সোমবার, ১৭ অক্টোবর, ২০১১

China Lithium Technologies Reports 18.2% Increase in Revenue and 30.7% Increase in Gross Profit for the Fourth Quarter of Fiscal 2011

October 14, 2011 11:17 AM EDT

NEW YORK and BEIJING, Oct. 14, 2011 (GLOBE NEWSWIRE) -- China Lithium Technologies Inc. (OTCBB: CLTT), a leading lithium-ion battery module, lithium-ion battery charger and lithium-ion battery management system manufacturer and distributor, today announced financial results for the fourth quarter and full year ended June 30, 2011.

Mr. Kun Liu, chief executive officer of China Lithium Technologies, commented, "For the fiscal year ended June 30, 2011, we achieved revenue growth of 11.9% to $15.8 million and gross profit improvement of 27.3%. In the fourth quarter alone, our revenue increased 18.2% and our gross profit increased 30.7%. The improvement was due, in part, to pricing increases and additional customers. We added six new customers that accounted for 8% of our total revenue for the year. We also made a change in our product mix by eliminating battery packs, which have lower gross margins. Instead, we are now focusing on higher-margin battery modules, power supplies and chargers."???

?"As a newly-public company, we incurred additional expenses associated with the change in our status which impacted our bottom line.?Net income for 2011 was $1.3 million compared to $2.4 million in fiscal 2010. ?Demand for electric vehicles has dramatically increased recently and we expect favorable trends to continue, placing us in an excellent position to benefit from the popularity of these vehicles. ?Our goal is to continue to increase market share while expanding our relationships with existing customers."

About China Lithium Technologies Inc.

China Lithium Technologies is a leading designer, manufacturer and distributor of polymer lithium-ion battery modules, lithium-ion battery chargers, lithium-ion battery management systems, as well as other lithium-ion battery management devices essential to proper power utilization. The company has also developed an efficient battery management system that balances the process of charging and discharging multiple lithium-ion battery cells, and which adjusts the charging frequency to temperature changes in the ambient environment. The company's products are widely distributed and used in electric automobiles, motorcycles and bicycles in China.

In addition to historical information, this press releases contains forward-looking statements, which are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans to," "estimates," "projects," or similar expressions. These forward-looking statements represent Management's belief as to the future of?China Lithium Technologies Inc.?Whether those beliefs become reality will depend on many factors that are not under Management's control.?Many risks and uncertainties exist that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in the section entitled "Risk Factors." Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements.

(tables follow)

CONSOLIDATED BALANCE SHEETS
? ? ?
ASSETS June 30, 2011 June 30, 2010
Current Assets: ? ?
Cash and Cash Equivalents ?$?2,649,523 $2,761,427
Accounts Receivable 5,612,622 4,054,189
Other Accounts Receivable 54,413 48,621
Advances to Suppliers 29,180 12,297
Inventories 972,867 786,013
Prepaid Expenses 417,133 68,169
Total Current Assets 9,735,739 7,730,716
Property, Plant and Equipment, net 777,732 261,811
Patent and Other Intangibles, net 68,396 72,907
Total Assets 10,581,867 8,065,434
LIABILITIES AND STOCKHOLDERS' EQUITY June 30, 2011 June 30, 2010
Current Liabilities: ? ?
Accounts Payable 870,204 1,832,512
Advance from Customers 3,159 3,329
Payroll Payable 79,878 57,186
Tax Payable 438,532 310,989
Other Accounts Payable 2,044 4,495
Accrued Expenses 71,089 45,074
Loans from Shareholders 283,638 83,492
Short-term Loans 80,000 --
Warranty Accrual ?$?198,611 237,374
Total Current Liabilities 2,027,155 2,574,452
Total Liabilities 2,027,155 2,574,452
Stockholders' Equity: ? ?
Preferred Stock, par value $0.001, 20,000,000 shares authorized; ? ?
0 share issued and outstanding as of June 30, 2010 and 2011 -- --
Common Stock, par value $0.001, 780,000,000 shares authorized; ? ?
20,159,811 shares issued and outstanding as of June 30, 2010; ? ?
21,659,811 shares issued and outstanding, including 1,050,000 ? ?
unvested restricted stock award, as of June 30, 2011 21,659 20,159
Additional Paid in Capital 1,532,021 252,771
Reserved Funds 1,043,916 467,186
Retained Earnings 5,369,454 4,652,271
Accumulated Other Comprehensive Income 587,661 98,594
Total Stockholders' Equity 8,554,712 5,490,982
Total Liabilities and Stockholders' Equity ?$?10,581,867 $8,065,434
?
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE YEARS ENDED JUNE 30, 2011 AND 2010
? ? ?
? 2011 2010
? ? (Restated)
Revenues ?$?15,767,978 ?$?14,089,484
Cost of Goods Sold 10,011,593 9,568,363
Gross Profit 5,756,385 4,521,121
Operating Expenses: ? ?
Manufacturing Expenses 243,650 250,037
R & D Expenses 329,059 114,995
Sales Expenses 692,792 419,547
General and Administrative Expenses 2,263,776 471,414
Total Operating Expenses 3,529,276 1,255,993
Income from Operations before Other Expenses (Income) 2,227,109 3,265,128
Other Expenses (Income): ? ?
Interest Expense (Income), net (25,328) --
Other Expenses (Income) (2,692) (1,324)
Total Other Expenses (Income) (28,020) (1,324)
Income before Income Taxes 2,255,129 3,266,452
Provision for Income Taxes 961,217 837,486
Net Income 1,293,912 2,428,966
Other Comprehensive Income: ? ?
Unrealized Gain (Loss) on Foreign Currency Translation 489,067 27,207
Comprehensive Income ?$?1,782,980 ?$?2,456,173
Earnings Per Common Share: ? ?
Basic ?$?0.06 ?$?0.12
Diluted ?$?0.06 ?$?0.12
Weighted Average Common Share: ? ?
Basic 20,609,811 19,436,314
Diluted 21,560,847 19,436,314
CONTACT: Crescendo Communications, LLC          David Waldman or Vivian Huo          Tel: (212) 671-1020          E-mail:  cltt@crescendo-ir.com
Source: China Lithium Technologies Inc.

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