Valence Reports Strong Q2 Revenues
AUSTIN, Texas -- Valence Technology, Inc., a leading U.S. based global manufacturer of advanced energy storage solutions, today announced that it expects revenue of approximately $12 million for its fiscal 2011 second quarter ended September 30, 2010. This would surpass the high end of the $8 million to $10 million revenue guidance range issued by the Company on August 4, 2010.
“Fiscal year 2011 is proving to be a dynamic growth year for Valence. Our strategy to seek growth opportunities for our proprietary advanced energy storage solutions within the fleet sector is showing strong results. As evidenced by our recently announced multi-year contract with Wrightbus, Valence is becoming the battery provider of choice for leading fleet providers globally. In addition, we have targeted opportunities with existing and new customers and business continues to be very positive with increasing orders from existing customers such as Segway and Smith Electric Vehicles,” commented president and chief executive officer Robert L. Kanode.
“Our bookings are robust, our short term component supply issues have improved and our manufacturing output has been increased in response to customer demand. We are very pleased with our strong top line results for the second quarter and feel that Valence’s position within the market continues to strengthen,” summarized Kanode.
Quarterly Financial Results and Conference Call
No conference call will be held in conjunction with this news release. However, on November 3, 2010, Valence will release its second quarter financial results after the market closes, and Company management will conduct a conference call that day at 3:30 p.m. CT (4:30 p.m. ET) to discuss the results.
About Valence Technology, Inc.
Valence Technology is a global leader in the development and manufacture of safe, long-life lithium iron magnesium phosphate advanced energy storage solutions and integrated command and control logic. Headquartered in Austin, Texas, Valence enables and powers some of the world's most innovative and environmentally friendly applications, ranging from commercial electric vehicles to industrial and marine equipment. Valence Technology today offers a proven technology and manufacturing infrastructure that delivers ISO-certified products and processes that are protected by an extensive global patent portfolio. In addition to the corporate headquarters in Texas, Valence Technology has its Research & Development Center in Nevada, its Europe/Asia Pacific Sales office in Northern Ireland and global fulfillment centers in North America and Europe. Valence Technology is traded on the NASDAQ Capital Market under the ticker symbol "VLNC." For more information, visit www.valence.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
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