Ultralife Batteries Inc. (ULBI), a provider of power solutions and electronics equipment to government, defense, and commercial customers in North America, Europe and Asia, raised revenue guidance for both the current quarter, which ends June 28, and for the full year.
The company now expects to achieve sales in excess of $75 million for the quarter, higher than previous guidance issued May 1 of $60 – $70 million and an increase of more than 100% year over year. Ultralife now predicts revenues for fiscal 2008 will surpass $250 million. The company previously guided for $238 million in full-year revenues. Ultralife reported $137.6 million in sales during 2007.
“The revenue increase is attributable to strong shipments to date, strong backlog in most businesses and requests from customers for accelerated deliveries against their orders,” said John D. Kavazanjian, Ultralife’s president and chief executive officer. “We will provide more details about our second quarter performance and the outlook for the third quarter and full year when we report second quarter results, currently planned for July 31, 2008.”
Shares of ULBI closed at $9.67 on May 28 and have traded in a 52-week range of $9.50 – $22.98. With 17.4 million shares outstanding, the company has a market cap of $168.2 million.
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