Tag: ultralife

Ultralife reports Q3 loss 

Ultralife Corp. reported a third-quarter net loss before markets opened on Thursday largely due to supply chain challenges and inflation. Sales were up 52 percent. 

The Newark, Wayne County-based manufacturer posted a net loss of $200,000, or a penny a diluted share on a GAAP basis, compared to a net loss of $600,000, or four cents a diluted share, for the third quarter of 2021.  Adjusted earnings for the most recent quarter were $1.3 million. 

Revenue was $33.2 million, an increase of $11.5 million, compared to $21.8 million for the third quarter of 2021. 

Revenue doubled year-over-year for the quarter, reflecting higher demand from customers in the company’s Battery & Energy Products segment and shipments of larger awards in its Communications Systems segment, the company reported.  

“While we benefited from the operating expense leverage of the sharp revenue gain, the combination of production inefficiencies associated with supply chain disruptions and input cost inflation severely pressured gross margins and profitability for the quarter,” said Michael D. Popielec, company president and CEO, in a statement. “We continue to work on offsetting inflation and manufacturing workflow challenges with price realization and productivity gains to restore profitable growth.” 

He added, “With a backlog now over $100 million, we are positioned well for near-term revenue increases and remain committed to advancing several transformational projects and new product opportunities to drive long-term revenue growth.” 

Ultralife also announced Thursday it had been awarded a purchase order valued at some $5.5 million to supply its vehicle communications systems to a global prime defense contractor for the U.S. Army. Shipments are expected to commence and be completed in 2023. 

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Ultralife awarded $7.5 million communications systems contract  

Ultralife Corp. has received a contract worth roughly $7.5 million to supply its integrated system of amplifiers and radio vehicle mounts to a major international defense contractor for an ongoing government/defense modernization program.  

Ultralife awarded $7.5 million communications systems contract Deliveries are expected to begin in the fourth quarter and continue through the first half of 2023, the Newark, Wayne County-based manufacturer reported.  

Michael D. Popielec, Ultralife’s president and CEO, said the contract demonstrates the company’s success in executing a key element of its revenue growth strategy, which is expanding its global presence with international allies by extending its core U.S. government and defense business. 

“Our amplifier platform provides a technically advanced building block for the increasingly complex, secure communications systems required for soldier modernization,” Popielec said in a news release. “In this case, our integrated amplifiers and radio vehicle mounts have once again been selected as a critical component of a multi-year communications modernization program.” 

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Ultralife misses Street estimates in Q2

Newark’s Ultralife Corp. on Thursday reported second-quarter earnings that fell short of Wall Street estimates.

For the second quarter ended June 30, the Wayne County power solutions, communications and electronics systems provider posted revenue of $26.8 million, a more than 6 percent decrease from $28.6 million in the second quarter of 2020. Net income was $800,000, or 5 cents per diluted share, compared with $1.7 million, or 10 cents per diluted share a year ago.

Analysts had anticipated GAAP earnings of 7 cents per share on sales of $28.5 million.

Michael D. Popielec
Michael D. Popielec

“Ultralife’s end-market diversification strategy continues to serve us well. For the second quarter, sales increased sequentially 3 percent from the first quarter as our oil and gas revenues rebounded, growing 49 percent year over year,” said President and CEO Michael Popielec in a statement. “Medical sales abated from last year’s COVID-related demand spike yet were above pre-pandemic levels, and sales from government/defense customers were soft relative to last year’s strong shipment flows.”

Popielec said that given the company’s liquidity position, Ultralife increased investments in capital expenditures and critical engineering resources to support new contracts and the completion of transformational new products.

“Although these investments weighed on operating and net income year-over-year comparisons, sequential EPS grew 20 percent on the strength of gains in commercial sales,” he said.

Supply chains and logistics continue to be the source of operational challenges, Popielec noted, delaying some shipments and increasing freight costs.

“Nevertheless, activity in our end markets remains high and our goal is to continue improving our financial performance each quarter,” he explained. “We remain focused on executing near-term growth initiatives and developing long-term growth opportunities while adhering to our proven and profitable business model.”

Shares of company stock (Nasdaq: ULBI) were down nearly 3 percent in morning trading Thursday to $8.22.

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Ultralife awarded Army contract worth up to $168 million

Ultralife Corp., the Newark battery, energy and communications systems manufacturer, has received a firm-fixed-price contract from the U.S. Army for purchases of Conformal Wearable Batteries worth up to $168 million.

