News Releases

Ultralife Corporation
Aug 02, 2018
Ultralife Corporation Reports Second Quarter Results

NEWARK, N.Y., Aug. 02, 2018 (GLOBE NEWSWIRE) -- Ultralife Corporation (NASDAQ:ULBI) reported operating income of $1.6 million on revenue of $22.9 million for the second quarter ended July 1, 2018.  For the second quarter of 2017, the Company reported operating income of $1.3 million on revenue of $19.9 million

“Following a solid first quarter, Ultralife delivered second quarter revenue growth of 15% and leveraged operating income growth of 24%.  Second quarter revenue was boosted by a 38% increase in total Company government/defense sales, as spending continued to recover in U.S. government/defense markets, and an 8% increase in medical sales,” said Michael D. Popielec, President and Chief Executive Officer.  “A strong first half, expanding revenue opportunities, and adherence to our business model parameters position us well to deliver another year of profitable growth in 2018.”    

Second Quarter 2018 Financial Results

Revenue was $22.9 million, an increase of $2.9 million, or 14.7%, compared to $19.9 million for the second quarter of 2017 reflecting higher government/defense and medical sales.  Battery & Energy Products sales increased $1.0 million, or 5.6%, to $17.8 million compared to $16.9 million last year due primarily to increases in both government/defense and medical sales of 25.0% and 7.8%, respectively, partially offset by lower industrial commercial sales.  Communications Systems sales grew 64.5% to $5.0 million compared to $3.1 million for the same period last year reflecting shipments of our Vehicle Installed Power Enhanced Riflemen Appliqué (“VIPER”) and Vehicle Amplifier Adapters for the U.S. Army’s Security Force Assistance Brigades to a large global defense prime contractor. 

Gross profit was $6.6 million, or 28.6% of revenue, compared to $6.2 million, or 31.2% of revenue, for the same quarter a year ago.  Battery & Energy Products’ gross margin was 27.6%, compared to 28.1% last year, and Communications Systems gross margin was 32.3%, compared to 48.4% last year, due to product mix.          

Operating expenses were $4.9 million for both the 2018 and 2017 quarters reflecting continued tight control over discretionary spending in line with our business model.  Operating expenses were 21.5% of revenue compared to 24.6% of revenue for the year earlier period.

Operating income was $1.6 million compared to $1.3 million last year. 

Net income was $1.6 million, or $0.10 per share, compared to net income of $1.1 million, or $0.07 per share, for the second quarter of 2017.    Earnings per share for the trailing twelve-month period increased to $.55 compared to $.52 at the end of the first quarter of 2018, with both periods reflecting the $.12 favorable impact of the Tax Cuts and Jobs Act in the fourth quarter of 2017.

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 second 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)
    July 1,   December 31,
    2018   2017
Current Assets:        
Cash   $20,749   $18,330
Trade Accounts Receivable, Net   15,468   14,657
Inventories   24,861   26,326
Prepaid Expenses and Other Current Assets   2,445   2,603
Total Current Assets   63,523   61,916
Property, Equipment and Improvements, Net   8,056   7,570
Goodwill, Intangibles and Other Assets   27,266   27,700
Total Assets   $98,845   $97,186
Current Liabilities:        
Accounts Payable   $6,656   $8,787
Accrued Compensation and Related Benefits   1,711   2,413
Accrued Expenses and Other Current Liabilities   2,487   3,039
Total Current Liabilities   10,854   14,239
Deferred Income Taxes and Other Non-Current Liabilities   3,923   3,898
Total Liabilities   14,777   18,137
Shareholders' Equity:        
Common Stock   1,996   1,966
Capital in Excess of Par Value   181,818   180,211
Accumulated Deficit   (79,117)   (82,894)
Accumulated Other Comprehensive Loss   (2,036)   (1,611)
Treasury Stock   (18,469)   (18,469)
Total Ultralife Equity   84,192   79,203
Non-Controlling Interest   (124)   (154)
Total Shareholders’ Equity   84,068   79,049
Total Liabilities and Shareholders' Equity   $98,845   $97,186


(In Thousands Except Per Share Amounts)
  Three-Month Periods Ended   Six-Month Periods Ended
  July 1,   July 2,   July 1,   July 2,
  2018   2017   2018   2017
Battery & Energy Products $17,831   $16,880   $35,055   $34,359
Communications Systems 5,033   3,059   10,878   7,615
Total Revenues 22,864   19,939   $45,933   $41,974
Cost of Products Sold:              
Battery & Energy Products 12,905   12,139   25,093   24,688
Communications Systems 3,409   1,579   7,008   4,175
Total Cost of Products Sold 16,314   13,718   32,101   28,863
Gross Profit 6,550   6,221   13,832   13,111
Operating Expenses:              
Research and Development 1,218   1,185   2,318   2,323
Selling, General and Administrative 3,700   3,714   7,526   7,625
Total Operating Expenses 4,918   4,899   9,844   9,948
Operating Income 1,632   1,322   3,988   3,163
Other (Income) Expense (86)   49   48   142
Income Before Income Tax Provision 1,718   1,273   3,940   3,021
Income Tax Provision 78   179   133   266
Net Income 1,640   1,094   3,807   2,755
Net Income Attributable to Non-Controlling Interest 13   -   30   6
Net Income Attributable to Ultralife Corporation $1,627   $1,094   $3,777   $2,749
Net Income Per Share Attributable to Ultralife Common Shareholders – Basic $.10   $.07   $.24   $.18
Net Income Per Share Attributable to Ultralife Common Shareholders – Diluted $.10   $.07   $.23   $.17
Weighted Average Shares Outstanding – Basic 15,922   15,510   15,813   15,461
Weighted Average Shares Outstanding – Diluted 16,520   15,850   16,354   15,752

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

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

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Source: Ultralife Corporation