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More great news from CBAK. Still selling for 20% of book value here.
http://ih.advfn.com/p.php?pid=nmona&article=53584175&symbol=CBAK
China BAK Battery, Inc. ("China BAK", the "Company", or "we") (Nasdaq: CBAK), a leading global manufacturer of lithium-based battery cells, today announced that the Company's Shenzhen-based subsidiary entered into a strategic cooperation program to develop electric vehicle (EV) battery modules and high-capacity battery products with input from FAWER Automotive Parts Limited Company, or FAWER, a subsidiary of China FAW Group Corporation, or FAW, one of China's leading vehicle manufacturers.
Under the new program, China BAK and FAWER will cooperate in developing EV battery modules and high-capacity battery products. As part of the program, FAWER has placed a sample order for the Company's EV battery modules. FAWER is expected to test the batteries in certain electric vehicles under development by FAW.
"We are pleased to enter into a new strategic cooperation program with FAWER to develop EV battery modules and high-capacity battery products, which reflects the growing market recognition of our electric vehicles' battery cells and battery modules. In addition to having its obviously close relationship with FAW, FAWER is an important parts and components supplier for other well-known vehicle brands in China. Our cooperation with FAWER is expected to encourage similar cooperative programs with other automobile manufacturers," commented Mr. Xiangqian Li, CEO of China BAK. "We also believe that this joint effort to develop advanced battery modules used in EV will foster a mutually beneficial relationship in the rapidly growing EV market," added Mr. Li.
For more information regarding FAWER, please visit http://www.fawer.com.cn/en/. For more information regarding FAW, please visit http://www.faw.com/.
All kinds of news out today, large new order for cells for use in cars, and analyst upgrade from hold to buy today. I just bought enough shares today to double my position. Last rally was just a few months ago, to over $1/share. Book value, stock holder's equity is still close to $2/share, with stock price 1/4th of that.
China BAK Strikes Deal to Supply 0.5 Million Units of Cylindrical Battery Cells
BY Midnight Trader
— 6:38 AM ET 07/18/2012
06:38 AM EDT, 07/18/2012 (MidnightTrader) -- China BAK Battery, Inc. , manufacturer of lithium-based battery cells, has entered into a new contract to supply cylindrical battery cells to AC Propulsion, a producer of electric vehicle technology.
Under the contract, China BAK will deliver 540,000 units of cylindrical battery cells to AC Propulsion by the end of 2012, which will be used to power 100 electric cars.
CBAK fell 2% to $0.432 yesterday in moving closer to year lows.
Price: 0.432 , Change: 0, Percent Change: 0
http://www.midnighttrader.com
SHENZHEN, China, July 18, 2012 /PRNewswire-Asia/ -- China BAK Battery, Inc. , a leading global manufacturer of lithium-based battery cells, today announced that the Company has entered into a new contract to supply 0.5 million units of cylindrical battery cells to AC Propulsion, a producer of electric vehicle technology based in Shanghai and California. For more information regarding AC Propulsion, please visit http://www.acpropulsion.com/.
As per the contract, China BAK will deliver 540,000 units of cylindrical battery cells to AC Propulsion by the end of 2012, which will be used to power 100 electric cars. AC Propulsion previously purchased a sample order of the Company's cylindrical battery cells for trial and testing purposes and provided positive feedback on product quality and performance of the battery cells.
"We are encouraged by the positive feedback from AC Propulsion and are pleased to expand our cooperation with them," commented Mr. Xiangqian Li, CEO of China BAK. "We expect to receive additional orders for our cylindrical battery cells used to power electric cars. We believe revenue growth from this segment will be driven by our high quality products, technical capability and growing market recognition," added Mr. Li.
About China BAK Battery, Inc.
China BAK Battery, Inc. (CBAK) is a leading global manufacturer of lithium-based battery cells. The Company produces battery cells that are the principal component of rechargeable batteries commonly used in cellular phones, smartphones, notebook computers, e-bikes, electric vehicles, power tools, uninterruptible power supplies, and portable consumer electronics such as portable media players, portable gaming devices, personal digital assistants, or PDAs, camcorders, digital cameras, and Bluetooth headsets. China BAK Battery, Inc. (CBAK
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)'s production facilities, located in Shenzhen and Tianjin, PRC, cover over three million square feet. For more information regarding China BAK Battery, Inc. , please visit http://www.bak.com.cn.
Safe Harbor Statement
This is extremely bullish news!!!
China BAK Battery, Inc. ("China BAK", the "Company", or "we") (Nasdaq: CBAK), a leading global manufacturer of lithium-based battery cells, today announced that the Company has agreed to supply high-power batteries to Brilliance Auto Group, one of the largest state-owned automobile manufacturers in China. For more information regarding Brilliance Auto, please visit http://en.brilliance-auto.com.
Under this arrangement, China BAK will deliver a sample order of five lithium-ion high-power battery units to Brilliance Auto by July 2012. Brilliance Auto will utilize the high-power battery units to power its electric cars to test the performance and reliability of the battery cells.
"Brilliance Auto is one of the distinguished automobile manufacturers in China and we are excited to deliver our sample battery units to power their electric cars. Our cooperation with Brilliance Auto demonstrates our market recognition and the strong commitment of our team to expand our customer base. Upon successful testing, we expect to receive additional orders and expand the scope of our cooperation," commented Mr. Xiangqian Li, CEO of China BAK.
About China BAK Battery, Inc.
China BAK Battery, Inc. (NASDAQ: CBAK) is a leading global manufacturer of lithium-based battery cells. The Company produces battery cells that are the principal component of rechargeable batteries commonly used in cellular phones, smartphones, notebook computers, e-bikes, electric vehicles, power tools, uninterruptible power supplies, and portable consumer electronics such as portable media players, portable gaming devices, personal digital assistants, or PDAs, camcorders, digital cameras, and Bluetooth headsets. China BAK Battery, Inc.'s production facilities, located in Shenzhen and Tianjin, PRC, cover over three million square feet. For more information regarding China BAK Battery, Inc., please visit http://www.bak.com.cn.
