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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: Zeev Hed who wrote (13680)8/12/1999 10:13:00 PM
From: Larry Brubaker  Read Replies (3) of 27311
 
Zeev, VLNC is a long way from generating $76 million of annual revenue. This comment was the production capacity they expect to have within 12 months, not a projection they would generate $76 million in the next 12 months. An optimistic estimate is that they might generate half that amount, or about $38 million in revenue over the next 12 months, and possibly begin to approach profitability in a year.

There are now nearly 28 million shares outstanding (26.7 million as of June 27 + @1 million more sold since June 27). Fully diluted (including the preferred shares, warrants, and stock options) adds another 7 million shares bringing the total to 35 million shares, and that assumes a fixed rate conversion of the preferred shares.

So, assuming 38 million of revenue over the next year compared to 35 million shares, add in the need to raise additional capital, and the uncertainty related to the floorless convertibles, and I see a stock that is reasonably priced at its current level.
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