Ultralife Corporation (ULBI) has reported 247.61 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $1.74 million, or $0.11 a share in the quarter, compared with $0.50 million, or $0.03 a share for the same period last year.
Revenue during the quarter grew 12.33 percent to $21.62 million from $19.25 million in the previous year period. Gross margin for the quarter expanded 264 basis points over the previous year period to 31.47 percent. Total expenses were 92.40 percent of quarterly revenues, down from 97.31 percent for the same period last year. This has led to an improvement of 491 basis points in operating margin to 7.60 percent.
Operating income for the quarter was $1.64 million, compared with $0.52 million in the previous year period.
"Strong operating leverage on 12% year-over-year revenue growth for the fourth quarter produced EPS of $0.11, our highest quarterly result this year and a more than three-fold increase over last year. Revenue growth for the quarter reflects gains from our Accutronics acquisition and Communications Systems business even though we experienced lower U.S. government/defense battery sales. For the year, we achieved our stated goal of generating profitable growth, posting 13% operating income growth on an 8% revenue increase," said Michael D. Popielec, president and chief executive officer.
Working capital declines
Ultralife Corporation has witnessed a decline in the working capital over the last year. It stood at $38.19 million as at Dec. 31, 2016, down 7.09 percent or $2.91 million from $41.10 million on Dec. 31, 2015. Current ratio was at 4.37 as on Dec. 31, 2016, down from 4.79 on Dec. 31, 2015.
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