Hallöchen,
ich hab mal wieder was:
BW)(NY-ULTRALIFE-BATTERIES)(ULBI) Ultralife Batteries, Inc. ReportsFirst Quarter Results; Revenues Grow 75% to $27.0 Million From a YearAgo; Operating Income Reaches $3.4 Million
Business Editors
NEWARK, N.Y.--(BUSINESS WIRE)--April 29, 2004--UltralifeBatteries, Inc. (NASDAQ: ULBI) today reported operating income of $3.4million on record quarterly revenues of $27.0 million for its firstquarter ended March 27, 2004. Net income was $3.2 million, or $0.22per diluted share. In the same three-month period in 2003, the Companyreported operating income and net income of $0.6 million and $0.3million, respectively, and $0.02 diluted earnings per share.
Revenues for the first quarter of 2004 increased $11.6 millionfrom $15.4 million in 2003, a 75% improvement. Continued strength inmilitary orders for HiRate(R) batteries was the primary factor forthis growth, in addition to an increase in sales of rechargeablebatteries to both commercial and military customers.
Gross margin nearly doubled, rising to $6.3 million, or 23% ofrevenues, from $3.2 million last year, or 20% of revenues, as a resultof the higher sales and production volumes and continuing improvementsin manufacturing efficiencies. Operating expenses amounted to $3.0million for the quarter, or 11% of revenues, reflecting an increase of$0.4 million over last year due to higher costs necessary to support asignificantly larger and growing business.
John Kavazanjian, president and chief executive officer, said,"This quarter´s performance highlights our continued delivery of highquality products to the military, success in penetrating markets forrechargeable batteries, and growing activity to design and providepower solutions for a variety of commercial applications in our targetmarkets. With the recent investments we have made in capital equipmentprograms that are helping us to eliminate capacity constraints, we arenearing a point where we will have the added capacity to realize evenbetter operating efficiencies.
"Looking ahead, we are still excited about growth prospects withthe military market as our favored battery chemistry continues to takemarket share," added Mr. Kavazanjian. "We´re also experiencingextremely high levels of interest and growth in commercial markets, asevidenced by the sizable increase in rechargeable sales this quarter.We remain focused on targeting markets and applications where ourproducts add value, and believe that our strategy will allow us tocontinue to achieve increasing returns to scale as we grow thebusiness."
Outlook
For the second quarter ending June 26, 2004, management projectsoperating income will reach approximately $3.5 million on revenues ofapproximately $28.0 million. This compares to operating income of $1.9million on revenues of $20.1 million in the comparable quarter in2003. For the full year, management is adjusting its guidance toreflect the better than expected first quarter performance whilereaffirming its outlook for the second half of the year. As a result,management now expects full year operating income of approximately$12.5 million on total revenues of approximately $106 million. Thiscompares to the previous guidance for 2004 of $12 million in operatingincome on $104 million in sales.
About Ultralife Batteries, Inc.
Ultralife is a leading developer, manufacturer, and marketer ofstandard and customized lithium primary (non-rechargeable), lithiumion and lithium polymer rechargeable batteries. Ultralife´shigh-energy batteries use advanced lithium technology and are used inmilitary, industrial and consumer portable electronic products.Through its range of standard products and ability to customize for awide range of applications, Ultralife is able to provide the nextgeneration of battery solutions. OEM, retail and government customersinclude Energizer, Kidde Safety, Philips Medical Systems, Radio Shackand the national defense agencies of the United States and UnitedKingdom, among others.
Ultralife´s headquarters, principal manufacturing and researchfacilities are in Newark, New York, near Rochester. Ultralife (UK)Ltd., a second manufacturing and research facility, is located inAbingdon, U.K. Both facilities are ISO-9001 certified.
This press release contains forward-looking statements based oncurrent expectations that involve a number of risks and uncertainties.The potential risks and uncertainties that could cause actual resultsto differ materially include: loss of business with the U.S.government, worsening global economic conditions, world events,increased competitive environment and pricing pressures, disruptionsrelated to restructuring actions and delays. Further information onthese factors and other factors that could affect Ultralife´sfinancial results is included in Ultralife´s Securities and ExchangeCommission (SEC) filings, including the latest Annual Report on Form10-K.
Detailed information on Ultralife is available at the Company´sweb site,
www.ultralifebatteries.com.
Conference Call Information
Investors are invited to listen to a live webcast of theconference call at 10:00 a.m. ET on April 29 atwww.ultralifebatteries.com/invest.asp. To listen to the live call,please go to the web site at least fifteen minutes early to downloadand install any necessary audio software. For those who cannot listento the live broadcast, a replay of the webcast will be availableshortly after the call at the same location for 90 days. Investors mayalso listen to a telephone replay of the conference call by dialing800-428-6051, Reservation #346894, starting at 12:00 p.m. ET April 29until 12:00 p.m. ET May 6.
Ultralife and HiRate are registered trademarks of Ultralife
Batteries, Inc.
ULTRALIFE BATTERIES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, Except Per Share Amounts) (unaudited)---------------------------------------------------------------------- Three Month Period Ended March March 27, 29, 2004 2003 -------- --------Revenues: Battery sales $26,696 $15,012 Technology contracts 292 416 -------- --------Total revenues 26,988 15,428Cost of products sold: Battery costs 20,407 12,055 Technology contracts 249 214 -------- --------Total cost
Gruss von der Düssel
Tarlan
Ultralife Batteries inc. WKN 888615
