China Bak Battery (CBAK) Widened Q2 Loss to 25c/Share
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China Bak Battery, Inc. (NASDAQ: CBAK) reported Q2 EPS of ($0.25), versus ($0.06) reported last year. Revenue for the quarter came in at $32.78 million, versus $46.71 million reported last year.
“Over the next few quarters, we expect our earnings performance to improve as we continue to transition from the replacement market to the OEM market. We have cooperative relationships with major tier 1 OEM customers in China and anticipate our revenues will recover as we expand in the OEM market. We were pleased that our high-power lithium ion battery cells reached record quarterly revenues nearly 200% higher than in the same quarter last year, and we expect that our cooperative relationship with Chery Automobile, among others, will contribute to greater earnings in this sector. We also expect our ongoing upgrades to our polymer cell production lines will further our transition toward servicing and generating profits from China’s growing smartphone and tablet computer battery cell markets,” commented Mr. Xiangqian Li, Chairman, President and CEO of China BAK.
For earnings history and earnings-related data on China Bak Battery, Inc. (CBAK) click here.
“Over the next few quarters, we expect our earnings performance to improve as we continue to transition from the replacement market to the OEM market. We have cooperative relationships with major tier 1 OEM customers in China and anticipate our revenues will recover as we expand in the OEM market. We were pleased that our high-power lithium ion battery cells reached record quarterly revenues nearly 200% higher than in the same quarter last year, and we expect that our cooperative relationship with Chery Automobile, among others, will contribute to greater earnings in this sector. We also expect our ongoing upgrades to our polymer cell production lines will further our transition toward servicing and generating profits from China’s growing smartphone and tablet computer battery cell markets,” commented Mr. Xiangqian Li, Chairman, President and CEO of China BAK.
For earnings history and earnings-related data on China Bak Battery, Inc. (CBAK) click here.
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