Net revenue for the fourth quarter ended December 31, 2012 was $44.5 million, up 19 percent over the $37.4 million recorded in the same period in 2011. Fourth quarter ultracapacitor revenue was $29.5 million, up 40 percent from the $21.1 million recorded in fourth quarter of 2011. Sales of high voltage capacitor and microelectronics products totaled $15.1 million in the fourth quarter of 2012, down 7 percent from the $16.3 million recorded in the fourth quarter of 2011.
On a U.S. generally accepted accounting principles (GAAP) basis, operating income for the fourth quarter of 2012 was $3.4 million, compared with $1.2 million for the fourth quarter of 2011. GAAP net income for the fourth quarter of 2012 was $2.9 million, or $0.10 per diluted share, compared with $515,000, or $0.02 per diluted share, in the fourth quarter of 2011.
On a non-GAAP basis, the Company reported operating income of $3.9 million in the fourth quarter of 2012 compared with $1.3 million in the fourth quarter of 2011. Non-GAAP net income for the fourth quarter of 2012 was $3.4 million, or $0.12 per diluted share, compared with $657,000, or $0.02 per diluted share in the fourth quarter of 2011. A reconciliation of GAAP to non-GAAP financial measures is included as an addendum to this release.
GAAP gross margin was 39 percent in the fourth quarter of 2012, compared with 40 percent in the fourth quarter of 2011, and 42 percent in the third quarter of 2012. GAAP operating expenses totaled $13.9 million, or 31 percent of revenue, in the fourth quarter of 2012 compared with $13.8 million, or 37 percent of revenue in the fourth quarter of 2011. Non-GAAP operating expenses totaled $13.5 million, or 30 percent of revenue, in the fourth quarter of 2012 compared with $13.8 million, or 37 percent of revenue, in the fourth quarter of 2011. Cash and cash equivalents totaled $28.7 million as of December 31, 2012, compared with $20.1 million as of September 30, 2012. Complete financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations are available in the Company's Annual Report on Form 10-K.
First Quarter 2013
Net revenue for the first quarter ended March 31, 2013 was $47.7 million, up 33 percent over the $35.8 million recorded in the same period in 2012. First quarter ultracapacitor revenue was $33.8 million, up 82 percent from the $18.6 million recorded in first quarter of 2012. Sales of high voltage capacitor and microelectronics products totaled $14.0 million in the first quarter of 2013, down 19 percent from the $17.2 million recorded in the first quarter of 2012.
On a GAAP basis, operating income for the first quarter of 2013 was $705,000, compared with an operating loss of $201,000 for the first quarter of 2012. GAAP net loss for the first quarter of 2013 was $278,000, or $0.01 per diluted share, compared with a net loss of $1.0 million, or $0.03 per diluted share, in the first quarter of 2012.
On a non-GAAP basis, the Company reported operating income of $1.7 million in the first quarter of 2013 compared with $1.1 million in the first quarter of 2012. Non-GAAP net income for the first quarter of 2013 was $679,000, or $0.02 per diluted share, compared with $334,000, or $0.01 per diluted share in the first quarter of 2012. A reconciliation of GAAP to non-GAAP financial measures is included as an addendum to this release.
GAAP gross margin was 38 percent in the first quarter of 2013, compared with 42 percent in the first quarter of 2012 and 39 percent in the fourth quarter of 2012. GAAP operating expenses totaled $17.5 million, or 37 percent of revenue, in the first quarter of 2013 compared with $15.4 million, or 43 percent of revenue in the first quarter of 2012. Q113 selling, general and administrative expense included $2.0 million of legal and accounting expenses related to the Company's investigation, internal review and restatement. Non-GAAP operating expenses totaled $16.8 million, or 35 percent of revenue, in the first quarter of 2013 compared with $14.2 million, or 40 percent of revenue, in the first quarter of 2012. Cash and cash equivalents totaled $34.1 million as of March 31, 2013, compared with $28.7 million as of December 31, 2012. Complete financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations are available in the Company's Quarterly Report on Form 10-Q.
Second Quarter 2013
Net revenue for the second quarter ended June 30, 2013 was $55.6 million, up 53 percent over the $36.2 million recorded in the same period in 2012. Second quarter ultracapacitor revenue was $39.3 million, up 101 percent from the $19.6 million recorded in second quarter of 2012. Sales of high voltage capacitor and microelectronics products totaled $16.4 million in the second quarter of 2013, down 2 percent from the $16.7 million recorded in the second quarter of 2012.
On a GAAP basis, operating income for the second quarter of 2013 was $4.2 million, compared with $821,000 for the second quarter of 2012. GAAP net income for the second quarter of 2013 was $3.4 million, or $0.12 per diluted share, compared with $31,000, or $0.00 per diluted share, in the second quarter of 2012.
On a non-GAAP basis, the Company reported operating income of $5.2 million in the second quarter of 2013 compared with $1.6 million in the second quarter of 2012. Non-GAAP net income for the second quarter of 2013 was $4.4 million, or $0.15 per diluted share, compared with $801,000, or $0.03 per diluted share in the second quarter of 2012. A reconciliation of GAAP to non-GAAP financial measures is included as an addendum to this release.
GAAP gross margin was 39 percent in the second quarter of 2013, compared with 40 percent in the second quarter of 2012 and 38 percent in the first quarter of 2013. GAAP operating expenses totaled $17.4 million, or 31 percent of revenue, in the second quarter of 2013 compared with $13.7 million, or 38% of revenue in the second quarter of 2012. Q213 selling, general and administrative expense included $1.8 million of legal and accounting expenses related to the Company's investigation, internal review and restatement. Non-GAAP operating expenses totaled $16.7 million, or 30 percent of revenue, in the second quarter of 2013 compared with $13.2 million, or 36 percent of revenue, in the second quarter of 2012. Cash and cash equivalents totaled $34.6 million, with an additional $4.0 million in restricted cash for a total of $38.6 million as of June 30, 2013, compared with $34.1 million as of March 31, 2013. Complete financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations are available in the Company's Quarterly Report on Form 10-Q.
