Advanced Battery Technologies, Inc. Announces Second Quarter 2004 Earnings
NEW YORK--Aug. 3, 20041, 2004--Advanced Battery Technologies, Inc. (OTC BB: ABAT), a manufacturer and marketer of rechargeable polymer lithium-ion ("PLI") batteries used in consumer products such as portable computers, PDA's and cellular telephones, today reported results for the second quarter ended June 30, 2004.Revenue for the second quarter ending June was $492,666, a 3 percent increase from the first quarter of 2004. Revenue for the six months ending June 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.
Zhiguo Fu, Chairman and CEO, Advanced Battery Technologies, Inc. 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."
Mr. Fu continued, "In the last quarter we completed construction of additional factory facilities at our location in Heilongjiang. These facilities will be fully functional in the near future and will increase our manufacturing capacity to meet existing as well as future orders without interruption."
About Advanced Battery Technologies, Inc.
Advanced Battery Technologies, Inc. develops, manufactures and distributes rechargeable polymer lithium-ion (PLI) batteries. The Company's products include rechargeable PLI batteries for mine-use lamps, electric automobiles, motorcycles, cellular phones, notebook computers, walkie-talkies and other personal electronic devices. ABAT's batteries combine high-energy chemistry with state-of-the-art polymer technology and overcome many of the shortcomings associated with other types of rechargeable batteries. The Company is located in the People's Republic of China and was founded in August 2002.
ADVANCED BATTERY TECHNOLOGIES, INC.
CONSOLIDATED BALANCE SHEET
JUNE 30, 2004
(UNAUDITED)
ASSETS
CURRENT ASSETS
Cash $ 36,046
Accounts receivable 319,034
Inventories 236,491
Prepaid expenses 239,819
Loan receivable, other 59,775
----------
TOTAL CURRENT ASSETS 891,165
Property, plant and equipment, net 2,554,118
Construction in process 3,324,638
Rights to use land and power, net 435,302
Patents, net 101,061
----------
TOTAL ASSETS 7,306,284
==========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses 361,636
Notes payable 362,463
Current maturities of long term debt 19,936
Customer deposits 227,800
Welfare payable 37,908
Taxes payable 28,752
Loan payable, others 471,147
----------
TOTAL CURRENT LIABILITIES 1,509,642
Long-term debt, excluding current
maturities 12,233
Minority interest in consolidated
subsidiary net assets 1,720,980
----------
TOTAL LIABILITIES 3,242,855
----------
STOCKHOLDERS' EQUITY
Common stock, $0.001 par value;
60,000,000 shares authorized,
19,842,582 issued and outstanding 19,843
Preferred stock, $0.001 par value; 5,000,000 shares
authorized, 806,113 issued and outstanding
Additional paid in capital 4,667,783
Accumulated deficit (664,929)
Exchange reserve 40,732
----------
TOTAL STOCKHOLDERS' EQUITY 4,063,429
----------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $7,306,284
ADVANCED BATTERY TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 2004 AND 2003
(UNAUDITED)
Three Months Ended
June 30,
--------------------------
2004 2003
Revenues $ 492,666 $ -
Cost of Sales 343,552 -
------------ -------------
Gross Profit 149,114 $ -
------------ ------------
Costs and Expenses:
Research and development 13,184 -
General and administrative 103,412 54,474
Selling expense 6,637 -
------------ -------------
Total Costs and Expenses 123,233 54,474
------------ ------------
Income (Loss) From Operations 25,881 (54,474)
------------ ------------
Other Income (Expense):
Interest expense (781) $ -
Other expense (40) -
Interest income 6 -
------------ -------------
Total Other Income (Expense) (815) -
------------ -------------
Minority Interest in Consolidated
Subsidiary (7,520) -
------------ -------------
Net Income/Loss $ 17,546 $ (54,474)
============ ============
Loss Per Common Share
Basic $ - $ (0.01)
============ ============
Diluted $ - $ (0.01)
Weighted Average Common Shares Outstanding
Basic 19,842,582 9,040,427
============ ============
Diluted 100,453,882 9,040,427
============ ============
ADVANCED BATTERY TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2004 AND 2003
(UNAUDITED)
Six Months Ended
June 30,
-------------------------
2004 2003
Revenues $ 968,675 $ -
Cost of Sales 610,118 -
------------ ------------
Gross Profit 358,557 -
------------ ------------
Costs and Expenses:
Research and development 37,017 -
General and administrative 348,119 70,913
Selling expense 13,742 -
------------ ------------
Total Costs and Expenses 398,878 70,913
------------ -----------
Loss From Operations (40,321) (70,913)
------------ -----------
Other Income (Expense):
Interest expense (7,872) -
Interest income 105 -
------------ ------------
Total Other Income (Expense) (7,767) -
------------ ------------
Minority Interest in Consolidated
Subsidiary 14,426 -
------------ ------------
Net Loss $ (33,662) $ (70,913)
============ ===========
Loss Per Common Share
Basic $ - $ (0.01)
============ ===========
Diluted $ - $ (0.01)
============ ===========
Weighted Average Common Shares
Outstanding
Basic 19,842,582 9,040,427
============ ===========
Diluted 100,453,882 9,040,427
============ ===========