Shareholders approved a name change for Ultralife Batteries Inc. to Ultralife Corp., a move that will better define the company as a communications accessories and systems supplier rather than a battery producer.
Management had asked for the change because of the Newark firm’s changing business model, which now provides customers with more complete products, as well as design and engineering services for systems. The results of the vote were read at the firm’s Wayne County headquarters as part of its annual shareholders’ meeting.
John Kavazanjian, Ultralife president and CEO, said at the meeting Ultralife has logged record-breaking revenues, due largely to its expanded business. The firm has acquired several firms over the past few years that have moved it past being solely a battery manufacturer. The new name better incorporated the company’s offerings, he said.
In fiscal 2007, Ultralife logged sales of $137.6 million, a 47 percent increase over 2006 sales of $93.5 million. The rise was led by Ultralife’s non-rechargeable products, which logged sales of $80.3 million, up from $67.8 million. Net income was $5.6 million, compared with a net loss of $27.5 million in fiscal 2006.
Last week, Ultralife raised its quarterly and annual guidance. The company expects quarterly earnings in excess of $75 million. Ultralife previously said second-quarter earnings would be $60 million to $70 million. For the full-year, the company forecasts revenue of at least $250 million, up from an earlier forecast of $238 million.
Shares of Ultralife (Nasdaq: ULBI) were trading midday at $13.22, up 2 percent from Wednesday’s close of $12.92.

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Shareholders approved a name change for Ultralife Batteries Inc. to Ultralife Corp., a move that will better define the company as a communications accessories and systems supplier rather than a battery producer.