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Analysis: Batteries included! (ABAT)


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Company Profile:

Advanced Battery Technologies (ABAT) manufactures and distributes rechargeable Polymer Lithium-Ion (PLI) batteries, which are used in mine lamps, electric automobiles, motorcycles, cell phones, notebook computers, walkie-talkies and personal digital assistance devices. PLI batteries are superior to traditional rechargeable batteries and are leak resistant, less energy dense, environmentally friendly, with high design flexibility, which allows the company to produce a battery as thin as 0.5 mm. The company is headquartered and operates primarily in China.

ABAT is a holding company and is involved in the business of PLI batteries through its subsidiaries, Cashtech Investment Limited (Cashtech) and Heilongjiang Zhong Qiang Power-Tech Co., Ltd. (ZQ Power-Tech). ZQ Power-Tech is a company based in People’s Republic of China in which, Cashtech owns 100% interest.

Sales:

 

 

2003

2004

2005

2006

2007

TTM

Sales $Mil

0

1

4

16

32

37

Operating Income $Mil

0

-2

0

7

10

13

clip_image001Income Tax $Mil

-1

0

1

clip_image001Net Income $Mil

0

-2

0

8

10

13

Earnings/Share $

0.00

-0.23

-0.01

0.17

0.22

0.27

EPS (Cont Ops) $

0.00

-0.20

0.00

0.20

0.20

0.30

Dividends/Share $

0.00

0.00

0.00

0.00

0.00

0.00

Total Shares Mil

1

17

37

47

47

49

 

Quarterly Income:

 

Sales

06-07

09-07

12-07

03-08

Current $Mil

8.0

9.0

10.0

10.0

% Change From Year Earlier

142.40

111.60

95.30

87.00

clip_image001Net Income

Current $Mil

3.0

4.0

2.0

4.0

% Change From Year Earlier

474.60

260.30

26.90

187.60

Earnings/Share

Current $

0.07

0.07

0.06

0.08

% Change From Year Earlier

600.00

250.00

29.40

166.70

 

 

 

 

 

 

 

 

 

 

 

 

 

Free Cash Flow (in $Millions):

 

2005

2006

2007

TTM

-1

4

1

9

3

0

0

0

-3

4

1

8

 

Profitability:

PROFIT MARGINS

2003

2004

2005

2006

2007

2007 Q1

2007 Q2

2007 Q3

2007 Q4

2008 Q1

TTM

Gross Margin

-

31.9

32.9

55.0

43.4

48.5

47.7

46.4

35.5

50.2

44.7

EBIT Margin

-6,000.0

-204.2

3.3

45.2

31.9

25.0

42.6

41.9

19.8

44.6

36.6

EBT Margin

-6,100.0

-205.0

.2

43.7

32.0

25.0

42.6

42.0

19.8

44.7

36.6

Net Margin

-6,100.0

-205.0

.2

49.2

32.0

25.0

42.6

42.0

19.8

38.4

34.9

Tax Rate

0.0%

0.0%

0.0%

-12.8%

0.0%

0.0%

0.0%

0.0%

0.0%

14.1%

4.7%

Payout Ratio

-

-

-

-

-

-

-