Advanced Battery Technologies, Inc. Announces Second Quarter 2004 Earnings.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Advanced Battery Technologies, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: ABAT ABAT 4-Aminobutyrate Aminotransferase ABAT Agent-Based Analytical Tool ABAT Air-Land Battle Advanced Technologies ), a manufacturer and marketer of rechargeable re·charge tr.v. re·charged, re·charg·ing, re·charg·es To charge again, especially to reenergize a storage battery. re polymer polymer (pŏl`əmər), chemical compound with high molecular weight consisting of a number of structural units linked together by covalent bonds (see chemical bond). lithium-ion ("PLI PLI Practising Law Institute PLI Professional Liability Insurance PLI Programming Language Interface (Verilog programming language) PLI Partido Liberal Independiente (Independent Liberal Party, Nicaragua) ") batteries used in consumer products such as portable computers, PDA's and cellular telephones, today reported results for the second quarter ended June June: see month. 30, 2004. Revenue for the second quarter ending June was $492,666, a 3 percent increase from the first quarter of 2004. Revenue for the six months ending June was $968,675. Net income for the second quarter of 2004 was $17,546 versus a loss of $54,474 in the second quarter of 2003. Zhiguo Fu, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Advanced Battery Technologies, Inc. said, "We are pleased with the progress we have made in the first two quarters, and anticipate continued growth in the future. We launched our first production line in January January: see month. and expect to expand operations and increase revenues each quarter going forward. ABAT is well positioned to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the rapidly expanding rechargeable battery A rechargeable battery, also known as a storage battery, is a group of two or more secondary cells. These batteries can be restored to full charge by the application of electrical energy. market. Our PLI batteries are smaller, lighter, and safer, with a longer cycle time, more design flexibility and are less costly than other types of batteries." Mr. Fu continued, "In the last quarter we completed construction of additional factory facilities at our location in Heilongjiang Heilongjiang or Heilungkiang (both: hā`l  ng`jyäng`) [Chin.,=black dragon river (the Amur)], province (1994 est. pop. 35,570,000), c. . These facilities will be fully functional in the near
future and will increase our manufacturing capacity to meet existing as
well as future orders without interruption INTERRUPTION. The effect of some act or circumstance which stops the course of a prescription or act of limitation's.2. Interruption of the use of a thing is natural or civil. ." About Advanced Battery Technologies, Inc. Advanced Battery Technologies, Inc. develops, manufactures and distributes rechargeable polymer lithium-ion (PLI) batteries. The Company's products include rechargeable PLI batteries for mine-use lamps, electric automobiles electric automobile Battery-powered motor vehicle. Originating in the 1880s, electric cars were used for private passenger, truck, and bus transportation in cities, where their low speeds and limited battery range were not drawbacks, and the cars became popular for their , motorcycles, cellular phones, notebook computers A laptop computer that weighs in a range from five to seven pounds. The term originated when laptops were routinely more than 10 pounds, and those that became lighter were placed in a special "notebook" category. In practice, notebook computer and laptop computer are synonymous. , walkie-talkies and other personal electronic devices. ABAT's batteries combine high-energy high-energy adj. 1. Of or relating to elementary particles with energies exceeding hundreds of thousands of electron volts. 2. Yielding a large amount of energy upon undergoing chemical reaction. 3. Vigorous; dynamic. chemistry with state-of-the-art polymer technology and overcome many of the shortcomings A shortcoming is a character flaw. Shortcomings may also be:
n. A political organization founded and controlled by a national Communist party. of China and was founded in August 2002. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. as defined by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks defined in this document and in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the companies, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany To go along with; to go with or to attend as a companion or associate. A motor vehicle statute may require beginning drivers or drivers under a certain age to be accompanied by a licensed adult driver whenever operating an automobile. the forward-looking statements. In addition, the companies disclaim dis·claim v. dis·claimed, dis·claim·ing, dis·claims v.tr. 1. To deny or renounce any claim to or connection with; disown. 2. To deny the validity of; repudiate. 3. any obligation to update any forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" .
