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Ultralife Corporation Reports Second Quarter Results

Ultralife Corporation (NASDAQ: ULBI) reported operating income of $0.4 million on revenue of $37.0 million for the quarter ended June 27, 2010. For the second quarter of 2009, the company reported an operating loss of $6.3 million on revenue of $39.6 million.

Gross margin for the second quarter of 2010 was $9.4 million, or 25.4% of revenue, compared to $6.8 million, or 17.1% of revenue, for the same quarter a year ago, reflecting manufacturing efficiencies and higher selling prices in the company’s Battery & Energy Products segment, a favorable mix of high-margin Communications Systems revenue and the impact of higher Energy Services revenue. Included in gross margin for the second quarter last year was a $1.8 million increase in the inventory reserve.

Operating expenses for the second quarter of 2010 totaled $9.0 million compared to $13.1 million a year ago. Net income for the second quarter of 2010 was $0.02 million, or $0.00 per share, compared to a net loss of $7.0 million, or $0.41 per share, for the same quarter in 2009. Included in operating expenses for the second quarter last year were $1.2 million of non-recurring severance and legal expenses.

For the six-month period ended June 27, 2010, revenue was $75.5 million compared to $79.4 million for the same period a year ago. Operating income amounted to $1.3 million compared to an operating loss of $8.6 million for the first half of 2009. Net income for the first half of 2010 was $0.3 million, or $0.02 per share, compared to a net loss of $9.5 million, or $0.56 per share, for the same period a year ago.

“Manufacturing process improvements and rigorous operating expense control sustained operating profitability for the second quarter even though sales of batteries to the U.S. Department of Defense were lighter than the first quarter of 2010 and shipments of SATCOM-on-the-Move systems commenced in the third quarter,” said John D. Kavazanjian, Ultralife’s president and chief executive officer.

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