New Energy Systems Group reported a huge increase in sales for the second quarter of 2010 led by the results of several recent acquisitions in the company’s battery segment.
New Energy Systems Group reported sales of $23.4 million in the second quarter of 2010, compared to $5.4 million in the corresponding quarter of 2009. The battery segment reported sales of $20.9 million in the quarter and contained sales from the Anytone and NewPower businesses, which were purchased at the end of 2009 and in early 2010.
New Energy Systems Group reported net income of $3.6 million, or $0.28 per diluted share, in the second quarter of 2010. The company earned net income of $1.3 million, or $0.22 per diluted share, in the same quarter of 2009.
The management of New Energy Systems Group also reaffirmed guidance for 2010, and estimates that the company will report adjusted net income of $15.6 million, or $1.23 per diluted share. New Energy Systems Group reports adjusted net income excluding the impact of amortization and non cash stock option compensation expenses.
New Energy Systems Group is a manufacturer of redundant power systems and lithium ion batteries for use in many consumer electronic products, including computers, mobile phones, and digital cameras.
For more information on the company, go to www.newenergysystemsgroup.com