Valence Announces Q4 1998 Results
Valence Technology Inc. (Henderson, NV) reported a net loss of $8.5 million, or $0.32 per share, for the fourth quarter ended March 28, 1999, compared to $8.2 million, or $0.34 per share, a year ago. The company recorded no revenues for either period. For the fiscal year ended March 28, 1999, net loss was $29.3 million, or $1.13 per share, versus $24.5 million, or $1.06 per share, a year ago. Valence reported increased research and development expenses totaling $22.2 million for fiscal 1999 compared to $15.4 million a year ago. The increased expenditures reflect the preparation of the plant, the product and the employees for the commercialization of the company's proprietary batteries, according to Valence. Lev Dawson, chairman, CEO and founder of Valence, said, "In the last quarter of our fiscal year and in the few months since the end of the year, Valence has made meaningful and substantial progress. We have stabilized our product, initiated commercial production from our plant in Northern Ireland, begun shipping battery components to our joint venture partners, continued working closely with customers, and solidified our management team."