NEWARK, N.Y., May 03, 2018 (GLOBE NEWSWIRE) -- Ultralife Corporation (NASDAQ:ULBI) reported operating income of $2.4 million on revenue of $23.1 million for the first quarter ended April 1, 2018.  For the first quarter of 2017, the Company reported operating income of $1.8 million on revenue of $22.0 million. 

“Our first quarter results demonstrate the leveraged earnings power of our business model and the diversity of new revenue opportunities we have been cultivating,” said Michael D. Popielec, President and Chief Executive Officer.   “Total Company government/defense sales grew 6% driven by strong Communications Systems shipments and total Company commercial sales grew 3% driven by higher medical sales.  On the strength of 5% revenue growth, solid gross margins and disciplined expense control, operating profit grew 28% generating a 10.2% operating margin.  A strong start to the year, backlog, and strict adherence to our business model parameters give us confidence that we will deliver another year of profitable growth.”    

First Quarter 2018 Financial Results

Revenue was $23.1 million, an increase of $1.0 million, or 4.7%, compared to $22.0 million for the first quarter of 2017 reflecting higher medical and government/defense sales.  Battery & Energy Products sales decreased $.3 million, or 1.5%, to $17.2 million compared to $17.5 million last year due primarily to timing differences in government/defense shipments, not fully offset by an 18.9% increase in medical sales.  Communications Systems grew 28.3% to $5.8 million compared to $4.6 million for the same period last year reflecting shipments of our Vehicle Amplifier Adapters for the U.S. Army’s Special Force Assistance Brigades under a contract awarded in December 2017, power supplies shipments to a large global defense prime contractor, as well as a 49% year-over-year increase in shipments of core products such as our 20-watt amplifiers and universal vehicle adapters. 

Gross profit was $7.3 million, or 31.6% of revenue, compared to $6.9 million, or 31.3% of revenue, for the same quarter a year ago.  Battery & Energy Products’ gross margin was 29.2%, compared to 28.2% last year, and Communications Systems’ gross margin was 38.4%, compared to 43.0% last year, primarily due to product mix.

Operating expenses were $4.9 million compared to $5.0 million last year reflecting continued tight control over discretionary spending.  Operating expenses were 21.4% of revenue compared to 22.9% of revenue for the year-earlier period.

Operating income was $2.4 million compared to $1.8 million last year for an operating margin of 10.2% compared to 8.4% last year. 

Net income was $2.2 million, or $0.14 per share, compared to net income of $1.7 million, or $0.11 per share, for the first quarter of 2017.  

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 first 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 revenues from key customers, 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. 

(Dollars in Thousands)

 April 1, December 31, 
 2018   2017 
Current Assets:    
Cash$18,330  $18,330  
Trade Accounts Receivable, Net 15,730   14,657  
Inventories 26,961   26,326  
Prepaid Expenses and Other Current Assets 2,730   2,603  
Total Current Assets 63,751   61,916  
Property, Equipment and Improvements, Net 7,359   7,570  
Goodwill, Intangibles and Other Assets 27,967   27,700  
Total Assets$99,077  $97,186  
Current Liabilities:   
Accounts Payable$7,545  $8,787  
Accrued Compensation and Related Benefits 1,694   2,413  
Accrued Expenses and Other Current Liabilities 2,840   3,039  
Total Current Liabilities 12,079   14,239  
Deferred Income Taxes and Other Non-Current Liabilities 3,905   3,898  
Total Liabilities 15,984   18,137  
Shareholders' Equity:    
Common Stock 1,989   1,966  
Capital in Excess of Par Value 181,312   180,211  
Accumulated Deficit (80,743)  (82,894) 
Accumulated Other Comprehensive Loss (859)  (1,611) 
Treasury Stock (18,469)  (18,469) 
Total Ultralife Equity 83,230   79,203  
Non-Controlling Interest (137)  (154) 
Total Shareholders’ Equity 83,093   79,049  
Total Liabilities and Shareholders' Equity$        99,077  $97,186  

 (In Thousands Except Per Share Amounts)
 Three Month Periods Ended
 April 1, April 2,
 2018   2017
Battery & Energy Products$ 17,224  $17,479 
Communications Systems 5,845   4,556 
Total Revenues 23,069   22,035 
Cost of Products Sold:   
Battery & Energy Products 12,188   12,549 
Communications Systems 3,599   2,596 
Total Cost of Products Sold 15,787   15,145 
Gross Profit 7,282   6,890 
Operating Expenses:   
Research and Development 1,101   1,138 
Selling, General and Administrative 3,825   3,911 
Total Operating Expenses 4,926   5,049 
Operating Income 2,356   1,841 
Other Expense (133)  (93)
Income Before Income Tax Provision 2,223   1,748 
Income Tax Provision (55)  (87)
Net Income 2,168   1,661 
Net Income Attributable to Non-Controlling Interest (17)  (6)
Net Income Attributable to Ultralife Corporation$2,151  $1,655 
Net Income Per Share Attributable to Ultralife Common Shareholders  – Basic   
 $0.14  $0.11 
Net Income Per Share Attributable to Ultralife Common Shareholders – Diluted     
 $0.13  $0.11 
Weighted Average Shares Outstanding – Basic 15,704    15,412 
Weighted Average Shares Outstanding – Diluted 16,202    15,656 

Company Contact:Investor Relations Contact:
Ultralife CorporationLHA
Philip A. Fain Jody Burfening
(315) 210-6110 (212) 838-3777