Ultralife Corp. reported Thursday an increase in fourth-quarter sales and profit, due, in part, to a recent acquisition along with higher sales in its Communications Systems segment.
The Newark, Wayne County, manufacturer posted net income of $1.7 million, or 11 cents a diluted share, versus net income of $500,000, or 3 cents a diluted share, a year ago.
Sales were $21.6 million, up 12 percent from $19.3 million.
Battery & Energy Products sales increased $1 million, or 5.9 percent, to $17.6 million, primarily to higher medical sales and the contribution of the Accutronics Ltd. acquisition, partially offset by lower government/defense and 9-volt sales, the company reported.
Communications Systems sales grew 53.4 percent to $4 million, compared to $2.6 million for the same period last year, reflecting shipments of Vehicle Installed Power Enhanced Riflemen Applique units to fulfill an additional order received for the fourth quarter.
For the year, Ultralife posted net income of $3.5 million, or 23 cents a diluted share, compared to net income of $2.9 million, or 17 cents a diluted share, in 2015.
Annual sales were $82.5 million, up from sales of $76.4 million in 2015.
“As we look ahead to 2017, an improving backlog and disciplined execution of our business model, while continuing to invest in market and sales reach expansion and new product development, positions us well to further diversify beyond our core U.S. government/defense business and achieve another year of profitable growth,” said Michael Popielec, Ultralife president and CEO, in a statement.
Shares of Ultralife stock (NasdaqGM: ULBI) were trading midday at $5.20, up 2 percent.
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