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Exhibit 99.1
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Investor Contact:
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Media Contact:
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A. Pierre Dubois
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Kyle Tarrance
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Pierpont Investor Relations
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Allyn Media
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(512) 527-2921
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(214) 871-7723
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investor@valence.com
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ktarrance@allynpartners.com
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Dynamic Energy Storage Solutions Provider Valence Technology
Reports Fiscal Fourth Quarter and Full Year 2010 Financial Results
and Business Highlights
Austin, Texas (June 14, 2010) - Valence Technology, Inc. (NASDAQ: VLNC), a leading U.S. based, global manufacturer and supplier of safe lithium iron magnesium phosphate energy storage solutions, today reported financial results for its fiscal fourth quarter and fiscal year ended March 31, 2010. The Company also provided highlights of ongoing business and operational activity.
Highlights:
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Improved revenue outlook for fiscal year ending March 2011.
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Purchase orders, supply agreements, and development programs have been signed with several customers including Bénéteau, Enova Systems, eVito, Electric Vehicles International, Optare PLC, Siemens, Smith Electric Vehicles, and Tennant Company.
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Progress continues toward commercialization of next generation patented Lithium Vanadium Phosphate and Lithium Vanadium Fluorophosphate cathode materials.
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Total production capacity of 150 Mega Watt Hours with a manufacturing model that can be replicated geographically as demand dictates.
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Three active global product fulfillment centers in the United States, Europe and Asia.
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Additional patents awarded during the fiscal year 2010 raise the total intellectual property estate to over 420 U.S. and international patents and pending patent applications.
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“We believe that our technology roadmap is paving the way for our future success,” said Robert L. Kanode, president and chief executive officer of Valence Technology. “This roadmap includes our cathode materials, cylindrical and prismatic cells, system packaging, interactive logic and intellectual property, which when combined are driving and should sustain our future revenue growth. Our target markets continue to develop, and we see a bright future as a supplier of phosphate based dynamic energy storage solutions.”
Summary of results for fiscal fourth quarter 2010 compared to fiscal fourth quarter 2009:
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Revenue was $3.9 million compared to $4.7 million.
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Gross margin improved to $453,000 compared to $422,000
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Operating expenses were $4.6 million compared to $3.7 million.
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Operating loss was $4.2 million compared to a loss of $3.2 million.
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Net loss available to common shareholders was $5.1 million, or $0.04 per share, compared to a loss of $4.4 million, or $0.04 per share.
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As expected, fourth quarter fiscal 2010 revenue decreased compared to the same period last year, mainly due to lower sales of large format battery systems to existing and new customers. Gross margin as a percentage of sales improved in the fourth quarter of fiscal 2010 to 11.6%, compared to 9.0% in the fourth quarter of fiscal 2009. Last year’s comparable fourth quarter included inventory write-offs for certain raw materials which reduced gross margin levels.
Total operating expenses rose in the 2010 fiscal fourth quarter by $1.0 million, primarily due to higher general and administrative expenses, which in turn contributed to a larger operating loss compared to the same quarter last year.
In addition, the Company recorded the receipt of insurance proceeds from a claim totaling $3.2 million related to a previously disclosed property loss at an offsite warehouse in China, and related adjustments with respect to the settlement of this claim in the fourth quarter of fiscal 2010.
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The following information was filed by Valence Technology Inc (VLNC) on Monday, June 14, 2010 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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Valence Technology Inc provided additional information to their SEC Filing as exhibits
SEC Filing Exhibit
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Ticker: VLNC
CIK: 885551
Form Type: 10-K Annual Report
Accession Number: 0001437749-10-001837
Submitted to the SEC: Mon Jun 14 2010 4:01:45 PM EST
Accepted by the SEC: Mon Jun 14 2010
Period: Wednesday, March 31, 2010
Industry: Miscellaneous Electrical Machinery Equipment And Supplies
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