ABAT Announces Second-Quarter 2004 Earnings

September 01, 2004 by Jeff Shepard

Advanced Battery Technologies Inc. (ABAT, New York), a manufacturer and marketer of rechargeable polymer lithium-ion (PLI) batteries used in consumer products such as portable computers, PDAs and cellular telephones, reported results for the second quarter ended June 30, 2004.

Revenue for the second quarter ending June 30, 2004, was $492,666, a 3% increase from the first quarter of 2004. Revenue for the six months ending June 30, 2004, was $968,675. Net income for the second quarter of 2004 was $17,546 versus a loss of $54,474 in the second quarter of 2003.

Advanced Battery Technologies Chairman and CEO Zhiguo Fu said, "We are pleased with the progress we have made in the first two quarters, and anticipate continued growth in the future. We launched our first production line in January and expect to expand operations and increase revenues each quarter going forward. ABAT is well positioned to capitalize on the rapidly expanding rechargeable battery market. Our PLI batteries are smaller, lighter and safer, with a longer cycle time, more design flexibility and are less costly than other types of batteries."