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28-10-2010 13:00:00

Ultralife Corporation Reports Third Quarter Results

Ultralife Corporation (NASDAQ: ULBI)reported operating income of

$4.7 million on revenue of $53.3 million for the quarter ended September

26, 2010. For the third quarter of 2009, the company reported an

operating loss of $0.4 million on revenue of $42.4 million.

Gross margin for the third quarter of 2010 was $14.9 million, or 27.9%

of revenue, compared to $10.4 million, or 24.5% of revenue, for the same

quarter a year ago, reflecting a favorable mix of high-margin

Communications Systems revenue, including strong AMTI amplifier revenue,

and Battery & Energy Products manufacturing efficiencies notably in the

company’s China operations. Included in gross margin for the third

quarter last year was a $1.3 million gain related to the resolution of a

trade dispute.

Operating expenses for the third quarter of 2010 totaled $10.2 million

compared to $10.8 million a year ago. Net income for the third quarter

of 2010 was $4.5 million, or $0.26 per share, compared to a net loss of

$0.6 million, or $0.04 per share, for the same quarter in 2009.

For the nine months ended September 26, 2010, revenue was $128.8 million

compared to $121.8 million for the same period a year ago. Operating

income amounted to $6.0 million compared to an operating loss of $9.0

million for the first nine months of 2009. Net income was $4.8 million

for the nine months ended September 26, 2010, or $0.28 per share,

compared to a net loss of $10.1 million, or $0.59 per share, for the

same period a year ago.

“During the third quarter we generated strong incremental returns on

revenue growth,” said John D. Kavazanjian, Ultralife’s president and

chief executive officer. “Our focus on developing and selling

higher-margin products with greater engineering content helped produce

the third consecutive quarter of significant gross margin expansion.

After taking into account the planned increase in product development,

gross margin gains flowed through to operating income as we held firm on

cost controls and realized operational efficiencies.

“Revenue grew by 26% year-over-year led by Communication Systems sales,”

added Kavazanjian. “Absent orders for standard military batteries from

the U.S. Defense Logistics Agency, Battery & Energy Products revenue

increased by 32% as international defense order activity remained robust

and volumes in our China operation continued to grow. Results in Energy

Services were softer than expected, however, as standby power customers,

still cautious about capital spending, delayed project implementations.”

“Our year-to-date performance puts us on track to deliver gross margin

expansion and strong operating income growth in 2010. As we continue to

generate positive cash flow from operations, we are also making solid

progress toward our goal of sustaining a net positive cash position,”

concluded Kavazanjian.

Outlook

The company reaffirms its 2010 forecast which calls for revenue in the

range of $177 million to $182 million and operating income of

approximately $7.0 million. Management cautions that the timing of

orders and shipments may cause some variability in quarterly results.

About Ultralife Corporation

Ultralife Corporation, which began as a battery company, serves its

markets with products and services ranging from portable and standby

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, Communications Systems and Energy

Services. Ultralife has operations in North America, Europe and Asia.

For more information, visit www.ultralifecorp.com.

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: worsening global economic conditions,

increased competitive environment and pricing pressures, and the

possibility of intangible asset impairment charges that may be taken

should management decide to retire one or more of the brands of acquired

companies. 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.

Conference Call Information

Ultralife will hold its third quarter earnings conference call today at

10:00 AM ET. To participate, please call (800) 915-4836, identify

yourself and ask for the Ultralife call. The conference call will also

be broadcast live over the Internet at http://investor.ultralifecorp.com.

To listen to the call, please go to the web site at least fifteen

minutes early to download and install any necessary audio software. For

those who cannot listen to the live webcast, a replay of the webcast

will be available shortly after the call at the same location.

 

ULTRALIFE CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(In Thousands, Except Per Share Amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three-Month Periods Ended

Nine-Month Periods Ended

 

September 26,

September 27,

September 26,

September 27,

2010

2009

2010

2009

 

Revenues:

Battery & energy products

$

 

20,632

$

 

24,809

$

 

66,440

$

 

73,435

Communications systems

30,180

12,228

54,488

33,850

Energy services

 

 

2,469

 

 

 

5,326

 

 

 

7,884

 

 

 

14,474

 

Total revenues

53,281

42,363

128,812

121,759

 

Cost of products sold:

Battery & energy products

16,151

19,553

51,958

60,083

Communications systems

19,536

7,955

35,000

23,640

Energy services

 

 

2,722

 

 

