Advanced Battery Technologies Announces Second Quarter 2011 Financial Results
17 Agosto 2011 - 9:02AM
Advanced Battery Technologies, Inc. (Nasdaq:ABAT), a leading
developer, manufacturer and distributor of rechargeable Polymer
Lithium-Ion (PLI) batteries as well as a manufacturer of electric
vehicles, today announced financial results for the quarter ended
June 30, 2011.
The Company had total revenues of $31,350,652 for the three
months ended June 30, 2011, an increase of $8,515,294 or 37.3%,
compared to $22,835,358 for the three months ended June 30, 2010.
For the six months ended June 30, 2011, total revenues of
$59,992,387 represented an increase of $17,608,012 or 41.5%,
compared to $42,384,375 for the six months ended June 30 2010. The
increase in revenues was primarily due to the contribution of
revenues from:
- Wuxi ZQ. Wuxi ZQ revenues of $13,209,066 for the three
months and $25,943,022 for the six months ended June 30, 2011
represented increases of $565,895 and $4,239,398 compared to
revenues during the three and six months ended June 30, 2010.
- Shenzhen-based Operations. We acquired the assets of
Shenzhen ZQ in January, 2011. The three and six month revenue
for the periods ended June 30, 2011 attributable to our new
Shenzhen operations was $5,253,910 and $9,602,091, respectively.
- Harbin-based Operations. Revenues of $12,896,872 and
$24,447,274 from our Harbin- based battery operations for the three
and six months ended June 30, 2011 represented increases of 26.4%
and 18.2% respectively compared to the comparable periods ended
June 30, 2010.
At June 30, 2011 the Company had a backlog of $61,230,000 for
delivery through the next 6 months, including a battery backlog of
approximately $33,030,000.
The Company's gross margin declined from 48% in the three months
ended June 30, 2010 to 43% in the same period of 2011, and from 49%
in the first half of 2010 to 42% in the first half of
2011. The decline occurred primarily because the
$9,602,091 in sales of small capacity batteries generated from the
new Shenzhen facility yielded a low margin relative to other
revenue.
The Company's operating expenses increased by 21%, from
$1,992,831 in the three months ended June 30, 2010 to $2,374,648 in
the three months ended June 30, 2011. The primary reason for
the increase was the fact that operating expenses of the Shenzhen
operation that the Company acquired in January 2011 were included
in our 2011 results. In addition, research and development
expenses increased by $259,277 from the second quarter of 2010 to
the second quarter of 2011. These increases were partially
offset by a bad debt expense of $160,000 incurred in the second
quarter of 2010 that was not replicated in 2011.
Operating income for the three months ended June 30, 2011
totaled $11,044,407, an increase of 22% from operating income in
the three months ended June 30, 2010. Operating income for the
six months ended June 30, 2011 totaled $20,847,534, an increase of
30% from operating income in the six months ended June 30,
2010.
Zhiguo Fu, Chairman and CEO of Advanced Battery Technologies,
said: "We are heartened by the continual growth of our
operating income, which demonstrates the success of our expansion
efforts. Although the growth of operating income lagged the
growth of revenue, due to low margins on our small capacity
batteries, our current expectation, is that, in time, the advanced
technology and facilities that we acquired from Shenzhen ZQ, along
with our established customer list, will allow us to achieve
worthwhile margins in the small capacity battery sector. For
that reason we expect that the focus of operations at the Dongguan
industrial park that we currently have under construction will be
in large part on small capacity batteries. This, coupled with
our steady growth in the large capacity battery sector, should give
us a solid platform from which to build a strong position in the
international battery market."
About Advanced Battery Technologies, Inc.
Advanced Battery Technologies, Inc. (Nasdaq:ABAT), founded in
September 2002, develops, manufactures and distributes rechargeable
Polymer Lithium-Ion (PLI) batteries. The Company's products include
rechargeable PLI batteries for electric vehicles, motorcycles,
mine-use lamps, notebook computers, walkie-talkies and other
electronic devices. ABAT's batteries combine high-energy chemistry
with state-of-the-art polymer technology to overcome many of the
shortcomings associated with other types of rechargeable batteries.
Early in 2009, the Company acquired Wuxi Angell Autocycle Co.
Ltd., an electric vehicle manufacturer, and renamed it Wuxi
Zhongqiang Autocycle Co., Ltd. ("Wuxi ZQ"). The Company has a
New York office, with its executive offices and manufacturing
facilities in China.
Safe Harbor Statement
Certain statements in this release and other written or oral
statements made by or on behalf of the Company are "forward-looking
statements" within the meaning of the federal securities laws.
Statements regarding future events and developments and our future
performance, as well as management's expectations, beliefs, plans,
estimates or projections relating to the future are forward-looking
statements within the meaning of these laws. The forward-looking
statements are subject to a number of risks and uncertainties
including market acceptance of the Company's services and projects
and the Company's continued access to capital and other risks and
uncertainties. The actual results the Company achieves may differ
materially from those contemplated by any forward-looking
statements due to such risks and uncertainties. These statements
are based on our current expectations and speak only as of the date
of such statements.
