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.
