Ultralife Reports First-Quarter 2002 Results

November 07, 2001 by Jeff Shepard

Ultralife Batteries Inc. (Newark, NY) announced first-quarter results for the period ended September 30, 2001. Consolidated revenues rose to $7.6 million, the highest quarter in the company's history. This represents a 23 percent increase compared to the $6.2 million reported in the fourth quarter of fiscal 2001, and an 11 percent increase compared to the $6.9 million reported in the same quarter a year ago.

Consolidated gross margin was a loss of $0.4 million, consistent with the same quarter last year. The company's primary battery operations improved its margins from marginally break-even last year to a $0.9 million gross profit this year on higher revenue and greater manufacturing efficiencies.

The company's operating loss for the quarter ended September 30, 2001, was $3.8 million, compared to a $2.8 million loss in the same quarter a year ago. Net loss for the quarter was $3.6 million, or $0.30 per share, compared with a net loss of $3.1 million, or $0.28 per share, for the same period a year ago.

"We have seen a noticeable shift in market demand during the past few months," said John Kavazanjian, president and CEO of Ultralife Batteries. "We are beginning to see an acceleration in demand for our standard cylindrical and high-rate batteries along with a heightened interest in our military battery offerings. On the other hand, in our rechargeable business we are beginning to see a slowdown in development activity at OEMs because of softness in the electronics marketplace."