ADVANCED BATTERY
TECHNOLOGIES, INC. |
CONDENSED CONSOLIDATED
BALANCE SHEETS |
|
|
|
|
June 30, 2011 |
December 31,
2010 |
|
(Unaudited) |
|
ASSETS |
|
|
Current Assets: |
|
|
Cash |
$ 74,044,694 |
$ 111,128,070 |
Accounts receivable, net of
allowance for doubtful accounts of $68,938 and $67,392 as of June
30, 2011 and December 31, 2010, respectively |
19,509,545 |
16,084,366 |
Inventories, net of allowance
for obsolescence of nil as of June 30, 2011 and December 31,
2010 |
8,076,814 |
5,224,553 |
Loan receivable and other
receivables |
1,991,156 |
1,872,888 |
Advance to suppliers, net |
7,555,536 |
4,015,313 |
Deferred tax asset |
457,568 |
447,305 |
|
|
|
Total Current
Assets |
111,635,313 |
138,772,495 |
|
|
|
Property, plant and equipment,
net |
107,508,191 |
57,452,244 |
|
|
|
Other assets: |
|
|
Investment - equity in
affiliate |
763,973 |
776,860 |
Deposit for investment |
-- |
11,721,468 |
Deposit for property, plant and
equipment |
10,040,744 |
2,307,350 |
Intangible assets, net -
other |
13,819,788 |
13,957,505 |
Goodwill |
5,805,499 |
2,566,337 |
Other assets |
85,961 |
44,211 |
Total other
assets |
30,515,965 |
31,373,731 |
|
|
|
TOTAL
ASSETS |
$ 249,659,469 |
$ 227,598,470 |
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
Current Liabilities: |
|
|
Accounts payable |
$ 3,175,085 |
$ 1,282,410 |
Accrued expenses, other
payables and advances from customers |
1,934,301 |
451,294 |
Income tax payable |
3,027,817 |
5,887,027 |
|
|
|
Total Current
Liabilities |
8,137,203 |
7,620,731 |
|
|
|
Long term liabilities: |
|
|
Deferred tax liability |
3,025,847 |
3,025,847 |
Warrant liability |
540,419 |
11,749,803 |
Total
Liabilities |
11,703,469 |
22,396,381 |
|
|
|
Commitments and
contingencies |
|
|
|
|
Stockholders' Equity |
|
|
Preferred stock, $0.001 face
value; 5,000,000 shares authorized; 2 shares issued and 2 shares
outstanding as of June 30, 2011 and December 31, 2010. Liquidation
preference of $2,000 as of June 30, 2011 and December 31,
2010. |
-- |
-- |
Common stock, $0.001 par value;
150,000,000 shares authorized; 76,635,015 and 76,619,220 shares
issued as of June 30, 2011 and December 31, 2010, respectively.
76,440,434 and 76,424,639 shares outstanding as of June 30, 2011
and December 31, 2010, respectively. |
76,635 |
76,619 |
Additional paid-in capital –
stock and stock equivalents |
101,089,033 |
100,198,536 |
Accumulated other comprehensive
income |
16,036,180 |
11,414,192 |
|
|
|
Statutory reserve |
5,558,455 |
4,855,774 |
Retained earnings |
115,695,187 |
89,156,458 |
Less: Cost of treasury stock
(194,581 shares as of June 30, 2011 and December 31, 2010) |
(499,490) |
(499,490) |
Total Stockholders'
Equity |
237,956,000 |
205,202,089 |
|
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY |
$ 249,659,469 |
$ 227,598,470 |
|
|
|
ADVANCED BATTERY
TECHNOLOGIES, INC. |
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME AND |
COMPREHENSIVE
INCOME |
(UNAUDITED) |
|
|
|
|
|
|
For the Three Months
Ended June 30, |
For the Six Months Ended
June 30, |
|
2011 |
2010 |
2011 |
2010 |
Revenue |
$ 31,350,652 |
$ 22,835,358 |
$ 59,992,387 |
$ 42,384,375 |
Cost of Goods Sold |
17,931,598 |
11,796,140 |
34,739,768 |
21,729,456 |
Gross Profit |
13,419,054 |
11,039,218 |
25,252,619 |
20,654,919 |
|
|
|
|
|
Operating Expenses |
|
|
|
|
Research and development expenses |
298,257 |
38,980 |
444,058 |
86,420 |
Selling, general and administrative
expenses |
2,076,392 |
1,953,851 |
3,961,029 |
4,522,360 |
|
|
|
|
|
Operating income |
11,044,407 |
9,046,387 |
20,847,534 |
16,046,139 |
|
|
|
|
|
Other Income (Expenses) |
|
|
|
|
Interest income |
112,173 |
80,138 |
219,392 |
187,336 |
Interest (expense) |
-- |
(133) |
-- |
