Ultralife Batteries Reports Fiscal Year-End Results

Ultralife Batteries Inc. (Newark, NY) announced its financial results for the fourth quarter and fiscal year 2000 ended June 30, 2000. Consolidated revenues reached $5.4 million for the fiscal fourth quarter, a decrease of $0.7 million, or 11 percent over the comparable quarter last year. The net loss for the quarter was $4.1 million, or $0.37 per share, compared with $2.1 million, or $0.20 per share for the same period a year ago. For the fiscal year 2000, revenues rose to $24.5 million, an increase of $3.5 million, or 16 percent, over the comparable period last year. The net loss for the 12 months in fiscal 2000 was $10.2 million, or $0.94 per share, compared with a net loss of $7.1 million, or $0.68 per share, in the same period a year ago. The net loss for the 12-month period in fiscal 2000 was $13.4 million, or $1.23 per share, compared with $9.9 million, or $0.94 per share in fiscal 1999. Gross margin for the three months ended June 30, 2000, was a loss of $0.7 million, compared to a profit of $0.5 million in the same quarter a year ago. John Kavazanjian, Ultralife's president and CEO, stated, "We are strongly encouraged by the progress we continue to make even though the financial results for the quarter were mildly disappointing. The lean manufacturing processes are critical to our efforts to implement more efficient manufacturing methods, and we are extremely pleased about the progress of the polymer rechargeable after-market batteries. We have made the infrastructure investments necessary to support the growth of this business."