A123 cuts 2011 revenue outlook - lithium ion battery pack

(Reuters) -Lithium-
Ion battery manufacturer A123 Systems AONE.
O on Friday, its 2011 revenue forecast was lowered for the second time in three months due to a drop in battery pack orders previously announced by one of its major customers.
November Fisk motor, an electric vehicle manufacturer
In quarterly battery pack orders, A123 chief executive David Vieau described the move as "unexpected ".
According to a securities document, A123 has not yet completed its financial statements for 2011, but early indications are that revenue for the year will be around $0. 162 billion.
The company said it would drop 10% from the high-end outlook announced in November.
Nevertheless, A123 said that Fisker's demand is expected to grow earlier than previously expected in 2012.
Production will begin to increase soon.
Shares of A123, created by scientists linked to MIT, fell 7. Between $ 5% and $2.
Trading on Nasdaq morning.
The battery pack made by A123 for Fisker's Karma (luxury hybrid electric vehicle) accounts for a large portion of its revenue, Waltham, Massachusetts
A123 said in the regulatory documents.
Fisk's move forced A123 to cut its annual revenue forecast to $0. 165 billion to $0. 18 billion.
A123 earlier forecast revenue between $0. 21 billion and $0. 225 billion.
A123 has also cut 35% of workers in two factories in Michigan that provide batteries for electric vehicles.
A123, which has not been profitable since its listing in September 2009, also said it would sell 12 vehicles.
The company has a total of 5 million units, each of which consists of a common stock and a warrants for the purchase of shares.
The deal between A123 and an unnamed institutional investor is expected to raise about $23.
5 million, after the cost.