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Press Release Dated June 5, 2008
A. Pierre Dubois
Pierpont Investor Relations
Director of Investor Relations
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.
The following information was filed by Valence Technology Inc (VLNC) on Thursday, June 5, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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