The three-year award has the potential for an additional $350 million should the six one-year option periods be exercised. The timing of the deliveries and quantities are at the discretion of the Army and include successful completion of First Article Testing demonstrating full compliance with the contract specifications.

Michael D. Popielec
Michael D. Popielec

“Ultralife is a long-standing supplier to the U.S. military and our products are recognized for their long-life, unsurpassed safety record and reliability under the toughest conditions,” said Ultralife President and CEO Michael Popielec in a statement this week. “Our selection to participate in what could be a military battery program extending up to nine years demonstrates the effectiveness of our new product development strategy of designing and building technically advanced batters in collaboration with our strategic partners. We look forward to expanding our heritage of supporting soldier modernization initiatives by providing the highest quality, mission-critical power solutions.”

The contract was awarded as part of a $1.25 billion multiple-award contract for Conformal Wearable Batteries being developed under the Army’s Tactical Power Generation Program. The lightweight, lithium-ion rechargeable batteries will provide soldiers with a power source capable of sustaining dismounted operations in remote areas for up to 24 hours and are expected to increase soldier mobility by reducing the weight and quantity of batteries needed.

The Wayne County manufacturer serves its markets with products that range from power solutions to communications and electronics systems.

Shares of company stock (Nasdaq: ULBI) have soared from Monday’s opening at $8.46 to a peak of $11.25 on Tuesday.

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Ultralife reports decline in Q1 income

Ultralife Corp. on Thursday reported a first-quarter drop in income, falling short of Street expectations.

For the quarter ended March 31, the Newark power and communication systems company reported revenues of $25.97 million, compared with $25.8 million in the first quarter last year. Net income was $700,000, or 4 cents per diluted share, compared with net income of $1.1 million, or 7 cents per diluted share for the first quarter of 2020. Adjusted EPS was 5 cents on a diluted basis for the first quarter of 2021, compared with 8 cents for the 2020 period.

Analysts had expected non-GAAP earnings of 5 cents and GAAP earnings of 6 cents on revenues of $26.7 million.

Battery & Energy Products revenues increased 6.5 percent to $22.1 million, compared with $20.8 million last year, as a 32.2 percent increase in medical device battery sales and a 30.3 percent increase in government/defense sales were partially offset by a 30 percent decline in oil and gas market sales, officials said in a statement Thursday.

Michael D. Popielec
Michael D. Popielec

“Profitability for the quarter reflected our continuing start-up costs to transition several new products to high volume manufacturing and investments in engineering and sales resources for new product development and market launches to support organic growth initiatives,” Ultralife President and CEO Michael Popielec said in a statement. “As we continue to work on completing new products and identify new targets in emerging markets, we are steadily expanding our long-term opportunities to scale the business and realize the operating leverage inherent in our profitable business model.”

Operating income was $1 million, compared with $1.5 million last year, and operating margin was 3.7 percent, compared with 5.7 percent in the year-ago quarter. The net adverse impact of COVID-19 on operating income for the 2021 first quarter was roughly $900,000.

During the first quarter of 2021, Ultralife’s cash-on-hand increased by 28 percent to $13.7 million and debt was reduced by 27 percent to $1.1 million, officials noted.

Shares of company stock (Nasdaq: ULBI) opened Thursday at $8.15 and were down slightly to $7.95 in early trading.

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Ultralife grows sales to nine-year high

Newark’s Ultralife Corp. on Thursday reported a drop in fourth-quarter sales, but an improvement in its bottom line.

For the quarter ended Dec. 31, revenue was $29 million, a nearly 7 percent decline from $31 million in the fourth quarter last year. Net income was $2.1 million, or 13 cents per diluted share on a GAAP basis, compared with $1.6 million, or 10 cents per diluted share for the fourth quarter of 2019. Adjusted earnings were 17 cents, up from 13 cents in the year-ago quarter.

Michael D. Popielec
Michael D. Popielec

“Fourth-quarter operating results were in line with our internal expectations and reflect the continuing negative economic impact of the global pandemic, including oil and gas market sluggishness. Battery & Energy Products medical sales were up 94 percent and government/defense sales were up 19 percent, yet these were offset by reductions in oil and gas and Communications Systems sales. During the quarter, we also recognized a $1.6 million gain upon resolution of Ultralife’s claim in a class-action lawsuit,” said Ultralife President and CEO Michael Popielec.

