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Ultralife Corp. on Thursday reported a first-quarter profit despite a drop in sales.
The Newark, Wayne County-firm reported net income from continuing operations of $200,000, or a penny a share, compared with a net loss of $1.4 million, or 8 cents a share, a year ago.
Net income from discontinued operations was $300,000, or 2 cents a share, compared with a net loss of $100,000, or a penny a share, a year ago.
Sales were $21 million, down 24 percent from sales of $27.5 million a year ago. The revenue reflects an increase of $500,000 in its communications system business, offset by a $7 million decrease in battery and energy product sales.
"Through solid execution in the face of ongoing softness in our battery and energy products business, we delivered our third consecutive profitable quarter, consistent with our internal expectations, and reversed last year's operating loss," said Michael Popielec, president and CEO, in a statement.
Management expects low- to mid-single digit revenue growth this year.
Ultralife employs some 473 local workers.
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