Safe Harbor Statement
This press release contains forward-looking statements, which are subject to change. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All "forward-looking statements" relating to the business of China BAK Battery, Inc. and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties which could cause actual results to differ. These factors include but are not limited to: the ability of the Company to meet its contract obligations; the uncertain market for the Company's high-power lithium and other battery cells; business, macroeconomic, technological, regulatory, or other factors affecting the profitability of battery cells designed for electric vehicles; and risks related to China BAK's business and risks related to operating in China. Please refer to China BAK's Annual Report on Form 10-K for the fiscal year ended September 30, 2011, as well as China BAK's Quarterly Reports on Form 10-Q that have been filed since the date of such annual report, for specific details on risk factors. Given these risks and uncertainties, you are cautioned not to place undue reliance on forward-looking statements. China BAK's actual results could differ materially from those contained in the forward-looking statements. China BAK undertakes no obligation to revise or update its forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
China Cuts Taxes for Energy-Saving Vehicles, Xinhua Says
CHERY AUTOMOBILE IS NAMED , COULD BODE WELL FOR CHINA BAK BATTERY
China announced a second batch of 64 energy-saving vehicles that qualify for lower taxes, with refunds payable to people who have bought the cars since Jan. 1, Xinhua reported , citing a government document.
The government will cut taxes paid by buyers of these vehicles in half, and will eliminate fees for users of seven types of electric automobiles, Xinhua said, citing the document from the finance and industry ministries and the tax agency.
At least 10 domestic automakers including Chery Automobile Co. and Yangzhou Yaxing Motor Coach Co. (600213) are on the list, Xinhua said. The government first applied the policy in March to at least 200 eligible vehicles, including hybrid cars, pure electric cars and fuel-cell vehicles, Xinhua said.
I was surprised that CBAK held up so well after the recent price crash on the latest very poor earnings report, which was right after a 100% rally to regain Nasdaq listing. Maybe some see a silver lining in that report? I have not had time to read it all. Did I miss something in it, or did bargain shoppers that bought recently at over $1 step in and average down?
I was very disappointed in the size of the last loss reported, much larger than prior losses, seeming to get worse, not better all of a sudden? Starting to have long term doubts about this outfit. Been holding and adding based on book value at about $2, and belief they could turn it around, for about 30 months here.
53.85 percent of Participants would consider purchasing a new-energy vehicle, a poll conducted by SoHu.
With surging gas prices and new government incentives to back new-energy vehicles, Chinese people are showing greater interest in the fledgling sector.
China's State Council on Wednesday approved a development guideline for the energy-saving and new-energy car industry, a step conducive to easing pressure on natural resources and the environment.
Online posts and microblog accounts soon buzzed with speculation about how the new-energy vehicle sector will develop in the world's largest auto market.
A poll conducted by Sohu.com, a major Chinese web portal, indicated after the approval of the development guideline, 53.85 percent of participants would consider purchasing a new-energy vehicle if the government offers subsidies for buyers.
Around 36 percent said their decision would depend on the size of the subsidy, while just 10.33 percent completely ruled out the possibility of buying one, according to the poll.
Supporters say that owning a car that consumes little to no gasoline is becoming an increasingly enticing alternative, especially in light of surging gas prices.
China's gas prices are currently at a record high. The country has raised gasoline and diesel prices twice since the beginning of this year.
As of June 2010, China's central government has launched trial subsidy programs in five cities -- Shanghai, Changchun, Shenzhen, Hangzhou and Hefei. The program offers a subsidy of up to 60,000 yuan (9,523.2 U.S. dollars) to buyers of purely electric vehicles and 50,000 yuan to hybrid vehicle buyers.
Local governments will also offer subsidies. For instance, Shenzhen and Haikou are paying out 60,000 yuan in subsidies for each person who purchases an electric vehicle.
The government will expand the pilot program for subsidizing the private ownerhips of new-energy cars, according to a statement released Wednesday after a State Council executive meeting presided over by Premier Wen Jiabao.
The government also plans to build more battery-charging stations and create more facilities for recycling batteries.
It is hoped that China's accumulative output of electric and hybrid vehicles will reach 500,000 units by 2015 and 5 million by 2020, the statement said.
However, the sales volume of new-energy cars still represents just a tiny share of China's total car sales.
In the first quarter, sales of energy-saving and new-energy vehicles amounted to 10,202 units, just a fraction of the 4.79 million vehicles sold overall during the quarter, according to data from the China Association of Automobile Manufacturers (CAAM).
Results from the Sohu.com poll indicate that the top concerns about new-energy cars revolve around battery performance and lifespan, affordability and the availability of battery-charging facilities.
A statement issued by the State Council following their Wednesday underscored the necessity of requiring domestic manufacturers to become capable of independently producing state-of-the-art components for new-energy cars.
China should endeavor to make breakthroughs in developing key technology to significantly enhance fuel efficiency and battery safety, the statement said.
China overtook the United States to become the world's largest auto market in 2009. Chinese automobile manufacturers produced 13.79 million and sold 13.64 million motor vehicles that year.
China Bak Battery is in the sweet spot .
Link :http://www.energychinaforum.com/news/62380.shtml
CHINA APPROVES BLUEPRINT FOR ELECTRIC VEHICLES
Electric cars will be prioritized in the transformation of China's auto industry, the government said after a meeting of the State Council Wednesday.
China, the world's largest auto market, wants to put 5 million hybrids and electric vehicles (EV) on the road between now and 2020. The Chinese government Wednesday approved a guideline for development of new electric vehicles to ease pressure on the environment.
The meeting, presided by Prime Minister Wen Jiabao, noted that the country's electric vehicles will reach 500,000 units by 2015 and five million by 2020, Xinhua reported.
China overtook the US to become the world's largest auto market in 2009 after selling 13.64 million vehicles that year.
Both car sales and production volume witnessed astonishing growth in 2009 and 2010 before slowing to a 2.4-percent growth rate in 2011.
The country still remains the world's largest auto market, although in the first quarter of this year, sales fell slightly year-on-year due to a high comparison basis and surging oil prices, according to the China Association of Automobile Manufacturers..(
China Bak is in tne sweet spot and from now on it will rock, mind my words.
CBAK news is out here today! We have official $1 NASDAQ compliance now, so no delisting threat left. This is great news for the long and could lead to a rally back to $2 this year, as $2 is about the current book value per share!
Actually I own 4 china battery stocks, CBAK, ABAT (which I am watching for a bottom to buy more), CRTP (lead acid batteries), and CSGH that makes electrodes (has mining operations cobalt and Lithium, rare earth chemistry and lithium iron phosphate electrode supplier to ABAT and CBAK).
If ABAT hits .20 (or close) I will load the boat with more shares. Also watching to buy more CSGH. Holding them all long term.
Ecomike, looks like you've dropped off ABAT for some time now. Did you divest from ABAT? What do you think their prospects are for coming back? Looks like CBAK is your current battery play. ABAT has been a long, slow bleed for the past few months, and there does not seem to be light at the end of the tunnel.
