Exhibit 99.1
 
 
Investor Contact:
Media Contact:
A. Pierre Dubois
Kyle Tarrance
Pierpont Investor Relations
Allyn Media
(512) 527-2921
(214) 871-7723
investor@valence.com
ktarrance@allynpartners.com

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:

·
Improved revenue outlook for fiscal year ending March 2011.
·
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.
·
Progress continues toward commercialization of next generation patented Lithium Vanadium Phosphate and Lithium Vanadium Fluorophosphate cathode materials.
·
Total production capacity of 150 Mega Watt Hours with a manufacturing model that can be replicated geographically as demand dictates.
·
Three active global product fulfillment centers in the United States, Europe and Asia.
·
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.

“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:

·
Revenue was $3.9 million compared to $4.7 million.
·
Gross margin improved to $453,000 compared to $422,000
·
Operating expenses were $4.6 million compared to $3.7 million.
·
Operating loss was $4.2 million compared to a loss of $3.2 million.
·
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.
 
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.
 
 
1

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.

View differences made from one year to another to evaluate Valence Technology Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Valence Technology Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account