Valence Technology posts wider fiscal 4th-quarter loss on lower battery revenue
By APMonday, June 14, 2010
Valence Technology posts wider fiscal 4Q loss
AUSTIN, Texas — Battery maker Valence Technology Inc. said Monday that its fiscal fourth-quarter loss widened on lower sales of large battery systems as well as higher expenses.
The company reported a loss of $5.1 million, or 4 cents per share, in the quarter ending March 31. Valence recorded a loss of $4.4 million, or 4 cents per share, in the year-ago quarter, when the company had fewer shares outstanding.
Revenue dropped to $3.9 million from $4.7 million.
Analysts surveyed by Thomson Reuters expected a loss of 4 cents per share on revenue of $4.3 million.
Operating expenses increased to $4.6 million from $3.7 million.
For the full fiscal year, Valence lost $23.2 million, or 18 cents per share, compared with a loss of $21.4 million, or 18 cents per share, in the 2009 fiscal year.
Shares of Valence finished regular trading unchanged at about 91 cents.
