SHENZHEN, China, Jan. 23 /PRNewswire-Asia-FirstCall/ -- China BAK
Battery, Inc. ('China BAK', or 'BAK') (NASDAQ:CBAK), one of the
largest lithium-ion battery cell manufacturers in the world, as
measured by production output, today announced its financial
results for the first quarter of fiscal year 2009 ('FY09'). Recent
Achievements and Highlights -- Net revenue remained strong in the
midst of the global financial crisis and recession; gross margin
remained at a similar level to our previous fiscal quarter; --
Cylindrical (notebook) cells revenue continued to be robust,
accounting for 27% of total revenue; prismatic cells revenue
continued to grow and reflect further penetration of the China OEM
cellular phone market; -- A number of cost-cutting steps were taken
and at least $1.5 million of operating expense reduction per
quarter is expected for the coming quarters. First Quarter FY09
Financial Results Net revenues for the first quarter of FY09 were
$68.1 million, down 6.4% from $72.7 million last quarter, and up
29.0% from $52.8 million in the same quarter of last year. Revenues
from cylindrical cells used in notebook computers were $18.4
million, down 6.5% from $19.7 million last quarter and up 615.7%
from $2.6 million in the same quarter of last year. Market demand
from notebook computer manufacturers weakened slightly due to the
global financial crisis and recession. Revenues from prismatic
cells, including aluminum-case cells, steel-case cells and battery
packs, were $45.8 million, up 1.7% from $45.0 million last quarter
and up 2.1% from $44.8 million in the same quarter of last year.
Revenues from aluminum-case cells were $37.3 million, up 3.6% from
$36.0 million last quarter and up 24.0% from $30.1 million in the
same quarter of last year. Revenues from battery packs were $5.4
million, up 0.2% from $5.4 million last quarter and up 8.1% from
$5.0 million in the same quarter of last year. Revenues from
steel-case cells were $3.1 million, down 15.1% from $3.6 million
last quarter, and down 68.3% from $9.8 million in the same quarter
of last year. We started to phase out the production of steel-case
cells in the quarter, so revenue from steel-case cells is expected
to be minimal in coming quarters. Revenues from lithium polymer
cells, used in personal electronic devices such as personal digital
assistants (PDAs), MP3 players and Bluetooth devices, were $3.9
million in the first quarter of FY09, down 51.2% from $8.0 million
last quarter, and down 27.4% from $5.4 million in the same quarter
of last year. Market demand from our largely U.S.-based lithium
polymer cell customers weakened due to the financial crisis and
recession. Gross profit for the first quarter of FY09 was $10.6
million, down 7.7% from $11.5 million last quarter and up 49.1%
from $7.1 million in the same quarter of last year. Gross margin
was 15.6%, compared to 15.8% last quarter and 13.5% in the same
quarter of last year. The slight decrease in gross margin from the
previous quarter was the result of lower average selling prices
offset mostly by lower average costs. The increase in gross margin
from the previous year's first fiscal quarter was attributable to
improvements in our product mix and increased average selling
prices, which outweighed the impact of average cost increases.
Operating expenses totaled $9.8 million or 14.4% of revenues in the
first quarter of FY09, as compared to $8.4 million or 11.6% of
revenues last quarter and $6.9 million or 13.1% of revenues in the
same quarter of last year. Research and development expenses were
$1.4 million or 2.1% of revenues, as compared to $1.7 million or
2.3% of revenues last quarter and $1.3 million or 2.5% of revenues
in the same quarter of last year. Sales and marketing expenses were
$1.6 million or 2.3% of revenues, as compared to $1.6 million, or
2.2% of revenues last quarter and $1.3 million or 2.6% of revenues
in the same quarter of last year. General and administrative
expenses were $6.8 million or 9.9% of revenues, as compared to $5.1
million or 7.1% of revenues last quarter and $4.2 million or 8.0%
of revenues in the same quarter of last year. The $6.8 million
number includes nearly $3 million of bad debt expense, most of
which was related to delayed collection of accounts receivable
relating to the timing of the Chinese New Year holiday. Operating
income for the first quarter of FY09 was $0.8 million, as compared
to $3.0 million last quarter and $0.2 million in the same quarter
of last year. Net loss was $1.7 million in the first quarter of
FY09, as compared to net income of $1.5 million last quarter and
net loss of $0.9 million in the same quarter of last year. Diluted
earnings per share were negative $0.03 compared with $0.03 per
diluted share last quarter and negative $0.02 per diluted share in
the same quarter of last year. For the first quarter of FY09, Days
Sales Outstanding ('DSO') decreased to 103 as compared to 104 last
quarter; and inventory turns increased to 3.64 from 3.6 last
quarter. Financial Condition On December 31, 2008, China BAK had
$37.2 million in cash and cash equivalents and negative $18.3
million in working capital, reflecting a current ratio of 0.92:1.
Short-term bank loans and long-term bank loans totaled $172.2
million as compared to $170.1 million on September 30, 2008.
Shareholders' equity totaled $166.3 million. China BAK had $24.1
million available for borrowing under its credit facilities.
