DFEL News
China TMK Battery Systems Inc. Reports Full Year 2011 Results
2012-07-18 07:30 ET - News Release
| Full Year Results (USD) (Review) | |||
| 12 months ended December 31, | 2011 | 2010 | CHANGE |
| Sales | $91.7 million | $66.4 million | +38% |
| Gross Profit | $20.8 million | $15.3 million | +36% |
| Net Income | $13.2 million | $6.3 million | +111% |
| EPS | $0.36 | $0.17 | +111% |
Fiscal Year ended December 31, 2011
Revenues increased from $66.4 million in the twelve months ended December 31, 2010 to $91.7 million in the corresponding period in 2011, representing a 38% increase due to increase of customer base and product upgrade.
Total cost of sales increased by approximately 39% to $71.1 million compared to $51.1 million in the same period in 2010. Gross profit increased 36% to $20.8 million with gross margin of 22.6% in 2011, compared to $15.3 million and gross margin of 23.0% in 2010.
TMK Battery generated approximately $13.2 million of net income in 2011, an increase of $6.9 million compared to $6.3 million in the same period last year due to better customer demand in 2011 and approximately $1.8 million in one-time merger costs, one-time bonus payments of $1.5 million, and a $0.4 million charge related to S1 registration right penalty incurred in the first quarter of 2010.
The Company had cash and cash equivalents of $7.5 million as of December 31, 2011 compared to $0.4 million at December 31, 2010. Accounts receivable increased from by approximately $4.4 million to $16.8 million due to higher sales.
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