Battery Technologies Q2 Product Sales Double; Results In Line With Expectations.Business Editors TORONTO--(BUSINESS WIRE)--Aug. 21, 2002 Battery Technologies Inc. (OTC-BB:BTIOF.OB)(TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :BTI BTI Beverage Testing Institute BTI Boyce Thompson Institute BTI British American Tobacco (stock symbol) BTI Boston Theological Institute Bti Bacillus Thuringiensis Israelensis BTI BioTechnology Institute BTI Binding Tariff Information ) today announced its second quarter 2002 financial results reporting that product sales grew significantly (+122%) versus the same quarter last year, and that overall revenues were in line with management's expectations at more than +50% versus a year ago. First half total revenues increased to $1,055,000, up more than 100% versus the same period in 2001, largely as a result of increased product sales from Battery Technologies Sweden ("BTS BTS - Bug Tracking System "), the former Dema Group, acquired in May 2001, offset by a decline in contract research and royalty revenue. The company reported a net loss for the first half ended June 30, 2002 of $1,362,800 maintaining the $0.01 per share loss compared to the same period last year, which was a loss of $842,000. Principal cost differences were an increase in SG and A as the year 2002 results included expenses for the full period for BTS, as compared to a partial period in the prior year. In addition, increased investment spending in sales and marketing in Scandinavia, research spending behind new development programs for RAM(TM) and upfront fees in support of financing programs added to this expense category. Interest expense was reduced significantly, due the elimination of long term debt in the last twelve months. J. Bruce Bruce, Scottish royal family descended from an 11th-century Norman duke, Robert de Brus. He aided William I in his conquest of England (1066) and was given lands in England. Pope, President 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. of BTI said: "We continue to make progress against our target of building own-brand product sales in Scandinavia and endeavoring to generate RAM(TM) awareness and volume with retail and OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and customers. We continue in an investment mode, resulting in quarterly losses, with the expectation that building critical-mass-volume, to cover our largely fixed expenses, will generate a positive return in the future for shareholders. Since acquiring Battery Technologies Sweden in May 2001, we have successfully reduced our dependence on royalty/grant income, and now product sales which represent virtually all new revenue have increased from 12% of revenue to 75% of total revenue. We believe our strategy is correct, and the business will strengthen with more volume."
SUMMARIZED STATEMENT OF OPERATIONS AND DEFICIT (in 000's CDN dollars)
FOR THE SIX MONTHS ENDED JUNE 30, 2002 AND 2001 (unaudited)
Six Months ended June 30
-----------------------------------
2002 2001
-----------------------------------
Revenue
Product sales 766 183
Royalties 185 223
Contract research revenue 103 107
-----------------------------------
1,055 513
-----------------------------------
Direct Costs
Cost of product sales 355 101
Contract research expense 79 86
-----------------------------------
434 187
-----------------------------------
Net revenue 621 326
-----------------------------------
Expenses
Selling, general and administrative 1,405 625
Research and development 292 231
Interest expense 56 34
Foreign exchange loss 6 58
Amortization of capital assets 51 59
Amortization of intangibles 172 160
-----------------------------------
1,982 1,167
-----------------------------------
Loss for the period 1,361 841
-----------------------------------
Loss per share $0.01 $0.01
-----------------------------------
The second quarter report to shareholders containing comprehensive consolidated balance sheets consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. , statement of operations See Income statement. and deficit and statement of cash flows will be mailed to registered shareholders within the next ten days. BTI is the inventor INVENTOR. One who invents or finds out something. 2. The patent laws of the United States authorize a patent to be issued to the original inventor; if the invention is suggested by another, he is not the inventor within the meaning of those laws; but in that , developer and owner of the unique, patented rechargeable re·charge tr.v. re·charged, re·charg·ing, re·charg·es To charge again, especially to reenergize a storage battery. re alkaline alkaline /al·ka·line/ (al´kah-lin) (-lin) 1. having the reactions of an alkali. 2. having a pH greater than 7.0. al·ka·line adj. 1. manganese manganese (măng`gənēs, măn`–) [Lat.,=magnet], metallic chemical element; symbol Mn; at. no. 25; at. wt. 54.938; m.p. about 1,244°C;; b.p. about 1,962°C;; sp. gr. 7.2 to 7. (RAM(TM)) battery technology on which it holds 43 patents related to chemistry, product design and manufacturing processes. BTI is engaged in the worldwide commercialization of the RAM(TM) technology and other portable energy products through its licensees and the Battery Technologies Sweden (formerly the Dema Group), a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. based in Scandinavia engaged in the sales, marketing and distribution of battery and energy related products to European markets. Except for the historical statements contained herein, the matters discussed in this news release, including any revenue, expense and earnings expectations, are forward looking statements that involve risks and uncertainties. Factors that could cause actual results to differ materially include but are not limited to: the Company's ability to achieve its corporate objectives, uncertainty of additional funding requirements, variable economic and market conditions, disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. of production at any of the Company's licensee's manufacturing facilities, political and other disruptive disruptive /dis·rup·tive/ (-tiv) 1. bursting apart; rending. 2. causing confusion or disorder. developments, foreign currency restrictions and/or fluctuations, technological developments by competitors, a successful challenge to the validity of the Company's patents, or any of the other variables referenced in the Company's 20-F filing with the SEC, dated June 27, 2002. Readers are cautioned not to place undue reliance on forward looking statements. RAM , is a registered trademark of Battery Technologies Inc., Richmond Hill, Ontario Richmond Hill (2006 population 162,704) is a town in York Region north of Toronto, Ontario, Canada. It is part of the Greater Toronto Area. History The area was first surveyed by Lieutenant-Governor John Graves Simcoe in 1794 while he was constructing Yonge Street. , Canada. All other brands, product names, company names or trademarks are the property of their respective owners. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion