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Technology Stocks : VALENCE TECHNOLOGY (VLNC) -- Ignore unavailable to you. Want to Upgrade?

To: BelowTheCrowd who wrote (12688)	7/2/1999 3:02:00 PM
From: Larry Brubaker	Respond to of 27311

Actually Michael, the financials were somewhat better than I expected, believe it or not. They began the year with negative working capital of about $7.5 million, and spent $8 million during the quarter ending in March. But they managed to end the quarter with only about $8 million of negative working capital. It's not immediately clear from the financial statements, but I think they drew down on their loan from Carl Berg, plus there was probably some exercise of warrants and/or stock options. But I was expecting to see greater negative working capital than they actually reported. <Edit>Oops. Disregard the above. After going back and checking, working capital and the end of the year was about (2.5 million). So, a quarter later being at negative $7.8 million is about what would be expected. Don't know why I had it in my mind that they had negative $7.5 million working capital at the end of December.