Home / Today's Top Stories / Ultralife stock spikes 23 percent

Ultralife stock spikes 23 percent

Shares of Ultralife Batteries Inc. soared nearly 23 percent Thursday after the company reported another contract and learned that a new battery had passed Department of Defense testing.

Ultralife stock spikes 23 percent

Shares of Ultralife Batteries Inc. soared nearly 23 percent Thursday after the company reported a new contract and was notified by the U.S. Department of Defense that a new battery successfully completed testing.
Ultralife stock (NYSE:ULBI) was trading midday at $12.80, up from Wednesday’s close of $10.41.
Its new BA-5390A lithium/manganese dioxide battery with a state-of-charge indicator is available now, following successful DOD testing.
“Reaching this milestone is a significant achievement under our Next Gen II, Phase IV contract,” said John Kavazanjian, president and CEO, in a statement.
In December 2004, Ultralife announced its U.S. and U.K. operations were awarded the Next Gen II, Phase IV five-year batter production contract by the Defense Department. The deal could reach a maximum value of $286 million, a majority of which is related to the BA-5390A battery.
Ultralife also has been awarded a $1.4 million contract from defense industry contractor General Dynamics Corp.
The Newark firm will supply batteries and chargers for General Dynamics’ Land Warrior program, a system that uses technology to enhance a soldier’s close-combat technical awareness, officials said. The system includes weapon-mounted sensors and a communications-navigation computer system.
Deliveries will begin this month and be completed by the end of March.
Last February, Ultralife received a $2.7 million development contract from General Dynamics to design and develop the batteries and chargers.
The company continues to show it can move highly engineered products from design into production, Kavazanjian said.
“These capabilities are proving to be a key competitive advantage for us as the demand for our products continues to grow,” Kavazanjian said.

(c) 2006 Rochester Business Journal. Obtain permission to
reprint this article.


Check Also

Main Street in Fairport has been closed to through traffic since September to allow for work on the iconic Lift Bridge. (Matt Wittmeyer)

Fairport businesses surviving despite dual impact of pandemic, bridge closure (access required)

Despite being dealt a double whammy of dealing with the COVID-19 pandemic and the temporary closure of the iconic Lift ...

© Jon Reis / www.jonreis.com

Tompkins Trust Co.

Tompkins Trust Co. announces the addition of Johanna Anderson to the board of directors. She serves as executive director of ...