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):
April 10, 2006
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)
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))
1
Item 2.02. Results of Operations and Financial Condition.
Ultralife Batteries, Inc. (the "Company") announced that it anticipates
reporting revenue between $18.0 million and $18.5 million for the first quarter
primarily reflecting lower-than- anticipated orders from the U.S. Department of
Defense. Management currently expects to report positive operating income,
consistent with its $18 million quarterly revenue breakeven business model,
excluding stock-based compensation expenses. For 2006, management continues to
expect revenue of at least $90 million.
The Company's press release is attached as Exhibit 99.1 to this Form 8-K, and
the information set forth therein is furnished under Item 2.02.
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 April 10, 2006.
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: April 10, 2006. By: /s/ Robert W. Fishback
----------------------
Vice President of Finance & CFO
2
INDEX TO EXHIBITS
(99) Additional Exhibits
99.1 Press Release dated April 10, 2006.
3
Exhibit 99.1
Ultralife Batteries Announces Preliminary First Quarter Revenue;
Management Reaffirms Fiscal 2006 Revenue Guidance
NEWARK, N.Y.--(BUSINESS WIRE)--April 10, 2006--Ultralife
Batteries, Inc. (NASDAQ: ULBI) anticipates reporting revenue between
$18.0 million and $18.5 million for the first quarter primarily
reflecting lower-than- anticipated orders from the U.S. Department of
Defense. Management currently expects to report positive operating
income, consistent with its $18 million quarterly revenue breakeven
business model, excluding stock-based compensation expenses. For 2006,
management continues to expect revenue of at least $90 million.
"Revenues in the first quarter were lower than expected as the
U.S. Defense Department continued to finalize its product technology
strategy, including the transition to the BA-5390A with
state-of-charge indicator (SOCI). Subsequent to the quarter close,
however, we were asked by the Defense Department to accelerate
shipments of our BA-5390A, the only qualified battery with an SOCI
currently in production, to support their intention to aggressively
begin fielding SOCI-based batteries," said John D. Kavazanjian,
president and chief executive officer. "As a result, we expect to get
back on track for the year, further pursuing the opportunity to
significantly grow our share of the U.S. military market as well as
our commercial growth opportunities."
Ultralife management will provide further details about the first
quarter performance and discuss its outlook for the second quarter on
May 4, when it reports first quarter earnings.
About Ultralife Batteries, Inc.
Ultralife is a global provider of power solutions for diverse
applications. The company develops, manufactures and markets a wide
range of non-rechargeable and rechargeable batteries, charging systems
and accessories for use in military, industrial and consumer portable
electronic products. Through its range of standard products and
engineered solutions, Ultralife is able to provide the next generation
of power systems. 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 and Australia, among
others.
Ultralife's headquarters, principal manufacturing and research
facilities are in Newark, New York, near Rochester. Ultralife (UK)
Ltd., a second manufacturing facility, is located in Abingdon,
England. Both facilities are ISO-9001 certified. Detailed information
about 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: Ultralife Batteries, Inc.
Robert Fishback, 315-332-7100
bfishback@ulbi.com
or
Lippert/Heilshorn & Associates, Inc.
Investor Relations:
Jody Burfening, 212-838-3777
jburfening@lhai.com
or
Media:
Chenoa Taitt, 212-838-3777
ctaitt@lhai.com