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Ultralife Corp. reported Thursday a drop in first-quarter sales and an operating loss due in part to sluggish sales in its communications systems business.
The Newark, Wayne County, firm reported a net loss from continuing operations of $1.2 million, or 7 cents a share, compared with net income of $164,000, or a penny a share, last year.
The company reported a net loss from discontinued operations of $61,000, compared with net income of $264,000 a year ago.
Ultralife logged sales of $15.3 million, down 27 percent from sales of $21 million.
Michael Popielec, president and CEO, said the firm’s battery and energy products segment posted a 7 percent increase in sales. The communications systems busienss started slowly because of fluctuating timing of orders. The segment’s sales fell 83 percent during the quarter.
The company ended the quarter with $18.9 million in cash and no debt, he said.
For 2014, management expects mid-single-digit organic revenue growth, despite continued constraints on global government spending.
Ultralife ranked 25th on the most recent Rochester Business Journal list of manufacturers with 180 local workers.
Shares of Ultralife stock (NasdaqGM: ULBI) climbed Thursday, trading midday at $3.75 a share, up more than 4 percent.
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