NEWARK, N.Y., Feb. 09, 2017 (GLOBE NEWSWIRE) -- Ultralife Corporation (NASDAQ:ULBI) reported operating income of $1.6 million on revenue of $21.6 million for the fourth quarter ended December 31, 2016 compared to operating income of $.5 million on revenue of $19.3 million for the fourth quarter of 2015.  For total year 2016, Ultralife produced operating income of $3.8 million on revenue of $82.5 million compared to operating income of $3.3 million on revenue of $76.4 million for 2015. 

"Strong operating leverage on 12% year-over-year revenue growth for the fourth quarter produced EPS of $0.11, our highest quarterly result this year and a more than three-fold increase over last year.  Revenue growth for the quarter reflects gains from our Accutronics acquisition and Communications Systems business even though we experienced lower U.S. government/defense battery sales.  For the year, we achieved our stated goal of generating profitable growth, posting 13% operating income growth on an 8% revenue increase," said Michael D. Popielec, President and Chief Executive Officer.   "As we look ahead to 2017, an improving backlog and disciplined execution of our business model while continuing to invest in market and sales reach expansion and new product development, positions us well to further diversify beyond our core U.S. government/defense business and achieve another year of profitable growth."

Fourth Quarter 2016 Financial Results

Revenue was $21.6 million, an increase of $2.4 million, or 12.3%, compared to $19.3 million for the fourth quarter of 2015 reflecting higher medical sales, the addition of Accutronics and higher Communications Systems sales partially offset by lower government/defense Battery & Energy sales.  Battery & Energy Products sales increased $1.0 million to $17.6 million, or 5.9%, compared to $16.6 million last year due primarily to higher medical sales and the contribution of Accutronics, partially offset by lower government/defense and 9-Volt sales.  Communications Systems sales grew 53.4% to $4.0 million compared to $2.6 million for the same period last year reflecting shipments of Vehicle Installed Power Enhanced Riflemen Appliqué ("VIPER") units to fulfill an additional order received for the fourth quarter.

Gross profit was $6.8 million, or 31.5% of revenue, compared to $5.6 million, or 28.8% of revenue, for the same quarter a year ago.  Battery & Energy Products' gross margin was 29.4%, compared to 27.6% last year, an increase of 180 basis points reflecting higher volume and favorable product mix including the contribution of Accutronics.  Communications Systems' gross margin was 40.6%, compared to 36.4% last year, an increase of 420 basis points primarily due to sales mix.       

Operating expenses were $5.2 million compared to $5.0 million last year reflecting the addition of Accutronics, partially offset by the 2015 write down of a Communications Systems trademark and continued tight control over discretionary spending.  Operating expenses were 23.9% of revenue compared to 26.1% of revenue for the year earlier period.  

Operating income was $1.6 million compared to $.5 million last year for an operating margin of 7.6% compared to 2.7% last year. 

Net income was $1.7 million, or $0.11 per share, compared to net income of $0.5 million, or $0.03 per share, for the fourth quarter of 2015.

About Ultralife Corporation

Ultralife Corporation serves its markets with products and services ranging from 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

Conference Call Information

Ultralife will hold its fourth quarter earnings conference call today at 10:00 AM ET. To participate in the live call, please dial (800) 915-4836 at least ten minutes before the scheduled start time, identify yourself and ask for the Ultralife call. A live webcast of the conference call will be available to investors in the Events & Presentations section of the Company's website at For those who cannot listen to the live broadcast, 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. 
  December 31,   December 31,  
    2016       2015    
Current Assets:        
Cash $10,706     $14,533    
Trade Accounts Receivable, Net   13,179       11,430    
Inventories   23,456       23,814    
Prepaid Expenses and Other Current Assets   2,173       2,169    
Total Current Assets   49,514       51,946    
Property, Equipment and Improvements, Net   7,999       9,038    
Goodwill, Intangibles and Other Assets   27,231       20,538    
Total Assets $84,744     $81,522    
Current Liabilities:      
Accounts Payable $7,292     $6,494    
Accrued Compensation and Related Benefits   1,258       2,377    
Accrued Expenses and Other Current Liabilities   2,778       1,976    
Current Portion of Debt   -       -    
Total Current Liabilities   11,328       10,847    
Deferred Income Taxes and Other Non-Current Liabilities   5,556       4,659    
Total Liabilities   16,884       15,506    
Shareholders' Equity:        
Common Stock   1,932       1,918    
Capital in Excess of Par Value   178,163       177,007    
Accumulated Deficit   (90,542)       (94,051)    
Accumulated Other Comprehensive Loss   (3,080)       (907)    
Treasury Stock   (18,443)       (17,808)    
Total Ultralife Equity   68,030       66,159    
Non-Controlling Interest   (170)       (143)    
Total Shareholders' Equity   67,860       66,016    
Total Liabilities and Shareholders' Equity $84,744     $81,522    

(In Thousands Except Per Share Amounts)
  Three Month Periods Ended   Year Ended
  December 31,   December 31,   December 31,   December 31,
    2016       2015       2016       2015  
Battery & Energy Products $17,611     $16,634     $64,753     $65,272  
Communication Systems   4,014       2,617       17,707       11,155  
Total Revenues   21,625       19,251       82,460       76,427  
Cost of Products Sold:              
Battery & Energy Products   12,436       12,036       45,173       46,574  
Communication Systems   2,384       1,665       12,179       6,537  
Total Cost of Products Sold   14,820       13,701       57,352       53,111  
Gross Profit   6,805       5,550       25,108       23,316  
Operating Expenses:              
Research and Development   1,508       1,686       5,946       5,603  
Selling, General and Administrative   3,653       3,196       15,399       14,233  
Intangible Asset Impairment   -       150       -       150  
Total Operating Expenses   5,161       5,032       21,345       19,986  
Operating Income   1,644       518       3,763       3,330  
Other Expense   (16)       (24)       (183)       (180)  
Income Before Income Taxes   1,628       494       3,580       3,150  
Income Tax Provision (Benefit)   (115)       (2)       98       310  
Net Income   1,743       496       3,482       2,840  
Net Loss Attributable to Non-Controlling Interest   2       6       27       29  
Net Income Attributable to Ultralife Corporation $1,745     $502     $3,509     $2,869  
Other Comprehensive Income:              
Foreign Currency Translation Adjustments   (858)       (157)       (2,173)       (440)  
Comprehensive Income Attributable to Ultralife $887     $345     $1,336     $2,429  
Net Income Per Share Attributable to Ultralife Common Shareholders - Basic $.11   $.03   $.23   $.18
Net Income Per Share Attributable to Ultralife Common Shareholders - Diluted $.11   $.03   $.23   $.17
Weighted Average Shares Outstanding - Basic   15,259       15,271       15,261       16,182  
Weighted Average Shares Outstanding - Diluted   15,360       15,757       15,405       16,458  
Company Contact:Ultralife CorporationPhilip A. Fain(315) 210-6110pfain@ulbi.comInvestor Relations Contact:LHAJody Burfening(212)

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