For the full year, sales were $107.7 million, compared with $106.8 million in fiscal 2019. Net income was $5.23 million, up slightly from $5.2 million in the previous year. On a per-share basis, diluted earnings were 33 cents, compared with 32 cents in 2019.

“Notwithstanding the unprecedented challenges we faced during 2020, results for the year demonstrate the resiliency of our business model, the efficacy of our end-market diversification strategy and the strength of our balance sheet. We grew total year sales to the highest level in nine years, sustained profitability, generated operating cash flow and repaid nearly all of the SWE acquisition-related debt,” Popielec said. “While the outlook for demand in our end markets is less visible than we would like, we will remain focused on what we can control: organic growth initiatives, including completing transformational new product development projects and investments in strategic capital expenditure, and synergistic acquisitions.”

Ultralife serves its markets with products and services ranging from power solutions to communications and electronics systems. Ultralife serves government, defense and commercial customers globally.

Shares of company stock (Nasdaq: ULBI) were up nearly 5 percent to $6.25 in midday trading Thursday.

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Ultralife sales, earnings down in third quarter

Newark’s Ultralife Corp. reported a drop in third-quarter sales and income.

For the period ending Sept. 30, the Wayne County battery and power solutions company posted revenue of $24.4 million, a more than 11 percent decrease compared with $27.5 million for the third quarter of 2019. The company reported a 22 percent increase in core battery sales across diversified end-markets, which was offset by lower oil and gas market and Communications Systems sales. Total commercial sales decreased by more than 10 percent and government/defense sales decreased 12.5 percent from the 2019 period.

Net income for the third quarter was $400,000, or 3 cents per diluted share, compared with $900,000, or 6 cents per share, in the year-ago quarter. Adjusted earnings were 4 cents per diluted share, compared with 7 cents in the third quarter last year.

Michael D. Popielec
Michael D. Popielec

“Effective execution of both our end-market diversification strategy and operating discipline during the third quarter sustained profitability and positive cash flows, despite a reduction in total company results largely due to the continuing global economic impact of the pandemic,” said Ultralife President and CEO Michael Popielec. “By preserving profitability and continuing to improve working capital management, during the quarter we also further reduced debt by $7.1 million. Supported by a solid balance sheet and resilient business model, we are committed to completing our strategic growth projects and are well-positioned to withstand current economic headwinds.”

Ultralife serves its markets with products and services ranging from power solutions to communications and electronics systems. Through its engineering and collaborative approach to problem-solving, Ultralife serves government, defense and commercial customers across the globe.

The company did not provide a financial outlook for the next quarter or year-end. Shares of company stock (Nasdaq: ULBI) were down 15 cents to $5.57 in Thursday morning trading.

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Ultralife reports Q2 drop in earnings

Ultralife Corp. on Thursday reported a second-quarter decline in revenue, despite increases in two sales segments.

The Newark battery maker reported revenue for the quarter ended June 30 of $28.6 million, down from $29.4 million in the year-ago quarter. Net income for the quarter fell to $1.7 million from $2.3 million a year ago. On a per-share basis, earnings dropped 4 cents to 10 cents in the quarter.

Michael D. Popielec
Michael D. Popielec

“Ultralife’s second-quarter adjusted earnings per share of 13 cents reflects the benefits of our end-market diversity and resilient business model in the face of continued business disruptions caused by the pandemic,” said Ultralife President and CEO Michael Popielec. “Our Battery and Energy Products’ medical sales and government/defense sales increased 72 percent and 50 percent year over year, respectively, and when combined with the contribution from SWE, nearly offset Communications Systems sales which were lower due to the completion of shipments on a major contract. Altogether, our second-quarter performance reinforces our view that Ultralife is durably positioned both to sustain profitability and positive cash flow/liquidity through a period of economic weakness and to execute on initiatives to drive future growth opportunities.”

Ultralife reported cash on hand for the quarter of $8.39 million, compared with $7.41 million at the end of the fourth quarter last year. Total assets were $137.6 million, compared with $144.6 million at the end of 2019.

The Wayne County manufacturer serves its markets with products and services ranging from power solutions to communications and electronics systems. Its business segments include Battery & Energy Products and Communications Systems. The company serves the government, defense and commercial customers globally.

Shares of company stock (Nasdaq: ULBI) were up more than 4 percent midday Thursday at $7.27.

