Ultralife Corp. reported Thursday an increase in its fourth-quarter profit despite roughly flat sales.
The Newark, Wayne County, firm reported net income from operations of $2.1 million, or 12 cents a share, compared with net income of $1.3 million, or 8 cents a share, a year ago.
Net loss from discontinued operations was $700,000, or 4 cents a share, compared with a net income of $400,000, or 2 cents a share, a year earlier.
Revenue was $29.3 million compared with $29.5 million for the fourth quarter 2011, reflecting an increase of $4.8 million in Communications Systems sales offset by a $5 million decrease in Battery & Energy Products sales.
"Ultralife's fourth-quarter results demonstrate the earnings power of our business model,” said Michael Popielec, president and CEO, in a statement. “During 2013 we intend to further invest in new product development and broadening our sales reach ahead of revenue generation, and funding these investments through continued manufacturing productivity gains and reductions in discretionary spending.”
During the quarter, management elected not to renew the lease for its U.K. manufacturing facility, which expires on March 24, and to relocate its sales and services operations to a smaller facility.
For the year, Ultralife reported a net loss from continuing operations of $1.1 million, or 6 cents a share, versus a profit of $1.5 million, or 9 cents a share, in 2011.
The company posted a net loss from discontinued operations of $501,000, or 3 cents a share, versus a net loss from discontinued operations of $3.8 million, or 22 cents a share, in 2011.
Sales were $101.7 million in 2012, down from $135.7 million.
Shares of Ultralife (NasdaqGM: ULBI) were trading midday at $3.34, up 1 percent from Wednesday’s close of $3.31.
For 2013, management expects low- to mid-single digit organic revenue growth, reflecting strong growth in Communications Systems sales and modest gains in the Battery & Energy Products business, despite continued constraints on U.S. government spending.
The company expects to increase operating profitability for the year and to generate a mid-single-digit operating margin.
(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail firstname.lastname@example.org.