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.”