SOURCE: Advanced Battery Technologies, Inc.

November 09, 2007 09:45 ET

Advanced Battery Technologies Announces Financial Results

2007 Nine-Month Revenues Rose 137% Over Nine Months 2006; 2007 Nine-Month Net Income Increased 344% Over Nine Months 2006

NEW YORK, NY and HARBIN, CHINA--(Marketwire - November 9, 2007) - Advanced Battery Technologies, Inc. (AMEX: GBT) today announced financial results for the Company's third quarter and nine months ended September 30, 2007. Advanced Battery Technologies, Inc. develops, manufactures, and distributes rechargeable polymer lithium-ion (PLI) battery cells.

Revenues for the third quarter increased 112% to $8.6 million, as compared with $4.1 million for the third quarter 2006. Net income for the third quarter increased 260% to $3.6 million or $0.07 per fully diluted share, as compared with $1.0 million, or $0.02 per fully diluted share, for the same period in 2006.

Revenues for the nine-month period ended September 30, 2007 increased 137% to $21.6 million, as compared with $9.1 million for the same period in 2006. Net income for the first nine months of 2007 increased by 344% to $8.2 million, or $0.16 per fully diluted share, as compared with $1.8 million, or $0.04 per fully diluted share, for the same period in 2006.

"We are extremely pleased with our continued growth in revenues and net income, and we are optimistic that we will continue to achieve comparable gains through the end of 2007 and beyond, as the need for advanced polymer lithium-ion batteries such as ours continues," stated Mr. Zhiguo Fu, Advanced Battery's Chairman and CEO. "We greatly appreciate the strong support of our shareholders and employees over the course of this year and look forward to continuing our efforts to meet and exceed their performance expectations," Mr. Fu concluded.

Gross profit for the third quarter increased 197% to $4.0 million, as compared with $1.3 million for the same period in 2006. Gross profit margin increased 1,330 basis points to 46.4% from 33.1% in the prior year's period.

Operating expenses in the third quarter increased 35% to $389,613, as compared with $288,959 for the same period in 2006. Operating income in the third quarter increased 242% to $3.6 million, as compared with $1.1 million for the same period in 2006. The operating margin was up to 42% from 26% in the prior year's third quarter.

About Advanced Battery Technologies, Inc.

Founded in September 2002, Advanced Battery Technologies develops, manufactures, and distributes rechargeable PLI battery cells using lithium cobalt oxide anodes to overcome many of the shortcomings associated with other types of rechargeable batteries. Advanced Battery Technologies develops PLI battery cells for use in electric vehicles, walkie-talkies, and consumer electronics, including cellular telephones, laptop computers, digital cameras, and miners lamps. Advanced Battery Technologies maintains research and development, and manufacturing facilities in Harbin, China, and administrative offices in New York, New York. Additional information about Advanced Battery Technologies is available at www.abat.com.cn.

Certain statements in this news release may constitute "forward-looking" statements within the meaning of section 21E of the Securities and Exchange Act of 1934. The Company believes that its expectations, as expressed in these statements are based on reasonable assumptions regarding the risks and uncertainties inherent in achieving those expectations. These statements are not, however, guarantees of future performance and actual results may differ materially. Risk factors are listed in the most recent Annual Report on Form 10-KSB and Quarterly Report on Form 10-QSB filed with the Securities and Exchange Commission. Such forward-looking statements involve risks and uncertainties, which may cause the actual results, performance, or achievement expressed or implied to differ.

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