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Ultralife Corp. on Thursday reported a smaller second-quarter loss despite a drop in sales due, in part, to delays in the closing of several funded projects.
The Newark, Wayne County, firm reported a net loss from continuing operations of $2 million, or 11 cents a share, compared with a net loss of $3.2 million, or 18 cents a share, a year ago. Sales were down 7.6 percent to $17.3 million, from $18.7 million.
"Despite the second-quarter operating loss, we maintained strict cash management discipline such that we ended the quarter with $11.6 million of cash on hand, our highest level in over five years, and no debt," said Michael Popielec, president and CEO, in a statement.
Management expects a drop in annual revenue of 10 percent to 12 percent, driven by the potential for continued softness in government spending and contracting delays for funded projects.
Shares of Ultralife (Nasdaq: ULBI) were trading at $3.30 midday, down 5 percent from Wednesday’s close of $3.48.
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