Ultralife Batteries Reports Second-Quarter 2000 Financial Results
Ultralife Batteries Inc. (Newark, NY) recently announced results for the second quarter of fiscal 2000. Consolidated revenues were $6.7 million for the three months ended December 31, 1999, an increase of $1.5 million, or 29 percent, from the comparable quarter last year. The net loss for the quarter was $3.0 million, or $0.28 per share, compared with $1.0 million, or $0.10 per share, for the same period a year ago.
For the six months ended December 31, 1999, revenues rose to $12.9 million, an increase of $3.5 million, or 38 percent, over the comparable period last year. The net loss for the first six months in fiscal 2000 was $4.9 million, or $0.45 per share, compared with a net loss of $2.9 million, or $0.28 per share, in the same period a year ago.
According to the company, the increase in revenues for the second fiscal quarter resulted from a $1.2 million, or 25 percent, rise in battery sales and a $0.3 million, or 76 percent, increase in technology contract revenues.
"We are pleased that the successful BA-5372 program with the US Army was a major factor in this quarter's revenue growth," said John Kavazanjian, Ultralife's president and CEO. "Sales of 9V batteries continued to be strong in the quarter, but leveled out somewhat due to inventory adjustments from some major customers as a result of our improved ability to meet customer demand and the resulting decrease in lead times. We expect this inventory correction to continue through the third quarter, but we believe that long-term user demand will continue to grow as we continue to find more applications that get increased value from our 9V lithium battery."