Tuesday August 12 8:04 AM EDT
Company Press Release
Source: Valence Technology, Inc.
Valence Reports First Quarter 1998 Results
HENDERSON, Nev., Aug. 12 /PRNewswire/ -- Valence Technology, Inc. (Nasdaq:VLNC), a research and development
company in advanced, rechargeable, lithium polymer battery technology today reported operating results for the first quarter of
fiscal 1998 ended June 29, 1997.
Valence reported a net loss of $5.3 million or $0.24 per share for the first quarter of fiscal 1998. This compares with a net loss
of $3.2 million or $0.15 per share for the fiscal 1997 first quarter ended on June 30, 1996. Revenues for the first quarter of
fiscal 1998 and 1997 were nil.
Research and development expenses were $4.0 million in the first quarter. This compares with $2.6 million for the similar
period in fiscal 1997. General and administrative expenses were $1.3 million and marketing expenses were $121 thousand for
the first quarter of fiscal 1998.
The information contained herein includes forward looking statements that involve risks and uncertainties. The establishment,
development and potential success of the joint venture, as well as product development outcomes could differ materially from
those 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
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited - in thousands, except per share amounts)
Three Months Ended
June 29 June 30
1997 1996
Revenue:
Research and development
contracts $0 $0
Costs and expenses:
Research and development $4,035 $2,558
Marketing 121 67
General and administrative 1,336 1,118
Total costs and expenses 5,492 3,743
Operating loss (5,492) (3,743)
Interest income 453 674
Interest expense (151) (125)
Equity in earnings (losses)
of Joint Venture (150) 0
Net loss ($5,340) ($3,194)
Net loss per share ($0.24) ($0.15)
Shares used in computing
net loss per share 21,805 21,669
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited - in thousands, except per share amount)
June 29 March 30
1997 1997
ASSETS
Current assets:
Cash and cash equivalents $18,274 $27,832
Short-term investments
in marketable debt
securities 5,923 5,556
Accounts receivable 493 431
Other current assets 156 246
Total current assets 24,846 34,065
Long-term investments
in marketable debt
securities 2,000 4,000
Property, plant and
equipment, net 21,144 17,191
Investment in Joint Venture 1,916 0
Other assets 781 270
Total assets $50,687 $55,526
LIABILITIES & EQUITY
Current liabilities:
Current portion of
long-term debt $1,019 $1,433
Accounts payable and
accrued liabilities 8,337 10,527
Deferred Revenue 2,500 0
Long-term debt, less
current portion 5,195 5,217
Total liabilities 17,051 17,177
Stockholders' equity 33,636 38,349
Total liabilities and
stockholders' equity $50,687 $55,526
SOURCE: Valence Technology, Inc.
Been watching valence, and peeping on your thread, regards, Steve |
