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Advanced Battery Technologies Announces Third Quarter 2010 Financial Results

Wed, 11/17/2010 - 11:21am
PowerPulse.net

Advanced Battery Technologies, Inc. announced financial results for the third quarter ended September 30, 2010. The company recorded total revenues of $25.9 million for the three months ended September 30, 2010, an increase of $8.2 million or 46.4% compared to $17.7 million for the three months ended September 30 2009. The increase in revenues was primarily due to the sales generated from the electric vehicle business, which the Company acquired on May 4, 2009. Sales of electric vehicles for the three months ended September 30, 2010 were $13.9 million, compared to $6.7million for the three months ended September 30, 2009.

In the three months ended September 30, 2010, our revenue increased by 46.4% and our cost of goods sold increased by 20.6%, from $10.1 million to $12.2 million, compared to the same period in 2009. Similarly, in the nine months ended September 30, 2010, our revenue increased by 62.0% and our cost of goods sold increased by 46.1%, from $23.2 million to $33.9 million, compared to the same period of 2009. This disparity in growth between revenue and cost of goods sold is mainly attributable to the higher average selling price of electric vehicles in 2010 than in 2009. In addition, since the acquisition of Wuxi ZQ in May 2009, we have worked aggressively to reduce unnecessary expenses at Wuxi ZQ. The overall result was an increase in our gross margin from 43.1% in the three months ended September 30 2009 to 53.1% in the same period of 2010. During the nine months ended September 30, 2010, our gross margin improved to 50.4% compared to 45.0% in the first nine months of 2009.

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