WASHINGTON (dpa-AFX) - Nanophosphate Lithium-ion battery maker A123 Systems, Inc. (AONE) on Friday cut its full year 2011 revenue outlook, hurt mainly by reduction in Fisker's fourth quarter pack demand and the resulting decrease in shipments. The company said it now expects full year 2011 revenue to be about $162 million, lower than the company's previous outlook of $165 million to $180 million. Analysts polled by Thomson Reuters currently expect the company to earn $171.51million for the full year 2011. A123 Systems expects Fisker's pack demand to start increasing earlier in the first quarter of 2012 than previously anticipated and that it will begin to ramp up production shortly. The company also said that it has entered into a definitive agreement with an institutional investor to sell an aggregate of 12.5 million units at a negotiated price of $2.034 per unit, with each unit consisting of one share of its common stock and one warrant to purchase one share of common stock, in a registered direct offering for gross proceeds of about $25.4 million. The net proceeds to A123 from the sale of the units, after deducting the placement agent's fees and other estimated offering expenses, are expected to be about $23.5 million. The offering is expected to close on or about January 25.
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