Ultralife Batteries Reports Third-Quarter Financial Results
Ultralife Batteries Inc. (Newark, NY) announced its results for the third quarter of fiscal 2000. Consolidated revenues reached $6.2 million for the three months ended March 31, 2000, an increase of $0.6 million, or 11 percent, over the comparable quarter last year. The net loss for the quarter was $1.2 million, or $0.11 cents per share, compared with $2.1 million, or $0.20 cents per share for the same period a year ago. Gross profit for the three months ended March 31, 2000, was a negative $1.0 million, a $1.6-million decline from the same quarter a year ago. Operating expenses rose $0.2 million, or 8 percent, to $3.3 million.
For the nine months ended March 31, 2000, revenues rose to $19.1 million, an increase of $4.1 million, or 28 percent, over the comparable period last year. The net loss for the first nine months in fiscal 2000 was $6.1 million, or $0.56 cents per share, compared to a net loss of $5.0 million, or $0.48 cents per share, in the same period last year.
John Kavazanjian, Ultralife's president and CEO, stated, "We continue to make progress from the implementation of lean manufacturing processes. We set out at the beginning of the quarter to reduce our work-in-process inventories, and we were able to exceed expectations. We believe that the write down of excess and obsolete inventory and the new processes being instilled into our workforce will be the right formula for long-term success."
Kavazanjian continued, "The development of our rechargeable polymer battery product remains on track with our previous goals of being ready to ship a product into the marketplace before the end of June 2000."