ADVANCED BATTERY TECHNOLOGIES, INC.
CONSOLIDATED BALANCE SHEET
JUNE 30, 2004
(UNAUDITED)
ASSETS
CURRENT ASSETS
Cash $ 36,046
Accounts receivable 319,034
Inventories 236,491
Prepaid expenses 239,819
Loan receivable, other 59,775
----------
TOTAL CURRENT ASSETS 891,165
Property, plant and equipment, net 2,554,118
Construction in process 3,324,638
Rights to use land and power, net 435,302
Patents, net 101,061
----------
TOTAL ASSETS 7,306,284
==========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses 361,636
Notes payable 362,463
Current maturities of long term debt 19,936
Customer deposits 227,800
Welfare payable 37,908
Taxes payable 28,752
Loan payable, others 471,147
----------
TOTAL CURRENT LIABILITIES 1,509,642
Long-term debt, excluding current
maturities 12,233
Minority interest in consolidated
subsidiary net assets 1,720,980
----------
TOTAL LIABILITIES 3,242,855
----------
STOCKHOLDERS' EQUITY
Common stock, $0.001 par value;
60,000,000 shares authorized,
19,842,582 issued and outstanding 19,843
Preferred stock, $0.001 par value; 5,000,000 shares
authorized, 806,113 issued and outstanding
Additional paid in capital 4,667,783
Accumulated deficit (664,929)
Exchange reserve 40,732
----------
TOTAL STOCKHOLDERS' EQUITY 4,063,429
----------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $7,306,284
ADVANCED BATTERY TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 2004 AND 2003
(UNAUDITED)
Three Months Ended
June 30,
--------------------------
2004 2003
Revenues $ 492,666 $ -
Cost of Sales 343,552 -
------------ -------------
Gross Profit 149,114 $ -
------------ ------------
Costs and Expenses:
Research and development 13,184 -
General and administrative 103,412 54,474
Selling expense 6,637 -
------------ -------------
Total Costs and Expenses 123,233 54,474
------------ ------------
Income (Loss) From Operations 25,881 (54,474)
------------ ------------
Other Income (Expense):
Interest expense (781) $ -
Other expense (40) -
Interest income 6 -
------------ -------------
Total Other Income (Expense) (815) -
------------ -------------
Minority Interest in Consolidated
Subsidiary (7,520) -
------------ -------------
Net Income/Loss $ 17,546 $ (54,474)
============ ============
Loss Per Common Share
Basic $ - $ (0.01)
============ ============
Diluted $ - $ (0.01)
Weighted Average Common Shares Outstanding
Basic 19,842,582 9,040,427
============ ============
Diluted 100,453,882 9,040,427
============ ============
ADVANCED BATTERY TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2004 AND 2003
(UNAUDITED)
Six Months Ended
June 30,
-------------------------
2004 2003
Revenues $ 968,675 $ -
Cost of Sales 610,118 -
------------ ------------
Gross Profit 358,557 -
------------ ------------
Costs and Expenses:
Research and development 37,017 -
General and administrative 348,119 70,913
Selling expense 13,742 -
------------ ------------
Total Costs and Expenses 398,878 70,913
------------ -----------
Loss From Operations (40,321) (70,913)
------------ -----------
Other Income (Expense):
Interest expense (7,872) -
Interest income 105 -
------------ ------------
Total Other Income (Expense) (7,767) -
------------ ------------
Minority Interest in Consolidated
Subsidiary 14,426 -
------------ ------------
Net Loss $ (33,662) $ (70,913)
============ ===========
Loss Per Common Share
Basic $ - $ (0.01)
============ ===========
Diluted $ - $ (0.01)
============ ===========
Weighted Average Common Shares
Outstanding
Basic 19,842,582 9,040,427
============ ===========
Diluted 100,453,882 9,040,427
============ ===========
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