Valence Technology Reports Fourth Quarter 2000 Results

Valence Technology Inc. (Henderson, NV), a developer of advanced rechargeable lithium-polymer battery technology, reported financial results for the fourth quarter and year ended March 31, 2000. For the fourth quarter of 2000, excluding one-time charges relating to the settlement of a securities class-action lawsuit and factory start-up costs, the company reported a net loss of $8.4 million, or $0.23 per share on 36-million weighted average shares outstanding, compared with a net loss of $8.5 million, or $0.32 per share on 26.7-million weighted average shares outstanding for the fourth quarter of 1999. The company recorded revenues of $0.7 million for the quarter compared with zero revenues in the year-ago quarter. Including the one-time charges, the company reported a net loss of $41.6 million, or $1.15 per share for the fourth quarter of 2000. For the fiscal year ended March 31, 2000, excluding one-time charges of a securities class-action lawsuit settlement and factory start-up costs, the company reported a net loss of $36.5 million, or $1.19 per share on 30.5-million weighted average shares outstanding, compared with a net loss of $29.3 million, or $1.13 per share on 25.9-million weighted average shares outstanding in fiscal year 1999. The company recorded revenues of $1.5 million for the year, compared with zero revenues in fiscal 1999. Including the one-time charges, the company reported a net loss of $69.7 million, or $2.28 per share for the fiscal year ended March 31, 2000. As of March 31, 2000, Valence had cash and cash equivalents of $24.6 million, total assets of $58.5 million, and stockholders' equity of $27.8 million. "In this last quarter of our fiscal year, Valence has made substantial and meaningful progress," said Lev Dawson, chairman, CEO and founder of Valence. He added, "I look forward to even greater progress in the coming year."