This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

4 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,563.30 -317.06 -1.88%
S&P 500 1,930.67 -39.40 -2.00%
NASDAQ 4,369.7730 -93.1290 -2.09%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs