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China BAK Battery delays SEC filing

Posted: 17 Aug 2006 ?? ?Print Version ?Bookmark and Share

Keywords:China BAK Battery? Li-ion battery? XX? XX? XX?

China BAK Battery Inc., a major manufacturer of Li-ion battery cells, said it will delay the filing of its Form 10-Q for Q3 2006 ended June 30, 2006, and has filed a Form 12b-25 with the Securities and Exchange Commission for an extension until next week.

Early this month, the company announced that during the course of the audit by KPMG, its new independent registered public accounting firm, of China BAK's financial statements for the fiscal years ended Sept. 30, 2003, 2004 and 2005, KPMG identified certain misstatements in those financial statements. China BAK also announced that its Board of Directors determined that the company's previously filed financial statements for each of the years and quarters in the fiscal years ended Sept. 30, 2003, 2004 and 2005, and the fiscal quarters ended Dec. 31, 2005 and March 31, 2006 should no longer be relied upon, and that it will amend its previously filed periodic reports to restate its financial information.

"The audit by KPMG is ongoing and we are close to finalizing the financial information subject to the restatement for inclusion in our FY06 third quarter Form 10-Q filing, which we currently expect will be made by August 21," said Xiangqian Li, the company's chief executive, in a statement.

As previously announced, China BAK estimates that the restatement will not affect previously reported revenues. However, the company also said that no assurance can be given and that investors should only rely on the restated financial information that will be announced.

China BAK continues to estimate that its revenue for the quarter ended June 30, 2006 will be approximately $33 million, compared to $24 million for same quarter the previous year.

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