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Ultralife posts 150 percent increase in income in first quarter

Wayne County manufacturer Ultralife Corp. this week reported first-quarter financials that saw a 37 percent rise in revenue and a 150 percent increase in net income.

For the quarter ended March 31, the Newark battery and communication systems maker posted operating income of $1.5 million on revenue of $25.8 million. That compares with revenue of $18.9 million and operating income of $500,000 in the same quarter last year.

Net income for the quarter was $1.1 million, or 7 cents per diluted share, compared with a net income of $400,000, or 3 cents per diluted share, in the year-ago quarter.

Michael D. Popielec
Michael D. Popielec

“Ultralife posted strong results for the first quarter, delivering a leveraged operating profit of $1.5 million, up 171 percent over last year, on a 37 percent increase in revenue while contending with COVID-19 impacts including a month-long shutdown in China and supply chain disruptions,” said President and CEO Michael Popielec in a statement. “As an essential supplier, while ensuring the health and safety of our employees by implementing the protocols established by state and federal public health officials, we are striving to ensure an uninterrupted flow of our mission-critical products serving medical device, first responder, public safety, energy and national security customers.”

Popielec also noted the company’s planned $1 million investment in the second quarter for additional test equipment to meet the increased demand for Ultralife’s power supplies for ventilators, respirators and infusion pumps.

“With a backlog increasing approximately 20 percent over year-end 2019, ample liquidity, end-market diversity and tight control over discretionary spending, we are well-positioned to both sustain operations and continue investing in growth initiatives,” he said.

Company officials said increased revenue primarily was due to the addition of Southwest Electronic Energy Corp. and higher communications systems sales during the quarter. Commercial sales increased 48 percent, while government/defense sales rose 24 percent in the first quarter.

In an earnings call Thursday, Popielec said Ultralife’s strategy is to drive revenue growth opportunities through diversification, expansion of markets and sales reach, new product development, strategic capital expenditures and potential acquisitions.

“The COVID-19 breakout continues to create new challenges and opportunities each day. Obviously, there is a significant amount of uncertainty given the impact on the global economy, our specific end markets and the worldwide supply chain,” he said in the call. “Whereas at this time, it would be impossible to predict how this all plays out, we will work to overcome any hurdles and continue to strive for another year of profitable growth in 2020.”

Shares of company stock (Nasdaq: ULBI) closed Thursday at $7.05, but were up midday Friday to $7.16.

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Ultralife reports mixed third-quarter results

Newark’s Ultralife Corp. on Thursday reported a boost in third-quarter sales but a drop in operating income.

The Wayne County battery and communications systems manufacturer posted revenue of $27.49 million, up from $20.33 million in the third quarter last year. Net income for the quarter dropped to $921,000 from $1.43 million in the same quarter last year. On a per-share basis, earnings dropped to 6 cents from 9 cents in the year-ago quarter.

“Third-quarter revenue increased 35 percent, boosted by the contribution of Battery & Energy Products’ recent acquisition, Southwest Electronic Energy Corp., and including 62 percent higher Communications Systems sales. These gains offset a decline in Battery & Energy’s core government/defense sales, reflecting timing of orders,” said Ultralife President and CEO Michael Popielec in a statement. “Despite strong revenue growth, profitability was negatively impacted by late-cycle product changes and rework in fulfilling a major award for Communications Systems, and the transition of several Battery & Energy new product development projects to high volume production.”

Operating expenses climbed in the quarter to $6.6 million from $4.5 million in the year-ago quarter, reflecting the addition of SWE and a more than 32 percent increase in engineering and technology expenses for new product development and testing.

“As we near the end of 2019, we remain focused on delivering profitable growth in 2019 by continuing to fulfill Communications Systems’ vehicle amplifier adapter system orders in our backlog, solid SWE performance and ongoing new product development projects in our end markets,” Popielec said.

Shares of company stock (Nasdaq: ULBI) were down 6 cents to $8.99 in morning trading Thursday.

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Ultralife stock plummets as company reports decline in revenue, earnings

Ultralife Corp. on Thursday reported a substantial drop in first-quarter revenue and earnings, resulting from delayed shipments, company officials said. The company also announced an acquisition in Texas.

For the quarter ended March 31, the Wayne County maker of power and communications systems reported sales of $18.9 million, down 18 percent from $23.1 million in the year-ago quarter. Operating income for the quarter was $548,000, compared with $2.36 million last year.
 
