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China infers 2008 world series baseball BAK's actual philadelphia phillies recounts results could differ materiallyfrom those contained in the forward-looking statements. Given these risks anduncertainties, you are cautioned not to place undue reliance onforward-looking statements. and its subsidiary companies, which can be identified by the use offorward-looking terminology such as "believes," "expects" or similarexpressions, involve known and unknown risks and uncertainties which couldcause actual results to differ. These factors include but are not limited to:risks related to China BAK's business and risks related to operating in China.Please refer to China BAK's Annual Reports on Form 10-K for the fiscal yearsended September 30, 2008, as well as China BAK's Quarterly Reports on Form10-Q for FY09, for specific details on risk factors. All"forward-looking statements" relating to the business of China BAK Battery,Inc.
The forward-looking statements are made pursuant to the safe harborprovisions of the Private Securities Litigation Reform Act of 1995 autographed baseball . China BAK Battery,Inc.'s 3.0-million-square-foot facilities are located in Shenzhen and Tianjin,PRC, and have been recently expanded to produce new products.Safe Harbor StatementThis press release contains forward-looking statements, which are subjectto change philadelphiaphillies . Itproduces battery cells that are the principal component of rechargeablebatteries commonly used in cellular phones, notebook computers and portableconsumer electronics, such as digital media devices, portable media players,portable audio players, portable gaming devices, and PDAs philies cap . is one of the largest manufacturers oflithium-based battery cells in the world, as measured by production output philies hat . Forthose unable to participate during the live broadcast, shortly after the calla replay will be made available on China BAK's website for one year.About China BAK Battery, Inc.China BAK Battery, Inc. To listen to the live webcast, pleasego to the China BAK's website at least fifteen minutes prior to the start ofthe call to register, download and install any necessary audio software.
The conference call will be broadcast liveover the Internet and can be accessed by all interested parties on the ChinaBAK website at http:// baseball tickets . If you are unable to participate in the call atthis time, a replay will be available from 10:00 am ET on Thursday, July 23,2009 through Friday, August 7, at 10:00 am EDT To access the replay, pleasedial 888-286-8010 International callers should dial 617-801-6888 The passcode for the replay is 381-71-680 philies hats . Toparticipate in the conference call, please dial the following numberapproximately fifteen minutes prior to the scheduled conference call time:888-419-5570 International callers should dial 617-896-9871 The pass codefor the call is 663-295-01 ryan howard . In thetraditional business segments, we will continue implementing aggressivemeasures to reduce cost and expenses," commented Mr world series 2008 .
Xiangqian Li, Chairmanand CEO of China BAK.Conference CallChina BAK will host a conference call at 8:00 am ET on Thursday, July 23,2009 to discuss results for the third quarter of FY09 ended June 30, 2009.Xiangqian Li, China BAK's Chairman and Chief Executive Officer, and Tony Shen,Chief Financial Officer will host the call and answer questions cole hamels bio . Short-term bank loans and long-term bank loans totaled $191.4 millionas compared to $172.7 million on March 31, 2009 Shareholders' equity totaled$156.3 million philadelphia phillies . China BAK had $69.4 million available for borrowing under itscredit facilities.Cost and Expense Reduction on TrackIn the third quarter of FY09, China BAK continued to implement itsaggressive cost management program announced earlier this year.Business Outlook"We are glad to see our Tianjin Facility has delivered samples toautomakers for testing; it's a milestone of our development of new energypower cells; and we foresee a bright future for this business philadelphiaphillies . Diluted earnings per share were negative $0.09 comparedwith negative $0.10 per diluted share last quarter and negative $0.04 perdiluted share in the same quarter of last year.For the third quarter of FY09, Days Sales Outstanding decreased to 145days from 171 days last quarter, and Days Sales of Inventory decreased to 136days from 148 days last quarter.Financial ConditionOn June 30, 2009, China BAK had $29.6 million in cash and cash equivalentsand negative $41.8 million in working capital, reflecting a current ratio of0.83:1 philies cap .
General and administrative expenses were $5.5million or 12.4% of revenues, as compared to $4.1 million or 10.1% of revenueslast quarter and $5.1 million or 7.4% of revenues in the same quarter of lastyear.Operating loss for the third quarter of FY09 was $3.6 million, as comparedto operating loss of $3.4 million last quarter and operating loss of $36,000in the same quarter of last year.Net loss was $5.2 million in the third quarter of FY09, as compared to netloss of $5.7 million last quarter and net loss of $2.3 million in the samequarter of last year cole hamels jerseys . The decrease in gross margin from the same period of last yearwas the result of lower average selling prices and higher averagemanufacturing costs, offset significantly by lower average material costs.Operating expenses totaled $8.6 million or 19.3% of revenues in the thirdquarter of FY09, as compared to $6.4 million or 15.7% of revenues last quarterand $ 8.4 million or 12.3% of revenues in the same quarter of last year.Research and development expenses were $1.5 million or 3.3% of revenues, ascompared to $1.1 million or 2.8% of revenues last quarter and $1.9 million or2.7% of revenues in the same quarter of last year philies hat . Sales and marketingexpenses were $1.6 million or 3.5% of revenues, as compared to $1.2 million,or 2.8% of revenues last quarter and $1.5 million or 2.2% of revenues in thesame quarter of last year philies hats . Gross margin was 11.3%, compared to 7.4% last quarter and 12.3%in the same quarter of last year . The increase in gross margin from lastquarter was the result of lower average manufacturing costs and lower averagematerial costs. Revenues from steel-case cells were minimal as we ended productionsix months ago.Gross profit for the third quarter of FY09 was $5.0 million, up 67.1% from$3.0 million last quarter and down 40.5% from $8.4 million in the same quarterof last year. Revenues from battery packs were $5.7 million, up 18.8% from $4.8million last quarter and down 33.0% from $8.5 million in the same quarter oflast year.
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