View:
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest
event reported):
March 25, 2003
ULTRALIFE BATTERIES, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation or organization)
0-20852 16-1387013
(Commission File Number) (I.R.S. Employer Identification No.)
2000 Technology Parkway, Newark, New York 14513
(Address of principal executive offices) (Zip Code)
(315) 332-7100
(Registrant's telephone number,
including area code)
Item 7. Financial Statements, Pro Forma Financials and Exhibits.
(a) Financial Statements of Business Acquired.
Not applicable.
(b) Pro Forma Financial Information.
Not applicable.
(c) Exhibits.
99.1 Press Release dated March 27, 2003
Item 9. Regulation FD Disclosure.
The Company announced that it has amended its credit facility with its
primary lending bank, Congress Financial Corporation, extending the agreement
through June 30, 2004 and giving the Company some additional credit flexibility.
Refer to the attached Exhibit for the entire text of the release, which Exhibit
is being furnished but not filed in accordance with Regulation FD.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ULTRALIFE BATTERIES, INC.
Dated: March 27, 2003 By: /s/ Robert W. Fishback
----------------------
Robert W. Fishback
Vice President - Finance and
Chief Financial Officer
Index to Exhibits
(99) Additional Exhibits
99.1 Press Release dated March 27, 2003
Exhibit 99.1
Company Contact: Investor Relations Contact:
Ultralife Batteries, Inc. Lippert/Heilshorn & Associates, Inc.
Robert W. Fishback Jody Burfening
(315) 332-7100 (212) 838-3777
bfishback@ulbi.com jks@lhai.com
ULTRALIFE BATTERIES, INC. EXTENDS CREDIT FACILITY THROUGH JUNE 2004
Newark, NY, March 27, 2003 - Ultralife Batteries, Inc. (NASDAQ: ULBI) today
announced that its primary lending bank, Congress Financial Corporation, has
agreed to amend the Company's $15 million credit facility that was first
established in June 2000. The amendment, which was executed on March 25, 2003,
extends the credit agreement through June 30, 2004, and provides for a release
of accounts receivable at the Company's U.K. subsidiary in order to allow that
subsidiary to obtain its own revolving credit facility with a U.K. bank. In
addition, the amendment revises certain borrowing base formulas that are less
restrictive in light of the recent order activity with the U.S. military. The
Company's loan covenant has also been revised so that the minimum net worth
requirement will change annually based on a portion of the Company's earnings.
John Kavazanjian, president and chief executive officer of Ultralife
Batteries, noted, "This credit facility has been an important part of financing
the rapid growth of our business and we are pleased to extend our relationship
with Congress Financial for another year."
About Ultralife
Ultralife is a leading developer, manufacturer, and marketer of customized and
standard lithium primary, lithium ion and polymer rechargeable batteries.
Ultralife manufactures high-energy batteries utilizing advanced lithium
technology. Our Primary (non-rechargeable), lithium ion and polymer rechargeable
batteries are used in military, industrial and consumer portable electronic
products. OEM, retail and government customers include Energizer, Kidde Safety,
Philips Medical Systems, Radio Shack, Sears and the national defense agencies of
the United States, United Kingdom and Germany.