| Income Statement for Valence Technology Inc. (VLNC) | | | | | | | Income | in Thousands of Dollars | | | 03/2008 | 03/2007 | 03/2006 | 03/2005 | 03/2004 | | | Operating Revenue | 20,777 | 16,674 | 17,214 | 10,665 | 9,446 | | Adjustments to Revenue | - | - | - | - | - | | Cost of Revenue | (18,956) | (16,049) | (25,253) | (16,341) | (15,923) | | Gross Operating Profit | 1,821 | 625 | (8,039) | (5,676) | (6,477) | | | Selling/General/Admin Expense | (11,709) | (12,244) | (13,957) | (17,225) | (16,296) | | Research & Development | (3,677) | (3,478) | (5,112) | (7,682) | (8,638) | | EBITDA | (13,565) | (15,097) | (27,108) | (30,583) | (31,411) | | Depreciation & Amortization | (616) | (1,035) | (923) | (884) | (2,109) | | EBIT | (14,181) | (16,132) | (28,031) | (31,467) | (33,520) | | Interest Income | 56 | 834 | 475 | 585 | 345 | | Other Income, Net | 1,242 | (62) | 445 | 5,257 | 21 | | Total Income Avail For Interest Expense | (13,037) | (15,384) | (27,173) | (27,168) | (50,967) | | Interest Expense | (6,403) | (6,867) | (5,551) | (4,262) | (4,059) | | Pre-Tax Income | (19,440) | (22,251) | (32,724) | (31,430) | (55,026) | | Income Taxes | - | - | - | - | - | | Minority Interest | - | - | - | - | 69 | | Net Income from Continuing Operations | (19,440) | (22,251) | (32,724) | (31,430) | (54,957) | | Net Income from Discontinued Operations | - | - | - | - | - | | Net Income from Total Operations | (19,440) | (22,251) | (32,724) | (31,430) | (54,957) | | | Normalized Income | (19,286) | (22,227) | (32,662) | (29,887) | (37,144) | | Extraordinary Income | - | - | - | - | - | | Special Income/Charges | (154) | (24) | (62) | (1,543) | (17,813) | | Income from Cum. Effect of Acct Change | - | - | - | - | - | | Income from Tax Loss Carryforward | - | - | - | - | - | | Other Gains | - | - | - | - | - | | Total Net Income | (19,440) | (22,251) | (32,724) | (31,430) | (54,957) | | | Results | in Dollars (Preferred Dividends in Thousands) | | | 03/2008 | 03/2007 | 03/2006 | 03/2005 | 03/2004 | | | Dividends Paid Per Share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | Preferred Dividends | 173 | 172 | 200 | 749 | 1,102 | | | Basic EPS from Continuing Operations | -0.18 | -0.22 | -0.37 | -0.40 | -0.77 | | Basic EPS from Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | Basic EPS from Total Operations | -0.18 | -0.22 | -0.37 | -0.40 | -0.77 | | | Diluted EPS from Continuing Operations | -0.18 | -0.22 | -0.37 | -0.40 | -0.77 | | Diluted EPS from Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | Diluted EPS from Total Operations | -0.18 | -0.22 | -0.37 | -0.40 | -0.77 | | | |
