Valence Technology reports $493,445 April net loss; revenues decline

By Caroline Salls

Pittsburgh, May 30 - Valence Technology, Inc. posted a $493,445 net loss for April on $2.75 million in revenues, according to its monthly operating report filed Thursday with the Securities and Exchange Commission.

The figures showed a decline from the $1.08 million of net income reported for March on $3.43 million in revenues.

The company also reported $1.02 million in cash as of April 30, up from $946,231 at the end of March.

Austin, Texas-based Valence Technology is a developer of lithium-ion batteries. The company filed for bankruptcy on July 12, 2012 in the U.S. Bankruptcy Court for the Western District of Texas. The Chapter 11 case number is 12-11580.

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