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 firmâ€™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 firmâ€™s Wayne County headquarters as part of its annual shareholdersâ€™ 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 companyâ€™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 Ultralifeâ€™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 Wednesdayâ€™s close of $12.92.
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