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Ultralife reports decline in Q4 net income, revenues

Rochester Business Journal
February 13, 2014

Ultralife Corp. reported Thursday a drop in fourth-quarter profit and sales.

The Newark, Wayne County, firm posted net income from continuing operations attributable to common shareholders of $69,000, or a penny a share, compared with net income of $1.4 million, or 12 cents a share, a year ago.

The company logged sales of $20.2 million, down 31 percent from sales of $29.3 million during the prior year’s quarter.

"The fourth quarter closed a year during which the slowdown in global defense-related spending and decision-making dominated our top line comparables,” said Michael Popielec, president and CEO, in a statement.

During 2013 the business stabilized its quarterly revenues for its Battery and Energy Products business which compensated for weak Communications’ Systems sales.

For the year, Ultralife reported a net loss from continuing operations of $926,000, or 6 cents a share, versus a net loss of $1.6 million, or 6 cents a share, in 2012. Sales were $78.8 million, down from $101.7 million.

For 2014, the company said it expects mid-single digit organic revenue growth, despite continued constraints on global government spending. Management expects to increase operating profit for the year.

Shares of Ultralife (NasdaqGM: ULBI) were trading midday Thursday at $3.90, down 3 percent from Wednesday’s close of $4.02.
 
(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 

 


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