Management cautions that the timing of orders and shipments may cause variability in quarterly results. 

About Ultralife Corporation

Ultralife Corporation serves its markets with products and services ranging from portable power solutions to communications and electronics systems. Through its engineering and collaborative approach to problem solving, Ultralife serves government, defense and commercial customers across the globe.

Headquartered in Newark, New York, the company's business segments include: Battery & Energy Products and Communications Systems. Ultralife has operations in North America, Europe and Asia. For more information, visit www.ultralifecorp.com .

Conference Call Information

Ultralife will hold its first 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 in the Events & Presentations section of the company's website at http://investor.ultralifecorporation.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.

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 U.S. military spending, 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 Securities and Exchange Commission (SEC) filings, including the latest Annual Report on Form 10-K.
 
ULTRALIFE CORPORATION
 CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Per Share Amounts)
(unaudited)
     
     
  March 31, December 31,
ASSETS 2013 2012
     
Current assets:    
 Cash and cash equivalents  $ 8,908  $ 10,078
 Trade accounts receivable, net  17,280  20,913
 Inventories   28,281  30,370
 Prepaid expenses and other current assets  2,570  2,461
 Total current assets 57,039 63,822
     
Property and equipment  11,778  12,415
     
Other assets:    
 Goodwill, intangible and other assets 23,425 21,481
     
Total Assets  $ 92,242  $ 97,718
     
LIABILITIES AND SHAREHOLDERS' EQUITY    
     
Current liabilities:    
 Short-term debt and current portion of long-term debt   $ --   $ -- 
 Accounts payable  8,710  11,357
 Other current liabilities  5,072  8,535
 Total current liabilities 13,782 19,892
     
Long-term liabilities:    
 Other long-term liabilities  4,506  4,370
     
Shareholders' equity:    
 Ultralife equity:    
 Common stock, par value $0.10 per share 1,886 1,886
 Capital in excess of par value 173,993 173,791
 Accumulated other comprehensive loss (747) (620)
 Accumulated deficit (93,449) (93,878)
  81,683 81,179
 Less --- Treasury stock, at cost 7,658 7,658
 Total Ultralife equity 74,025 73,521
 Noncontrolling interest  (71)  (65)
 Total shareholders' equity 73,954 73,456
     
Total Liabilities and Shareholders' Equity  $ 92,242  $ 97,718
 
 
ULTRALIFE CORPORATION
 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Thousands, Except Per Share Amounts)
(Unaudited)
     
     
  Three-Month Periods Ended 
     
  March 31, April 1,
  2013 2012
     
Revenues:    
 Battery & energy products  $ 13,053  $ 20,082
 Communications systems  7,966  7,419
Total revenues 21,019 27,501
     
Cost of products sold:    
 Battery & energy products  9,953  16,139
 Communications systems  4,687  4,769
Total cost of products sold  14,640  20,908
     
Gross profit  6,379  6,593
     
Operating expenses:    
 Research and development  1,369  2,139
 Selling, general, and administrative  4,635  5,743
Total operating expenses  6,004  7,882
     
Operating income (loss)  375  (1,289)
     
Other income (expense):    
 Interest income  2  1
 Interest expense  (90)  (104)
 Miscellaneous  (25)  52
Income (loss) from continuing operations before income taxes 262 (1,340)
     
Income tax provision-current  38  79
Income tax provision-deferred  60  12
 Total income taxes  98  91
     
Net income (loss) from continuing operations  164  (1,431)
     
Discontinued operations:    
 Income (loss) from discontinued operations, net of tax  264  (71)
     
Net income (loss)  428  (1,502)
     
Net (income) loss attributable to noncontrolling interest  6  -- 
     
Net income (loss) attributable to Ultralife  $ 434  $ (1,502)
     
Other comprehensive income (loss):    
 Foreign currency translation adjustments  (127)  148
     
Comprehensive income (loss) attributable to Ultralife  $ 307  $ (1,354)
     
     
Net income (loss) attributable to Ultralife common shareholders - basic    
 Continuing operations  $ 0.01  $ (0.08)
 Discontinued operations  $ 0.02  $ (0.01)
 Total  $ 0.02  $ (0.09)
Net income (loss) attributable to Ultralife common shareholders - diluted    
 Continuing operations  $ 0.01  $ (0.08)
 Discontinued operations  $ 0.02  $ (0.01)
 Total  $ 0.02  $ (0.09)
     
Weighted average shares outstanding - basic  17,457  17,358
Weighted average shares outstanding - diluted  17,478  17,358
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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