News Releases
"We continued to achieve solid productivity gains and delivered an operating margin of 6.8% for the fourth quarter, despite lower revenues caused in large part by delays in government funding and the timing of certain rechargeable battery shipments which occurred in
"Our objective for 2011 was to exit the year better positioned to deliver consistent, profitable growth, and we met that objective," added Popielec. "Improving operational productivity, exiting businesses and products that were dilutive to earnings and more fully leveraging our
Fourth Quarter 2011 Financial Results
During the second quarter of 2011,
Revenue was
Gross profit was
Operating expenses were
Despite weaker fourth quarter sales, solid gross margin and improved operating expense efficiency drove operating income of
Net income from continuing operations was
Year Ended
For the year ended
Operating income was
Company to
Senior management, as authorized by the Board of Directors, will divest the company's
Outlook
Management expects year-over-year percentage revenue growth approaching double digits. Operating income growth is expected to outpace revenue growth and generate an operating margin of approximately 7% to 7.5%. Management cautions that the timing of orders and shipments may cause variability in quarterly results.
About
Headquartered in
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: uncertain global economic conditions, increased competitive environment and pricing pressures, disruptions related to restructuring actions and delays. 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
Conference Call Information
ULTRALIFE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts)
(Unaudited)
Three-Month Periods Ended Twelve-Month Periods Ended
December 31, December 31, December 31, December 31,
2011 2010 2011 2010
Revenues:
Battery & energy products $ 23,882 $ 32,767 $ 108,203 $ 105,126
Communications systems 7,487 13,124 31,183 61,693
Total revenues 31,369 45,891 139,386 166,819
Cost of products sold:
Battery & energy products 16,936 24,356 83,034 80,282
Communications systems 5,014 8,849 20,959 39,881
Total cost of products sold 21,950 33,205 103,993 120,163
Gross profit 9,419 12,686 35,393 46,656
Operating expenses:
Research and development 1,680 2,575 8,595 8,755
Selling, general, and administrative 5,591 7,074 24,323 26,039
Total operating expenses 7,271 9,649 32,918 34,794
Operating income 2,148 3,037 2,475 11,862
Other income (expense):
Interest income 1 -- 5 --
Interest expense (115) (186) (559) (1,138)
Miscellaneous (168) (208) 171 145
Income from continuing operations before income taxes 1,866 2,643 2,092 10,869
Income tax provision (benefit)-current (101) (774) 32 (557)
Income tax provision-deferred 297 34 496 258
Total income taxes 196 (740) 528 (299)
Net income from continuing operations 1,670 3,383 1,564 11,168
Discontinued operations:
Income (loss) from discontinued operations, net of tax 94 (14,403) (3,702) (17,377)
Net income (loss) 1,764 (11,020) (2,138) (6,209)
Net loss attributable to noncontrolling interest 19 8 58 30
Net income (loss) attributable to Ultralife $ 1,783 $ (11,012) $ (2,080) $ (6,179)
Net income (loss) attributable to Ultralife common shareholders - basic
Continuing operations $ 0.10 $ 0.20 $ 0.09 $ 0.65
Discontinued operations $ 0.00 $ (0.84) $ (0.21) $ (1.01)
Total $ 0.10 $ (0.64) $ (0.12) $ (0.36)
Net income (loss) attributable to Ultralife common shareholders - diluted
Continuing operations $ 0.10 $ 0.20 $ 0.09 $ 0.65
Discontinued operations $ 0.00 $ (0.83) $ (0.21) $ (1.01)
Total $ 0.10 $ (0.63) $ (0.12) $ (0.36)
Weighted average shares outstanding - basic 17,331 17,242 17,304 17,157
Weighted average shares outstanding - diluted 17,347 17,417 17,336 17,166
ULTRALIFE CORPORATION
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Per Share Amounts)
(unaudited)
December 31, December 31,
ASSETS 2011 2010
Current assets:
Cash and cash equivalents $ 5,486 $ 5,105
Trade accounts receivable, net 19,903 34,270
Inventories 34,967 33,122
Prepaid expenses and other current assets 3,877 3,157
Total current assets 64,233 75,654
Property and equipment 12,588 14,485
Other assets
Goodwill, intangible and other assets 23,994 24,696
Total Assets $ 100,815 $ 114,835
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt $ -- $ 8,717
Accounts payable 13,766 16,338
Other current liabilities 9,392 11,290
Total current liabilities 23,158 36,345
Long-term liabilities:
Long-term debt and capital lease obligations -- 251
Other long-term liabilities 4,431 4,444
Total long-term liabilities 4,431 4,695
Shareholders' equity:
Ultralife equity:
Common stock, par value $0.10 per share 1,874 1,865
Capital in excess of par value 172,309 171,020
Accumulated other comprehensive loss (985) (1,262)
Accumulated deficit (92,280) (90,200)
80,918 81,423
Less -- Treasury stock, at cost 7,658 7,652
Total Ultralife equity 73,260 73,771
Noncontrolling interest (34) 24
Total shareholders' equity 73,226 73,795
Total Liabilities and Shareholders' Equity $ 100,815 $ 114,835
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