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China Bak Releases Fourth Quarter and Fiscal Year 2008 Financial Results.

Publication: Wireless News
Publication Date: 10-DEC-08 		Format: Online
Delivery: Immediate Online Access
Full Article Title: China Bak Releases Fourth Quarter and Fiscal Year 2008 Financial Results.(Financial report)

Article Excerpt
WIRELESS NEWS-(C)1999-2008 10Meters - http://www.10meters.com

China Bak Battery, a lithium-ion battery cell manufacturer, announced its financial results for the fourth quarter and fiscal year ended September 30, (FY08).

Recent Achievements and Highlights

-- In the fourth quarter of FY08, China Bak returned to profitability on record revenues of $72.7 million; gross margin rose to 15.8 percent, the best level in last five quarters; -- Revenues from cylindrical cells used in notebook computers increased to $19.7 million, up 44.2 percent from last quarter and accounted for 27 percent of total revenues; revenues from lithium polymer cells increased to $8.0 million, up 218.7 percent from last quarter; -- We raised $16 million in a Registered Direct Offering in August 2008, further improving our capital structure to prepare for tougher financial markets; -- For FY08, China Bak achieved record revenues of $245.3 million, an increase of 68.2 percent from FY07.

Fourth Quarter FY08 Financial Results

Net revenues for the fourth quarter of FY08 were $72.7 million, up 6.2 percent from $68.5 million last quarter, and up 66.2 percent from $43.8 million in the same quarter of last year.

Revenues from cylindrical cells used in notebook...

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