Valence Technology Reports 2007 Second Quarter Financial Results
Valence Technology Inc. reported results for the three-month period ending September 30, 2006. Valence Technology reported record revenue for the second quarter of fiscal year 2007 of $6.4 million, an increase of 15.5% over the second quarter of fiscal 2006, and an increase of 101.3% over the first quarter of fiscal 2007. The substantial increase in revenue is a result of the small-format N-Charge system orders that were scheduled to ship in the first quarter but were postponed due to the company's UL recertification process. Large-format systems represented 69.0% of total revenue for the second quarter.
The company reported a net loss available to common stockholders of $4.8 million, or $0.05 per basic and diluted share. This compares to a net loss available to common stockholders of $8.1 million, or $0.09 per basic and diluted share in the second quarter of fiscal 2006, and a net loss of $5.7 million, or $0.06 per basic and diluted share in the first quarter of fiscal 2007.
"I am pleased with our cost reduction programs and enhanced manufacturing processes, as well as the momentum we are experiencing for our large-format Saphion® batteries," said Dr. James R. Akridge, President and Chief Executive Officer of Valence Technology Inc. "We will remain focused on cost control, quality processes and products, improved productivity and higher revenue, while diligently working to bring the company to profitability."
