This Week
  • ROC the Future gives update on milestones for local education system.

  • The Greater Rochester Awards honorees are profiled.

  • CEO David Boyce has Tompkins Insurance Agencies on a growth path.

  • Aware of challenges, private schools work to build a sustainable future.

  • Mech Tech HVAC CEO Edward Burns expects the firm to log solid growth in 2014.

  • Owner of U.S. Ceiling Corp. uses digital estimation to save time and stay competitive.

Profit, sales drop in Q3 at Ultralife

Rochester Business Journal
October 31, 2013

Ultralife Corp. on Thursday reported a drop in third-quarter sales and profit as orders for its battery and energy products slowed in the government and defense sectors.

The Newark, Wayne County, firm reported net income from continuing operations of $607,000, or 4 cents a share, compared with net income of $1.5 million, or 9 cents a share, a year ago. Revenue was down 22 percent to $20.4 million from $26.2 million.

Michael Popielec, president and CEO, said the business restored profitability in the quarter and noted growing the top line remains the company’s top priority.

"In the face of difficult market conditions, we remain focused on protecting the (profit and loss) and maintaining a strong balance sheet,” Popielec said in a statement. “On the strength of a $3.2 million inventory reduction, we ended the quarter with a net cash balance of $10.8 million giving us ample liquidity to support our growth initiatives.

“As we expand our opportunities in commercial end markets, we are very encouraged by the level of interest in the company's new products serving the medical cart and emergency response markets.”

For the year, Ultralife expects revenue to decline some 20 percent over last year due to U.S. government’s budget challenges that are affecting the timing of orders. The company expects to report 2013 operating results in the range of breakeven to a modest operating loss.

Shares of Ultralife stock (NasdaqGM: ULBI) were down 2 percent at midday at $3.95.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 


What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment

 
Username:
Password:

Not registered? Sign up now!
 

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google