Valence Technology Reports Fiscal 2012 First Quarter Financial Results and Business Highlights
153% Revenue Growth over Fiscal 2011 First Quarter
AUSTIN, Texas, August 3, 2011 (BUSINESS WIRE) -- Valence Technology, Inc. (NASDAQ: VLNC), a leading U.S.-based developer and manufacturer of advanced energy storage solutions today reported financial results for its fiscal 2012 first quarter ended June 30, 2011.
Highlights - Fiscal 2012 First Quarter compared to Fiscal 2011 First Quarter:
Revenue was $14.1 million compared to $5.6 million.
Gross margin improved to 20% compared to 17%.
Operating expenses were $5.1 million compared to $4.5 million.
Operating loss narrowed to $2.2 million compared to a loss of $3.5 million.
Net loss available to common shareholders was $3.1 million, or $0.02 per share, compared to a loss of $4.7 million, or $0.04 per share.
First quarter fiscal 2012 revenue increased compared to the same period last year, due to higher sales to a more diverse group of customers.
"We are very pleased with our revenue results as we continue to fulfill the emerging energy storage needs of diverse world markets. For example, in Q1 over 20 percent of our business was in the medical industry. Within this sector, our advanced energy storage solutions are increasingly displacing traditional lead acid technology. Thanks to the intense focus of our sales and marketing team we anticipate further success within this market, as well as other emerging lithium markets," said Robert L. Kanode, president and chief executive officer of Valence Technology. "On the fleet and delivery vehicle portion of our business, we are happy to report a $7.2 million June order from Electric Vehicles International (EVI). This order is for 100 EVI Walk-In vans to be placed throughout California. We are EVI’s exclusive supplier and expect to begin shipments before year end as other truck and drive train components are delivered.”
Valence expects fiscal 2012 second quarter revenue to be in the range of $8.5 million to $10.5 million. This Q2 guidance includes no revenue from Smith Electric Vehicles. However, given that we have several million dollars of Smith business already in backlog, upside to our Q2 revenue guidance does exist. Until the impact of Smith's dual sourcing decision can be better gauged, we believe it is prudent to exclude any Smith business from our Q2 guidance at this time.
The following information was filed by Valence Technology Inc (VLNC) on Wednesday, August 3, 2011 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Valence Technology Inc's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed, and by Valence Technology Inc.
Ticker: VLNC CIK: 885551 Form Type:10-Q Quarterly Report Accession Number: 0001437749-11-005402 Submitted to the SEC: Wed Aug 03 2011 4:24:39 PM EST Accepted by the SEC: Wed Aug 03 2011 Period: Thursday, June 30, 2011 Industry: Miscellaneous Electrical Machinery Equipment And Supplies