Ultralife Batteries Reports Third-Quarter 2002 Results

May 12, 2002 by Jeff Shepard

Ultralife Batteries Inc. (Newark, NY) announced third-quarter results for the period ended March 31, 2002. Consolidated revenues reached a quarterly record of $8.9 million, a 52 percent increase compared to the $5.8 million reported for the same quarter a year ago. Sequentially, revenues for the quarter rose 19 percent as sales of 9V batteries and BA-5372 military batteries rose.

Consolidated gross margin was $0.9 million, compared to a gross margin loss of $0.7 million last year. This quarter's gross margin is the highest amount reported by the company since March of 1996. Operating expenses for the third fiscal quarter of 2002 were $3.0 million, a nine percent increase over last year. The company's operating loss for the quarter ended March 31, 2002, was $2.1 million, compared to a $3.5 million loss in the comparable quarter last year. Net loss for the quarter was $2.3 million, or $0.19 per share, compared with a net loss of $3.9 million, or $0.35 per share, for the same period a year ago.

"We made significant progress during the past three months with a record sales quarter that reflects our continued commitment toward developing our key vertical markets and leveraging our technological advantages," said Ultralife Batteries President and CEO John Kavazanjian. "We are seeing this success through the growth of our 9V business and in our cylindrical products. Our continuous improvements in manufacturing efficiencies and quality give us a clear competitive advantage."