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Ultralife swings to profit for second quarter

Ultralife Corp. on Thursday reported a profit for the second quarter after posting a net loss a year ago.

The Newark, Wayne County, company posted net income attributable to Ultralife of $788,000, or a nickel share, compared with a net loss of $1.36 million, 8 cents a share, for the second quarter 2014.

Ultralife (Nasdaq: ULBI) logged revenue of $19 million for the quarter, up 25 percent from $15.2 million.

“Our second quarter results demonstrate the operating leverage inherent in our business model and the success of our strategy to invest in new products, customers, markets and geographies,” said Michael Popielec, president and CEO, in a statement. “Following a strong first quarter performance, we delivered another quarter of 25 percent revenue growth, substantial gains in profitability marked by a consolidated gross margin of 31 percent, an operating margin of 4.3 percent.”

The company’s revenue growth was driven by gains in Battery & Energy Product sales, the company said. The segment’s sales were $16 million, up 31 percent. Communications Systems sales were $3 million, flat with the same period last year.

Ultralife stock was trading midday at $4.41 cents, up more than 8 percent from Wednesday’s close of $4.07.

(c) 2015 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email rbj@rbj.net.

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