Exhibit 99.1

 

 

Investor Contact:

 

Media Contact:

A. Pierre Dubois

 

Travis Small

Pierpont Investor Relations

 

Rasky Baerlein Strategic Communications

Director of Investor Relations

 

Vice President

(512) 527-2921

 

(617) 443-9933 x356

 

Valence Technology Reports Fiscal 2009

Third Quarter and Year-to-Date Financial Results

 

Austin, Texas (Feb. 9, 2009) - Valence Technology, Inc. (NASDAQ:VLNC), a leading international developer of safe lithium phosphate energy storage solutions, today reported financial results for its fiscal 2009 third quarter and nine months ended December 31, 2008.

 

Summary of results for fiscal 2009 third quarter compared to fiscal 2008 third quarter:

 

·      Revenue increased to $4.7 million compared to $3.4 million.

·                  Gross margin improved to a positive $250,000 compared to a negative $35,000.

·                  Operating expenses declined to $4.1 million compared to $4.3 million.

·                  Operating loss improved to $3.8 million compared to a loss of $4.3 million.

·                  Net loss available to common shareholders improved to $5.2 million or $0.04 per share, compared to a loss of $5.7 million or $0.05 per share.

 

Summary of results for fiscal 2009 nine months compared to fiscal 2008 nine months:

 

·                  Revenue was $21.5 million compared to $13.0 million.

·                  Gross margin was $52,000 compared to $1.2 million.

·                  Operating expenses were $13.5 million compared to $11.9 million.

·                  Operating loss was $13.5 million compared to a loss of $10.7 million.

·                  Net loss available to common shareholders was $17.0 million or $0.14 per share, compared to a loss of $15.0 million or $0.14 per share.

 

“Despite the global economic slowdown, we are being sought out by customers for our industry leading products driven by their own interest in accelerating roll-out of various types of applications, including demonstration vehicle fleets,” said Robert L. Kanode, president and chief executive officer of Valence Technology.  “Development of electric and hybrid vehicles in Europe appears to be moving at a faster pace than in the U.S.  However, selection of platforms and the associated energy storage systems is a gradual process as OEMs conduct their extensive due diligence.  We believe that our products, engineering capability, vast intellectual property and experience will fulfill their immediate needs.  Both commercial and passenger vehicles are well-suited to be powered by our energy storage solutions and while opportunities are ample in Europe, we are now seeing increased interest from potential U.S. customers as well.”

 


The following information was filed by Valence Technology Inc (VLNC) on Monday, February 9, 2009 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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