Cost-Cutting Efforts In Q1FY09, China BAK initiated a number of
actions to cut down cost and expenses. These included reduction in
total headcount, work hours for hourly workers, and compensation
packages for salaried employees, including senior executives.
Employees were also required to take unpaid leaves and will be
required to take longer holiday leaves during the Chinese New Year
holiday. In addition, we are suspending prismatic cell production
for the month of January 2009 to reduce inventory and to lower
energy costs. All these measures are expected to bring at least
$1.5 million reduction in operating expenses per quarter for the
rest of FY09. Business Outlook 'We are pleased to see stable
revenue and gross margin this quarter. Revenues from cylindrical
cells remained strong, and revenues from prismatic cells continued
to grow. This performance is remarkable in light of the difficult
market situation. However, the crisis has affected many markets our
customers serve. Looking at weakened demand from our customers, we
feel it necessary to take a more cautious look at our revenue
guidance for FY09. We now expect FY09 revenue to fall in the range
of $270 million to $300 million, which, at the midpoint of the
range, will represent a 16% growth from FY08 levels,' commented Mr.
Xiangqian Li, CEO of China BAK. 'In the face of such a challenging
environment, we will continue to exercise prudent and disciplined
management. With cost-cutting measures we initiated last quarter
and more to be adopted in the coming months, we expect to achieve
operating expense reductions totaling at least $1.5 million per
quarter for the rest of FY09,' commented Mr. Tony Shen, CFO of
China BAK. Conference Call China BAK will host a conference call at
7:00 p.m. ET on Friday, January 23, 2009 to discuss results for the
first quarter of FY09 ended December 31, 2008. Joining Xiangqian
Li, China BAK's President and Chief Executive Officer on the call
will be Tony Shen, Chief Financial Officer and Dr. Huanyu Mao,
Chief Operating Officer and Chief Technology Officer. To
participate in the conference call, please dial the following
number approximately fifteen minutes prior to the scheduled
conference call time: +1-888-482-0024. International callers should
dial +1-617-801-9702. The pass code for the call is 525 335 07. If
you are unable to participate in the call at this time, a replay
will be available from 9:00 p.m. ET on Friday, January 23, 2009
through 9:00 p.m. ET, Friday, February 6, 2009. To access the
replay, please dial +1-888-286-8010. International callers should
dial +1-617-801-6888. The pass code for the replay is 63 938 928.
The conference call will be broadcast live over the Internet and
can be accessed by all interested parties on the China BAK website
at http://www.bak.com.cn/ . To listen to the live webcast, please
go to the China BAK's website at least fifteen minutes prior to the
start of the call to register, download and install any necessary
audio software. For those unable to participate during the live
broadcast, shortly after the call a replay will be made available
on China BAK's website for 90 days. About China BAK Battery Inc.
China BAK Battery Inc. is one of the largest manufacturers of
lithium-based battery cells in the world, as measured by production
output. It produces battery cells that are the principal component
of rechargeable batteries commonly used in cellular phones,
notebook computers and portable consumer electronics, such as
digital media devices, portable media players, portable audio
players, portable gaming devices, and PDAs. China BAK Battery,
Inc.'s 3.0 million square foot facilities are located in Shenzhen
and Tianjin, PRC, and have been recently expanded to produce new
products. Safe Harbor Statement This press release contains
forward-looking statements, which are subject to change. The
forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
All 'forward-looking statements" relating to the business of China
BAK Battery, Inc. and its subsidiary companies, which can be
identified by the use of forward-looking terminology such as
"believes," "expects" or similar expressions, involve known and
unknown risks and uncertainties which could cause actual results to
differ. These factors include but are not limited to: risks related
to China BAK's business and risks related to operating in China.
