Ultralife Corp. reported Thursday a year-over-year drop in first quarter profit, along with an increase in sales.
The Newark, Wayne County, firm posted a profit of $299,000, or 2 cents a share, down from net income of $533,000, or 3 cents a share, during the prior year’s first quarter.
Sales were up 9 percent to $20.8 million from $19.1 million a year ago. The increase in revenues reflects the acquisition in January of Accutronics Ltd. and higher Communications Systems’ sales, Ultralife said.
Communications Systems’ sales grew 51 percent to $4.4 million compared with $2.9 million for the same period last year as a result of shipments under the Vehicle Installed Power Enhanced Riflemen Applique Program, a radio system used by the U.S. Army.
Ultralife’s Battery & Energy Products sales were $16.4 million compared with $16.3 million, reflecting the contribution of $2.5 million of Accutronics sales, which offset the revenue from a large 9-volt and a large charger order in the first quarter 2015, the firm reported.
Michael Popielec, Ultralife president and CEO, said while the firm’s year-over-year revenue comparison was affected by variability in the timing of order fulfillment, Ultralife held to its business model, continued to invest in new product development and further expanded its orders from government/defense and commercial customers.
“As a result, we remain well-positioned to deliver profitable growth in 2016 now boosted by our acquisition of Accutronics,” he said in a statement.
Shares of Ultralife stock (NasdaqGM: ULBI) were trading down nearly 8 percent Thursday afternoon at $4.94. The stock closed Wednesday at $5.36.
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