China BAK Battery, Inc. announced its financial results for the first quarter of fiscal year 2011 ended December 31, 2010 (“Q1 2011”). During the quarter ended December 31, 2010, the company recorded $3.6 million in non-cash expense items following a strategic review of its operations.
Net revenues for the first quarter were $63.5 million, up 14.3% from $55.6 million last quarter and up 26.5% from $50.2 million for the same period in fiscal 2010. Revenues from prismatic products, including aluminum-case cells and battery packs, which are used in mobile phones and certain personal electronic devices, were $47.5 million, up 10.2% from $43.1 million last quarter and up 22.5% from $38.8 million for the same period in fiscal 2010.