Valence Technology Reports First-Quarter Financial Results
Valence Technology Inc. (Henderson, NV) reported financial results for the first quarter of fiscal year 2000-2001 ended June 30, 2000. For the first quarter of fiscal year 2000-2001, the company reported a net loss of $9.3 million, or $0.25 per share, on 36.9 million weighted average shares outstanding, compared with a net loss of $8.4 million, or $0.31 per share, on 26.7 million weighted average shares outstanding for the first quarter of the previous fiscal year. The company recorded revenues of $2.0 million for the quarter compared with zero revenues in the year-ago quarter. At June 30, 2000, Valence had cash and cash equivalents of $21.3 million, total assets of $56.0 million, and stockholders' equity of $29.0 million."In the first quarter of fiscal 2001, Valence achieved an important milestone by recording the company's first significant commercial sales of our advanced lithium-polymer batteries," said Lev Dawson, chairman, CEO and founder of Valence. "We expect to continue to ramp-up production and add customers in the near future. Also, we continue to develop our Generation III battery with the object of completing development and introduction to the market during this fiscal year."