With this kind of steady news we may be headed back to $2 / share finally, which is the book value per share!!! Great CBAK news today on Cherry Electric autos buying 1000% more high power batteries before the first batch are even finished and delivered!
China BAK Battery, Inc. ("China BAK", the "Company", or "we") (Nasdaq: CBAK), a leading global manufacturer of lithium-based battery cells, today announced that on April 9, 2012, the Company entered into a new contract to supply high-power batteries to Chery Automobile Co., Ltd. ("Chery").
Under the contract, China BAK will deliver 1,000 lithium-ion high-power battery units in 2012 to power Chery's Ruilin M1 electric cars. The new contract is in addition to the Company's previously-announced contract with Chery, entered into in February 2012, to supply 100 high-power battery units to Chery, which are on schedule to be delivered by June 2012. The Ruilin M1 is one of the five electric vehicle models that have been approved for government use since early this year.
Additionally, the Company announced that it will hold a joint press conference with Chery in mid-April in Tianjin. At the press conference, Chery and China BAK plan to announce a long-term cooperation program in the electric vehicles industry and invite an interactive discussion with the attendees.
"We believe that this additional order from Chery, and their anticipated further orders and cooperation, further underline our ability to deliver high-quality battery products and lead the development of China's emerging electric vehicle battery market. Likewise, we continue to expect additional orders from other domestic customers for our lithium-ion high-power batteries to power electric vehicles in China in 2012," commented Mr. Xiangqian Li, CEO of China BAK.
More great CBAK news today, and we are going higher on the news:
http://ih.advfn.com/p.php?pid=nmona&article=51876687&symbol=CBAK
Interesting, and very positive! It was not clear what the end market is until their last statement:
We will continue our attention toward engaging with the EV industry
China BAK Battery, Inc. (Nasdaq: CBAK), a leading global manufacturer of lithium-based battery cells, today announced that the Company received a new contract to supply its high-power lithium-ion batteries to a major Korean electric motor manufacturer.
Under the contract, China BAK will deliver 300 high-power lithium-ion battery units to the Korean manufacturer by April 2012 to power its electric motors. The customer previously tested and provided feedback on a sample set of China BAK's lithium-ion high power batteries.
"We are pleased to expand the end market for our high-power lithium-ion batteries to electric motors. Our supply contract with a major Korean manufacturer marks our entry in the attractive electric motors market," commented Mr. Xiangqian Li, CEO of China BAK. "We are pleased with customer feedback on our high-power lithium-ion batteries and expect to receive additional orders in the third fiscal quarter of 2012. We will continue our attention toward engaging with the EV industry and expect to make additional progress in this direction," added Mr. Li.
List puppy has set sail finally!!!! Book value still over $2/share!!!!
China BAK Battery, Inc. ("China BAK", the "Company", or "we") (NASDAQ: CBAK - News), a leading global manufacturer of lithium-based battery cells, today announced that the Company achieved progress in the domestic OEM market in March 2012.
On March 23, 2012, ZTE Corporation notified the Company by written notice that China BAK has passed its certification process to supply battery cells It is expected that the Company will begin to supply approximately one million polymer cells every month to ZTE in the third fiscal quarter.
Also in March 2012, the Company won a bid to supply battery cells to TCL Corporation, one of the largest consumer electronics enterprises in China with a global presence. The Company will supply 3 million prismatic cells from April through June to TCL. As the Company is a qualified battery supplier to Vodafone Group, TCL may also supply some of our battery cells to Vodafone.
"We are committed to transforming into a qualified battery supplier to the OEM market globally, and we are pleased to see the initial achievement we gained in China," commented Mr. Xiangqian Li, president and chief executive officer of China BAK. "We will continue to focus on producing qualified batteries used in different areas to the OEM market," added Mr. Li.
One hell of a stealth rally here this week!!!! Still only 50% of book value.
I was thinking I must have missed something here (was too busy all week):
SHENZHEN, China, March 5, 2012 /PRNewswire-Asia/ -- China BAK Battery, Inc. , a leading global manufacturer of lithium-based battery cells, will host a special investor conference call at 8:00 am Eastern Time on Monday, March 12, 2012 for its investors and shareholders who cannot attend the Company's 2012 annual shareholders meeting in Shenzhen.
Joining Mr. Xiangqian Li, China BAK's Chairman, President and Chief Executive Officer, will be Mr. Ke Marcus Cui, Chief Financial Officer, and Dr. Huanyu Mao, Director and Chief Technology Officer.
To participate in the conference call, please dial the following number approximately fifteen minutes prior to the scheduled conference call time: 866-520-2327 or 212-444-0065. International callers should dial +86 10 5759-2800. The pass code for the call is *90722526* (Press * key before and after).
Big Order for the US . Take a look at this:
http://www.importgenius.com/suppliers/shenzhen-bak-battery-co-ltd
Another 6-10% opening rally here today, CBAK, on another market sell off day. CBAK is bucking the market and doing a solid rally right now. Target at least $1.10-$1.20 IMHO, news may be coming, and or rally to solve Nasdaq $1 or 10 days requirement? CBAK Book value of the common stock is about $2/share!!!!
Conspicuous volume and a 10% price rally this morning on a down market day, with no news!!! Something is up!!!!
Annual meeting conference call news, March 12th, 8 am coming!!!
http://ih.advfn.com/p.php?pid=nmona&article=51477884&symbol=CBAK
Great news out today! We should head back over $1/share now:
China BAK Battery, Inc. ("China BAK", the "Company", or "we") (Nasdaq: CBAK), a leading global manufacturer of lithium-based battery cells, today announced that on February 10, 2012, the Company's Tianjin facility received a new contract to supply high-power batteries used in electric cars, Ruilin M1, to Chery Automobile Co., Ltd. ("Chery"), one of the Company's long-term partners in China.
According to the contract, China BAK will supply 100 units of lithium-ion high-power batteries, which will be used to power Chery's electric cars in the first half of 2012. Ruilin M1 is Chery's first Lithium-ion solution EV which was officially launched at the 25th World Electric Vehicle Symposium and Exposition in November 2010. China BAK will deliver these batteries to Chery by the end of June 2012.
"We are pleased to expand our cooperation with Chery Automobile, one of our long-term partners in China. We enjoy good cooperation with Chery in the electric vehicles segment and our customer has been pleased with the quality and performance of all units shipped so far," commented Mr. Xiangqian Li, CEO of China BAK. "We expect to receive additional orders from Chery in the second half of 2012. We also expect additional domestic customers to place orders for electric vehicle batteries in 2012," added Mr. Li.
