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Henderson battery maker posts loss

Tuesday, June 12, 2001 | 10:55 a.m.

Valence Technology Inc. of Henderson, a producer of lithium-ion polymer rechargeable batteries, reported a loss of $10.6 million, or 28 cents per share, for the quarter ending March 31.

The net loss was down considerably from the loss of $41.6 million, or $1.15 per share, reported in the year-ago quarter. Much of that loss was caused by a $30 million charge taken a year ago in connection with the settlement of a shareholder lawsuit; on an operating basis, Valence lost $14 million in the 2001 quarter, compared to an $11.2 million operating loss in the year-ago period.

Revenues for the quarter increased 286 percent to $2.7 million.

A key reason for the company's losses is its heavy research and development spending. During the quarter, Valence spent $5.1 million on R&D, up from $4.2 million in the year-ago period.

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