ULBI - Ultralife Higher on Q4 and FY23 Results

2024-02-15 09:50:02 ET

DENVER, Colo., Feb 15, 2024 (www.247marketnews.com)- Ultralife Corporation (NASDAQ: ULBI ) closed the premarket at $9.39, up $1.49 (+18.86%) on trading volume of 57,191 shares, after reporting its operating results for the fourth quarter and full year ended December 31, 2023.

Fourth Quarter Highlights:

• Sales of $44.5 million representing a 23.4% year-over-year increase
• Highest medical sales quarter in Company’s history
• Operating income of $3.6 million versus $0.2 million for the 2022 fourth quarter
• Adjusted EPS of $0.18 compared to a loss of $0.03 for the 2022 fourth quarter
• Adjusted EBITDA of $4.8 million representing a 134.8% year-over-year increase
• Backlog of $103.5 million exiting 2023, a 2.4% sequential increase over third quarter

Fiscal Year 2023 Highlights:

• Sales of $158.6 million representing a 20.3% year-over-year increase
• Operating income of $9.5 million versus $0.1 million for 2022
• Adjusted EPS of $0.52 compared to a loss of $0.07 for 2022
• Adjusted EBITDA of $15.7 million representing a 138.8% year-over-year increase

“Ultralife performed exceedingly well in the fourth quarter, delivering higher Communications Systems revenue, a 360-basis point expansion of Battery & Energy Products’ gross margin and operating expense leverage. In addition, medical sales reached the highest quarterly level since we entered this market in 2012. With adjusted EBITDA more than doubling and inventory levels lower, we are well positioned to commence paying down our acquisition debt,” said Mike Manna, President and Chief Executive Officer.

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