Ultralife Corp. reported Thursday a steep increase in its second-quarter profit.
The Newark, Wayne County-based company posted net income of $1.09 million, or 7 cents a share, up from $446,000, or 3 cents a share, a year ago. Ultralife logged $19.9 million in revenues, down 2 percent from $20.4 million a year ago.
The decrease in revenues resulted from a 7 percent increase in battery and energy products sales, along with a 34 percent decrease in communications systems sales. Battery and energy products sales landed at $16.9 million, compared with $15.8 million in the second quarter last year. Communications systems sales declined to $3.1 million for the quarter ended July 2, down from $4.6 million a year ago.
Ultralife reported operating income of $1.3 million, up from $499,000.
“Building on our solid first-quarter performance, for the second quarter, on a year-over-year basis, we more than doubled operating income and doubled EPS,” said Michael Popielec, president and CEO. “These strong sales gains demonstrate effective execution of our diversification strategy and the benefit of investments we have made in new product development and sales reach expansion.”
Shares of Ultralife Corp. (Nasdaq: ULBI) were trading at $6.40 Thursday afternoon, down nearly 8 percent from Wednesday’s close of $6.95.
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