updated 5/10/2010 4:48:31 PM ET 2010-05-10T20:48:31

NEW YORK, May 10, 2010 (GLOBE NEWSWIRE) -- Advanced Battery Technologies, Inc. (Nasdaq:ABAT), a leading developer, manufacturer and distributor of rechargeable Polymer Lithium-Ion (PLI) batteries as well as a manufacturer of electric vehicles, today announced financial results for the first Quarter ending March 31, 2010.

First Quarter Financial Highlights

- Revenue increased 82.9% year-over-year to $19.5 million.

- Gross profit increased 91.0% year-over-year to $9.6 million.

- Net income increased 85.1% year-over-year to $7.5 million.

- Earnings per diluted share increased 47% year-over-year to $0.11.

- Strong balance sheet with $56.1 million in cash and cash equivalents as of March 31, 2010.

Mr. Zhiguo Fu, CEO of ABAT, stated, "The increase in the portion of our revenue attributable to medium and large capacity batteries and electric vehicles has been beneficial to our overall business. The margins that we are able to achieve in selling larger capacity batteries are significantly greater than the margins we achieve in selling smaller capacity batteries, due primarily to the relative amount of competition in the different markets. We also show significant progress in our newly acquired electric vehicle business, which generated more sales to domestic and overseas customers in the first quarter and enhanced our top-line and bottom-line growth."

First Quarter 2010 Financial Results

The Company had total revenues of $19.5 million for the three months ended March 31, 2010, an increase of $8.9 million or 82.9%, compared to $10.7 million for the three months ended March 31, 2009. The increase in revenues was primarily due to the contribution of sales from the electric vehicle business, which the Company acquired on May 4, 2009. Sales of electric vehicles for the three months ended March 31, 2010 totaled $9.1 million. Sales of batteries to Wuxi ZQ are included in the Company's 2009 financial results and excluded from our 2010 financial results, since the Company acquired ownership of Wuxi ZQ in May 2009. During the quarter ended March 31, 2009 the Company recorded $0.2 million in revenue attributable to sales to Wuxi ZQ.

At April 30, 2010 the Company had a backlog of around $65.0 million for delivery throughout the next 12 months, including a battery backlog of approximately $51.4 million.

During the three months ended March 31, 2010, gross profit was $9.6 million, an increase of 91.0% year-over year. Gross margin in the first quarter of 2010 was 49.2%, compared to 47.1% a year ago. The increase in gross margin is primarily attributable to the 52.0% margin achieved in sales of medium capacity batteries, which produced only 42.8% margin in the same period of 2009.

Operating income in the first quarter of 2010 was $7.0 million, an increase of 69.2% year-over-year, from $4.1 million in the prior year's period.

Pre-tax income of $8.3 million in the first quarter of 2010, including a gain of $1.2 million from change in fair value of warrants, represents an increase of $3.6 million from the same period of 2009. After taxes of $0.7 million accrued in the three months ended March 31, 2010, the Company's net income increased 85.1% to $7.5 million, or $0.11 per diluted share, from $4.1 million, or $0.07 per diluted share, in the same period of 2009.

Conference Call

Management will host a conference call at 8:30 am ET on May 12, 2010 to discuss its first quarter financial results. Listeners may access the call by dialing 866-866-1333 or 404-260-1421 for international callers.

A replay of the call will be available from May 12, 2010 through June 11, 2010. Listeners may access the replay by dialing 866-430-1300 or 404-260-1414 for international callers; enter pin:4804300#, then press 4 to listen , then enter confirmation number 201005102187470#.

About Advanced Battery Technologies, Inc.

Advanced Battery Technologies, Inc. (Nasdaq:ABAT), founded in September 2002, develops, manufactures and distributes rechargeable Polymer Lithium-Ion (PLI) batteries. The Company's products include rechargeable PLI batteries for electric automobiles, motorcycles, mine-use lamps, notebook computers, walkie-talkies and other electronic devices. ABAT's batteries combine high-energy chemistry with state-of-the-art polymer technology to overcome many of the shortcomings associated with other types of rechargeable batteries. Early in 2009, the Company acquired Wuxi Angell Autocycle Co. Ltd., an electric vehicle business, and renamed it Wuxi Zhongqiang Autocycle Co., Ltd. ("Wuxi ZQ"). The Company has a New York office, with its executive offices and manufacturing facilities in China.

Safe Harbor Statement

Certain statements in this release and other written or oral statements made by or on behalf of the Company are "forward-looking statements" within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future are forward-looking statements within the meaning of these laws. The forward-looking statements are subject to a number of risks and uncertainties including market acceptance of the Company's services and projects and the Company's continued access to capital and other risks and uncertainties. The actual results the Company achieves may differ materially from those contemplated by any forward-looking statements due to such risks and uncertainties. These statements are based on our current expectations and speak only as of the date of such statements.

GlobeNewswire, Inc.2010


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