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Ultralife Corporation Reports Fourth Quarter Results

Conference Call Information

Ultralife will hold its fourth quarter earnings conference call today at 10:00 AM ET. To participate, please call (800) 915-4836, identify yourself and ask for the Ultralife call. The conference call will also be broadcast live over the Internet at http://investor.ultralifecorp.com . To listen to the call, please go to the web site at least fifteen minutes early to download and install any necessary audio software. For those who cannot listen to the live webcast, a replay of the webcast will be available shortly after the call at the same location.

 
ULTRALIFE CORPORATION
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Per Share Amounts)
(unaudited)
 
     
  December 31, December 31,
ASSETS 2012 2011
     
Current assets:    
Cash and cash equivalents  $ 10,078  $ 5,486
Trade accounts receivable, net  20,913  19,903
Inventories   30,370  34,967
Prepaid expenses and other current assets  2,461  3,877
Total current assets 63,822 64,233
     
Property and equipment  12,415  12,588
     
Other assets:    
Goodwill, intangible and other assets 21,481 23,994
     
Total Assets  $ 97,718  $ 100,815
     
LIABILITIES AND SHAREHOLDERS' EQUITY    
     
Current liabilities:    
Short-term debt and current portion of long-term debt   $ --   $ -- 
Accounts payable  11,357  13,766
Other current liabilities  8,540  9,392
Total current liabilities 19,897 23,158
     
Long-term liabilities:    
Other long-term liabilities  4,370  4,431
     
Shareholders' equity:    
Ultralife equity:    
Common stock, par value $0.10 per share 1,886 1,874
Capital in excess of par value 173,791 172,309
Accumulated other comprehensive loss (620) (985)
Accumulated deficit (93,883) (92,280)
  81,174 80,918
Less --- Treasury stock, at cost 7,658 7,658
Total Ultralife equity 73,516 73,260
Noncontrolling interest  (65)  (34)
Total shareholders' equity 73,451 73,226
     
Total Liabilities and Shareholders' Equity  $ 97,718  $ 100,815
 
 
ULTRALIFE CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Thousands, Except Per Share Amounts)
(Unaudited)
 
         
  Three-Month Periods Ended  Twelve-Month Periods Ended
  December 31, December 31, December 31, December 31,
  2012 2011 2012 2011
         
Revenues:        
Battery & energy products  $ 18,846  $ 23,882  $ 71,084  $ 108,203
Communications systems  10,423  5,624  30,573  27,534
Total revenues 29,269 29,506 101,657 135,737
         
Cost of products sold:        
Battery & energy products  13,760  16,936  53,522  83,034
Communications systems  6,058  3,713  19,405  18,512
Total cost of products sold  19,818  20,649  72,927  101,546
         
Gross profit  9,451  8,857  28,730  34,191
         
Operating expenses:        
Research and development  1,511  1,680  7,216  8,593
Selling, general, and administrative  5,587  5,401  21,628  23,186
Total operating expenses  7,098  7,081  28,844  31,779
         
Operating income (loss)  2,353  1,776  (114)  2,412
         
Other income (expense):        
Interest income  --  1  4  5
Interest expense  (124)  (115)  (440)  (559)
Miscellaneous  (41)  (168)  (24)  171
Income (loss) from continuing operations before income taxes 2,188 1,494 (574) 2,029
         
Income tax provision-current  152  (101)  539  32
Income tax provision - deferred  (35)  297  15  448
Total income taxes  117  196  554  480
         
Net income (loss) from continuing operations  2,071  1,298  (1,128)  1,549
         
Discontinued operations:        
Income (loss) from discontinued operations, net of tax  (680)  440  (501)  (3,819)
         
Net income (loss)  1,391  1,738  (1,629)  (2,270)
         
Net loss attributable to noncontrolling interest  --   19  31  58
         
Net income (loss) attributable to Ultralife  $ 1,391  $ 1,757  $ (1,598)  $ (2,212)
         
Other comprehensive income (loss):        
Foreign currency translation adjustments  446  9  365  277
         
Comprehensive income (loss) attributable to Ultralife  $ 1,837  $ 1,766  $ (1,233)  $ (1,935)
         
         
Net income (loss) attributable to Ultralife common shareholders - basic        
Continuing operations  $ 0.12  $ 0.08  $ (0.06)  $ 0.09
Discontinued operations  $ (0.04)  $ 0.02  $ (0.03)  $ (0.22)
Total  $ 0.08  $ 0.10  $ (0.09)  $ (0.13)
Net income (loss) attributable to Ultralife common shareholders - diluted        
Continuing operations  $ 0.12  $ 0.08  $ (0.06)  $ 0.09
Discontinued operations  $ (0.04)  $ 0.02  $ (0.03)  $ (0.22)
Total  $ 0.08  $ 0.10  $ (0.09)  $ (0.13)
         
Weighted average shares outstanding - basic  17,443  17,331  17,403  17,304
Weighted average shares outstanding - diluted  17,443  17,347  17,403  17,336
CONTACT: Company Contact:
         Ultralife Corporation
         Philip Fain
         (315) 210-6110
         pfain@ulbi.com
         
         Investor Relations Contact:
         Lippert/Heilshorn & Associates
         Jody Burfening
         (212) 838-3777
         jburfening@lhai.com

Ultralife Corporation logo

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