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ABAT Advanced Battery Technolog I (OTC BB) 4/25/2007 12:00:00 AM ET

Realtime Quote $2.63 + $0.19 (+7.58%) Refresh Quote



Latest Headline for Advanced Battery Technolog I


Advanced Battery Technologies, Inc. Reports Record 2006 Year-End Results
4/17/2007 8:01:11 AM
HARBIN, CHINA, Apr 17, 2007 (MARKET WIRE via COMTEX) -- Advanced Battery Technologies, Inc. ( ABAT ), a developer and manufacturer of rechargeable Polymer-Lithium-Ion (PLI) batteries, today announced that it has achieved significant improvements in its operational performance in fiscal year 2006, and is optimistic about its performance in the fiscal year 2007.

Revenues for 2006 totaled $16,329,340, compared to $4,222,960 for 2005, an increase of $12,106,380, or approximately 287%. General and administrative expense for 2006 totaled $1,604,878 or approximately 10% of revenue, compared to $1,254,454, or approximately 30% of revenue for 2005. Gross margins on sales improved to about 55% in 2006 as compared to 33% during 2005. The company reported 2006 net profit of $5,990,548, or $0.13 per fully diluted share, up from a net loss of $157,637, or $0.01 per fully diluted share, in 2005.

Mr. Zhiguo Fu, CEO and chairman of ABAT, said, "This was an exciting and important year in the development of our company. The strong increase in revenue was attributable to the successful expansion of our manufacturing capabilities and our product lines to meet the needs of existing and new customers. This growth reflected the continued demand for our advanced PLI batteries."

Mr. Fu also said, "As reported, we have a backlog of approximately $18.180 million from 48 customers versus $6.360 million backlog from approximately 12 customers for the same period last year. In addition, we continue to solicit new orders from both existing and new customers, which will place us strongly into the global battery market and as such, we are optimistic for 2007. Management wishes to express its appreciation for the strong support from shareholders and employees over the past year."

About Advanced Battery Technologies, Inc.

Advanced Battery Technologies, Inc., founded in September 2002, develops, manufactures and distributes rechargeable Polymer Lithium-Ion (PLI) batteries. The Company's products include rechargeable PLI batteries for electric automobiles, 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. The Company has a New York office, with its executive offices and manufacturing facilities in China.

For more information about Advanced Battery Technologies, Inc. (ABAT), please visit: http://www.abat.com.cn.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This news release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, may involve risks, uncertainties and other factors that may cause the company's actual results to be materially different from any future results or performance suggested by the forward-looking statements in this release. These risks and uncertainties include, without limitation, risks that the results of future performance will not be consistent with the forward-looking statements, risks that the backlog will not be fulfilled due to reasons of either the Company or the customer, and the risks that the batteries of competitors receive better market acceptance than those of the Company's PLI batteries. We undertake no obligation to revise or update publicly any forward-looking statements.


For Additional Information:

Advanced Battery Contact:
Ms. Lynne Lu
21 West 39th Street
New York, NY 10018
Tel: [phone]




SOURCE: Advanced Battery Technologies, Inc.

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