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ULTRALIFE BATTERIES ANNOUNCES ITS FIRST QUARTER RESULTS

 NEWARK, N.Y., Nov. 17 /PRNewswire/ -- Ultralife Batteries, Inc. (NASDAQ: ULBI) announced today its results for the first quarter of its fiscal year ended June 30, 1994. Revenues for the quarter ended Sept. 30, 1993, were $1,049,000 as compared to approximately $486,000 for the same period in the prior year. Sales increases were achieved in two areas: sale of the company's 9-Volt Lithium Battery and revenues from technology contracts. Sales of the company's 9-Volt battery sales increased 31 percent while technology contract revenues increased more than five fold over the same time in the prior year. Revenues under the technology contract resulted from work performed for a joint venture which the company formed with the Changzhou Battery Factory located in Changzhou, The Peoples Republic of China. The initial intent of the Joint Venture is to establish a manufacturing facility located in China to manufacture a "2/3A" Lithium battery. This battery is presently used to power the automatic features of most popular cameras. The Joint Venture Contract specifies that Ultralife Batteries Inc. will have exclusive sales rights outside of China and an equity ownership in the Joint Venture Company.
 The net loss for the period ended Sept. 30, 1993, was $662,000, $.12 per share as compared to $371,000, $.14 per share for the same quarter in the prior year. The company incurred increased expenses during this quarter primarily for research and development activities. The additional research and development expenses reflect the company's continued commitment to improve existing products, expand the company's product line as well as increased emphasis on the development of rechargeable Lithium Batteries. As part of its effort on rechargeable batteries, the company signed a technology and patent license agreement with Bellcore on Oct. 19, 1993.
 Bellcore is the research and engineering arm of a number of Bell companies. The agreement involves the licensing of advanced lithium rechargeable battery technology using many of Bellcore's patents and know-how. In preparation for this program the company has assembled a group of skilled scientists and engineers whose efforts are directed toward the commercialization of these high performance lithium rechargeable batteries.
 Selling expenses also increased in this quarter over the same quarter of the prior year. This is a result of an increased number of sales personnel and increased promotion activities.
 The company's financial position remains strong with current assets in excess of $25,000,000 compared to current liabilities of approximately $1,600,000. The only long term debt is a $1,800,000 note due Kodak as a result of the company's technology and facility purchase.
 Ultralife Batteries, Inc. develops, manufactures and markets lithium batteries for use in applications requiring high energy, reliable and longer lasting power sources.
 -0- 11/17/93
 /CONTACT: Robert Cook, controller and chief financial officer, of Ultralife Batteries, 315-332-7100/
 (ULBI)


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

KL-TJ -- CL016 -- 5678 11/17/93 16:35 EST
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Publication:PR Newswire
Date:Nov 17, 1993
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