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Ultralife Corporation Reports Third Quarter Results

Stocks in this article: ULBI

Ultralife Corporation (NASDAQ: ULBI) reported operating income from continuing operations of $1.6 million on revenue of $36.0 million for the quarter ended October 2, 2011. For the third quarter of 2010, the company reported operating income from continuing operations of $6.1 million on revenue of $50.8 million, which included approximately $20.5 million from sales of SATCOM systems. Excluding sales of SATCOM systems, revenue for the third quarter of 2011 increased by $5.7 million, or 19%.

“Our Battery & Energy Products business posted another quarter of solid results, with revenue up 27% over 2010 on continued strong demand from global defense customers and further penetration of our batteries into the metering business in China,” said Michael D. Popielec, Ultralife’s president and chief executive officer. “During the quarter, we achieved gross margin gains in both our Battery & Energy Products and Communications Systems businesses through continued progress on our Lean implementation and increased focus on high-margin product sales. The improvements in productivity and profitability, and several structural changes made throughout the year, combined with an intensified focus on new product introductions and expanded sales coverage, better position us for consistent and profitable growth as we enter 2012.”

Third Quarter 2011 Financial Results

During the second quarter of 2011, Ultralife completed the exit of the Energy Services business. As a result, the Energy Services segment has been reclassified as a discontinued operation. Revenue, gross margin and operating expense figures presented below represent results from continuing operations.

Revenue decreased by 29% to $36.0 million, compared to $50.8 million for the third quarter of 2010, reflecting the absence of sales of SATCOM systems offset in part by higher Battery & Energy Product sales. Battery & Energy Product sales grew by $6.2 million, or 27%, to $28.8 million due primarily to increased shipments of rechargeable batteries and charger systems. Communications Systems sales declined by $21.0 million, or 75%, to $7.2 million, compared to $28.1 million for last year’s third quarter. Excluding last year’s sales of SATCOM systems, Communications Systems sales decreased by $0.4 million, or 6%, reflecting an increase in sales of amplifiers offset by lower sales of communications accessories.

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