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What: Shares of battery manufacturer China BAK Battery
So what: Fourth-quarter results for China BAK were pretty disappointing across the board. Revenue of $56 million was down 3% from last year and missed analyst estimates of $61 million. On the bottom line, the company reported a diluted loss per share of $0.14, worse than the $0.02-per-share loss last year and well off the $0.01 profit that Wall Street expected. While the company is hoping to improve its balance sheet, it ended the year still looking pretty unsteady, with $179 million in total debt versus $150 million in shareholders' equity. The disappointment over the results was only compounded by the announcement that the company's CFO is departing, a development that rarely fails to raise investor concern.
Now what: It's been a rough day for a handful of battery manufacturers as Advanced Battery Technologies
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