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Valence Reports Third-quarter Financial Results.

Austin, TX-based Valence Technology, Inc., a leading developer and commercializer of "Saphion" large-format, lithium-ion rechargeable battery technology, recently announced its financial results for the third quarter ended December 31, 2004, reporting a quarterly net loss of $6.6 million, or eight cents per share, compared to a net loss of $11.1 million, or 15 cents per share, for the same period of 2003.

Valence reported total third-quarter revenues of $2.5 million, down from total revenues of $2.7 million during the third quarter of FY 04, while the company's total revenues for the first nine months of FY 05 were $8.3 million, up 24.7 percent from total revenues of $6.7 million for the same period of FY 04.

The company's net loss for the nine months ended December 31 was $23 million, or 29 cents per share, compared to a net loss of $46.7 million, or 65 cents per share, for the first nine months of FY 04.

"The interest in Saphion technology has never been stronger," said Valence chairman and CEO Stephan Godevais. "The number of large players evaluating the technology continued to increase. As we transfer our operations to China and complete our product portfolio, the company should have the competitive position to drive significant revenue growth throughout fiscal year 2006."

Contact: Kimberly Allen, Valence, phone 512-527-2921, e-mail kimberly.allen@valence.com.

(EIN STAFF: 2/8)
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Title Annotation:Valence Technology Inc.
Publication:Electric and Hybrid Vehicles Today
Article Type:Brief Article
Geographic Code:1USA
Date:Feb 16, 2005
Words:234
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