(39,793) |
Other income |
24,823 |
-- |
20,378 |
-- |
Foreign currency transaction (loss) |
(90,677) |
-- |
(90,677) |
-- |
Change in fair value of warrants |
2,189,565 |
4,191,406 |
11,209,384 |
5,397,280 |
Total other
income |
2,235,884 |
4,271,411 |
11,358,477 |
5,544,823 |
|
|
|
|
|
Equity gain (loss) from unconsolidated
entity |
(923) |
3,315 |
(12,887) |
1,876 |
Income before Income
Taxes |
13,279,368 |
13,321,113 |
32,193,124 |
21,592,838 |
Provision for Income
Taxes |
|
|
|
|
Income tax expense |
3,007,163 |
810,875 |
4,951,713 |
1,558,027 |
Net Income |
$ 10,272,205 |
$ 12,510,238 |
$ 27,241,411 |
$ 20,034,811 |
|
|
|
|
|
Other Comprehensive
Income |
|
|
|
|
Foreign currency translation adjustment |
3,452,741 |
811,204 |
4,621,987 |
1,230,789 |
Comprehensive Income |
$ 13,724,946 |
$ 13,321,442 |
$ 31,863,398 |
$ 21,265,600 |
|
|
|
|
|
Earnings per share |
|
|
|
|
Basic |
$ 0.13 |
$ 0.20 |
$ 0.36 |
$ 0.33 |
Diluted |
$ 0.12 |
$ 0.18 |
$ 0.33 |
$ 0.29 |
|
|
|
|
|
Weighted average number of common
shares outstanding |
|
|
|
|
Basic |
76,444,372 |
61,549,661 |
76,430,526 |
61,544,259 |
Diluted |
82,613,233 |
68,661,790 |
82,599,387 |
68,656,388 |
|
|
|
ADVANCED BATTERY
TECHNOLOGIES, INC. |
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS |
(UNAUDITED) |
|
|
|
|
For the Six Months Ended
June 30, |
|
2011 |
2010 |
Cash Flows from Operating
Activities: |
|
|
Net income |
$ 27,241,411 |
$ 20,034,811 |
Adjustments to reconcile net income to net
cash provided by (used in) operating activities: |
|
|
Depreciation and
amortization |
2,386,938 |
2,210,253 |
Amortization of deferred
consulting expenses |
58,188 |
58,188 |
Amortization of stock-based
compensation expense |
832,324 |
756,573 |
Equity loss (gain) of
unconsolidated entity |
12,887 |
(1,876) |
Provision for doubtful accounts
and inventory valuation allowance |
-- |
636,260 |
Gain on disposal of fixed
asset |
-- |
(146) |
Change in fair value of
warrants |
(11,209,384) |
(5,397,280) |
Changes in operating assets and
liabilities: |
|
|
Accounts receivable, net |
354,235 |
62,213 |
Inventories, net |
(828,187) |
(2,518,300) |
Other receivables and other
assets |
(157,958) |
3,291,081 |
Advance to suppliers |
(3,316,058) |
-- |
Accounts payable |
(417,748) |
1,150,261 |
Accrued expenses, other
payables and advances from customers |
827,939 |
(734,579) |
Income tax payable |
(2,922,645) |
159,777 |
Net Cash Provided By Operating
Activities |
12,861,942 |
19,707,236 |
|
|
|
Cash Flows from Investing
Activities: |
|
|
Deposit for property, plant and
equipment |
(7,590,730) |
(1,419,217) |
Purchase of property, plant and
equipment |
(40,436,963) |
(6,102,708) |
Proceeds from disposal of
property, plant and equipment |
-- |
5,127 |
Cash acquired from business
combination |
52,831 |
-- |
Acquisition of subsidiary |
(3,631,554) |
-- |
Acquisition of intangible
assets |
(48,605) |
-- |
Net Cash (Used in) Investing
Activities |
(51,655,020) |
(7,516,798) |
|
|
|
Cash Flows from Financing
Activities: |
|
|
Repayment of bank loan |
-- |
(2,929,930) |
|
|
|
Net Cash Provided By (Used In)
Financing Activities |
-- |
(2,929,930) |
|
|
|
Effect of Exchange Rate Changes on Cash |
1,709,702 |
232,424 |
|
|
|
Increase in cash |
(37,083,376) |
9,492,932 |
|
|
|
Cash - Beginning of
period |
111,128,070 |
52,923,358 |
|
|
|
Cash - End of period |
$ 74,044,694 |
$ 62,416,290 |
|
|
|
SUPPLEMENTAL CASH FLOW
INFORMATION: |
|
|
During the year, cash was paid for the
following: |
|
|
Interest expense |
-- |
$ 47,324 |
Income taxes |
$ 7,442,745 |
$ 2,409,719 |
CONTACT: Rubenstein Investor Relations
Tim Clemensen
(212) 843-9337
TClemensen@RubensteinIR.com
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