Ultralife Batteries Inc. reported a 22 percent increase in fourth-quarter revenues, but a greater operating loss than a year ago. Shares of Ultralife (Nasdaq: ULBI) were trading midday Thursday at $14.10, up nearly 6 percent.
Ultralife posts Q4 net profit; stocks rise
Ultralife Batteries Inc. reported a 22 percent increase in fourth-quarter revenues, but a greater operating loss than a year ago.
The Newark, Wayne County, firm logged sales of $36.8 million, up from $30.1 million last year. Ultralife reported an operating loss of $2.7 million, compared with a loss of $1.5 million in the previous yearâ€™s quarter.
Shares of Ultralife (Nasdaq: ULBI) were trading midday at $14.10, up nearly 6 percent from Wednesdayâ€™s close of $13.39.
The revenue increase was due to factors such as higher sales of communications systems from a $24 million contract announced in September and the added contribution from RedBlack Communications (formerly Innovative Solutions Consulting) and Stationary Power Services, acquired in September and November, respectively.
Net income for the quarter was $4.4 million, or 27 cents a diluted share, compared with a net loss of $26 million, or $1.73 a share. Included in fourth quarter results was a $7.6 million non-operating gain related to the negotiated purchase price settlement with the sellers of McDowell Research, which the company finalized during the quarter.
For fiscal 2007, Ultralife reported record revenue of $137.6 million, up 47 percent from 2006 sales of $93.5 million.
Net income for 2007 was $5.6 million, or 36 cents a share, compared with a net loss of $27.5 million, or $1.84 a share, for 2006.
â€œDuring 2007 we made great strides in advancing the evolution of Ultralife from a battery company to a developer of complex communications and electronic systems and power solutions,â€ said John Kavazanjian, Ultralife president and CEO, in a statement. â€œBuilding on our proven engineering expertise and collaborative customer relationships, we have augmented our engineered services capabilities to include communications and electronic systems and standby power management services, and significantly expanded our set of market opportunities.â€
For the first quarter, Ultralife forecasts revenue of $50 million to $60 million and operating income of $2.5 million to $5 million.
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