News Releases
First Quarter 2019 Financial Results
“First quarter results were significantly impacted by a reduction in government/defense sales largely due to delays of amplifier shipments under the U.S. Army’s Network Modernization initiatives by Communications Systems. We are now operating at a higher rate of amplifier production and have produced more units in the month of April than during the entire first quarter. In addition, normal fluctuations in government/defense order flow resulted in a decline in Battery & Energy Products sales that was buffered by continued strength in medical sales,” said
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“This acquisition advances our strategy of commercial revenue diversification and enhances the operating leverage of our business model. SWE checks nearly every box in our profile of an ideal acquisition candidate: a complementary line of highly engineered, mission critical, differentiated products; a blue-chip customer base; an innovative culture similar to our own; an experienced technical engineering and new product development team; a very strong management team; and a business model aligned with our core business. We welcome the SWE team to
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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
| ULTRALIFE CORPORATION AND SUBSIDIARIES | ||||
| CONSOLIDATED BALANCE SHEETS | ||||
| (Dollars in Thousands) | ||||
| (Unaudited) | ||||
| ASSETS | ||||
| March 31, 2019 |
December 31, 2018 As Adjusted (1) |
|||
| Current Assets: | ||||
| Cash | $21,240 | $25,934 | ||
| Trade Accounts Receivable, Net | 13,938 | 16,015 | ||
| Inventories, Net | 27,906 | 22,843 | ||
| Prepaid Expenses and Other Current Assets | 2,397 | 2,368 | ||
| Total Current Assets | 65,481 | 67,160 | ||
| Property, Equipment and Improvements, Net | 12,398 | 10,744 | ||
| Goodwill | 20,251 | 20,109 | ||
| Other Intangible Assets, Net | 6,484 | 6,504 | ||
| Deferred Income Taxes, Net | 15,421 | 15,444 | ||
| Other Noncurrent Assets | 916 | 887 | ||
| Total Assets | $120,951 | $120,848 | ||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
| Current Liabilities: | ||||
| Accounts Payable | $11,307 | $9,919 | ||
| Accrued Compensation and Related Benefits | 1,364 | 1,494 | ||
| Accrued Expenses and Other Current Liabilities | 3,325 | 3,973 | ||
| Total Current Liabilities | 15,996 | 15,386 | ||
| Deferred Income Taxes | 564 | 591 | ||
| Other Noncurrent Liabilities | 468 | 408 | ||
| Total Liabilities | 17,028 | 16,385 | ||
| Shareholders' Equity: | ||||
| Common Stock | 2,013 | 2,005 | ||
| Capital in Excess of Par Value | 183,163 | 182,630 | ||
| Accumulated Deficit | (57,610) | (58,035) | ||
| Accumulated Other Comprehensive Loss | (2,351) | (2,786) | ||
| Treasury Stock | (21,231) | (19,266) | ||
| Total Ultralife Equity | 103,984 | 104,548 | ||
| Non-Controlling Interest | (61) | (85) | ||
| Total Shareholders’ Equity | 103,923 | 104,463 | ||
| Total Liabilities and Shareholders' Equity | $120,951 | $120,848 | ||
- Effective
January 1, 2019 , the Company adopted Accounting Standards Codification Topic 842 (ASC 842), Leases. Pursuant to ASC 842, lease liabilities and right-of-use assets for the Company’s operating leases have been recognized on the consolidated balance sheet. Lease liabilities are recorded as other current and other noncurrent liabilities. Right-of-use assets are recorded as other noncurrent assets. For comparability, the Company has elected to recast the prior year comparative period to recognize the effects of ASC 842 including the recognition to equity of a$71 cumulative effect adjustment.
| ULTRALIFE CORPORATION AND SUBSIDIARIES | |||
| CONSOLIDATED STATEMENTS OF INCOME | |||
| (In Thousands Except Per Share Amounts) | |||
| (Unaudited) | |||
| Three-Month Periods Ended | |||
| March 31, | April 1, | ||
| 2019 | 2018 | ||
| Revenues: | |||
| Battery & Energy Products | $15,998 | $17,224 | |
| Communications Systems | 2,884 | 5,845 | |
| Total Revenues | 18,882 | 23,069 | |
| Cost of Products Sold: | |||
| Battery & Energy Products | 11,588 | 12,188 | |
| Communications Systems | 2,210 | 3,599 | |
| Total Cost of Products Sold | 13,798 | 15,787 | |
| Gross Profit | 5,084 | 7,282 | |
| Operating Expenses: | |||
| Research and Development | 1,036 | 1,101 | |
| Selling, General and Administrative | 3,500 | 3,825 | |
| Total Operating Expenses | 4,536 | 4,926 | |
| Operating Income | 548 | 2,356 | |
| Other Expense | (58) | (133) | |
| Income Before Income Tax Provision | 490 | 2,223 | |
| Income Tax Provision | (41) | (55) | |
| Net Income | 449 | 2,168 | |
| Net Income Attributable to Non-Controlling Interest | (24) | (17) | |
| Net Income Attributable to Ultralife Corporation | $425 | $2,151 | |
| Net Income Per Share Attributable to Ultralife Common Shareholders – Basic | $0.03 | $0.14 | |
| Net Income Per Share Attributable to Ultralife Common Shareholders – Diluted | $0.03 | $0.13 | |
| Weighted Average Shares Outstanding – Basic | 15,740 | 15,704 | |
| Weighted Average Shares Outstanding – Diluted | 16,225 | 16,202 | |
Company Contact:
Ultralife Corporation
(315) 210-6110
pfain@ulbi.com
Investor Relations Contact:
LHA
(212) 838-3777
jburfening@lhai.com
Source: Ultralife Corporation