listen to this articleUltralife on Thursday reported strong first-quarter results, including double-digit sales growth for government/defense customers.
The company reported first-quarter sales of $41.9 million, a 31% increase from sales of $31.9 million in the year-ago period. Sales in the government/defense sector increased by 83%.
The Newark, Wayne County-based company reported GAAP net income of $2.9 million, or 18 cents per diluted share. That compares to a net loss of $300,000, or 2 cents per diluted share, a year ago. Adjusted EPS for the quarter was 21 cents on a diluted basis, compared with a loss of 5 cents in the year-ago period.
“Ultralife’s strong first quarter performance reflects teamwork and the success of our gross margin improvement initiatives to date, as well as continued demand for our core products, particularly from government/defense and medical customers. ,” said Mike Manna, Ultralife President and CEO. “With our current healthy backlog and new product commercialization, we are poised to capture additional organic growth opportunities while continuing to drive gross margin improvement and invest in further new product development.”
He added: “We are increasingly optimistic that we are in a position to maintain profitable growth, repay debt and generate increased cash flow to invest in strategic capital expenditures and accretive acquisitions.” ”.
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