United States
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Securities and Exchange Commission
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Washington, D.C. 20549
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FORM 8-K
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Current Report Pursuant to
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Section 13 or 15(d) of the Securities Exchange Act of 1934
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February 14, 2013
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(Date of Report)
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ULTRALIFE CORPORATION
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(Exact name of registrant as specified in its charter)
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Delaware
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000-20852
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16-1387013
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(State of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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2000 Technology Parkway, Newark, New York
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14513
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(Address of principal executive offices)
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(Zip Code)
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(315) 332-7100
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(Registrant’s telephone number, including area code)
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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 (see General Instruction A.2. below):
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[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02
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Results of Operation and Financial Condition.
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Item 9.01
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Financial Statements, Pro Forma Financials and Exhibits.
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(a)
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Exhibits
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Date: February 14, 2013
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ULTRALIFE CORPORATION
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By:
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/s/ Philip A. Fain
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Philip A. Fain
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Chief Financial Officer & Treasurer
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Exhibit
Number
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Description | ||
99.1
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Press Release of Ultralife Corporation dated February 14, 2013
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Company Contact: | Investor Relations Contact: | |
Ultralife Corporation | Lippert/Heilshorn & Associates | |
Philip Fain | Jody Burfening | |
(315) 332-7100 | (212) 838-3777 | |
pfain@ulbi.com | jburfening@lhai.com |
ULTRALIFE CORPORATION
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CONSOLIDATED BALANCE SHEETS
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(In Thousands, Except Per Share Amounts)
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(unaudited)
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December 31,
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December 31,
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ASSETS
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2012
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2011
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Current assets:
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Cash and cash equivalents
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$ | 10,078 | $ | 5,486 | ||||
Trade accounts receivable, net
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20,913 | 19,903 | ||||||
Inventories
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30,370 | 34,967 | ||||||
Prepaid expenses and other current assets
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2,461 | 3,877 | ||||||
Total current assets
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63,822 | 64,233 | ||||||
Property and equipment
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12,415 | 12,588 | ||||||
Other assets:
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Goodwill, intangible and other assets
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21,481 | 23,994 | ||||||
Total Assets
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$ | 97,718 | $ | 100,815 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY
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Current liabilities:
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Short-term debt and current portion of long-term debt
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$ | - | $ | - | ||||
Accounts payable
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11,357 | 13,766 | ||||||
Other current liabilities
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8,540 | 9,392 | ||||||
Total current liabilities
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19,897 | 23,158 | ||||||
Long-term liabilities:
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Other long-term liabilities
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4,370 | 4,431 | ||||||
Shareholders' equity:
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Ultralife equity:
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Common stock, par value $0.10 per share
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1,886 | 1,874 | ||||||
Capital in excess of par value
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173,791 | 172,309 | ||||||
Accumulated other comprehensive loss
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(620 | ) | (985 | ) | ||||
Accumulated deficit
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(93,883 | ) | (92,280 | ) | ||||
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81,174 | 80,918 | ||||||
Less -- Treasury stock, at cost
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7,658 | 7,658 | ||||||
Total Ultralife equity
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73,516 | 73,260 | ||||||
Noncontrolling interest
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(65 | ) | (34 | ) | ||||
Total shareholders' equity
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73,451 | 73,226 | ||||||
Total Liabilities and Shareholders' Equity
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$ | 97,718 | $ | 100,815 |
ULTRALIFE CORPORATION
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
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(In Thousands, Except Per Share Amounts)
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(Unaudited)
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Three-Month Periods Ended
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Twelve-Month Periods Ended
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December 31,
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December 31,
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December 31,
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December 31,
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2012
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2011
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2012
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2011
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Revenues:
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Battery & energy products
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$ | 18,846 | $ | 23,882 | $ | 71,084 | $ | 108,203 | ||||||||
Communications systems
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10,423 | 5,624 | 30,573 | 27,534 | ||||||||||||
Total revenues
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29,269 | 29,506 | 101,657 | 135,737 | ||||||||||||
Cost of products sold:
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Battery & energy products
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13,760 | 16,936 | 53,522 | 83,034 | ||||||||||||
Communications systems
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6,058 | 3,713 | 19,405 | 18,512 | ||||||||||||
Total cost of products sold
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19,818 | 20,649 | 72,927 | 101,546 | ||||||||||||
Gross profit
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9,451 | 8,857 | 28,730 | 34,191 | ||||||||||||
Operating expenses:
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Research and development
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1,511 | 1,680 | 7,216 | 8,593 | ||||||||||||
Selling, general, and administrative
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5,587 | 5,401 | 21,628 | 23,186 | ||||||||||||
Total operating expenses
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7,098 | 7,081 | 28,844 | 31,779 | ||||||||||||
Operating income (loss)
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2,353 | 1,776 | (114 | ) | 2,412 | |||||||||||
Other income (expense):
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Interest income
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- | 1 | 4 | 5 | ||||||||||||
Interest expense
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(124 | ) | (115 | ) | (440 | ) | (559 | ) | ||||||||
Miscellaneous
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(41 | ) | (168 | ) | (24 | ) | 171 | |||||||||
Income (loss) from continuing operations before income taxes
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2,188 | 1,494 | (574 | ) | 2,029 | |||||||||||
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Income tax provision-current
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152 | (101 | ) | 539 | 32 | |||||||||||
Income tax provision - deferred
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(35 | ) | 297 | 15 | 448 | |||||||||||
Total income taxes
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117 | 196 | 554 | 480 | ||||||||||||
Net income (loss) from continuing operations
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2,071 | 1,298 | (1,128 | ) | 1,549 | |||||||||||
Discontinued operations:
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Income (loss) from discontinued operations, net of tax
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(680 | ) | 440 | (501 | ) | (3,819 | ) | |||||||||
Net income (loss)
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1,391 | 1,738 | (1,629 | ) | (2,270 | ) | ||||||||||
Net loss attributable to noncontrolling interest
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- | 19 | 31 | 58 | ||||||||||||
Net income (loss) attributable to Ultralife
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$ | 1,391 | $ | 1,757 | $ | (1,598 | ) | $ | (2,212 | ) | ||||||
Other comprehensive income (loss):
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Foreign currency translation adjustments
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446 | 9 | 365 | 277 | ||||||||||||
Comprehensive income (loss) attributable to Ultralife
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$ | 1,837 | $ | 1,766 | $ | (1,233 | ) | $ | (1,935 | ) | ||||||
Net income (loss) attributable to Ultralife common shareholders - basic
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Continuing operations
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$ | 0.12 | $ | 0.08 | $ | (0.06 | ) | $ | 0.09 | |||||||
Discontinued operations
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$ | (0.04 | ) | $ | 0.02 | $ | (0.03 | ) | $ | (0.22 | ) | |||||
Total
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$ | 0.08 | $ | 0.10 | $ | (0.09 | ) | $ | (0.13 | ) | ||||||
Net income (loss) attributable to Ultralife common shareholders - diluted
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Continuing operations
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$ | 0.12 | $ | 0.08 | $ | (0.06 | ) | $ | 0.09 | |||||||
Discontinued operations
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$ | (0.04 | ) | $ | 0.02 | $ | (0.03 | ) | $ | (0.22 | ) | |||||
Total
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$ | 0.08 | $ | 0.10 | $ | (0.09 | ) | $ | (0.13 | ) | ||||||
Weighted average shares outstanding - basic
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17,443 | 17,331 | 17,403 | 17,304 | ||||||||||||
Weighted average shares outstanding - diluted
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17,443 | 17,347 | 17,403 | 17,336 |