China TMK Battery Systems Inc., a Chinese manufacturer and distributor of customized rechargeable battery solutions to global consumer product companies, today posted its financial results for the fiscal year ended December 31, 2009.
For the 12 months ended December 31, 2009, China TMK reported a 32.3 percent increase in sales revenue to $48.6 million compared to the $36.8 million reported in 2008. International sales contributed 3.5 percent of sales while 97.5 percent reflects sales from the People’s Republic of China.
The company reported net income for 2009 at approximately $7.5 million, a 32.5 percent increase compared to $5.7 million reported for the 12 months ended December 31, 2008.
China TMK boosted its customer base and consumer products, important factors in the company’s positive fiscal results.
“We are very pleased with our financial results for the full year of 2009,” Henian Wu, chairman and president of the company stated in the press release. “During 2009, we expanded our customer base and product portfolio for our Ni-MH multi-cell batteries while preparing to launch new products, such as intelligent battery solutions which provide controlled back-up power and address new market verticals, such as traffic technology and the telecommunication infrastructure grid. The rapid growth in consumer products which utilize ‘environmentally friendly’ rechargeable batteries has created a $5 billion market plus market worldwide for Ni-MH batteries and contributed to the company’s robust revenue and earnings growth in 2009. We are currently doubling our production capacity to capitalize on this growth opportunity and expect to gain further market share in 2010.”
The company reported net cash from operating activities at $9.2 million for fiscal year 2009 compared to $6.3 million provided by operating activities for 2008. The company attributes the increase in net cash primarily to an increase in net income and trade receivable.
China TMK posted total shareholders’ equity of approximately $15.7 million, with total assets of $36 million versus total liabilities of $20.3 million – the cash balance on the company’s balance as of December 31, 2009, does not include the recent $6.9 million capital raise completed in February 2010.
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