China BAK Reports Q4 EPS $(0.15); Revenues $61.58M vs $56.11M Est

China BAK Battery CBAK today announced its financial results for the fourth quarter and fiscal year ended September 30, 2011. Recent Achievements and Highlights Gross margin improved to 13.4% in the fourth quarter of fiscal 2011 from gross margin of 7.6% in the previous quarter and of 9.5% in the same period in fiscal 2010 Cash flow from operating activities in the fourth quarter 2011 and fiscal 2011 significantly improved year over year In September 2011, the Company's Shenzhen facility entered into a strategic cooperation program for electric vehicle development with Hua-chuang Automobile Information Technical Center Co., Ltd. ("HAITEC"), a subsidiary of Yulon Group, Taiwan's largest automaker In late September 2011, China BAK launched the first single battery and first battery module for use in Electric Vehicles (EVs) In November 2011, the Company was recognized as the "National-certified Enterprise Technology Center" at the China Hi-Tech Fair 2011 Fourth Quarter Fiscal Year 2011 Financial Results Net revenues for the fourth quarter were $61.6 million, up 30.7% from $47.1 million last quarter and up 10.8% from $55.6 million for the same period in fiscal 2010. Revenues from prismatic products, including aluminum-case cells and battery packs, which are used in mobile phones and certain personal electronic devices, were $47.2 million, up 83.1% from $25.8 million last quarter and up 9.5% from $43.1 million for the same period in fiscal 2010. Revenues from cylindrical cells, used in notebook computers, certain electronic devices and electric vehicles, were $10.2 million, down 41.0% from $17.3 million sequentially and up 14.6% from $8.9 million for the same period in fiscal 2010. The decline in cylindrical cells was mainly attributable to the decline in average sales price as a result of the flat growth in market demand for traditional laptops. Revenues from lithium polymer cells, used in personal electronic devices such as PDAs, MP3 players and Bluetooth devices, were $3.0 million, up 50.2% from $2.0 million in the last quarter and up 2.1% from $3.0 million in the same period in fiscal 2010. Revenues from high-power lithium battery cells, used in electric bicycles, other electric vehicles, power tools, and uninterruptible power supplies, and other applications manufactured at the Company's Tianjin facility, were $1.2 million, down 42.9% from last quarter and up 86.4% from the same period in fiscal 2010.