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China BAK Battery Inc. (CBAK) filed Quarterly Report for the period ended 2011-12-31.
China Bak Battery Inc. has a market cap of $50.6 million; its shares were traded at around $0.792 with and P/S ratio of 0.2.
This is the annual revenues and earnings per share of CBAK over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of CBAK.
Highlight of Business Operations:
Net revenues from sales of aluminum-case cells increased to $34.3 million in the three months ended December 31, 2011, from $30.6 million in the same period in 2010, an increase of $3.7 million, or 11.9%, resulting from sales volume increase of 9.5% driven by an increase in sales to the domestic (PRC) OEM market and an increase of 12.5% in our average selling price.Net revenues from sales of battery packs increased to $20.8 million in the three months ended December 31, 2011, from $16.9 million in the same period in 2010, an increase of $3.9 million, or 23.3% . This resulted from an increase in sales volume of 29.6% from increased export and domestic market sales to new customers as some of our smaller competitors left the market, and a 41.5% increase in average selling price.
We sold $2.6 million in lithium polymer cells for the three months ended December 31, 2011, compared to $3.5 million in lithium polymer cells in the same period in 2010, a decrease of $831,000, or 24.0%, resulting from a decrease of 28.3% in sales volume , offset by an increase of 5.4% in our average selling price.
Sales and marketing expenses. Sales and marketing expenses decreased to $2.0 million for the three months ended December 31, 2011, as compared to $2.3 million for the same period in 2010, a decrease of $315,000, or 13.9%, primarily due to decreased packing and transportation expenses of $94,000, depreciation of $80,000 and repair and maintenance expenses of $56,000, resulting from improved cost control under our strategic plan. As a percentage of revenues, sales and marketing expenses have decreased to 2.7% for the three months ended December 31, 2011, from 3.6% for the same period in 2010, primarily due to the increase in revenues from the sales over the three months ended December 31, 2011.
General and administrative expenses. General and administrative expenses decreased to $5.8 million, or 8.1% of revenues, for the three months ended December 31, 2011 as compared to $7.9 million, or 12.4% of revenues, for the same period in 2010, a decrease of $2.1 million, or 26.5% . The primary reason for the decrease was that provision for bad debt expenses decreased by $2.0 million over the three months ended December 31, 2011, compared to the three months ended December 31, 2010.
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