 

4,491

 

 

 

7,804

 

 

 

13,111

 

Total cost of products sold

 

 

38,409

 

 

 

31,999

 

 

 

94,762

 

 

 

96,834

 

 

Gross margin

14,872

10,364

34,050

24,925

 

Operating expenses:

Research and development

2,611

2,748

6,242

7,242

Selling, general, and administrative

 

 

7,545

 

 

 

8,020

 

 

 

21,827

 

 

 

26,669

 

Total operating expenses

 

 

10,156

 

 

 

10,768

 

 

 

28,069

 

 

 

33,911

 

 

Operating income (loss)

4,716

(404

)

5,981

(8,986

)

 

Other income (expense):

Interest income

-

16

2

20

Interest expense

(253

)

(470

)

(972

)

(1,002

)

Miscellaneous

 

 

449

 

 

 

350

 

 

 

370

 

 

 

152

 

Income (loss) before income taxes

 

 

4,912

 

 

 

(508

)

 

 

5,381

 

 

 

(9,816

)

 

Income tax provision-current

130

17

164

19

Income tax provision-deferred

 

 

284

 

 

 

88

 

 

 

406

 

 

 

272

 

Total income taxes

 

 

414

 

 

 

105

 

 

 

570

 

 

 

291

 

 

Net income (loss)

4,498

(613

)

4,811

(10,107

)

 

Net (income) loss attributable to noncontrolling interest

 

 

28

 

 

 

8

 

 

 

22

 

 

 

26

 

 

Net income (loss) attributable to Ultralife

$

 

4,526

 

$

 

(605

)

$

 

4,833

 

$

(10,081

)

 

 

Net income (loss) attributable to Ultralife common shareholders

- basic

$

 

0.26

 

$

 

(0.04

)

$

 

0.28

 

$

 

(0.59

)

Net income (loss) attributable to Ultralife common shareholders

- diluted

$

 

0.26

 

$

 

(0.04

)

$

 

0.28

 

$

 

(0.59

)

 

 

Weighted average shares outstanding - basic

 

 

17,225

 

 

 

16,921

 

 

 

17,131

 

 

 

16,996

 

Weighted average shares outstanding - diluted

 

 

17,449

 

 

 

16,921

 

 

 

17,136

 

 

 

16,996

 

 

ULTRALIFE CORPORATION

CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Per Share Amounts)

(unaudited)

 

 

 

 

 

 

 

 

September 26,

December 31,

ASSETS

2010

2009

 

Current assets:

Cash and cash equivalents

$

 

7,568

$

 

6,094

Trade accounts receivable, net

29,855

32,449

Inventories

38,037

35,503

Prepaid expenses and other current assets

 

 

2,369

 

 

 

1,912

 

Total current assets

77,829

75,958

 

Property and equipment

14,818

16,648

 

Other assets

Goodwill, intangible and other assets

 

 

38,373

 

 

 

38,560

 

 

Total Assets

$

 

131,020

 

$

 

131,166

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

Current liabilities:

Short-term debt and current portion of long-term debt

$

12,143

$

19,082

Accounts payable

16,951

19,177

Other current liabilities

 

 

12,031

 

 

 

9,875

 

Total current liabilities

 

 

41,125

 

 

 

48,134

 

 

Long-term liabilities:

Long-term debt and capital lease obligations

303

267

Other long-term liabilities

 

 

5,032

 

 

 

4,651

 

Total long-term liabilities

 

 

5,335

 

 

 

4,918

 

 

 

 

Shareholders' equity:

Ultralife equity:

Common stock, par value $0.10 per share

1,863

1,831

Capital in excess of par value

170,725

169,064

Accumulated other comprehensive loss

(1,220

)

(1,256

)

Accumulated deficit

 

 

(79,188

)

 

 

(84,021

)

92,180

85,618

Less -- Treasury stock, at cost

 

 

7,652

 

 

 

7,558

 

Total Ultralife equity

84,528

78,060

Noncontrolling interest

 

 

32

 

 

 

54

 

Total shareholders' equity

 

 

84,560

 

 

 

78,114

 

 

Total Liabilities and Shareholders' Equity

$

 

131,020

 

$

 

131,166

 

Company:

Ultralife Corporation

Philip

Fain, 315-332-7100

pfain@ulbi.com

or

Investor

Relations:

Lippert/Heilshorn & Associates

Jody

Burfening, 212-838-3777

jburfening@lhai.com

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