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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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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99.1
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Press Release of Ultralife Corporation dated October 31, 2013
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Date: October 31, 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
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||
99.1
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Press Release of Ultralife Corporation dated October 31, 2013
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Company Contact:
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Investor Relations Contact:
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Ultralife Corporation
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Lippert/Heilshorn & Associates
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Philip Fain
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Jody Burfening
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(315) 332-7100
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(212) 838-3777
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pfain@ulbi.com
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jburfening@lhai.com
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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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September 29,
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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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$ | 10,785 | $ | 10,078 | ||||
Trade accounts receivable, net
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15,571 | 20,913 | ||||||
Inventories
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27,829 | 30,370 | ||||||
Prepaid expenses and other current assets
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1,955 | 2,461 | ||||||
Total current assets
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56,140 | 63,822 | ||||||
Property and equipment
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10,836 | 12,415 | ||||||
Other assets:
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||||||||
Goodwill, intangible and other assets
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21,699 | 21,481 | ||||||
Total Assets
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$ | 88,675 | $ | 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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6,057 | 11,357 | ||||||
Other current liabilities
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5,026 | 8,535 | ||||||
Total current liabilities
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11,083 | 19,892 | ||||||
Long-term liabilities:
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||||||||
Other long-term liabilities
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4,357 | 4,370 | ||||||
Shareholders' equity:
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||||||||
Ultralife equity:
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||||||||
Common stock, par value $0.10 per share
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1,888 | 1,886 | ||||||
Capital in excess of par value
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174,541 | 173,791 | ||||||
Accumulated other comprehensive loss
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(567 | ) | (620 | ) | ||||
Accumulated deficit
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(94,873 | ) | (93,878 | ) | ||||
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80,989 | 81,179 | ||||||
Less -- Treasury stock, at cost
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7,658 | 7,658 | ||||||
Total Ultralife equity
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73,331 | 73,521 | ||||||
Noncontrolling interest
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(96 | ) | (65 | ) | ||||
Total shareholders' equity
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73,235 | 73,456 | ||||||
Total Liabilities and Shareholders' Equity
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$ | 88,675 | $ | 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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Nine Month Periods Ended
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|||||||||||||||
September 29,
2013 |
September 30,
2012 |
September 29,
2013 |
September 30,
2012 |
|||||||||||||
Revenues:
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||||||||||||||||
Battery & energy products
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$ | 13,507 | $ | 16,633 | $ | 41,216 | $ | 52,238 | ||||||||
Communications systems
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6,854 | 9,548 | 17,443 | 20,150 | ||||||||||||
Total revenues
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20,361 | 26,181 | 58,659 | 72,388 | ||||||||||||
Cost of products sold:
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||||||||||||||||
Battery & energy products
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9,906 | 11,863 | 31,025 | 39,762 | ||||||||||||
Communications systems
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4,328 | 6,099 | 10,606 | 13,347 | ||||||||||||
Total cost of products sold
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14,234 | 17,962 | 41,631 | 53,109 | ||||||||||||
Gross profit
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6,127 | 8,219 | 17,028 | 19,279 | ||||||||||||
Operating expenses:
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||||||||||||||||
Research and development
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1,418 | 1,596 | 4,456 | 5,706 | ||||||||||||
Selling, general, and administrative
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4,057 | 4,869 | 13,419 | 16,041 | ||||||||||||
Total operating expenses
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5,475 | 6,465 | 17,875 | 21,747 | ||||||||||||
Operating income (loss)
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652 | 1,754 | (847 | ) | (2,468 | ) | ||||||||||
Other income (expense):
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||||||||||||||||
Interest income
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13 | 1 | 27 | 4 | ||||||||||||
Interest expense
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(66 | ) | (97 | ) | (199 | ) | (316 | ) | ||||||||
Miscellaneous
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(8 | ) | (15 | ) | (31 | ) | 17 | |||||||||
Income (loss) from continuing operations before income taxes
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591 | 1,643 | (1,050 | ) | (2,763 | ) | ||||||||||
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||||||||||||||||
Income tax provision (benefit)-current
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(19 | ) | 120 | 42 | 387 | |||||||||||
Income tax provision-deferred
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3 | 55 | 93 | 50 | ||||||||||||
Total income taxes
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(16 | ) | 175 | 135 | 437 | |||||||||||
Net income (loss) from continuing operations
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607 | 1,468 | (1,185 | ) | (3,200 | ) | ||||||||||
Discontinued operations:
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||||||||||||||||
Income from discontinued operations, net of tax
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15 | 200 | 159 | 178 | ||||||||||||
Net income (loss)
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622 | 1,668 | (1,026 | ) | (3,022 | ) | ||||||||||
Net loss attributable to noncontrolling interest
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22 | 11 | 31 | 31 | ||||||||||||
Net income (loss) attributable to Ultralife
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$ | 644 | $ | 1,679 | $ | (995 | ) | $ | (2,991 | ) | ||||||
Other comprehensive income (loss):
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||||||||||||||||
Foreign currency translation adjustments
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32 | (204 | ) | 53 | (81 | ) | ||||||||||
Comprehensive income (loss) loss attributable to Ultralife
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$ | 676 | $ | 1,475 | $ | (942 | ) | $ | (3,072 | ) | ||||||
Net income (loss) attributable to Ultralife common shareholders - basic
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||||||||||||||||
Continuing operations
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$ | 0.04 | $ | 0.09 | $ | (0.07 | ) | $ | (0.18 | ) | ||||||
Discontinued operations
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$ | 0.00 | $ | 0.01 | $ | 0.01 | $ | 0.01 | ||||||||
Total
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$ | 0.04 | $ | 0.10 | $ | (0.06 | ) | $ | (0.17 | ) | ||||||
Net income (loss) attributable to Ultralife common shareholders - diluted
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||||||||||||||||
Continuing operations
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$ | 0.04 | $ | 0.09 | $ | (0.07 | ) | $ | (0.18 | ) | ||||||
Discontinued operations
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$ | 0.00 | $ | 0.01 | $ | 0.01 | $ | 0.01 | ||||||||
Total
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$ | 0.04 | $ | 0.10 | $ | (0.06 | ) | $ | (0.17 | ) | ||||||
Weighted average shares outstanding - basic
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17,467 | 17,418 | 17,461 | 17,390 | ||||||||||||
Weighted average shares outstanding - diluted
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17,532 | 17,418 | 17,461 | 17,390 |