Valence Technology Reports Fourth-Quarter Financial Results
Valence Technology Inc. (Henderson, NV) reported financial results for the fourth quarter and full fiscal year ended March 31, 2001. Revenue for the fourth quarter was $2.7 million, representing an increase of 42 percent from $1.9 million in the third quarter of 2001. This was a 286-percent increase from $0.7 million in the fourth quarter of fiscal-year 2000.
For the fourth quarter of 2001, the company reported a net loss of $14.9 million, or $0.35 per share, on 42.7 million weighted average shares outstanding. In comparison, the company sustained a net loss of $10.6 million, or $0.28 per share, on 38-million weighted average shares outstanding in the third quarter of 2000.
For the full fiscal year ended March 31, 2001, Valence reported revenues of $8.7 million, a 480-percent increase over the $1.5 million reported in fiscal-year 2000. The company reported a net loss of $44.1 million, or $1.14 per share, on 38.8 million weighted average shares outstanding, compared with a net loss of $69.7 million, or $2.28 per share, on 30.5-million weighted average shares outstanding in fiscal-year 2000.
Lev Dawson, chairman of the company, commented, "We are pleased with our financial performance during the fourth quarter and throughout our fiscal year 2001, as it represents the solid gains we have made in our overall business. However, in considering our performance going forward, we believe the true potential of our business is yet to come."