This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Valence Technology Reports Fiscal 2012 First Quarter Financial Results And Business Highlights

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.

Executive Commentary

"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.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs