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

To: Pallisard who wrote (13619)	8/11/1999 9:49:00 PM
From: Larry Brubaker	Read Replies (2) \| Respond to of 27311

A couple of observations from the 10-Q. One, in response to Ram's comment regarding the $2.5 million of deferred revenue. That has been on their balance sheet for some time. It is not new this quarter. Two. The comment about booking actual revenue this quarter. They say they did not book the $233,000 as revenue (primarily from JV partners) last quarter but they anticipate they will book revenue during the current quarter. I wonder if this means they anticipate revenue from sources other than their JV partners during the current quarter? Three. The have moved the expected date for the completion of their construction in progress FORWARD by 1 quarter. The annual report said they anticipate completion of the construction in progress by the end of the 3rd quarter of FY 2000 (meaning December 28, 1999). Now they say they anticipate completion of the construction in progress by the end of the SECOND quarter of FY 2000 (meaning September 28, 1999. This is the first time they have moved the anticipated date forward, rather than backward.