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Valence Technology Announces Third Quarter And Year-to-Date Financial Results

Valence Technology, Inc. (NASDAQ: VLNC), a leading U.S.-based global manufacturer of advanced energy storage solutions, today announced financial results for its fiscal 2011 third quarter and nine months ended December 31, 2010.

Highlights - Fiscal Third Quarter 2011

  • Revenue increased 234% to $13.8 million, compared to $4.1 million in the third quarter of fiscal 2010.
  • Gross margin increased to 20%, up from 12% in the year-ago quarter.
  • Operating loss narrowed to $1.2 million, compared to a loss of $4.3 million in the year-ago quarter.
  • Net loss available to common shareholders decreased to $2.0 million, or $0.01 per share, compared to a loss of $5.6 million, or $0.04 per share in the year-ago quarter.
  • On a sequential basis, the Company experienced a 9% growth in revenue while its gross margins remained essentially flat at 20% compared to the second quarter of fiscal 2011.

Highlights - Fiscal Nine Months of 2011 Compared to Same Period of 2010

  • Revenue increased 163% to $32.0 million, compared to $12.2 million.
  • Gross margin increased to 20%, up from 13%.
  • Operating loss narrowed to $7.5 million, compared to a loss of $13.6 million.
  • Net loss available to common shareholders decreased to $10.3 million, or $0.07 per share, compared to a loss of $18.1 million, or $0.14 per share.

Executive Commentary

“Valence again posted considerable top and bottom line improvements during the third quarter. These improvements were due to increased sales to customers such as Smith Electric, Segway, and Howard Medical. The commercial fleet sector remains a strong component of our business, but we also continue to experience increased sales in the marine, industrial, and healthcare sectors. Regardless of market segment, we believe the power and safety of our patented lithium magnesium phosphate combined with years of on-the-road fleet experience offers Valence customers performance and reliability they can trust,” commented president and chief executive officer Robert L. Kanode.

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