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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: mooter775 who wrote (16025)11/12/1999 9:59:00 PM
From: Larry Brubaker  Read Replies (3) of 27311
 
What the analysts in yesterday's conference call should have asked.

Personally, I think the analysts participating in yesterday's conference call did a lousy job of culling out pertinent information.

In my opinion, the guy from First Union Securities was on the right track when he asked about the difference between the optimism of VLNC's conference calls versus the pessimism of their SEC filings. However, the guy totally blew it when Lev asked him what he meant. Here is how he should have responded.

"The filings say that additional development of the technology must be done before they are able to commercialize the product. Yet today you announced a commercial order, and your comments during this call about ramping up production seem to imply it is simply a matter of acquiring the appropriate equipment and training workers properly. Please explain what additional development must be done to your technology in order to commercialize your product, and the apparent contradiction between the statements in the filings and your announcement of a purchase order."

Lev said that both the SEC filings and the conference calls are accurate. I agree with the analyst that there are two very different stories told. The guy could have done a much better job of following up.

Another question that should have been asked.

At the current rate of production, how long will it take to fulfill this PO?

Another question that should have been asked.

When will payment under this PO be received? Will any money (e.g., for retooling) be provided up front? Is payment contingent upon the customer's acceptance of the product?
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