FYI
News Alert from PR Newswire via Quote.com
Topic: Valence Technology
Quote.com News Item #3248157
Headline: Valence Reports Fourth Quarter and Fiscal Year End
======================================================================
HENDERSON, Nev., June 30 /PRNewswire/ -- Valence Technology, Inc.
(NASDAQ:VLNC), a research and development company developing advanced,
rechargeable, lithium polymer battery technology for commercialization, today
reported operating results for the fourth quarter and fiscal year ended March
30, 1997.
Valence reported a net loss of $4.5 million or $0.21 per share for the
fourth quarter 1997. This compares with a net loss of $3.6 million or
$0.18 per share for the fourth quarter of fiscal 1996.
Valence reported a net loss of $15.9 million or $0.73 per share for fiscal
1997. This compares with a net loss of $17.6 million or $0.83 per share for
the fiscal year 1996 ended on March 31, 1996. Revenues for fiscal 1997 and
fiscal 1996 were nil.
Research and development expenses were $11.3 million in fiscal 1997,
compared with $8 million in fiscal 1996. General and administrative expenses
were $6.2 million in fiscal 1997 compared with $5.6 million for fiscal 1996.
Marketing expenses were $205 thousand for fiscal 1997 compared with
$486 thousand for fiscal 1996.
As of March 30, 1997, Valence had cash equivalents and investments
totaling approximately $37 million, total assets of $55 million and
stockholders' equity of $38 million.
The information contained herein may include forward looking statements
that involve risks and uncertainties. The development and potential success,
as well as the outcome of the company's product development plans could differ
materially from that presented here, depending on factors both within and
outside the control of the company. Other risks are described from time to
time in the company's SEC reports, including the company's report on Form 10-K
for the year ending March 30, 1997.
Valence Technology, Inc. is engaged in research and development to produce
advanced rechargeable batteries based on lithium and polymer technologies.
Valence is traded on the Nasdaq National Market under the symbol VLNC.
For information on Valence Technology visit our web site at
www.Valence-Tech.com or by FAX, dial 800-PRO-INFO, code VLNC.
VALENCE TECHNOLOGY, INC. AND SUBSIDIARIES
(companies in the development stage)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited - in thousands, except per share amounts)
Period from Three Months Twelve Months
March 3, 1989 Ended Ended
(date of inception) March 30 March 31 March 30 March 31
to March 30, 1997 1997 1996 1997 1996
Revenue:
Research and
development
contracts $21,605 $0 $0 $0 $0
Costs and expenses:
Research and
development 69,483 2,449 2,516 11,259 8,047
Marketing 2,677 53 103 205 486
General and
administrative 32,363 2,046 1,693 6,168 5,614
Purchase of
in-process
technology 8,212 -- -- -- 6,064
Investment in
Danish subsidiary 3,489 -- -- -- --
Special charges 18,872 -- -- -- --
Total costs
and expenses 135,096 4,548 4,312 17,632 20,211
Operating loss (113,491) (4,548) (4,312) (17,632) (20,211)
Interest income 13,727 475 907 2,558 3,549
Interest expense (3,762) (389) (215) (814) (931)
Net loss $(103,526) $(4,462) $(3,620) $(15,888) $(17,593)
Net loss per share $(0.21) $ (0.17) $ (0.73) $ (0.83)
Shares used in
computing net
loss per share 21,715 21,257 21,684 21,261
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited - in thousands, except per share amount)
March 30 March 31
1997 1996
ASSETS
Current assets:
Cash and cash equivalents $27,832 $24,569
Short-term investments 5,556 26,492
Accounts receivable 431 545
Interest receivable 126 444
Prepaids and other current assets 120 299
Total current assets 34,065 52,349
Investments 4,000 5,790
Property, plant and equipment, net 17,191 11,752
Other assets 270 356
Total assets $55,526 $70,247
LIABILITIES
Current liabilities:
Current portion of long-term debt 1,433 2,277
Accounts payable 1,949 1,251
Accrued expenses 7,317 6,180
Accrued compensation 1,261 1,360
Total current liabilities 11,960 11,068
Long-term debt, less current portion 5,217 6,169
Total liabilities 17,177 17,237
STOCKHOLDERS' EQUITY
Preferred stock, $0.001 par value:
Authorized: 10,000 shares;
Issued and outstanding: none
Common stock, $0.001 par value:
Authorized: 50,000 shares;
Issued and outstanding:
21,745 shares and 21,665 shares
at March 30, 1997 and
March 31, 1996, respectively 140,580 140,307
Deficit accumulated during the
development stage (103,526) (87,638)
Cumulative translation adjustment 1,295 341
Total stockholders' equity 38,349 53,010
Total liabilities and stockholders' equity $55,526 $70,247
SOURCE Valence Technology Inc.
-0- 06/30/97
/CONTACT: Dave Archibald, VP, Finance of Valence Technology,
702-558-1081; or Investors, Catherine Roberts, 415-986-1591, or General
Information, Elizabeth Truax, 208-233-8323, both of Financial Relations Board,
for Valence/ |
