Ultralife Batteries Inc. (Newark, NY), a designer and manufacturer of batteries and power sources, reported operating income of $1.5 million on revenues of $24.4 million for its third quarter ended September 25, 2004. Operating income and revenue increased 34% and 23%, respectively, over the same three-month period in 2003 when the company reported operating income of $1.1 million on revenue of $19.9 million.
Revenues for the third quarter of 2004 benefited from higher military orders for HiRate® batteries, and a substantial increase in sales of rechargeable batteries to $2.6 million from $0.3 million in 2003. Net income for the third quarter of 2004 was $1.4 million, or $0.09 per diluted share, compared with $1.8 million, or $0.12 per diluted share, in the comparable quarter in 2003, which included a $0.8 million gain on the forgiveness of debt.
For the nine months ended September 25, 2004, revenues reached $79.8 million, a 44% increase over the $55.4 million reported for the same period last year. Operating income for the year-to-date period more than doubled to $8.5 million compared to $3.7 million last year. Net income for first nine months of 2004 was $4.3 million, or $0.28 per diluted share, compared to $4.2 million, or $0.31 per diluted share, for 2003.
