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Valence Technology Inc. (VLNC) filed Quarterly Report for the period ended 2011-12-31.
Valence Technology Inc. has a market cap of $161.2 million; its shares were traded at around $0.96 with and P/S ratio of 3.5.
This is the annual revenues and earnings per share of VLNC over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of VLNC.
Highlight of Business Operations:
Revenues. Revenue totaled $8.5 million and $13.8 million for the three month periods ended December 31, 2011 and December 31, 2010, respectively. Revenues decreased by $5.3 million, or 38%, in the three month period ended December 31, 2011, compared to the three month period ended December 31, 2010. This decrease was primarily due to decreased shipments to Smith Electric Vehicles U.S. (“Smith”), and Segway Inc. (“Segway”). Revenue from Smith was zero in the three month period ended December 31, 2011 compared to $6.5 million in the three month period ended December 31, 2010. Revenue from Segway was $1.7 million in the three month period ended December 31, 2011 compared to $2.9 million in the three month period ended December 31, 2010. These decreases in revenue were partially offset by increases in revenue in the three month period ended December 31, 2011, compared to the three month period ended December 31, 2010, to PVI and Rubbermaid Medical Solutions (“Rubbermaid”). Revenue from PVI was $1.4 million in the three month period ended December 31, 2011, compared to $0.1 million in the three month period ended December 31, 2010. Revenue from Rubbermaid was $1.3 million in the three month period ended December 31, 2011 compared to $0.5 million in the three month period ended December 31, 2010.Revenue totaled $31.1 million and $32.0 million for the nine month periods ended December 31, 2011 and December 31, 2010, respectively. Revenues decreased by $0.9 million, or less than three percent, in the nine month period ended December 31, 2011, compared to the nine month period ended December 31, 2010. The decrease in revenues in the nine month period ended December 31, 2011, compared to the nine month period ended December 31, 2010 was primarily due to decreased revenue from Smith and Segway. Smith revenue was $5.1 million in the nine month period ended December 31, 2011 compared to $12.9 million in the nine month period ended December 31, 2010. Revenue from Segway was $5.8 million in the nine month period ended December 31, 2011 compared to $9.7 million in the nine month period ended December 31, 2010. These decreases in revenue were offset primarily by increases in revenue in the nine month period ended December 31, 2011, compared to the nine month period ended December 31, 2010, to Rubbermaid, PVI, and BJ Technologies, a subsidiary of Beneteau S.A. ("Beneteau"). Revenue from Rubbermaid was $4.6 million in the nine month period ended December 31, 2011 compared to $0.6 million in the nine month period ended December 31, 2010. Revenue from PVI was $3.8 million in the nine month period ended December 31, 2011, compared to $0.3 million in the nine month period ended December 31, 2010. Revenue from Beneteau was $1.2 million in the nine month period ended December 31, 2011, compared to less than $0.1 million in the nine month period ended December 31, 2010.
Sales to Segway accounted for 20% of our total product sales for the three month period ended December 31, 2011 and 21% of our total product sales for the three month period ended December 31, 2010. Sales to Howard accounted for 14% of our total product sales for the three month period ended December 31, 2011 and 12% of our total product sales for the three month period ended December 31, 2010. Sales to Rubbermaid accounted for 16% of our total product sales for the three month period ended December 31, 2011 and less than 10% of our total product sales for the three month period ended December 31, 2010. Sales to PVI accounted for 16% of our total product sales for the three month period ended December 31, 2011 and less than 10% of our total product sales for the three month period ended December 31, 2010.
Sales to Smith accounted for 16% of our total product sales for the nine month period ended December 31, 2011 and 40% of our total product sales for the nine month period ended December 31, 2010. Sales to Segway accounted for 19% of our total product sales for the nine month period ended December 31, 2011 and 30% of our total product sales for the nine month period ended December 31, 2010. Sales to Howard accounted for 12% of our total product sales for the nine month period ended December 31, 2011, and less than 10% of our total product sales for the nine month period ended December 31, 2010. Sales to Rubbermaid accounted for 15% of our total product sales for the nine month period ended December 31, 2011 and less than 10% of our total product sales for the nine month period ended December 31, 2010. Sales to PVI accounted for 12% of our total product sales for the nine month period ended December 31, 2011 and less than 10% of our total product sales for the nine month period ended December 31, 2010.
Gross Margin. Gross margin was $0.7 million in the three month period ended December 31, 2011, compared to $2.8 million in the three month period ended December 31, 2010, a $2.1 million decrease. Gross margin as a percentage of revenue was 8% for the three month period ended December 31, 2011 compared to 20% for the three month period ended December 31, 2010. Gross margin was $5.3 million in the nine month period ended December 31, 2011, compared to $6.5 million in the nine month period ended December 31, 2010, a $1.2 million decrease. Gross margin as a percentage of revenue was 17% for the nine month period ended December 31, 2011, and 20% for the nine month period ended December 31, 2010. During each of the three and nine month ended December 31, 2011 and December 31, 2010, less than $0.1 million of share-based compensation was allocated to cost of goods sold.
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