Valence Technology Reports Third-Quarter Fiscal Results
Valence Technology Inc. (Henderson, NV) recently reported a net loss available to common stockholders of $10.1 million, or a loss of $0.32 per share, for the third quarter ended December 26, 1999. This compares to a net loss of $11.5 million, or a loss of $0.44 per share, for the third quarter ended December 27, 1998. Sales of $408,000 were recorded as revenue during the third quarter of fiscal 2000.
The company reported a net loss available to common stockholders of $28.1 million, or $0.98 per share, for the first nine months of fiscal 2000. This compares to a net loss of $20.8 million, or $0.81 per share, for the first nine months of fiscal 1999. Sales of $797,000 were recorded as revenue during the first nine months of fiscal 2000.
As of December 26, 1999, Valence has cash and cash equivalents of $31.4 million, total assets of $65.2 million, and stockholders' equity of $34.8 million. During the third quarter of fiscal 2000, the company raised approximately $29.0 million through a two-million share stock placement.
"We continue to make progress, as new potential customers are receiving shipments of our advanced lithium-polymer batteries for qualification testing," said Lev Dawson, chairman, CEO and founder of Valence. "As our batteries gain recognition in the marketplace, we hope to be able to announce additional purchase orders and shipments of our proprietary batteries in the near future."