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Valence Technology (VLNC) Reports EPS In Line, Misses On Revenues
Valence Technology (VLNC) is still a develop stage company so its earnings reports aren’t too critical at this point. More important are the pieces being put in place now for revenues down the road and it appears the company is on that track. We’ve been covering those announcements here in the past few weeks. However, this is still a company probably a few years away from being profitable.
Last quarter the company lost .04/share which is about in line with their performance over the past several quarters, but they didn’t perform well on the revenue side with just $4.7 million due to lower sales of its large format battery systems. That’s the same revenue number they reported in the Dec 08 quarter, but a nearly 50% drop from the year ago period.
“Our many accomplishments represent only the first steps of our expanding clean technology footprint on U.S. and European soil,” said Robert L. Kanode, CEO of VLNC. “We are committed to providing the safest and most reliable energy storage solutions to help economies become cleaner and more efficient with their transportation and power needs. As our target markets emerge and continue to grow, we are well positioned to capture our share of business with our proven products.”
“We have recently filed applications for loan and grant funding with the DOE to establish a U.S.-based advanced battery infrastructure. Creating jobs and reducing emissions are a winning combination and we are prepared to lead the way.”
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