- Ultralife (NASDAQ:ULBI -10.4%) reports Q4 revenue declines 7% to $20.9M, primarily due to lower communications systems sales, partially offset by increase in Battery & Energy Products sale.
- Battery & Energy Products sales is +8% to $18.2M, primarily due to 13% increase in commercial sales led by higher shipments to medical customers and 2% increase in government/defense sales.
- Communications Systems sales declines 51% to $2.8M, due to due to modifications to production and initial shipment schedules under the $19M in delivery contracts received in October 2018 for the US Army.
- The company has a backlog of over $50M, +30% Y/Y.
- Gross margin declines ~320bps to 27.3% primarily due to sales mix; operating is down ~400bps to 5.1%; adj. EBITDA margin improves marginally to 11.4%
- Previously: Ultralife reports Q4 results (Feb. 7)