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GlobeNewsWire
6 months ago
Ultralife Corporation Reports Fourth Quarter Results
Acquisition of Electrochem Completed and Integration Has Commenced NEWARK, N.Y., April 01, 2025 (GLOBE NEWSWIRE) -- Ultralife Corporation (NASDAQ: ULBI) reported operating results for the fourth quarter and full year ended December 31, 2024 as follows: Fourth Quarter: Sales of $43.9 million compared to $44.5 million for the 2023 fourth quarter, including a 11.7% increase in Battery & Energy Products sales and a 55.1% decrease in Communications Systems sales Gross profit of $10.6 million, or 24.2% of revenue, compared to $11.4 million, or 25.6% of revenue, for the 2023 fourth quarter Operating income of $1.5 million, including one-time costs and GAAP adjustments of $1.1 million directly related to the acquisition of Electrochem Solutions, Inc. (“Electrochem”) on October 31, 2024, compared to $3.6 million for the 2023 fourth quarter GAAP EPS of $0.01 compared to $0.17 for the 2023 fourth quarter Adjusted EBITDA of $3.9 compared to $4.8 million for the 2023 fourth quarter Backlog and high confidence orders of $102.2 million exiting 2024 compared to $78.0 exiting the third quarter Fiscal Year 2024: Sales of $164.5 million represent a 3.7% year-over-year increase; essentially flat with 2023 when excluding Electrochem Operating income of $10.0 million including one-time costs and GAAP adjustments of $1.4 million directly related to the acquisition of Electrochem on October 31, 2024, versus $9.5 million for 2023 GAAP EPS of $0.38 compared to $0.44 for 2023 which included approximately $0.08 for recognition of the ERC filed under the Coronavirus Aid, Relief and Economic Act Adjusted EBITDA of $16.5 million compared to $15.7 million for 2023 “For the fourth quarter the contribution of Electrochem compensated for delays in the timing of expected larger orders for our Communications Systems segment and customer requests to push orders into 2025 for our Battery & Energy Products segment.