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Advanced Battery Technologies Announces Financial Results
Tuesday August 14, 11:02 am ET
2007 Second Quarter Revenues Rise 140% Over Second Quarter 2006; 2007 Six-Month Net Earnings Increase 490% Over Six-Month 2006; Six-Month per Share Earnings Increase 452%; Backlog Reaches Record Level of $33 Million
NEW YORK, NY and HARBIN, CHINA--(MARKET WIRE)--Aug 14, 2007 -- Advanced Battery Technologies, Inc. (OTC BB:ABAT.OB - News) today announced financial results for the Company's second quarter and first half ended June 30, 2007. Revenues for the second quarter increased 140% to $7.7 million, as compared with $3.2 million for the second quarter 2006. Net income for the second quarter increased 490% to $3.3 million or $0.066 per fully diluted share, as compared with $571,665, or $0.013 per fully diluted share for the same period in 2006.
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Revenues for the six-month period ended June 30, 2007 increased 157% to $13.1 million, as compared with $5.1 million for the same period in 2006. Net income for the first six months of 2007 increased to $4.6 million, as compared with $840,198 for the same period a year ago. Earnings per fully diluted share for the six-months ending June 30, 2007 increased 452% to $0.092, as compared with $0.019 from the same period 2006. As of July 2007, our backlog stands at a record of approximately $33 million, up significantly from prior periods.
Mr. Fu, Chairman of Advanced Battery, stated, "We are extremely pleased with our continued growth in revenues and net income and we are optimistic for the balance of 2007 and beyond as the need for advanced polymer lithium-ion batteries such as ours continues." Mr. Fu concluded that Management again wishes to express its appreciation for the continuing strong support from shareholders and employees over the past quarter.
About Advanced Battery Technologies, Inc.
Founded in September 2002, Advanced Battery Technologies develops, manufactures, and distributes PLI batteries using lithium cobalt oxide anodes to overcome many of the shortcomings associated with other types of rechargeable batteries. ABAT develops PLI batteries for use in electric vehicles, mine lamps, and consumer electronics such as cellular telephones, laptop computers, and digital cameras. ABAT maintains research and development, and manufacturing facilities in Harbin, China, and administrative offices in New York, New York. Additional information about Advanced Battery Technologies is available at www.abat.com.cn.
Contact:
Contact:
John Tsemberides
ROI Group LLC
