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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August 1, 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: August 1, 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 August 1, 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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June 30,
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December 31,
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|||||||
ASSETS
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2013
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2012
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Current assets:
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Cash and cash equivalents
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$ | 11,572 | $ | 10,078 | ||||
Trade accounts receivable, net
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12,401 | 20,913 | ||||||
Inventories
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31,021 | 30,370 | ||||||
Prepaid expenses and other current assets
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2,183 | 2,461 | ||||||
Total current assets
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57,177 | 63,822 | ||||||
Property and equipment
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11,249 | 12,415 | ||||||
Other assets:
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Goodwill, intangible and other assets
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22,709 | 21,481 | ||||||
Total Assets
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$ | 91,135 | $ | 97,718 | ||||
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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9,400 | 11,357 | ||||||
Other current liabilities
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4,976 | 8,535 | ||||||
Total current liabilities
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14,376 | 19,892 | ||||||
Long-term liabilities:
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Other long-term liabilities
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4,493 | 4,370 | ||||||
Shareholders' equity:
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Ultralife equity:
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Common stock, par value $0.10 per share
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1,886 | 1,886 | ||||||
Capital in excess of par value
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174,233 | 173,791 | ||||||
Accumulated other comprehensive loss
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(599 | ) | (620 | ) | ||||
Accumulated deficit
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(95,522 | ) | (93,878 | ) | ||||
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79,998 | 81,179 | ||||||
Less -- Treasury stock, at cost
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7,658 | 7,658 | ||||||
Total Ultralife equity
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72,340 | 73,521 | ||||||
Noncontrolling interest
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(74 | ) | (65 | ) | ||||
Total shareholders' equity
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72,266 | 73,456 | ||||||
Total Liabilities and Shareholders' Equity
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$ | 91,135 | $ | 97,718 | ||||
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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Six-Month Periods Ended
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June 30,
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July 1,
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June 30,
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July 1,
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2013
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2012
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2013
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2012
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Revenues:
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Battery & energy products
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$ | 14,656 | $ | 15,523 | $ | 27,709 | $ | 35,605 | ||||||||
Communications systems
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2,623 | 3,183 | 10,589 | 10,602 | ||||||||||||
Total revenues
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17,279 | 18,706 | 38,298 | 46,207 | ||||||||||||
Cost of products sold:
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Battery & energy products
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11,166 | 11,760 | 21,119 | 27,899 | ||||||||||||
Communications systems
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1,591 | 2,479 | 6,278 | 7,248 | ||||||||||||
Total cost of products sold
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12,757 | 14,239 | 27,397 | 35,147 | ||||||||||||
Gross profit
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4,522 | 4,467 | 10,901 | 11,060 | ||||||||||||
Operating expenses:
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Research and development
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1,669 | 1,970 | 3,038 | 4,109 | ||||||||||||
Selling, general, and administrative
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4,727 | 5,429 | 9,362 | 11,172 | ||||||||||||
Total operating expenses
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6,396 | 7,399 | 12,400 | 15,281 | ||||||||||||
Operating loss
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(1,874 | ) | (2,932 | ) | (1,499 | ) | (4,221 | ) | ||||||||
Other income (expense):
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Interest income
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12 | 2 | 14 | 3 | ||||||||||||
Interest expense
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(43 | ) | (115 | ) | (133 | ) | (219 | ) | ||||||||
Miscellaneous
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2 | (20 | ) | (23 | ) | 32 | ||||||||||
Loss from continuing operations before income taxes
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(1,903 | ) | (3,065 | ) | (1,641 | ) | (4,405 | ) | ||||||||
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Income tax provision-current
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23 | 188 | 61 | 267 | ||||||||||||
Income tax provision (benefit)-deferred
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30 | (17 | ) | 90 | (5 | ) | ||||||||||
Total income taxes
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53 | 171 | 151 | 262 | ||||||||||||
Net loss from continuing operations
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(1,956 | ) | (3,236 | ) | (1,792 | ) | (4,667 | ) | ||||||||
Discontinued operations:
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Income (loss) from discontinued operations, net of tax
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(120 | ) | 49 | 144 | (22 | ) | ||||||||||
Net loss
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(2,076 | ) | (3,187 | ) | (1,648 | ) | (4,689 | ) | ||||||||
Net loss attributable to noncontrolling interest
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3 | 20 | 9 | 20 | ||||||||||||
Net loss attributable to Ultralife
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$ | (2,073 | ) | $ | (3,167 | ) | $ | (1,639 | ) | $ | (4,669 | ) | ||||
Other comprehensive income (loss):
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Foreign currency translation adjustments
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148 | (25 | ) | 21 | 123 | |||||||||||
Comprehensive loss attributable to Ultralife
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$ | (1,925 | ) | $ | (3,192 | ) | $ | (1,618 | ) | $ | (4,546 | ) | ||||
Net income (loss) attributable to Ultralife common shareholders - basic
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Continuing operations
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$ | (0.11 | ) | $ | (0.18 | ) | $ | (0.10 | ) | $ | (0.27 | ) | ||||
Discontinued operations
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$ | (0.01 | ) | $ | 0.00 | $ | 0.01 | $ | (0.00 | ) | ||||||
Total
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$ | (0.12 | ) | $ | (0.18 | ) | $ | (0.09 | ) | $ | (0.27 | ) | ||||
Net income (loss) attributable to Ultralife common shareholders - diluted
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Continuing operations
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$ | (0.11 | ) | $ | (0.18 | ) | $ | (0.10 | ) | $ | (0.27 | ) | ||||
Discontinued operations
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$ | (0.01 | ) | $ | 0.00 | $ | 0.01 | $ | (0.00 | ) | ||||||
Total
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$ | (0.12 | ) | $ | (0.18 | ) | $ | (0.09 | ) | $ | (0.27 | ) | ||||
Weighted average shares outstanding - basic
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17,459 | 17,396 | 17,458 | 17,376 | ||||||||||||
Weighted average shares outstanding - diluted
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17,459 | 17,396 | 17,458 | 17,376 |