Advanced Battery (PINK:ABAT)

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Wednesday, August 17, 2011

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

GeoTeam® Note: First quarter 2011 vs. 2010 Adjusted EPS wsa $0.09 vs. $0.12

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."

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Friday, May 13, 2011

ADVANCED BATTERY TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND

COMPREHENSIVE INCOME

(UNAUDITED)

	For the Three Months Ended
	March 31,
	2011			2010
Revenue	$	28,641,735		$	19,549,017

Cost of Goods Sold		16,808,170			9,933,316

Gross Profit		11,833,565			9,615,701

Operating Expenses

Research & Development expenses		118,980			-
Selling, general and administrative expenses		1,911,458			2,615,949

Operating income		9,803,127			6,999,752

Other Income (Expenses)
Interest income		107,219			107,198
Interest (expense)		-			(39,660	)
Equity (loss) from unconsolidated entity		(11,964	)		(1,439	)
Other income		(4,445	)		-
Change in fair value of warrants		9,019,819			1,205,874

Total other income		9,110,629			1,271,973

Income before Income Taxes		18,913,756			8,271,725

Provision for Income Taxes
Income tax - Current		1,944,550			747,152
Income tax - Deferred		-			-

Net Income	$	16,969,206		$	7,524,573

Other Comprehensive Income
Foreign currency translation adjustment		1,169,246			419,585

Comprehensive Income	$	18,138,452		$	7,944,158

Earnings per share
Basic	$	0.22		$	0.12
Diluted	$	0.20		$	0.11

Weighted average number of common shares outstanding
Basic		76,424,639			61,538,798
Diluted		83,281,092			68,694,761

GeoTeam® Note: 2011 vs. 2010 Adjusted EPS

First Quarter: $0.11 vs. $0.10

Analyst 2011 First Quarter Estimate was $0.10

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Wednesday, April 6, 2011

On April 6th, 2011, the Company responded to the allegations made by Variant View Research. Read the response here.

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Thursday, March 17, 2011

ADVANCED BATTERY TECHNOLOGIES, INC.

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

FOR THE YEARS ENDED DECEMBER 31, 2010, 2009 AND 2008

	For The Years Ended
	December 31,
	2010			2009			2008
				(Restated)			(Restated)

Revenue	$	97,128,668		$	63,561,925		$	45,172,111

Cost of Goods Sold		51,231,779			35,169,478			23,122,610

Gross Profit		45,896,889			28,392,447			22,049,501

Operating Expenses
Research & Development expenses		204,567			348,297			4,463
Selling, general and administrative expenses		7,842,858			9,890,173			3,263,409

Operating Income		37,849,464			18,153,977			18,781,629

Other Income (Expenses)
Interest income		410,001			290,774			124,487
Interest (expense)		(47,653	)		(501,096	)		-
Equity gain (loss) from unconsolidated entity		(8,197	)		(17,401	)		(90,707	)
Forgiveness of debt		-			336,906			-
Other income (expenses)		265,745			16,963			3,118
Gain on bargain purchase		-			8,645,276			-
Change in fair value of warrants		5,471,531			666,839			4,090,812

Total Other Income		6,091,427			9,438,261			4,127,710

Income before Income Tax		43,940,891			27,592,238			22,909,339

Provision for Income Tax
Income tax - Current		7,650,861			2,764,339			2,722,407
Income tax - Deferred		(436,288	)		3,025,847			-

Net Income	$	36,726,318		$	21,802,052		$	20,186,932

Other Comprehensive Income
Foreign currency translation adjustment		5,913,487			(511,770	)		2,912,481

Comprehensive Income	$	42,639,805		$	21,290,282		$	23,099,413

Earnings per share
Basic	$	0.53		$	0.42		$	0.46
Diluted	$	0.48		$	0.36		$	0.39

Weighted average number of common shares outstanding
Basic		69,260,213			52,124,814			43,493,492
Diluted		76,404,451			60,222,687			51,671,992

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Friday, November 19, 2010

Third Quarter Financial Highlights

Revenue increased 46.4% year-over-year to $ 25.9 million.

Gross profit increased 80.4% year-over-year to $13.8 million.

Net income increased 118.8% year-over-year to $11.1 million.

Earnings per diluted share increased 92.5% year-over-year to $0.16.

Strong balance sheet with $74.3 million in cash and cash equivalents as of September 30, 2010.

Mr. Zhiguo Fu, CEO of ABAT, stated, "We are pleased to report an increase in our revenue attributable to medium and large capacity batteries and electric vehicles. This has been beneficial to the profitability of our overall business. The margins that we are able to achieve in selling larger capacity batteries are significantly greater than the margins we achieve in selling smaller capacity batteries. In order to meet higher demand from both battery and electric scooter markets, the company intends to accelerate growth by both adding more facilities and pursuing acquisition opportunities."

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Monday, August 9, 2010

Second Quarter Financial Highlights:

Revenue increased 65.8% year-over-year to $22.8 million.

Gross profit increased 74.9% year-over-year to $11.0 million.

Adjusted net income increased 236.4% year-over-year to $7.1 million.

Adjusted earnings per diluted share increased year-over-year to $0.10 from $0.04.

Strong balance sheet with $62.4 million in cash and cash equivalents as of June 30, 2010.

Mr. Zhiguo Fu, CEO of ABAT, stated, "We are pleased with our results during the second quarter. During the quarter, we experienced strong demand in both domestic and international markets for electric and hybrid electric vehicles as individuals and industries switch to alternate forms of transportation. We are still upgrading the capacity of two battery production lines and are aiming to complete the upgrade in the third quarter in order to meet the strong battery demand from customers."

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Wednesday, August 12, 2009

"ABAT is experiencing strong demand in both domestic and international markets for electric and hybrid electric vehicles as individuals and industries switch to alternate forms of transportation. Following the completion of our acquisition of Wuxi ZQ, ABAT now has the manufacturing capability to produce vehicles, batteries and many key vehicle parts, meaning Wuxi and ABAT can produce high quality vehicles with margins that are superior to its competition."

Battery backlog is approximately $53 million as of August 3, 2009, all of which is expected to be delivered in the next 12 months.

Advanced Battery did not address previously stated guidance in its second quarter press release.

Source: GlobeNewswire (August 11, 2009)

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Thursday, April 2, 2009

Guidance Report:

ABAT issued an SEC 8K filing this morning highlighting details from a recent investor conference call, organized by Rodman & Renshaw. The GeoTeam® has created a GeoManaged® Guidance Table summarizing financial guidance mentioned during the conference call. The guidance appears to be significantly higher than analyst estimates provided by Reuters.

First Quarter 2009 Guidance Ending March

	First Quarter 2009 Guidance	First Quarter 2008 Reported	Period Change	First Quarter 2009 Consensus Analyst Estimate
GAAP Revenue	$10.70 million	$10.03 million	6.68%	$10.86 million
Net Income	$4.65 million	$3.85 million	20.78%	N.A.
*GAAP EPS	* $0.085	$0.08	6.3%	$0.07

Full Year Fiscal 2009 Guidance Ending December

	2009 Guidance	2008 Reported	Period Change	2009 Consensus Analyst Estimate
GAAP Revenue	$66.00 million	$45.20 million	46.02%	$ 55.57 million
Net Income	$27.50 million	$16.10 million	70.81%	N.A.
GAAP EPS	* $0.50	$ 0.31	61.29%	$0.38

* The company did not provide EPS guidance. The GeoTeam used the 2008 year end Outstanding Share count of 54.67 million to calculate implied EPS figures.

Source: SEC Form 8K ( April 2, 2009)

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