About Chery Automobile Company, Ltd.
Chery Automobile Co., Ltd. manufactures, markets, and exports passenger vehicles in China. It offers cars, SUVs and MPVs, and SPVs. It also provides engines, transmissions, and other components. Chery Automobile Co., Ltd. was formerly known as Anhui Chery Automobile Co., Ltd. The company was founded in 1997 and is headquartered in Wuhu, China with operations in Asia, the Middle East, Africa, North America, South America, and Australia. At present, Chery possesses a full set of production and R&D units, such as Car Factories, Engine Factories, Transmission Factory, Automotive Engineering and Research Institute, Planning & Design Institute and Testing Technology Center. For more information, please visit http://www.cheryinternational.com
About China BAK Battery Inc.
China BAK Battery, Inc. (NASDAQ: CBAK) is a leading global manufacturer of lithium-based battery cells. The Company produces battery cells that are the principal component of rechargeable batteries commonly used in cellular phones, smartphones, notebook computers, e-bikes, electric vehicles, power tools, uninterruptible power supplies, and portable consumer electronics such as portable media players, portable gaming devices, personal digital assistants, or PDAs, camcorders, digital cameras, and Bluetooth headsets. China BAK Battery, Inc.'s production facilities, located in Shenzhen and Tianjin, PRC, cover over three million square feet. For more information regarding China BAK Battery, Inc., please visit http://www.bak.com.cn.
Safe Harbor Statement
This press release contains forward-looking statements, which are subject to change. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All "forward-looking statements" relating to the business of China BAK Battery, Inc. and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties which could cause actual results to differ. These factors include but are not limited to: risks related to China BAK's business and risks related to operating in China. Please refer to China BAK's Annual Report on Form 10-K for the fiscal year ended September 30, 2011, as well as China BAK's Quarterly Reports on Form 10-Q that have been filed since the date of such annual report, for specific details on risk factors. Given these risks and uncertainties, you are cautioned not to place undue reliance on forward-looking statements. China BAK's actual results could differ materially from those contained in the forward-looking statements. China BAK undertakes no obligation to revise or update its forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
SOURCE China BAK Battery, Inc.
I usually disagree, however this looks to be a good chart here and you are probably correct in your diagnosis. Thank you.
Earnings are out. Best quarter in 3-4 years near as I can tell. All positive news on all items except a .03/share loss(which I believe is a 4 year low now), and book value is still 2.5 times the share price. Revenue, and operating profits way up across the board.
I will be doubling my share count on any pullbacks this year.
~ $CBAK ~ Earnings posted, pending or coming soon! In Charts and Links Below!
~ $CBAK ~ Earnings expected on Tuesday *
This Week In Earnings: Earnings are coming or are already posted! This is what the charts look like! If you play the earnings these posts can be very helpful to you!
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.
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http://stockcharts.com/h-sc/ui?s=CBAK&p=W&b=3&g=0&id=p54550695994
~ Barchart: http://barchart.com/quotes/stocks/CBAK?
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~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=CBAK+Key+Statistics
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Finviz: http://finviz.com/quote.ashx?t=CBAK
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http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916
*If the earnings date is in error please ignore error. I do my best.
China BAK Reports Fourth Quarter and Fiscal Year 2011 Financial Results
BY PR Newswire
— 6:00 AM ET 12/07/2011
SHENZHEN, China, Dec. 7, 2011 /PRNewswire-Asia/ -- China BAK Battery, Inc., a leading global manufacturer of lithium-based battery cells, today announced its financial results for the fourth quarter and fiscal year ended September 30, 2011.
Recent Achievements and Highlights
* Gross margin improved to 13.4% in the fourth quarter of fiscal 2011 from gross margin of 7.6% in the previous quarter and of 9.5% in the same period in fiscal 2010
* Cash flow from operating activities in the fourth quarter 2011 and fiscal 2011 significantly improved year over year
* In September 2011, the Company's Shenzhen facility entered into a strategic cooperation program for electric vehicle development with Hua-chuang Automobile Information Technical Center Co., Ltd. ("HAITEC"), a subsidiary of Yulon Group, Taiwan's largest automaker
* In late September 2011, China BAK launched the first single battery and first battery module for use in Electric Vehicles (EVs)
* In November 2011, the Company was recognized as the "National-certified Enterprise Technology Center" at the China Hi-Tech Fair 2011
Fourth Quarter Fiscal Year 2011 Financial Results
Net revenues for the fourth quarter were $61.6 million, up 30.7% from $47.1 million last quarter and up 10.8% from $55.6 million for the same period in fiscal 2010.
Revenues from prismatic products, including aluminum-case cells and battery packs, which are used in mobile phones and certain personal electronic devices, were $47.2 million, up 83.1% from $25.8 million last quarter and up 9.5% from $43.1 million for the same period in fiscal 2010.
Revenues from cylindrical cells, used in notebook computers, certain electronic devices and electric vehicles, were $10.2 million, down 41.0% from $17.3 million sequentially and up 14.6% from $8.9 million for the same period in fiscal 2010. The decline in cylindrical cells was mainly attributable to the decline in average sales price as a result of the flat growth in market demand for traditional laptops.
Revenues from lithium polymer cells, used in personal electronic devices such as PDAs, MP3 players and Bluetooth devices, were $3.0 million, up 50.2% from $2.0 million in the last quarter and up 2.1% from $3.0 million in the same period in fiscal 2010.
Revenues from high-power lithium battery cells, used in electric bicycles, other electric vehicles, power tools, and uninterruptible power supplies, and other applications manufactured at the Company's Tianjin facility, were $1.2 million, down 42.9% from last quarter and up 86.4% from the same period in fiscal 2010.
Gross profit for the fourth quarter of fiscal year 2011 was $8.3 million, compared to gross profit of $3.6 million last quarter and gross profit of $5.3 million in the same quarter of last year. Gross margin for the fourth quarter of fiscal 2011 increased to 13.4% from 9.5% in the year ago period.
