Ultralife Batteries Inc. (Newark, NY) announced its preliminary, unaudited results for the period ended December 31, 2002. Consolidated revenues for the quarter were $8.8 million compared to $7.5 million for the same period a year ago. Consolidated gross margin for the three months ended December 31, 2002, improved nearly $1 million to $0.8 million from a loss of $0.2 million in the prior year.
Rechargeable battery margins improved $0.8 million as a result of cost-savings actions made during the prior year and lower depreciation charges. Primary battery margins rose $0.2 million from the year before as a result of 9V manufacturing efficiencies and higher sales volumes, offset in part by startup activity for high-volume, large cylindrical battery production and lower small cylindrical battery sales.
The company's operating loss for the quarter ended December 31, 2002, was $1.7 million compared with an operating loss of $3.3 million last year, reflecting the gross margin improvement and lower operating costs. The period represents the end of the company's transition "year," a six-month period, as it has changed its fiscal year-end from June 30 to December 31, effective as of December 31, 2002.
