Advanced Battery Technologies, Inc. announced financial results for the quarter ended June 30, 2011. The company had total revenues of $31,350,652 for the three months ended June 30, 2011, an increase of $8,515,294 or 37.3%, compared to $22,835,358 for the three months ended June 30, 2010. For the six months ended June 30, 2011, total revenues of $59,992,387 represented an increase of $17,608,012 or 41.5%, compared to $42,384,375 for the six months ended June 30 2010.
The company’s gross margin declined from 48% in the three months ended June 30, 2010 to 43% in the same period of 2011, and from 49% in the first half of 2010 to 42% in the first half of 2011. The decline occurred primarily because the $9,602,091 in sales of small capacity batteries generated from the new Shenzhen facility yielded a low margin relative to other revenue.