Operating expenses totaled $13.5 million, or 21.9% of revenue, in the fourth quarter compared to $8.9 million, or 18.9% of revenue, in the last quarter and $12.6 million, or 22.7% of revenue, in the fourth quarter of fiscal 2010. Operating expenses in the fourth quarter of fiscal 2011 include an impairment charge of $6.5 million, compared with an impairment charge of $2.0 million in the fourth quarter of 2010. Research and development expenses were $1.9 million, or 3.0% of revenue, as compared to $1.8 million, or 3.9% of revenue in the last quarter and $1.9 million, or 3.4% of revenue in the same quarter of fiscal 2010. Sales and marketing expenses were $2.0 million, or 3.3% of revenue compared to $2.0 million, or 4.3% of revenue in the last quarter and $2.5 million, or 4.6% of revenue in the same quarter of fiscal 2010. General and administrative expenses were $3.1 million, or 5.0% of revenue compared to $5.1 million, or 10.7% of revenue in the last quarter and $6.2 million or 11.2% of revenue in the same quarter of fiscal 2010.
Operating loss for the fourth quarter was $5.2 million compared to $5.3 million in the last quarter and $7.3 million in the same quarter of fiscal 2010.
Net loss was $9.6 million, or diluted loss per share of $0.15, in the fourth quarter of fiscal 2011 compared to a net loss of $7.2 million, or diluted loss per share of $0.12, in the last quarter and net loss of $8.6 million, or diluted loss per share of $0.14, in the same quarter of fiscal 2010.
Fiscal Year 2011 Financial Results
For fiscal year 2011, net revenues were $219.0 million, up 1.9% from $214.8 million in fiscal 2010. Gross profit was $26.3 million or 12.0% of net revenues, up 16.1% from $22.7 million or 10.6% of net revenues for fiscal 2010. Operating loss was $14.2 million compared to $27.8 million in fiscal 2010. Net loss was $24.5 million, or diluted loss per share of $0.39, compared to a net loss of $32.8 million, or diluted loss per share of $0.53, in fiscal 2010.
Financial Condition
On September 30, 2011 China BAK had $24.9 million in cash and cash equivalents. For the fourth quarter of fiscal year 2011, Days Sales Outstanding (DSO) decreased to 116 days from 155 days last quarter and Days Sales of Inventory decreased to 123 days from 151 days last quarter. Short-term bank loans and long-term bank loans totaled $178.2 million, as compared to $176.1 million on June 30, 2011. Shareholders' equity totaled $135.3 million. China BAK had $59.5 million available for borrowing under its credit facilities. The Company generated $35.3 million in cash flow from operating activities in fiscal year 2011.
Business Outlook
"We reported positive operating cash flow for fiscal 2011, reflecting continued progress in our turnaround plan. We are encouraged by the rapid growth in the EV market and plan to expand the application of our products in this area. We also continue to strive to implement cost control measures to improve our margins and achieve profitability," commented Mr. Ke Marcus Cui, CFO of China BAK.
"Over the past ten years, China BAK saw tangible results from its efforts to develop into a rising supplier to China's EV battery cell industry while maintaining its position as a leading battery cell manufacturer for China's cellular phone market. We are confident in our ability to achieve strong revenue growth from the introduction of new products and expansion into new applications," commented Mr. Xiangqian Li, CEO of China BAK.
Conference Call
China BAK will host a conference call at 8:00 a.m. ET on Wednesday, December 7, 2011 to discuss results for the fourth quarter and Fiscal Year 2011 ended September 30, 2011. Joining Xiangqian Li, China BAK's Chairman, President and Chief Executive Officer on the call will be Ke Marcus Cui, Chief Financial Officer, and Huanyu Mao, Director and Chief Technology Officer. To participate in the conference call, please dial the following number approximately fifteen minutes prior to the scheduled conference call time: 877-847-0047 or 212-444-0113. International callers should dial 852-3006-8101. The pass code for the call is 659-295. If you are unable to participate in the call at this time, a replay will be available from 11:00 a.m. ET on Wednesday, December 7, 2011 through 11:00 a.m. ET, Wednesday, December 21, 2011. To access the replay, please dial 866-572-7808. International callers should dial 852-3012-8000. The pass code for the replay is 659-295. The conference call will be broadcast live over the Internet and can be accessed by all interested parties on the China BAK website at http://www.bak.com.cn/. To listen to the live webcast, please go to China BAK's website at least fifteen minutes prior to the start of the call to register, download and install any necessary audio software. A replay of the conference call will also be available after the call on China BAK's website for a period of one year.
Q4 and annual out today.
SHENZHEN, China, Nov. 16, 2011 /PRNewswire-Asia/ -- China BAK Battery, Inc. ("China BAK" or the "Company") (NASDAQ: CBAK), a leading global manufacturer of lithium-based battery cells, today announced that the Company was recognized as a "National-certified Enterprise Technology Center" at the China Hi-Tech Fair 2011 being held November 16-21, 2011 in Shenzhen. The Company was previously recognized as a provincial-level Shenzhen Enterprise Technology Center in 2005.
A number of agencies of the national government of the People's Republic of China, including the National Development and Reform Commission, the Ministry of Science and Technology, the National Ministry of Finance, the General Administration of Customs and the State Administration of Taxation, set forth criteria for the recipients of this honor, including technological innovation and industry leadership. The National Development and Reform Commission then presents a token of this recognition to selected companies.
In accordance with the tax policies of the National Ministry of Finance and the State Administration of Taxation with respect to a company recognized as a National-certified Enterprise Technology Center, China BAK will enjoy exemptions from import duty, VAT relating to importation, and consumption tax for scientific research and experiments. The Company will also have an opportunity to receive grants for research and development activities under the National-certified Enterprise Technology Center program and certain local government programs. The Company will be evaluated biennially to determine whether it may maintain such recognition.
"We believe it is a great honor for China BAK to be invited to the China Hi-Tech Fair 2011 as a representative of enterprises in Shenzhen and to receive one of the most prestigious technological awards in China. This award recognizes China BAK's strong R&D capabilities and technical strength in the lithium-ion battery industry. We believe that this recognition reflects well on China BAK's industry standing and potential," commented Mr. Xiangqian Li, CEO of China BAK.
Up another 12% today, on no news! This thing must be running on a full lithium ion charge!!!! LOL
GO CBAK!!! I knew you could do it!!!!
Some one wants that Nasdaq notice rescinded fast!!! And I think earnings are pending, so someone may know something, perhaps a profit again, finally? OR maybe they got a large order?
Book value is still about $2/share!!!
Great news hot off the press for CBAK:
http://seekingalpha.com/article/303735-harbin-electric-buyout-approved-implications-for-u-s-listed-chinese-stocks?ifp=0&source=email_global_markets
This should be the beginning of the end for short attacks on China stocks like CBAK !!! And a beginning of a search for oversold stocks in the China sector like CBAK that are not frauds!!!
Where there is one, there are two,....and so on to many!!!! The same logic the shorts used to throw all China stocks into a tail spin a year ago!!!!
