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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
January 10, 2007
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
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(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)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b)
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
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Item 2.02. Results of Operations and Financial Condition.
Ultralife Batteries, Inc. (the "Company") announced that, based on a preliminary
review of results for the fourth quarter ended December 31, the Company expects
to report revenue of approximately $31 million. These results compare to
management's previous guidance, which estimated revenue of approximately $35
million for the fourth quarter.
The Company's press release is attached as Exhibit 99.1 to this Form 8-K. The
information set forth in this Form 8-K and the attached exhibit is being
furnished to and not filed with the Securities and Exchange Commission and shall
not be deemed to be incorporated by reference in any filing under the Securities
Exchange Act of 1934, as amended, or the Securities Act of 1933, as amended,
except to the extent specifically provided in any such filing.
Item 9.01. 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 January 10, 2007.
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: January 10, 2007
By: /s/Robert W. Fishback
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Vice President of Finance and CFO
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INDEX TO EXHIBITS
(99) Additional Exhibits
99.1 Press Release dated January 10, 2007.
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Exhibit 99.1
Ultralife Batteries Updates Fourth Quarter Revenue Guidance
NEWARK, N.Y.--(BUSINESS WIRE)--Jan. 10, 2007--Ultralife Batteries,
Inc. (NASDAQ: ULBI) announced that, based on a preliminary review of
results for the fourth quarter ended December 31, the company expects
to report revenue of approximately $31 million. These results compare
to management's previous guidance, which estimated revenue of
approximately $35 million for the fourth quarter.
The revenue shortfall is attributable to a delay in delivering two
large planned shipments caused by logistical issues, which arose
toward the end of the quarter. These deliveries are scheduled to be
completed by January 12. Revenue associated with these orders will be
additive to the company's planned revenue for the first quarter of
2007.
"Growing sales volume at McDowell Research as a result of
successful joint Ultralife and McDowell marketing initiatives, coupled
with a ramp-up in McDowell's production, created temporary supply
constraints on some key components late in the quarter and delayed
shipments of two orders," said John D. Kavazanjian, Ultralife's
president and chief executive officer. "During the quarter, as we
rapidly expanded production capability at McDowell to record levels,
we worked closely with vendors to keep pace with delivery schedules. A
missed commitment from vendors on two key components, one on each
order, resulted in these delivery delays. We have taken steps to
alleviate this bottleneck and expect that the integration of
Ultralife's and McDowell's supply chains will minimize disruptions
like this going forward, ensuring that we are operationally ready to
meet an expanding set of market opportunities and support aggressive
growth goals."
Management will provide details about Ultralife's fourth quarter
performance and the outlook for the first quarter of fiscal 2007 when
it reports fourth quarter results on February 15, 2007.
About Ultralife Batteries, Inc.
Ultralife is a global provider of high-energy power solutions and
communications accessories for diverse applications. The company
develops, manufactures and markets a wide range of non-rechargeable
and rechargeable batteries, charging systems and accessories including
power supplies, amplifiers, amplified speakers, equipment mounts, case
equipment and integrated communication systems for markets including
military, industrial and consumer portable electronics. Through its
portfolio of standard products and engineered solutions, Ultralife is
at the forefront of providing the next generation of power systems and
accessories. Industrial, retail and government customers include
General Dynamics, Philips Medical Systems, General Motors, Energizer,
Kidde Safety, Lowe's, Radio Shack and the national defense agencies of
the United States, United Kingdom, Germany, Australia and New Zealand,
among others.
Ultralife's headquarters, principal manufacturing and research
facilities are in Newark, New York, near Rochester. Ultralife's three
other operating units are: Ultralife Batteries (UK) Ltd., in Abingdon,
England; McDowell Research in Waco, Texas; and ABLE New Energy in
Shenzhen, China. Detailed information on Ultralife is available at:
www.ultralifebatteries.com.
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: worsening global economic conditions,
increased competitive environment and pricing pressures, disruptions
related to restructuring actions and delays. 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.
Ultralife(R) is a registered trademark of Ultralife Batteries,
Inc.
CONTACT: Company:
Ultralife Batteries, Inc.
Robert W. Fishback, 315-332-7100
bfishback@ulbi.com
or
Investor Relations:
Lippert/Heilshorn & Associates, Inc.
Jody Burfening, 212-838-3777
jburfening@lhai.com