News Releases

Ultralife Corporation
May 04, 2017
Ultralife Corporation Reports First Quarter Results

NEWARK, N.Y., May 04, 2017 (GLOBE NEWSWIRE) -- Ultralife Corporation (NASDAQ:ULBI) reported operating income of $1.8 million on revenue of $22.0 million for the first quarter ended April 2, 2017.  For the first quarter of 2016, the Company reported operating income of $0.5 million on revenue of $20.8 million. 

"Our diversified portfolio of commercial and government/defense products contributed across the board to a 5.8% increase in sales and a gross margin of 31.3% for the first quarter.   On the strength of these positive results and continued cost discipline, we delivered a 610 basis-point improvement in operating margin to 8.4% and increased EPS more than five-fold to $0.11, for our tenth consecutive quarter of profitability," said Michael D. Popielec.  "Our first quarter performance, strong cash generation and opportunities created by continued investments in market and sales reach expansion and new product development are encouraging indicators for another year of profitable growth in 2017."

First Quarter 2017 Financial Results

Revenue was $22.0 million, an increase of $1.2 million, or 5.8%, compared to $20.8 million for the first quarter of 2016 reflecting higher medical and government/defense sales.  Battery & Energy Products sales increased $1.0 million to $17.5 million, or 6.3%, compared to $16.4 million last year due primarily to higher government/defense, medical, and 9-Volt sales.  Communications Systems grew 3.7% to $4.6 million compared to $4.4 million for the same period last year reflecting shipments of power supplies to a large global defense prime contractor which more than offset the year-earlier shipments under the Vehicle Installed Power Enhanced Riflemen Appliqué ("VIPER") Program.

Gross profit was $6.9 million, or 31.3% of revenue, compared to $6.4 million, or 30.7% of revenue, for the same quarter a year ago.  Battery & Energy Products' gross margin was 28.2%, compared to 31.7% last year, a decrease of 350 basis points, and Communications Systems' gross margin was 43.0%, compared to 27.0% last year, an increase of 1,600 basis points.  For both businesses, the fluctuations in gross margin resulted from variations in product mix.

Operating expenses were $5.0 million compared to $5.9 million last year reflecting discretionary spending reduction actions, acquisition cost synergies and $0.2 million of non-recurring expenses related to last year's acquisition of Accutronics Ltd.  Operating expenses were 22.9% of revenue compared to 28.4% of revenue for the year-earlier period.

Operating income was $1.8 million compared to $0.5 million last year for an operating margin of 8.4% compared to 2.3% last year. 

Net income was $1.7 million, or $0.11 per share, compared to net income of $0.3 million, or $0.02 per share, for the first quarter of 2016.  

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 revenues from key customers, 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)
 April 2, December 31, 
  2017   2016  
Current Assets:    
Cash and Cash Equivalents $13,679   $10,706  
Trade Accounts Receivable, Net 13,747   13,179  
Inventories 22,729   23,456  
Prepaid Expenses and Other Current Assets 1,995   2,079  
Total Current Assets 52,150   49,420  
Property, Equipment and Improvements, Net 8,071   7,999  
Goodwill, Intangibles and Other Assets 27,361   27,325  
Total Assets $87,582   $84,744  


Current Liabilities:
Accounts Payable $7,071   $7,292  
Accrued Compensation and Related Benefits 1,708   1,258  
Accrued Expenses and Other Current Liabilities 2,627   2,778  
Total Current Liabilities 11,406   11,328  
Deferred Income Taxes and Other Non-Current Liabilities 5,604   5,556  
Total Liabilities 17,010   16,884  
Shareholders' Equity:    
Common Stock 1,951   1,932  
Capital in Excess of Par Value 178,936   178,163  
Accumulated Deficit (88,887)   (90,542)  
Accumulated Other Comprehensive Loss (2,821)   (3,080)  
Treasury Stock (18,443)   (18,443)  
Total Ultralife Equity 70,736   68,030  
Non-Controlling Interest (164)   (170)  
Total Shareholders' Equity 70,572   67,860  
Total Liabilities and Shareholders' Equity $87,582   $84,744  

 (In Thousands Except Per Share Amounts)
 Three Month Periods Ended
 April 2, March 27,
  2017   2016 
Battery & Energy Products $17,479   $16,440 
Communications Systems 4,556   4,393 
Total Revenues 22,035   20,833 
Cost of Products Sold:   
Battery & Energy Products 12,549   11,223 
Communications Systems 2,596   3,205 
Total Cost of Products Sold 15,145   14,428 
Gross Profit 6,890   6,405 
Operating Expenses:   
Research and Development 1,138   1,656 
Selling, General and Administrative 3,911   4,267 
Total Operating Expenses 5,049   5,923 
Operating Income 1,841   482 
Other Expense (93)   (113) 
Income before Income Taxes 1,748   369 
Income Tax Provision (87)   (88) 
Net Income 1,661   281 
Net (Income) Loss Attributable to Non-Controlling Interest (6)   18 
Net Income Attributable to Ultralife Corporation $1,655   $299 
Net Income Per Share Attributable to Ultralife Common Shareholders  — Basic     
  $0.11   $0.02 
Net Income Per Share Attributable to Ultralife Common Shareholders — Diluted     
  $0.11   $0.02 
Weighted Average Shares Outstanding — Basic 15,412   15,323 
Weighted Average Shares Outstanding — Diluted 15,656   15,666 


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

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