WOW!!! Holy COW Batman, that was fast. up .99 in a flash!!!!
This must be a flash rally, reverse of a flash crash LOL!!!
NASDAQ non compliance notice has been issued. 6 month count down underway to get the price to close over $1/share for 10 days in a row. With book value over $2/share, that should be easy.
Heads up CBAK'ers, volume and price spike this morning, from .70 to .93, up over 20%!!!! Something is up!!!!
Up nearly 50% already from the 52 week low, and the book value is still about $2.20/share!!!
China BAK Battery, Inc. ("China BAK" or the "Company") (NASDAQ: CBAK), a leading global manufacturer of lithium-based battery cells, today announced that the Company will attend the 2011 International New Energy Application and Battery Exhibition hosted by China Battery Industry Association to be held in Beijing from October 30 to November 1, 2011.
China BAK will exhibit its various cell types, including 18650, 26650, 26700 and 36800 cells, and various modules for use in Electric Vehicles (EVs) and e-bikes. The Company's new single battery was developed as a result of the Company's research efforts to address the challenging technical problems associated with the internal high temperature conditions of a battery, will also be displayed at the exhibition. The Company's single battery module, with a capacity of 100Ah, consists of a number of 18650 cells, and is based on module standardization, adopting the mature 18650 cell technology and American modular techniques. The Company recently announced the launch of this new product at its 10th anniversary celebration in September 2011. In addition, China BAK will have on display three e-bikes and four power tools powered by the Company's lithium batteries to enhance attendees' experience and provide a better understanding of the Company's products.
"We are looking forward to the opportunity to showcase our products at one of the largest annual new energy exhibitions, which represents the level and orientation of China's new energy industry," commented Mr. Xiangqian Li, CEO of China BAK. "We believe the exhibition will provide us with an attractive platform to present our product portfolio and R&D achievements. We expect that a greater number of auto manufacturers and e-bike manufacturers will be able to better understand our products, enabling us to expand our market share and strengthen our market recognition."
About the International New Energy Application and Battery Exhibition
The 2011 International New Energy Application and Battery Exhibition is hosted by China Battery Industry Association and will be held in the China International Exhibition Center from October 30 to November 1. Centered on the concept "prospected by policy, led by technology, expanded by market and nurtured by financing," the exhibition focuses on exhibition of battery products and components, new energy application and industrial base achievement, and new energy technology, information and investment service. The exhibition typically attracts about 200 well-known academic scholars, high-level government leaders and business leaders in new energy enterprises, over 500 national and international enterprises and institutions and over 10,000 other visitors. For more information regarding the 2011 International New Energy Application and Battery Exhibition, please visit http://www.cineexpo.cn.
About China BAK Battery, Inc.
China BAK Battery, Inc. (NASDAQ: CBAK) is a leading global manufacturer of lithium-based battery cells. The Company produces battery cells that are the principal component of rechargeable batteries commonly used in cellular phones, smartphones, notebook computers, e-bikes, electric vehicles, power tools, uninterruptible power supplies, and portable consumer electronics such as portable media players, portable gaming devices, personal digital assistants, or PDAs, camcorders, digital cameras, and Bluetooth headsets. China BAK Battery, Inc.'s production facilities, located in Shenzhen and Tianjin cover over three million square feet. For more information regarding China BAK Battery, Inc., please visit http://www.bak.com.cn.
i'm going to buy all I can here
Book value is still between $1.50 and $2.00, they just need to report one quarterly profit to turn the stock price.
I see huge gains from here
Interesting read!
Report Electric cars
Thursday 29 September 2011
9 million EV's in Berlin
According to Katie Melua there are 9 million bicycles in Beijing. If it is up to the European Commission, there will be many millions of electric vehicles in Berlin and other European cities in 2050.Indeed, the ambition announced in the Commission's "Roadmap to a Single European Transport Area", published in March of this year, is to have no more "conventionally-fueled" cars at all anymore in urban transport (i.e. in cities) by 2050. This would mean that of the 51 million cars on the road in Germany, many millions would have to become electric vehicles. The German government itself announced two years ago that it wants to have one million electric cars on the road in 2020. Whether this is realistic, remains to be seen. Right now, the country boasts a mere 2,300 fully-electric cars. A long way to go.
But if we assume that the development of electric cars will really take off in Germany and the rest of Europe in the coming decades, the question is, what would this mean for the electricity sector? European Energy Review put this question to Peter Birkner, a German specalist who is also chairman of the Networks Committee of industry association Eurelectric. His answer may come as a surprise: for power generation, it would not have too much of an impact. One million electric vehicles, he says, can run on just 0.3% of German electricity supply!
However, for the electricity grid it would mean a great deal. If a million German car drivers came home from work and plugged in their vehicles all at once, says Birkner, the grid would collapse.
According to Birkner, the only way to make possible the integration of electric mobility into the electricity system, is the introduction of automated "smart charging" systems that can flatten the too-high peak loads that would otherwise occur. In addition, he says, it would help a great deal if all these electric cars were used not only as power consumers, but also as storage devices for the power system.
These changes will require the generous cooperation of the people who will be driving the cars. They will not only have to pay the costs, they will have to become active participants in the electricity system as well. Our new correspondent in Berlin, Alexander Bakst, has the full story for you. You can read it by clicking here:
http://www.europeanenergyreview.eu/index.php?id_mailing=208&toegang=091d584fced301b442654dd8c23b3fc9&id=3
http://www.europeanenergyreview.eu/site/pagina.php?id=3245
Sooner or later this will be a turn around story! This may be part of that turnaround in today's news!
China BAK Battery, Inc. ("China BAK" or the "Company") (NASDAQ: CBAK), a leading global manufacturer of lithium-based battery cells, held an investor event in Shenzhen and Tianjin and celebrated the Company's 10th anniversary in September 2011.
At China BAK's investor event, management discussed the Company's operations, market opportunities, financial performance, and long-term growth strategy, in conjunction with hosting a tour of its facilities. The investor event was held at the Company's headquarters in Shenzhen on September 13, 2011 and at its Tianjin facility on September 16 and September 19, 2011 and was attended by the investment community and media professionals.
China BAK celebrated its 10th Anniversary on September 23, 2011 with the theme "New Power – New Start" and at this event the Company announced the production launch of its first single battery with a capacity of 100Ah for use in Electric Vehicles (EVs). The Company's new single battery is a result of the Company's research efforts utilizing advanced materials and technology to address the challenging technical problems associated with the internal high temperature conditions of a battery. The Company's battery module with a capacity of 100Ah consists of a number of 18650 cells, and is based on module standardization, adopting the mature 18650 cell technology and American modular techniques. The Company believes this battery module design is highly suitable to EV demands given its stable performance. China BAK will manufacture its new single battery and battery module products at its Shenzhen facility.