Please refer to China BAK's Annual Reports on Form 10-K for the
fiscal years ended September 30, 2008, for specific details on risk
factors. Given these risks and uncertainties, you are cautioned not
to place undue reliance on forward-looking statements. China BAK's
actual results could differ materially from those contained in the
forward-looking statements. China BAK undertakes no obligation to
revise or update its forward-looking statements in order to reflect
events or circumstances that may arise after the date of this
release. China BAK Battery Inc. and Subsidiaries Consolidated
Statements of Operations and Comprehensive Income For the Three
Months Ended December 31, 2007, September 30, 2008 and December 31,
2008 (Amounts in thousands, except per share data) Three Months
Ended December 31, September 30, December 31, 2007 2008 2008
(Unaudited) (Unaudited) (Unaudited) Net Revenues $52,787 $72,738
$68,090 Cost of revenues (45,681) (61,257) (57,497) Gross profit
7,106 11,481 10,593 Operating expenses: Research and development
costs (1,319) (1,688) (1,417) Sales and marketing expenses (1,348)
(1,568) (1,599) General and administrative expenses (4,238) (5,185)
(6,760) Total operating expenses (6,905) (8,441) (9,776) Operating
income 201 3,040 817 Finance costs, net (2,223) (3,643) (2,840)
Government grant income 901 397 102 Other income 42 683 6 Income /
(loss) before income taxes (1,079) 477 (1,915) Income taxes benefit
139 995 176 Net income / (loss) $(940) $1,472 $(1,739) Other
comprehensive income - Foreign currency translation adjustment
3,770 1,241 160 Comprehensive income $2,830 $2,713 $(1,579) Net
income / (loss) per share: Basic $(0.02) $0.03 $(0.03) Diluted
$(0.02) $0.03 $(0.03) Weighted average shares outstanding: Basic
51,425 54,511 56,958 Diluted 52,378 54,971 56,958 China BAK Battery
Inc. and Subsidiaries Consolidated Balance Sheets As of September
30, 2008 and December 31, 2008 (Amounts in thousands) December 31,
September 30, 2008 2008 (Unaudited) Assets Current assets Cash and
cash equivalents $37,209 $35,707 Pledged deposits 6,114 4,449 Trade
accounts receivable, net 81,292 82,740 Inventories 66,812 67,583
Prepayments and other receivables 12,328 4,463 Deferred tax assets
2,065 1,720 Total current assets 205,820 196,662 Property, plant
and equipment, net 208,494 195,435 Lease prepayments, net 32,062
31,782 Intangible assets, net 200 161 Deferred tax assets 6 7 Total
assets $446,582 $424,047 Liabilities Current liabilities Short-term
bank loans $112,129 $105,598 Current maturities of long-term bank
loans 13,192 8,800 Accounts and bills payable 77,888 57,487 Accrued
expenses and other payables 20,930 21,581 Total current liabilities
224,139 193,466 Long-term bank loans, less current maturities
46,904 55,732 Deferred income 7,622 7,685 Other Long-term payables
1,442 -- Deferred tax liabilities 164 92 Total liabilities 280,271
256,975 Commitments and contingencies Shareholders' equity:
Ordinary shares US$ 0.001 par value; 100,000,000 authorized;
57,676,481 and 57,680,231 issued and outstanding as of September
30, 2008 and December 31, 2008, respectively 58 58 Donation Shares
14,102 14,102 Additional paid-in-capital 98,104 97,286 Statutory
reserves 7,227 6,918 Retained earnings 25,581 27,629 Accumulated
other comprehensive income 25,306 25,146 Less: Treasury shares
(4,067) (4,067) Total shareholders' equity 166,311 167,072 Total
liabilities and shareholders' equity $446,582 $424,047 China BAK
Battery Inc. and Subsidiaries Consolidated Statements of Cash Flows
For the Three Months ended December 31, 2007, September 30, 2008
and December 31, 2008 (Amounts in thousands) Three Months Ended,
December 31, September 30, December 31, 2007 2008 2008 (Unaudited)
(Unaudited) (Unaudited) Cash flow from operating activities Net
income / (loss) $(941) $1,472 $(1,739) Adjustments to reconcile net
income / (loss) to net cash provided by / (used in) operating
activities: Depreciation and amortization 2,782 4,014 3,627
Addition of bad debt expense(Recovery) 1,202 (244) 2,347 Provision
for obsolete inventories 79 496 (550) Share-based compensation 842
1,246 818 Deferred income taxes (196) (951) (271) Deferred revenue
-- (282) (58) Exchange loss -- (182) 704 Loss on disposal of
Property, plant and equipment -- 5 -- Changes in operating assets
and liabilities: Trade accounts receivable (7,159) 2,502 (956)
Inventories (1,120) 376 1,278 Prepayments and other receivables
(11,614) 3,823 (7,859) Accounts and bills payable 10,423 (1,805)
20,175 Accrued expenses and other payables 1,012 1,518 3,662 Net
cash provided by / (used in) operating activities $(4,688) $11,988
$21,178 Cash flow from investing activities Purchases property,
plant and equipment (9,159) (16,672) (19,528) Payment of lease
prepayment (21) (1,779) (466) Purchases of intangible assets (31)
(7) (58) Proceeds from disposal of Property, plant and equipment --
465 -- Net cash used in investing activities $(9,211) $(17,993)
$(20,052) Cash flow from financing activities Proceeds from
borrowings 45,077 40,216 84,077 Repayment of borrowings (26,911)
(46,026) (81,883) (Increase)/ decrease in pledged deposits 362
1,829 (1,663) Proceeds from issuance of capital stock 14,006 15,233
-- Net cash provided by financing activities $32,533 $11,252 $530
Effect of exchange rate changes on cash and cash equivalents 694
216 (153) Net (decrease) / increase in cash and cash equivalents
19,328 5,463 1,502 Cash and cash equivalents at the beginning of
the period 14,197 30,244 35,707 Cash and cash equivalents at the
end of the period $33,524 $35,707 $37,209 For more information,
please contact: Louis Li Acting Manager Investor Relations
Department China BAK Battery, Inc. Tel: +86-755-8977-0504 Email:
DATASOURCE: China BAK Battery, Inc. CONTACT: Louis Li, Acting
Manager of Investor Relations Department of China BAK Battery,
Inc., +86-755-8977-0504,
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