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Ultralife reports 2Q increase; misses expectations

Ultralife Corp. reported increases in second-quarter sales and income Thursday, driven by its advanced communications systems business, but missed Street expectations.

Ultralife reports 2Q increase; misses expectations

Ultralife Corp. reported increases in second-quarter sales and income Thursday, driven by its advanced communications systems business, but missed Street expectations.
The company reported net income of $6.4 million, or 36 cents a share, compared with $1.3 million, or 8 cents a share, a year ago. Analysts polled by Thomson Reuters were expecting earnings per share of 46 cents.
The Newark firm’s shares (NasdaqGM: ULBI) fell some 7 percent by midday, trading at $10.79.
Ultralife reported operating income of $9.9 million on revenue of $87.9 million, up from $1.7 million on revenue of $35.2 million a year ago.
Revenue in design and installation services also grew as a result of the addition of RedBlack Communications and Stationary Power Services, acquired in September 2007 and November 2007, respectively.
“Second-quarter revenue generation pushed our operating margin into double digits, demonstrating the operating leverage of our business model,” said John Kavazanjian, president and CEO, in a statement.
For the second half, the company forecasts revenue of roughly $130 million and operating income of $10 million. Management anticipates full-year revenue of roughly $270 million and operating income of $22 million.
While several large orders are contributing to a nearly doubling of revenue in 2008 over 2007, management anticipates a revenue base of at least $250 million for 2009, based on its outlook for order opportunities and strong demand.

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