Ultralife Corp. reported Thursday its net income jumped to $853,000 from $69,000.
The company also reported net income per share from continuing operations attributable to Ultralife common shareholders of a nickel, up from a penny a share a year ago.
The Newark, Wayne County, manufacturer reported operating income of $1 million, or 5 cents a share, versus operating income of $223,000, or a penny a share, a year ago.
Shares of Ultralife stock (NasdaqGM: ULBI) were trading midday at $3.30 a share, up more than 6 percent from Wednesday’s close of $3.10.
The company’s fourth-quarter sales declined because of a drop in revenues from its communications systems unit.
Sales were $19.9 million, down from $20.2 million. The roughly 1 percent drop in year-over-year quarterly sales was the result of a $900,000 increase in the firm’s battery and energy products division, offset by a $1.1 million decrease in communications systems’ sales.
For the year, Ultralife reported a net loss of $2.1 million, or 12 cents a share, versus an operating loss of $960,000, or 6 cents a share, in 2013.
"Consistent with our objectives, in 2014 we realized initial returns on the new product development investments made in power systems designed for medical devices and carts, portable power solutions, and integrated communications systems, while we expanded our global sales footprint," said Michael Popielec, president and CEO, in a statement.
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