Net income for the quarter was $425,000, down from $2.15 million in the first quarter last year. On a per-share basis, diluted earnings were 3 cents, compared with 13 cents a year ago.

“First quarter results were significantly impacted by a reduction in government/defense sales largely due to delays of amplifier shipments under the U.S. Army’s Network Modernization initiatives by Communications Systems,” said Ultralife President and CEO Michael Popielec. “We are now operating at a higher rate of amplifier production and have produced more units in the month of April than during the entire first quarter.”

Additionally, Popielec said, normal fluctuations in government/defense order flow resulted in a decline in Battery & Energy Products sales.

“That was buffered by continued strength in medical sales,” he added. “With key amplifier product shipments now increasing and robust opportunities for growth from our diversified set of commercial and government/defense customers ahead of us, we remain well positioned for another year of profitable growth in 2019.”

Ultralife on Thursday also said it had acquired all of the outstanding shares of Southwest Electronic Energy Corp., including its manufacturing and technology facility in Missouri City, Texas, for $25 million in cash.

SWE is an independent designer and manufacturer of high-performance smart battery systems and battery packs to customer specifications using lithium cells. The company serves a variety of industrial markets including oil and gas, remote monitoring and process control and marine.

SWE posted revenue of more than $28 million in the 12-month period prior to Dec. 31, 2018, officials said. The transaction is expected to be accretive on an earnings basis within 12 months.

“This acquisition advances our strategy of commercial revenue diversification and enhances the operating leverage of our business model,” Popielec said. “SWE checks nearly every box in our profile of an ideal acquisition candidate: a complementary line of highly engineered, mission-critical, differentiated products; a blue-chip customer base; an innovative culture similar to our own; an experienced technical engineering and new product development team; a very strong management team; and a business model aligned with our core business.”

Shares of Ultralife stock (Nasdaq: ULBI) were trading down roughly 15 percent in heavy volume Thursday morning. Ultralife stock closed Wednesday at $11.07 and quickly dropped Thursday to the $9 to $9.50 range.

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Ultralife posts Q4 sales decline, full-year improvement

rs-ulbi-logoUltralife Corp. shares fell Thursday morning in heavier-than-usual trading, following the Newark manufacturer’s fourth quarter earnings report. Ultralife shares (Nasdaq: ULBI) closed Wednesday at $8.05 and had fallen $1 before rebounding to $8.04 in afternoon trading Thursday.

For the quarter ended Dec. 31, the Wayne County producer of battery products posted revenues of $20.9 million, down 7 percent from $22.5 million in the fourth quarter last year. Operating income fell to $1.1 million from $2.1 million in the year-ago quarter. Net income for the quarter was $19.7 million, which included a tax benefit of $18.7 million.

Reported earnings per share for the fourth quarter were $1.24, which includes $1.17 related to the tax benefit, compared with 24 cents per share in the previous year, which included 12 cents related to a tax benefit.

“During the fourth quarter our batter and energy products revenue grew 8 percent year-over-year from increases in both our commercial and government defense markets, with medical sales up 14 percent,” said Ultralife President and CEO Michael Popielec in a statement.

Following four consecutive quarters of double-digit revenue growth in the firm’s communications systems, fourth quarter sales fell due to modifications to production and initial shipment schedules.

For the full year, Ultralife revenues improved to $87.19 million from $85.5 million in 2017. Net income for the year was $19.7 million, which includes a one-time tax benefit of $18.6 million, up from $7.6 million in 2017. Diluted earnings per share improved to $1.57, including the tax benefit, from 49 cents per share in 2017.

“The opportunities for growth in 2019 from our commercial diversification strategy and government/defense customers remain strong, and we have started the new fiscal year with over $50 million in backlog, a 30 percent increase over the beginning of 2018,” Popielec said. “As a result of this starting point, other new revenue opportunities and continued operating expense discipline, we expect to deliver profitable growth in 2019.”

Ultralife provides products and services ranging from power solutions to communications and electronics systems. Its markets include government, defense and commercial customers worldwide.

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Ultralife’s income improves in third quarter

ultralife-logoUltralife Corp. shares topped $8.10 Thursday morning, following the Newark manufacturer’s third-quarter earnings release, which showed a dramatic improvement in its bottom line. Shares (Nasdaq: ULBI) had leveled off at $7.45 in heavier-than-usual trading this afternoon.

