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3rd Quarter Financial Results In For Advanced Battery Technologies (ABAT)
Advanced Battery Technologies reported strong 3rd quarter results today. Revenue jumped from $8.6 million dollars in the 3rd quarter of 2007 to $12.7 million in the third quarter of 2008-an increase of 47.7%! Gross profit also increased substantially, from $4.0 million last year to $5.9 million this year, an increase of 47.8%. Net income increased from $3.6 million or $0.07 per diluted share in the third quarter of 2007 to $4.4 million, or $0.08 per diluted share in the third quarter of 2008.
According to Mr. Zhiguo Fu, Chairman and CEO of Advanced Battery Technologies,
"We are very pleased with our performance in the third quarter of 2008. The market for our large and medium capacity battery cells continues to expand, particularly for usage in electric sanitation vehicles, electric scooters, electric bicycles, power tools, miners’ lamps, searchlights and other applications.
During the quarter, we completed an equity placement and raised $21.5 million. Our primary purpose was to fund expansion of our assembly lines to meet growing demand. We will continue to strive to improve efficiencies, to maximize our production process, and to increase margins as demand for our products continues to grow."
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