News Releases

Ultralife Corporation
Apr 28, 2016
Ultralife Corporation Reports First Quarter Results

NEWARK, N.Y., April 28, 2016 (GLOBE NEWSWIRE) -- Ultralife Corporation (NASDAQ:ULBI) reported operating income of $0.5 million on revenue of $20.8 million for the first quarter ended March 27, 2016.  For the first quarter of 2015, the Company reported operating income of $0.8 million on revenue of $19.2 million.  Included in results for the first quarter of 2016 is $0.3 million of non-recurring costs and purchase accounting adjustments related to the acquisition of Accutronics Ltd., which the Company completed on January 13, 2016.   

"During the first quarter, we achieved bottom-line profitability for the sixth consecutive quarter while absorbing direct costs and customary accounting adjustments related to the acquisition of Accutronics, and start-up costs associated with the Vehicle Installed Power Enhanced Riflemen Appliqué  ("VIPER") Program.  Although our year-over-year revenue comparison was impacted by variability in the timing of order fulfillment, we held to our business model parameters, generating gross margin of 30.7%, continued to invest in new product development and further extended our pipeline for orders from both government/defense and commercial customers," said Michael D. Popielec.  "As a result, we remain well positioned to deliver profitable growth in 2016 now boosted by our acquisition of Accutronics."

First Quarter 2016 Financial Results

Revenue was $20.8 million, an increase of $1.7 million, or 9%, compared to $19.2 million for the first quarter of 2015 reflecting the addition of Accutronics and higher Communications Systems sales.  Battery & Energy Products sales were $16.4 million compared to $16.3 million last year, reflecting the contribution of $2.5 million of Accutronics sales which offset the revenue from a large 9-Volt and a large charger order in the first quarter of 2015.  Communications Systems sales grew 51% to $4.4 million compared to $2.9 million for the same period last year as a result of shipments under the VIPER Program.

Gross profit was $6.4 million, or 30.7% of revenue, compared to $6.0 million, or 31.3% of revenue, for the same quarter a year ago.  Battery & Energy Products' gross margin was 31.7%, compared to 29.4% last year, an increase of 230 basis points reflecting favorable product mix.  Included in Battery & Energy Products' gross margin was a negative 55 basis point impact of purchase accounting adjustments related to the acquisition of Accutronics.   Communications Systems' gross margin declined to 27.0% compared to 42.2% for the prior year primarily due to sales mix.        

Operating expenses were $5.9 million compared to $5.2 million last year reflecting the addition of Accutronics and increased spending on new product development in response to a higher level of proposal activity, partially offset by tight control over discretionary spending.  Included in operating expenses was $0.2 million of non-recurring expenses related to the acquisition of Accutronics.  Operating expenses were 28.4% of revenue compared to 27.0% of revenue for the year earlier period.  

Operating income was $0.5 million compared to $0.8 million last year.  Operating income for the 2016 period includes purchase accounting adjustments and one-time expenses related to the acquisition of Accutronics of $0.3 million equivalent to $0.02 per share.  Including these non-recurring adjustments and expenses, net income was $0.3 million, or $0.02 per share, compared to $0.5 million, or $0.03 per share, for the first quarter of 2015.

About Ultralife Corporation

Ultralife Corporation serves its markets with products and services ranging from power solutions to communications and electronics systems. Through its engineering and collaborative approach to problem solving, Ultralife serves government, defense and commercial customers across the globe.

Headquartered in Newark, New York, the Company's business segments include Battery & Energy Products and Communications Systems. Ultralife has operations in North America, Europe and Asia. For more information, visit

Conference Call Information

Ultralife will hold its first quarter earnings conference call today at 10:00 AM ET. To participate in the live call, please dial (800) 915-4836 at least ten minutes before the scheduled start time, identify yourself and ask for the Ultralife call. A live webcast of the conference call will be available to investors in the Events & Presentations section of the Company's website at For those who cannot listen to the live broadcast, a replay of the webcast will be available shortly after the call at the same location.

This press release may contain forward-looking statements based on current expectations that involve a number of risks and uncertainties. The potential risks and uncertainties that could cause actual results to differ materially include:  potential reductions in U.S. military spending, uncertain global economic conditions and acceptance of our new products on a global basis. The Company cautions investors not to place undue reliance on forward-looking statements, which reflect the Company's analysis only as of today's date. The Company undertakes no obligation to publicly update forward-looking statements to reflect subsequent events or circumstances.  Further information on these factors and other factors that could affect Ultralife's financial results is included in Ultralife's Securities and Exchange Commission (SEC) filings, including the latest Annual Report on Form 10-K. 

(Dollars in Thousands)

 March 27, December 31, 
  2016   2015  
Current Assets:    
Cash and Cash Equivalents$2,902  $14,533  
Trade Accounts Receivable, Net 15,140   11,430  
Inventories 26,980   23,814  
Prepaid Expenses and Other Current Assets 2,603   2,169  
Total Current Assets 47,625   51,946  
Property, Equipment and Improvements, Net 8,865   9,038  
Goodwill, Intangibles and Other Assets 29,153   20,538  
Total Assets$85,643  $81,522  


Current Liabilities:
Accounts Payable$8,018  $6,494  
Accrued Compensation and Related Benefits 1,928   2,377  
Accrued Expenses and Other Current Liabilities 2,786   1,976  
Current Portion of Debt 1,156   -  
Total Current Liabilities 13,888   10,847  
Deferred Income Taxes and Other Non-Current Liabilities 5,541   4,659  
Total Liabilities 19,429   15,506  
Shareholders' Equity:    
Common Stock 1,919   1,918  
Capital in Excess of Par Value 177,202   177,007  
Accumulated Deficit (93,752)  (94,051) 
Accumulated Other Comprehensive Loss (1,186)  (907) 
Treasury Stock (17,808)  (17,808) 
Total Ultralife Equity 66,375   66,159  
Non-Controlling Interest (161)  (143) 
Total Shareholders' Equity 66,214   66,016  
Total Liabilities and Shareholders' Equity$85,643  $81,522  

 (In Thousands Except Per Share Amounts)
 Three Month Periods Ended
 March 27, March 29,
  2016   2015 
Battery & Energy Products$16,440  $16,276 
Communications Systems 4,393   2,901 
Total Revenues 20,833   19,177 
Cost of Products Sold:   
Battery & Energy Products 11,223   11,492 
Communications Systems 3,205   1,678 
Total Cost of Products Sold 14,428   13,170 
Gross Profit 6,405   6,007 
Operating Expenses:   
Research and Development 1,656   1,359 
Selling, General and Administrative 4,267   3,826 
Total Operating Expenses 5,923   5,185 
Operating Income 482   822 
Other Expense (113)  (188)
Income before Income Taxes 369   634 
Income Tax Provision (88)  (111)
Net Income 281   523 
Net Loss Attributable to Non-Controlling Interest 18   10 
Net Income Attributable to Ultralife Corporation$299  $533 
Net Income Per Share Attributable to Ultralife Common Shareholders  — Basic     
 $0.02  $0.03 
Net Income Per Share Attributable to Ultralife Common Shareholders — Diluted     
 $0.02  $0.03 
Weighted Average Shares Outstanding — Basic 15,323   17,346 
Weighted Average Shares Outstanding — Diluted 15,666   17,354 


Company Contact:
Ultralife Corporation
Philip A. Fain
(315) 210-6110

Investor Relations Contact:
Jody Burfening
(212) 838-3777