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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 fourth quarter and fiscal year ended March 31, 2011.
Highlights – Fiscal 2011 Compared to Fiscal 2010:
Revenue increased 185% to $45.9 million, compared to $16.1 million in FY 2010.
Gross Margin increased to 21%, up from 12%.
Operating loss narrowed to $9.0 million, compared to a loss of $17.8 million.
Net loss available to common shareholders narrowed to $12.9 million, or $0.09. per share, compared to a loss of $23.2 million, or $0.18 per share.
Revenue was $13.9 million compared to $3.9 million.
Gross margin improved to 21% compared to 12%.
Operating expenses were $4.4 million compared to $4.6 million.
Operating loss narrowed to $1.5 million compared to a loss of $4.2 million.
Net loss available to common shareholders was $2.5 million, or $0.01 per share, compared to a loss of $5.1 million, or $0.04 per share.
As expected, fourth quarter fiscal 2011 revenue increased compared to the same period last year, due to higher sales to existing and new customers. Total operating expenses decreased in the 2011 fiscal fourth quarter by $200,000, primarily due to lower general and administrative expenses.
"We are obviously pleased with our revenue growth. Looking to the future, it is very important to note that with years of 'product on-the-road' and other experience we continued to improve our business fundamentals and follow our common sense business plan," said Robert L. Kanode, president and chief executive officer of Valence Technology. "We believe our lithium phosphate technology and strong patent portfolio are increasingly being viewed as a viable product combination in numerous applications. Simply stated, we are approaching the market with a wide variety of products and services, coupled with the flexibility we need to service numerous worldwide customers in various markets.”