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Exhibit 99.1
Press Release Dated June 5, 2008
Company Contact:
A. Pierre Dubois
Pierpont Investor Relations
Director of Investor Relations
(512) 527-2921
Valence Technology Reports Fiscal 2008 Fourth Quarter and
Year-End Financial Results
Austin, Texas, June 5, 2008 - Valence Technology, Inc. (NASDAQ:VLNC), a leader in lithium phosphate energy storage systems, today reported financial results for its fiscal 2008 fourth quarter and year ended March 31, 2008.
Summary of results for fiscal 2008 fourth quarter compared to fiscal 2007 fourth quarter:
· Revenue increased approximately 62% to $7.8 million compared to $4.8 million.
· Gross margin improved to a positive 8.6% or $0.7 million, compared to a negative $0.3 million.
· Operating loss was $3.6 million compared to a loss of $4.5 million.
· Operating expenses were $4.3 million compared to $4.1 million.
· Net loss available to common shareholders was $4.6 million or $0.04 per share, compared to a net loss of $6.0 million or $0.05 per share.
Highlights for fiscal 2008 compared with fiscal 2007 include:
· Revenue increased 25% to $20.8 million from $16.7 million last year.
· Gross margin increased to 8.8% or $1.8 million, compared to 1.8% or $0.3 million.
· Operating expenses declined by $0.4 million, or approximately 2%, compared to the same period last year.
· Operating loss was reduced by $1.9 million to $14.4 million.
· Net loss available to common shareholders improved to $19.6 million or $0.18 per share, compared to a loss of $22.4 million or $0.22 per share.
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Valence Technology Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2008 10-K Annual Report includes:
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Valence Technology Inc provided additional information to their SEC Filing as exhibits
Ticker: VLNC
CIK: 885551
Form Type: 10-K Annual Report
Accession Number: 0001104659-08-040176
Submitted to the SEC: Mon Jun 16 2008 4:59:57 PM EST
Accepted by the SEC: Mon Jun 16 2008
Period: Monday, March 31, 2008
Industry: Miscellaneous Electrical Machinery Equipment And Supplies