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UPDATE 1-Ultralife gets orders worth $21 mln; shares jump
May 14, 2010 / 2:33 PM / 8 years ago

UPDATE 1-Ultralife gets orders worth $21 mln; shares jump

* Receives orders from a U.S. defense contractor

* Shares jump as much as 19 pct

May 14 (Reuters) - Ultralife Corp (ULBI.O), which sells batteries and communication products, said it received orders worth about $21 million from a U.S. defense contractor for its satellite communications systems, sending its shares up as much as 19 percent.

The SATCOM-On-The-Move systems will be used in MRAP (Mine Resistant Ambush Protected) armored vehicles.

Deliveries, which are expected to begin this quarter, should be completed in the fourth quarter of 2010, the company said.

Ultralife said the orders were not contemplated in its base line revenue plan for 2010 and it will provide an update on its 2010 operating profit and adjusted EBITDA outlook in its second-quarter earnings call.

In February, the company had forecast 2010 revenue of $177 million. [ID:nSGE6120I2]

Ultralife Corp, which began as a battery company, has three business segments - battery and energy products, communications systems and energy services.

Shares of the company were up 15 percent at $4.85 Friday morning on Nasdaq. They touched a high of $5.03 earlier in the session. (Reporting by Fareha Khan in Bangalore; Editing by Ratul Ray Chaudhuri)

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