The following is a summary of the Ultralife Corporation (ULBI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Ultralife Corporation reported Q1 sales of $42 million, marking the second consecutive quarter of over $42 million in sales.

• Consolidated revenues for the company totaled $41.9 million, a significant increase of 31.4% from $31.9 million in Q1 2023.

• There has been a substantial rise in government defense and commercial sales by 83.4% and 8.6% respectively.

• The company reported earnings per share (EPS) of $0.18 for Q1, an increase from the $0.17 EPS reported in the previous quarter.

• Ultralife ended Q1 with a working capital of $70.9 million and a current ratio of 4%, showing an improvement from the previous year's $66.5 million and 3.8%.

Business Progress:

• The company is placing continued emphasis on initiatives for gross margin improvement and sales funnel opportunity growth, with projects in progress focused on organic growth and new business development

• Success in diversifying global revenue has been achieved through effective sales distribution between commercial and government defense sectors, as well as between domestic and international markets.

• Ultralife has recruited experienced supply chain resources in multiple locations to optimize vendor operations, low-cost region sourcing, and logistics spending.

• Prospects for growth are positive, with the company working on a wider range of products and th initial orders received for upcoming growth initiatives such as the EL8000 case systems, wide range DC power supply, and next-gen amplification products.

• Plans for organic growth investments, acquisition debt paydown, and future accretive M&A search have been included in the company's forward strategy. Ultralife also aims to reduce its debt by $2 million every quarter through operational efficiency.

More details: Ultralife IR

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