China BAK also launched a new corporate and investor relations website on September 23, 2011 to strengthen its communications with investors, customers and business partners. The new website provides key information on China BAK, including corporate history, industry and product information, corporate news, investor information, SEC filings, investor presentations, a corporate profile, and press releases.
"At China BAK, we are thankful for the continued support from our employees, government, customers, suppliers and all our shareholders. We believe our high-power battery solutions will enable the Company to play an important role in the rapidly growing new energy industry," commented Mr. Xiangqian Li, CEO of China BAK. "We also believe our new corporate web site will enhance our communications with investors and customers, enabling our stockholders to better understand our business and growth strategy."
About China BAK Battery, Inc.
China BAK Battery, Inc. (NASDAQ: CBAK) is a leading global manufacturer of lithium-based battery cells. The Company produces battery cells that are the principal component of rechargeable batteries commonly used in cellular phones, smartphones, notebook computers, e-bikes, electric vehicles, power tools, uninterruptible power supplies, and portable consumer electronics such as portable media players, portable gaming devices, personal digital assistants, or PDAs, camcorders, digital cameras, and Bluetooth headsets. China BAK Battery, Inc.'s production facilities, located in Shenzhen and Tianjin cover over three million square feet. For more information regarding China BAK Battery, Inc., please visit http://www.bak.com.cn.
More news on sales, revenue forcasts....
http://ih.advfn.com/p.php?pid=nmona&article=49256790&symbol=CBAK
China BAK Battery, Inc. ("China BAK", the "Company", or "we") (NASDAQ: CBAK), a leading global manufacturer of lithium-based battery cells, today announced its business outlook for certain key areas for its fiscal year ended September 30, 2012.
Management estimates the Company's wholly-owned subsidiary, BAK International (Tianjin) Limited ("BAK Tianjin"), which produces high-power lithium battery cells, to account for approximately 15% of fiscal year 2012 revenue, up from approximately 5% in fiscal year 2011, while battery cell production for cell phones is expected to decrease proportionally while remaining the Company's core business. In particular, China BAK expects increased sales of battery cells for electric bicycles and electric buses to take advantage of the increasing markets for these vehicles in China. In line with this expectation, the Company expects to install at least one additional production line for electric vehicle (EV) batteries during fiscal year 2012. In fiscal year 2012, the Company expects BAK Tianjin to have average monthly output of approximately 12,500 units, up from average monthly output of approximately 6,000 units in fiscal year 2011, with further increases expected for fiscal years 2013 and 2014 to approximately 33,000 and 91,000 units monthly, respectively. The Company also plans to develop mobile phone batteries under its brand name, which is expected to be launched in phases during fiscal years 2012 and 2013. In addition, although the Company is aware that informal information was recently provided by a member of the Company's management in response to a question as to expected gross profit margin for fiscal year 2012, the Company has determined that additional time is needed before it will be in a position to confirm its outlook in this regard.
In connection with its ongoing and planned future capital expenditures and research and development, China BAK is discussing financing alternatives with certain potential strategic partners to raise capital up to $50 million by the end of calendar year 2011. The form and terms of this potential financing is under discussion. The Company's capital expenditure budget for fiscal year 2011 was approximately $35 million and the budget for fiscal year 2012 is being determined.
"Since inception, China BAK has gained a strong market reputation through delivery of high quality products utilizing its advanced manufacturing capabilities. We plan to leverage our market position to establish our own distribution channel. We also continue to strive to implement cost control measures to achieve profitability," commented Mr. Marcus Cui, CFO of China BAK.
"We are encouraged by the rapid growth in the EV market and plan to accelerate production of our high-power lithium EV cells at BAK Tianjin. The PRC government is promoting use of electric vehicles, given the environmental and energy benefits. Given the environmental benefits, we believe lithium EV batteries will enjoy a competitive edge over lead-based EV batteries, presenting an attractive growth opportunity for China BAK. We are committed to focus on the EV industry and capitalize on the expected market growth," added Dr. Huanyu Mao, CTO of China BAK. Dr. Mao further commented, "As we have noted, we do not have specific plans on the form or terms of the contemplated financing to fund our planned capital expansion and R&D activities. An offering of BAK Tianjin equity would only be one possible way that we would attain this goal. We are exploring a range of options in connection with our discussions to gain sufficient financing to expand our EV investments, and will select the one that we believe is in the best interests of our shareholders."
Good news today:
China BAK Battery, Inc. ("China BAK", the "Company", or "we") (Nasdaq: CBAK), a leading global manufacturer of lithium-based battery cells, today announced that the Company's Shenzhen-based subsidiary entered into a strategic cooperation program for electric vehicle ("EV") development with Hua-chuang Automobile Information Technical Center Co., Ltd. ("HAITEC"), a subsidiary of Yulon Group, Taiwan's largest automaker.
In June 2011, China BAK's Shenzhen facility supplied cylindrical battery cells to HAITEC to power Dongfeng-Yulon's pure electric vehicles, which were delivered to the public transportation authority of the city of Hangzhou, China. Under the new strategic cooperation program, the Company and HAITEC will focus on developing EV battery packs and high capacity battery products. The battery cells manufactured for HAITEC under this program, a result of two years' research and development by BAK Canada technical team, are cylindrical battery cells produced in the Company's Shenzhen facility. HAITEC will cooperate with China BAK's Shenzhen facility to benefit from the compatibility between its cylindrical cells' material system and battery design advantages. At the same time, the Company intends to continue to develop its high-power lithium batteries for other EV opportunities at its Tianjin facility.
"We are pleased to advance our cooperation with HAITEC by entering into a new strategic program, demonstrating the high-quality and stable performance of our products delivered last year. We believe our joint cooperation to develop advanced battery products used in electric vehicles will contribute to a mutually beneficial long-term relationship in the rapidly growing EV segment for both China BAK and HAITEC," commented Mr. Xiangqian Li, CEO of China BAK Battery, Inc.
About Hua-chuang Automobile Information Technical Center Co., Ltd.
