[ABAT]
Advanced Battery Technologies Reports Record 2007 Results
Monday March 31, 8:30 am ET
2007 Revenues Increase 95%; Net Income Increases 32%
HARBIN, CHINA--(MARKET WIRE)--Mar 31, 2008 -- Advanced Battery Technologies, Inc. (NasdaqCM:ABAT - News) today announced financial results for the Company's twelve months ended December 31, 2007. Revenue for 2007 increased 95%, to $31.9 million, from $16.3 million in 2006 (restated). Net Income increased 32% to $10.6 million from $8.0 million in 2006 (restated).
Mr. Fu, Chairman and CEO, said, "2007 was a watershed year for the Company, in which we achieved record operating results and backlog. Our current backlog of firm orders is $49 million, compared to $18 million at this time last year, an increase of 272%. The expansion of our backlog is a testament to the dynamic nature of our battery technology and a good indication of the bright future we believe is ahead for ABAT and its shareholders."
In connection with our year-end results, management determined that impairment of goodwill was no longer appropriate. At year-end 2006, management had decided that goodwill was impaired and had written-off approximately $2 million. Upon further review of SFAS 142, however, management determined that goodwill had not been impaired at the end of 2006. For that reason, the Company has reversed the impairment of its goodwill (as more fully discussed in the 10-KSB). Accordingly, the analysis and comparisons with year-end 2006 results included in the annual report and in this release are to restated 2006 results.
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