (0.36 )
         
             
 
Diluted loss per share         $ (1.33 )             $ (0.36 )
         
             
 
Shares used in computing:                                
Basic loss per share           10,838,000     2,250,000           13,088,000  
         
 
       
 
Diluted loss per share           10,838,000     2,250,000           13,088,000  
         
 
       
 

6


MAXWELL TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED PRO FORMA FINANCIAL STATEMENTS

Pro Forma adjustments related to the Montena acquisition

(a)
Cash paid for acquisition.

(b)
To eliminate the equity accounts and accumulated deficit of Montena Components, Ltd.

(c)
To record common stock issued in connection with acquisition.

(d)
To record fixed assets acquired at estimated fair market value.

(e)
To eliminate assets and liabilities of product line not acquired. In March 2002, Montena sold substantially all of the assets, liabilities and business operations of its Power Capacitor Division to EPCOS Electronic Components SA (EPCOS). The assets and liabilities not acquired related to a receivable of $991,000 from EPCOS for the sale of business and an accrual of $600,000 for losses on firm purchase commitments.

(f)
The residual amount of the purchase price over the net book value of the assets and liabilities have been allocated to intangible assets. The intangible assets consist of acquired backlog, developed core technology and goodwill.

(g)
To eliminate sales and cost of sales of product line previously sold by Montena (see (e) above).

(h)
Adjustment to reflect amortization of production backlog and developed core technology.

        Upon consummation of the acquisition, Maxwell acquired all of the stock of Montena, in exchange for $23.3 million of value consisting of Maxwell common stock valued at $20.3 million and cash of $3 million. The purchase price is calculated to be $23.6 million based on consideration provided and estimated acquisition related cost of $300,000. The purchase price for purposes of the unaudited pro forma combined financial statements was allocated as follows based upon a preliminary valuation of tangible and intangible assets at July 5, 2002 (in thousands).

        Total acquisition cost:

Cash and stock paid at acquisition   $ 23,300
Acquisition related expenses     300
   
    $ 23,600
   

        Allocation to assets and liabilities as follows:

Tangible assets   $ 14,300  
Assumed liabilities     (9,100 )
Acquired backlog     464  
Developed Core Technology     1,136  
Goodwill     16,800  
   
 
    $ 23,600  
   
 

7

Pro Forma adjustments related to the I-Bus and TeknaSeal disposition

Pro-Forma Adjustments to the Balance Sheets as of June 30, 2002 (in thousands)

Reference
   Description
   DR (CR) Amount
  
(a)   Cash at I-Bus   $ (112 )
    Cash at Teknaseal     (62 )
    Cash from sale of Teknaseal of $5.5 million less $1 million in escrow and expenses of $0.3 million     4,170  
       
 
        $ 3,996  
       
 
(b)   Subtract accounts receivable, I-Bus
Subtract accounts receivable, Teknaseal		   $
 (2,889
(742		 )
)
       
 
        $ (3,631 )
       
 
(c)   Subtract inventory, I-Bus
Subtract inventory, Teknaseal		   $
 (4,480
(413		 )
)
       
 
        $ (4,893 )
       
 
(d)   Subtract prepaid expenses and other current assets, I-Bus
Subtract prepaid expenses and other current assets, Teknaseal		   $
 (272
(9		 )
)
       
 
        $ (281 )
       
 
(e)   Subtract net fixed assets, I-Bus
Subtract net fixed assets, Teknaseal
Reclass certain net fixed assets at Maxwell that are held for sale
Record impairment on certain Maxwell assets that supported I-Bus		   $


 (1,983
(200
(5,931
(1,428		 )
)
)
)
       
 
        $ (9,542 )
       
 
(f)   Record building and leasehold improvements as held for sale   $ 5,931  
       
 
(g)   Subtract goodwill and other long term assets assigned to I-Bus
Subtract goodwill and other long term assets assigned to Teknaseal		   $
 (5,384
(3,041		 )
)
       
 
        $ (8,425 )
       
 
(h)   Subtract accounts payable and accrued liabilities, I-Bus
Subtract accounts payable and accrued liabilities, Teknaseal
Accrue estimated expenses associated with disposition of I-Bus		   $

 2,713
228
(762

)
       
 
        $ 2,179  
       
 
(i)   Subtract accrued compensation, I-Bus
Subtract accrued compensation, Teknaseal		   $
 529
69		  
       
 
        $ 598  
       
 
(j)   Subtract foreign currency translation, I-Bus
Gain/loss on disposal of Teknaseal
Loss on disposal of I-Bus and asset impairment		   $

 (767
—
14,835		 )
       
 
        $ 14,068  
       
 

8

The table below reconciles the accumulated deficit as originally reported with the pro
forma adjustments related to the disposition of I-Bus and Teknaseal.

Retained Earnings Reconciliation (in thousands)

Accumulated deficit as originally reported         $ (39,959 )
Disposition of TeknaSeal:              
  Cash proceeds less $1 million held in escrow   $ 4,500        
  Less assets sold net of liabilities assumed by buyer     (1,129 )      
  Less goodwill associated with Teknaseal     (3,041 )      
  Less estimated expenses related to sale     (330 )      
   
 
 
    Net gain/(loss) on disposition of Teknaseal           —  
Disposition of I-Bus computing systems assets:              
  Subordinated note receivable   $ 7,000        
  Less reserve for note     (7,000 )      
  Warrant & contingent consideration     —        
  Less assets sold net of liabilities assumed by buyer     (7,325 )      
  Less goodwill associated with I-Bus computing systems     (5,320 )      
  Impairment of Maxwell assets that support I-Bus computing systems     (1,428 )      
  Shutdown costs assumed by Maxwell     (762 )      
   
 
 
    Net loss on disposition of I-Bus computing systems           (14,835 )
Pro Forma accumulated deficit         $ (54,794 )
         
 

9

Pro-Forma Adjustments to the Statements of Operations to remove the results of I-Bus and Teknaseal (in thousands)

 
    
    
   Six months
ended June 30,
2002
   Twelve months
ended December 31,
2001
  
Account

  
(a)   Sales
        I-Bus
        Teknaseal		  
$
(8,239
(2,222
)
)
$
(24,063
(5,485
)
)
           
 
 
            $ (10,461 ) $ (29,548 )
           
 
 
(b)   Cost of Sales
        I-Bus
        Teknaseal		  
$
(10,778
(1,248
)
)
$
(18,299
(3,585
)
)
           
 
 
            $ (12,026 ) $ (21,884 )
           
 
 
(c)   Selling, general and administrative expenses
        I-Bus
        Teknaseal		  
$
(4,146
(364
)
)
$
(8,921
(723
)
)
           
 
 
            $ (4,510 ) $ (9,644 )
           
 
 
(d)   Research and development
        I-Bus
        Teknaseal		  
$
(2,459
—
)
$
(5,169
—
)
           
 
 
            $ (2,459 ) $ (5,169 )
           
 
 
(e)   Restructuring
        I-Bus
        Teknaseal		  
$
(812
—
)
  
—
—		  
           
 
 
            $ (812 )   —  
           
 
 
(f)   Interest income and other, net
        I-Bus
        Teknaseal		  
$
(151
—
)
  
—
—		  
           
 
 
            $ (151 ) $ —  
           
 
 
(g)   Minority interest in net loss of subsidiaries
        I-Bus
        Teknaseal		  
$
270
(1

)
$
505
(24

)
           
 
 
            $ 269   $ 481  
           
 
 

10

Exhibits
    
99.1   Asset Purchase Agreement dated as of September 30, 2002, between Maxwell Electronic Components Group, Inc. and Tekna Seal L.L.C.

99.2
 
Purchase and Sale Agreement dated as of September 29, 2002 between I-Bus/Phoenix, Inc. and I-Bus Corporation.

99.3
 
8% Senior Subordinated Promissory Note dated September 29, 2002 in the principal amount of $7,000,000.

99.4
 
Warrant for Common Stock of I-Bus Corporation dated September 29, 2002 issued to I-Bus/Phoenix, Inc.

11


SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

    MAXWELL TECHNOLOGIES, INC.

DATE    10/14/2002
 
By
 
/s/  JAMES A. BAUMKER      

 
 
Name
 
James A. Baumker

 
 
Title
 
Chief Financial Officer

12



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MAXWELL TECHNOLOGIES, INC. AND SUBSIDIARIES UNAUDITED PRO FORMA COMBINED CONDENSED FINANCIAL STATEMENTS
MAXWELL TECHNOLOGIES, INC. AND SUBSIDIARIES UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET As of June 30, 2002 (in thousands)
MAXWELL TECHNOLOGIES, INC. AND SUBSIDIARIES UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2001 (in thousands, except share and per share data)
MAXWELL TECHNOLOGIES, INC. AND SUBSIDIARIES UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2002 (in thousands, except share and per share data)
MAXWELL TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO UNAUDITED PRO FORMA FINANCIAL STATEMENTS
SIGNATURES