Hua-chuang Automobile Information Technical Center Co., Ltd. ("HAITEC") was established with the support of the Ministry of Economic Affairs, and is committed to provide the platform for the promotion of the sustainable development of the automotive industry. HAITEC, as part of the Yulon Group, has advanced to the top tier in the Taiwan and Greater China automotive value chain. HAITEC is focused on innovating automotive integration and elevating electronic technologies and applications that are sustainable and of immense value. To be socially and ecologically responsible, via international collaborations, HAITEC has successfully developed a 180kW (240hp) electric drive system that can be adapted to vehicles ranging from 1.2 to 18 tons, including sedans, MPVs, SUVs, and even small to medium-sized buses. HAITEC is well positioned to play a major role in the next generation of the automotive market for its abilities to localize high-quality key petrol as well as electric powered vehicle components and to distribute those vehicles via the national sales company of the group's own brand. For more information regarding Hua-chuang Automobile Information Technical Center Co., Ltd., please visit http://www.haitec.com.tw/en/.
About China BAK Battery Inc.
China BAK Battery, Inc. (NASDAQ: CBAK) is a leading global manufacturer of lithium-based battery cells. The Company produces battery cells that are the principal component of rechargeable batteries commonly used in cellular phones, smartphones, notebook computers, e-bikes, electric vehicles, power tools, uninterruptible power supplies, and portable consumer electronics such as portable media players, portable gaming devices, personal digital assistants, or PDAs, camcorders, digital cameras, and Bluetooth headsets. China BAK Battery, Inc.'s production facilities, located in Shenzhen and Tianjin, PRC, cover over three million square feet. For more information regarding China BAK Battery, Inc., please visit http://www.bak.com.cn.
Earnings details:
Recent Achievements and Highlights
* In Q3 2011, the Company successfully achieved a turnaround in its cylindrical battery cells business
* During the third quarter of fiscal 2011, the Company’s Tianjin subsidiary, BAK Tianjin received additional orders for high-power lithium battery cells used in e-bikes
* The Company’s high-power lithium battery cells revenue more than doubled in the third quarter of fiscal 2011 compared to the year ago period
Financial Highlights
Net revenues for the third quarter were $47.1 million, up 0.9% from $46.7 million last quarter and down 19.5% from $58.6 million for the same period in fiscal 2010.
Revenues from prismatic products, including aluminum-case cells and battery packs, which are used in mobile phones and certain personal electronic devices, were $25.8 million, down 11.3% from $29.0 million last quarter and down 39.8% from $42.8 million for the same period in fiscal 2010. The decline in prismatic products was mainly attributable to decline in sales volume as a result of the introduction of built-in high capacity polymer batteries being adopted by domestic OEM customers.
Revenues from cylindrical cells used in notebook computers were $17.3 million, up 13.8% from $15.2 million last quarter and up 35.4% from $12.8 million for the same period in fiscal 2010.
Revenues from lithium polymer cells, used in personal electronic devices such as PDAs, MP3 players and Bluetooth devices, were $2.0 million, up 19.8% from last quarter and down 11.7% from the same period in fiscal 2010.
Revenues from high-power lithium battery cells, used in electric vehicles, electric bicycles, power tools, uninterruptible power supplies, and other applications manufactured at the Company’s Tianjin facility, were $2.1 million, up 161.0% from last quarter and up 194.5% from the same period in fiscal 2010.
Gross profit for the third quarter of fiscal year 2011 was $3.6 million, compared to gross profit of $4.4 million last quarter and gross loss of $1.2 million in the same quarter of last year. The decline in gross profit from the prior quarter was mainly attributable to decline in sales volume of prismatic cell phone battery cells as a result of the decline in the shipment of replacement market cell phones in China and intense market competition.
China BAK Battery Inc. Page 1 of 7
Operating expenses totaled $8.9 million, or 18.9% of revenue, in the third quarter up 42.1% from $6.3 million, or 13.4% of revenue, in the last quarter and down 48.1% from $17.2 million, or 29.4% of revenue, in the third quarter of fiscal 2010. Research and development expenses were $1.8 million, or 3.9% of revenue, down 4.8% from $1.9 million, or 4.1% of revenue in the last quarter and down 13.7% from $2.1 million, or 3.6% of revenue in the same quarter of fiscal 2010. Sales and marketing expenses were $2.0 million, or 4.3% of revenue down 7.1% from $2.2 million, or 4.7% of revenue in the last quarter and down 21.1% from $2.6 million, or 4.4% of revenue in the same quarter of fiscal 2010. General and administrative expenses were $5.1 million, or 10.7% of revenue up 134.5% from $2.1 million, or 4.6% of revenue in the last quarter and down 32.1% from $7.4 million or 12.7% of revenue in the same quarter of fiscal 2010.
Operating loss for the third quarter was $5.3 million compared to operating loss of $1.8 million in the last quarter and operating loss of $18.4 million in the same quarter of fiscal 2010.
Net loss was $7.2 million, or diluted loss per share of $0.12, in the third quarter of fiscal 2011 compared to net loss of $4.1 million, or diluted loss per share of $0.06, in the last quarter and net loss of $18.3 million, or diluted loss per share of $0.29, in the same quarter of fiscal 2010.
Financial Condition
On June 30, 2011 China BAK had $17.1 million in cash and cash equivalents. For the third quarter of fiscal year 2011, Days Sales Outstanding (DSO) decreased to 155 days from 177 days last quarter and Days Sales of Inventory increased to 151 days from 143 days last quarter. Short-term bank loans and long-term bank loans totaled $176.1 million as compared to $173.0 million on March 31, 2011. Shareholders’ equity totaled $142.1 million. China BAK had $64.0 million available for borrowing under its credit facilities. The Company generated $3.3 million from cash flow from operating activities in the third quarter of fiscal 2011.
Business Outlook
“The increase in our cylindrical and high-power lithium battery cells business during the third quarter of fiscal 2011 was in line with our expectations,” commented Xiangqian Li, CEO of China BAK. “The sharp decline in market demand for replacement batteries in April and May of 2011 resulted in a decline in sales of our prismatic battery cell products to the replacement market. In the current market environment, we are actively promoting shipment of our products to major local smart phone players, such as Huawei and ZTE. At the same time, we are focusing our efforts to enter into cooperation with international OEM customers such as Samsung and Vodafone”.
Ke Marcus Cui, CFO of China BAK commented, “We reported positive operating cash flow of $3.3 million in the third fiscal quarter, reflecting progress in collection of our receivables. We are encouraged by the positive feedback from Dongfeng-Yulon Motor Sales Co., Ltd., which delivered its pure electric vehicles powered by China BAK’s battery cells to the public transportation authority of the city of Hangzhou in June 2011. We expect to receive additional orders from auto manufacturers in the electric vehicles segment in the near term.”
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