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Ultralife Corporation Reports Third Quarter Results

Stocks in this article: ULBI

NEWARK, N.Y., Oct. 31, 2013 (GLOBE NEWSWIRE) -- Ultralife Corporation (Nasdaq:ULBI) reported operating income from continuing operations of $0.7 million on revenue of $20.4 million for the quarter ended September 29, 2013. For the third quarter of 2012, the company reported operating income from continuing operations of $1.8 million on revenue of $26.2 million.

"On a sequential basis, revenue increased $3.1 million benefiting from closing Communications Systems orders that had been delayed in the second quarter. As a result of higher sales, improved gross margins and lower operating expenses, we restored profitability this quarter improving operating income $2.5 million from last quarter's operating loss," said Michael D. Popielec, Ultralife's president and chief executive officer. "In the face of difficult market conditions, we remain focused on protecting the P&L and maintaining a strong balance sheet. On the strength of a $3.2 million inventory reduction, we ended the quarter with a net cash balance of $10.8 million giving us ample liquidity to support our growth initiatives."

Popielec continued, "Growing the top-line remains our highest priority. As we expand our opportunities in commercial end markets, we are very encouraged by the level of interest in the company's new products serving the medical cart and emergency response markets. This validates our approach of leveraging our proven military grade battery systems through multi-generational product planning for use in applications in the commercial sector."

Third Quarter 2013 Financial Results

Discontinued operations reflect the operating results of RedBlack, which was sold on September 28, 2012. All revenue, gross margin and operating expense amounts presented below represent results from continuing operations.

Revenue was $20.4 million, compared to $26.2 million for the third quarter of 2012, a 22% decline. Battery & Energy Products sales declined by $3.1 million to $13.5 million, primarily due to the continued slowdown in the government and defense order rate for rechargeable and non-rechargeable batteries. Communications Systems sales were $6.9 million, compared to $9.5 million for the same period last year, a decrease of $2.7 million. Included in the prior year Communications Systems' sales was $3.4 million related to the final shipment of SATCOM systems units. Absent the SATCOM shipment, Communications Systems sales increased 11% reflecting higher shipments of amplifiers to US and international customers.

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