Printer Friendly

ULTRALIFE BATTERIES ANNOUNCES IMPROVED FINANCIAL RESULTS

 NEWARK, N.Y., Sept. 20 /PRNewswire/ -- Ultralife Batteries, Inc. (NASDAQ: ULBI) announced today improved financial results for the fourth quarter and fiscal year ended June 30, 1993. Ultralife reported annual sales of $3,890,000 an increase of 156 percent over 1992 results. Bruce Jagid, chairman and chief executive officer, indicated, "The increase in revenue was a result of increased sales of batteries in the O.E.M. and retail markets as well as revenue from our joint venture in the Peoples Republic of China." Jagid stated, "The net loss for the fiscal year ended June 30, 1993, was reduced to $814,000 or $0.20 per share compared to a net loss for the fiscal year ended June 30, 1992, of $1,660,049 or $0.63 per share. The improvement in financial results is due to increased operating efficiencies of the company's manufacturing facility as well as additional profits generated from the China Joint Venture." Jagid went on to say, "The progress in operating income was attained despite significant increases in research and development expenditures. Research and development costs increased to $658,000 -- a 157 percent increase over the prior year."
 For the fourth quarter of fiscal year 1993 sales increased to $1,323,000 from $579,000, more than a two-fold improvement over the same period of the prior year. Net losses for the quarter decreased to $165,000 or $0.03 per share as compared to $433,000 or $0.16 per share for the same period in the prior year.
 Ultralife Batteries, Inc.'s financial strength improved significantly during the fiscal year ended June 30, 1993. This primarily is a result of the company's initial public offering which occurred in December of 1992. Current assets are $25,855,000 compared to current liabilities of $1,264,000 resulting in a current ratio of approximately 20:1. Ultralife's cash and marketable securities exceed $23,000,000 and Shareholders' equity increased to more than $27,000,000.
 Ultralife Batteries, Inc. develops, manufactures and markets lithium batteries for use in applications requiring high energy, reliable and long lasting power sources. Jagid indicated, "Ultralife is making significant progress in expanding its product lines, and the company is aggressively proceeding with its development program to introduce new high energy rechargeable batteries for applications in devices such as laptop computers, cellular telephones and automotive applications."
 -0- 9/20/93
 /CONTACT: Robert Cook, chief financial officer of Ultralife Batteries, 315-332-7100/
 (ULBI)


CO: Ultralife Batteries, Inc. ST: New York IN: CHM SU: ERN

KL -- CL020 -- 3862 09/20/93 16:59 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 20, 1993
Words:429
Previous Article:OXFORD INDUSTRIES REPORTS FIRST QUARTER RESULTS SALES UP 11 PERCENT; EARNINGS UP 28 PERCENT
Next Article:GLOBAL SPILL MANAGEMENT, INC., ANNOUNCES FINANCIAL RESULTS FOR FISCAL YEAR ENDED JUNE 30, 1993
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters