Advanced Battery Technologies Reports 2006 Year-End Results

April 18, 2007 by Jeff Shepard

Advanced Battery Technologies, Inc. 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.

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."

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."