Ultralife Batteries Announces Third-Quarter Results

June 17, 2001 by Jeff Shepard

Ultralife Batteries Inc. (Newark, NY) announced third-quarter results for the period ended March 31, 2001. Consolidated revenues for the quarter were $5.8 million, compared to the $6.2 million reported for the same period in 2000, and $5.3 million, reported in the second quarter of 2001. Gross margin for the three months was a loss of $0.7 million, compared to a loss of $1.0 million in the third quarter of 2000. Operating expenses were $2.8 million, and the operating loss was $3.5 million in the third quarter. The net loss was $3.9 million.

President and CEO John Kavazanijian commented, “This quarter we exceeded our own expectations with a sequential gain in revenues and continued realization of the benefits of our lean manufacturing processes with a meaningful improvement in gross margin. Overall, we are very excited about the prospects for our primary business in important markets like military, automotive and medical.”