For the quarter ended Sept. 30, the Wayne County business reported revenue of $20.3 million, a 3.4 percent decline from $21 million in the third quarter last year. The drop in sales was a result of a $1.3 million decrease in the firm’s battery & energy products line, officials said.

Operating income for the quarter was $1.5 million, while net income was $1.4 million, or 9 cents per diluted share. That compares with net income of $1.1 million, or 7 cents per diluted share in the third quarter last year.

“In the third quarter, Ultralife grew net income 30 percent and EPS 26 percent, driven by a 25 percent increase in communications systems revenues, while overall revenue slightly declined,” Ultralife President and CEO Michael Popielec said in a statement Thursday. “These double-digit earnings gains demonstrate the ability of our leveraged business unit quarter to quarter.”

In October, Ultralife announced it had won two communications systems delivery contracts totaling $19.2 million for the U.S. Army, as well as a $9.5 million contract to supply communication kits for an undisclosed branch of the U.S. Department of Defense.

Ultralife’s board of directors has authorized the repurchase of up to 2.5 million shares of company stock over a period of up to 12 months, the company said Thursday.

“We remain focused on our revenue diversification strategy, pursuing commercial opportunities and government/defense opportunities as U.S. spending continues to recover, and are positioned to deliver another year of profitable growing in 2018,” Popielec said.

Ultralife serves its markets with products and services ranging from power solutions to communications and electronics systems. The company’s clients include the government, defense and commercial customers worldwide.

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Ultralife signs third multimillion dollar contract this month

ultralife-logoUltralife Corp. has received a $9.5 million communication systems contract, its third multimillion-dollar contract this month.

The fixed-price, indefinite-delivery/indefinite-quantity contract is from an undisclosed major defense prime contractor for vehicle communications kits for use by the U.S. Department of Defense, officials announced this week.

The award is for one year, with four option years, with the amounts and timing of deliveries based on program requirements. The first deliveries under the contract are expected to begin in 2019.

“Ultralife is a long-standing supplier of these communication kits, which include our radio universal vehicle adaptor and various other components,” Ultralife President and CEO Michael Popielec said in a statement. “Our kits provide flexibility in installation and improved communications capability and deliver proven performance and reliability under the toughest of conditions, making them ideal for soldier missions.”

Last week, the Newark, Wayne County, manufacturer said it had been awarded an $8.3 million contract by Thales Defense & Security Inc., a leading global manufacturer of combat-proven, software-defined radio equipment. In early October, Ultralife announced it had been awarded a nearly $11 million contract to supply vehicle amplifier-adaptors and mounted power amplifiers to Thales.

“We look forward to participating in this multi-year program and continuing to offer technically advanced solutions to our government/defense customers while adding new products to our proven platforms for soldier modernization,” Popielec said in Wednesday’s statement.

Ultralife is expected to report third quarter earnings results Nov. 1. Shares of company stock (Nasdaq: ULBI) have fallen from $8.66 a month ago to $7 on Friday.

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Ultralife lands second multimillion dollar contract this month

ultralife-logoUltralife Corp. has been awarded an $8.3 million contract by Thales Defense & Security Inc., a leading global manufacturer of combat-proven, software-defined radio equipment.

The Newark, Wayne-County manufacturer will provide its Vehicle Amplifier-Adaptors and Mounted VHF Amplifiers to Thales for the U.S. Army’s Leader Radio and other opportunities. Shipments are expected to begin in the first quarter of 2019.

“Leveraging the fielding and operational success of our radio-specific VAA product line, this latest award demonstrates the effectiveness of our ongoing new product development strategy of designing and building technically advanced, integrated communication systems devices in collaboration with our strategic partners,” Ultralife President and CEO Michael Popielec said in a statement. “We look forward to participating in this multiyear program and continuing to add other new products and building blocks to our proven platforms for soldier modernization.”

Earlier in October, Ultralife was awarded a nearly $11 million contract to supply vehicle amplifier-adaptors and mounted power amplifiers to Thales to support the Army’s network modernization initiatives.

Ultralife serves government, defense and commercial customers globally. Its business segments include communications systems and battery and energy products. The company has operations in North America, Europe and Asia.

In its most recent quarterly earnings report, Ultralife posted a 15 percent increase in revenues and a 23 percent increase in net income. The company is expected to report third-quarter earnings Nov. 1.

Shares of company stock (Nasdaq: ULBI) were down slightly to $7.66 in light volume mid-Thursday.

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