Ultralife Corporation reports developments in power solutions, battery products, and communications systems for government/defense and commercial customers. The company operates through Battery & Energy Products and Communications Systems, with updates often covering rechargeable and non-rechargeable batteries, charging systems, communications and electronics accessories, custom-engineered systems, and demand from medical, industrial, oil and gas, safety, security, and energy markets.
Recurring news for ULBI includes quarterly operating results, segment sales and margins, backlog, order timing, new product programs, acquisition integration following Electrochem Solutions, and operational actions affecting manufacturing capacity and efficiency.
Ultralife (NASDAQ: ULBI) reported Q3 2024 results with sales of $35.7 million, down from $39.5 million in Q3 2023. The Battery & Energy Products segment saw 1.9% growth, while Communications Systems sales decreased 58.2%. Gross profit was $8.7 million (24.3% margin), compared to $9.8 million (24.8%) last year. Operating income decreased to $0.5 million from $2.1 million, including $0.3 million in acquisition-related costs. GAAP EPS fell to $0.02 from $0.08. The company reduced debt by $4.1 million to $8.0 million, representing a 68.2% reduction over two quarters.
Ultralife (NASDAQ: ULBI) has completed the acquisition of Electrochem Solutions for $50.0 million in cash from Integer Holdings Based in Raynham, MA, Electrochem specializes in primary lithium metal and ultracapacitor cells and battery packs, serving energy, military, and environmental markets globally. The acquired company generated revenue of $34 million for the trailing twelve months ended September 30, 2024. The transaction was financed through a new Credit and Security Agreement with KeyBank, N.A., M&T Bank, and Community Bank as lenders.
Ultralife (NASDAQ: ULBI) has scheduled its third quarter 2024 financial results release for November 8, 2024, before market opens. The delayed reporting accommodates the anticipated closing of Electrochem Solutions acquisition by end of October. Management will host an investor conference call and webcast at 8:30 AM ET on the same day. Pre-registration is required for phone participants through a provided link. A live webcast will be available on the company's website, with a replay accessible shortly after the call.
Ultralife (NASDAQ: ULBI) has signed a stock purchase agreement to acquire Electrochem Solutions, Inc. for $50.0 million in cash from Integer Holdings (NYSE: ITGR). The acquisition is expected to close by the end of October 2024 and be accretive on an EPS basis for 2025.
Electrochem, based in Raynham, MA, designs and manufactures primary lithium metal and ultracapacitor cells and battery packs for various markets. For the trailing twelve-month period ended June 30, 2024, Electrochem recorded revenue of $34 million.
The acquisition aligns with Ultralife's strategy to increase operating leverage through scale and manufacturing efficiencies. It brings a complementary customer base, technical resources, and product portfolio, creating opportunities for revenue growth, cross-selling, and gross margin expansion.
Ultralife (NASDAQ: ULBI) reported strong Q2 2024 results, with sales reaching $43.0 million, up from $42.7 million in Q2 2023. The Battery & Energy Products segment achieved record-high sales, growing 8.3%. Gross profit increased to $11.6 million (26.9% of revenue), compared to $10.6 million (24.8%) in Q2 2023. Operating income rose 6.9% to $3.9 million. GAAP EPS was $0.18, down from $0.21 in Q2 2023, which included a $0.07 per share Employee Retention Credit. The company reported an Adjusted EBITDA of $5.4 million (12.6% of sales) and a backlog of $93.0 million. Notably, Ultralife reduced its debt by 52.2% to $12.1 million.
Ultralife (NASDAQ: ULBI) will release its second quarter results for the period ending June 30, 2024, on July 25, 2024, before market open.
Management will host an investor conference call and webcast at 8:30 AM ET on the same day. Participants are required to pre-register for the call to ensure a smooth connection.
A live webcast will be available on the company's investor website, with a replay accessible shortly after the live broadcast.
Ultralife (NASDAQ: ULBI) has been added to the Russell 2000® Index and the broader Russell 3000® Index, effective July 1, 2024. This reconstitution of the index highlights the company's improved financial profile and earnings power. According to Mike Manna, CEO, the inclusion underscores Ultralife's success in new product investments and margin recapture. The addition to these indexes is expected to increase visibility among institutional investors, aiding in the company’s goal for sustainable, profitable growth. The annual reconstitution identifies the 4,000 largest U.S. stocks by market capitalization as of April 30, 2024, and this inclusion will hold for one year.
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