Ultralife CEO Discusses Q3 2010 Results - Earnings Call Transcript
The company cautions investors not to place undue reliance on forward-looking statements, which reflect the company’s analysis only as of today’s date. The company undertakes no obligation to publicly update forward-looking statements to reflect subsequent events or circumstances. A more detailed description of such uncertainties is contained in the company’s filings with the Securities and Exchange Commission such as the company’s report on Form 10-K for the period ending December 31, 2009.
In addition, on today’s call, management will refer to certain non-GAAP financial measures that management considers to be useful metrics that differ from GAAP. These non-GAAP measures should be considered as supplemental to corresponding GAAP figures.
With that, I would now like to turn the call over to John.
John KavazanjianGood morning everybody and welcome to the Ultralife Corporation conference call for the third quarter of 2010. Joining me today is Phil Fain, our Chief Financial Officer. Today, we reported revenue of $53.3 million for the third quarter of 2010 and an operating profit of $4.7 million and an adjusted EBITDA of $6.9 million. Gross margin was 28% and this was led by a 35% gross margin in our Communications Systems segment primarily because of our mix highly engineered amplifier products. Battery and Energy products are on tract at 22% gross margin with the very strong showing by our China operation and despite a year-over-year sales decline due to the lack of shipments the standard military batteries to the Defense Logistics Agency. With the award of new contract and several new orders, we expect this revenue stream to return in 2011. In Battery and Energy products with the award of a contract and new order placements (inaudible) activity with standard batteries for the US Department of Defense coming back in 2011. Even without this business, strong international defense order activity, growing demand in the medical sector and strengths in our China operation with the growth in our non-DOD business.
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