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Note 4 - Product Inventories

3 Months Ended

Mar. 31, 2012

Note 4. Product Inventories

Product inventories consist of the following:

In thousands of dollars
	March 31, 2012		December 31, 2011
Raw materials	$	3,717	$	4,193
Work in process		5,132		2,982
Finished goods		77		45
Total product inventories	$	8,926	$	7,220

As of March 31, 2012 and December 31, 2011, inventory relates to the production of battery systems targeted at the electric grid, transportation, and industrial markets.

Inventory valuation allowances on product inventories totaled $216,000 and $264,000 at March 31, 2012 and December 31, 2011, respectively.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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