Ultralife(ULBI)

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Ultralife(ULBI) - 2024 Q2 - Quarterly Report
2024-07-25 11:31
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 0-20852 ULTRALIFE CORPORATION (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorp ...
Ultralife(ULBI) - 2024 Q2 - Quarterly Results
2024-07-25 11:30
Other income, reported below operating income, includes $0.2 million as a preliminary payment from our insurance carrier pertaining to the cyberattack which occurred in the first quarter of 2023. Other income for the second quarter of 2023 included an Employee Retention Credit ("ERC") of $1.5 million under Section 2301 of the Coronavirus Aid, Relief and Economic Security Act of 2020 and the American Rescue Plan of 2021 which was filed with the Internal Revenue Service during that quarter. Exhibit 99.1 Ultra ...
Ultralife Corporation to Report Second Quarter Results on July 25, 2024
Newsfilter· 2024-07-11 11:00
Ultralife's Management will also host an investor conference call and simultaneous webcast at 8:30 AM ET on July 25, 2024. Please see the call-in procedures which follow below. A live webcast of the conference call will be available to investors in the Events & Presentations Section of the Company's website at http://investor.ultralifecorporation.com. 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. Company Contact: Inv ...
Ultralife Corporation Added to Russell 2000® Index
Newsfilter· 2024-07-01 11:00
Core Insights - Ultralife Corporation has been included in the Russell 2000® Index and the broader Russell 3000® Index, indicating a significant enhancement in its financial profile and earnings potential as a result of successful new product investments and margin recovery [1][4]. Company Overview - Ultralife Corporation is headquartered in Newark, New York, and operates in two main business segments: Battery & Energy Products and Communications Systems. The company has a global presence with operations in North America, Europe, and Asia [2][5]. Index Inclusion Details - The annual reconstitution of the Russell U.S. Indexes, effective July 1, 2024, identified Ultralife among the 4,000 largest U.S. stocks based on total market capitalization. This inclusion in the Russell 3000® Index also secures its position in the small-cap Russell 2000® Index and relevant growth and value style indexes [3][4]. Market Impact - The inclusion in the Russell Index is expected to increase Ultralife's visibility among institutional investors who are interested in companies operating in the expanding markets for power solutions and electronic systems, thereby contributing to shareholder value through sustainable and profitable growth [1][4].
Ultralife Corporation Is Attractive Here
Seeking Alpha· 2024-06-30 15:14
Business Overview Performance, Safety and Reliability for Their Critical Applications Revenue Mix TTM by Revenues TTM by Business Segment Market Segment ent & Defense I Battery & Energy Products #Communications Systems Safety & Security & Industrial Medical & Healthcare Energy Storage Oll & Gas and SubSea History & Background Founded in 1991; NASDAQ - ULBI Headquarters - Newark, NY Employees – 545 Business Segments: Battery & Energy Products Communications Systems Strategic Business Locations in N. America, ...
Ultralife(ULBI) - 2024 Q1 - Earnings Call Transcript
2024-04-27 12:15
Ultralife Corporation (NASDAQ:ULBI) Q1 2024 Earnings Call Transcript April 25, 2024 8:30 AM ET Company Participants Jody Burfening - IR Mike Manna - President and CEO Phil Fain - CFO Conference Call Participants Josh Sullivan - The Benchmark Company Samuel McColgan - Breakout Investors Operator Good day, and thank you for standing by. Welcome to the Ultralife Corporation First Quarter Conference Call. At this time, all participants are in listen-only mode. After the speakers’ presentation, there will be a q ...
Ultralife(ULBI) - 2024 Q1 - Quarterly Report
2024-04-25 11:31
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission file number: 0-20852 ULTRALIFE CORPORATION (Exact name of registrant as specified in its charter) Delaware (State or o ...
Ultralife(ULBI) - 2024 Q1 - Quarterly Results
2024-04-25 11:30
[First Quarter 2024 Financial Results](index=1&type=section&id=First%20Quarter%202024%20Financial%20Results) Ultralife achieved strong Q1 2024 results, driven by gross margin improvements and robust demand from key customer segments [Overview of Q1 2024 Performance](index=1&type=section&id=Overview%20of%20Q1%202024%20Performance) Ultralife reported strong Q1 2024 results, driven by gross margin initiatives and sustained demand from core customers - The CEO attributed the strong Q1 results to teamwork, gross margin improvement initiatives, and continued demand from core government/defense and medical customers[2](index=2&type=chunk) Q1 2024 Key Performance Indicators (in millions) | Metric | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | Sales | $41.9M | $31.9M | +31.4% | | Gross Profit | $11.5M | $7.4M | +55.4% | | Gross Margin | 27.4% | 23.3% | +410 bps | | Operating Income | $4.1M | $0.0M | N/A | | GAAP EPS | $0.18 | ($0.02) | N/A | | Adjusted EBITDA | $5.2M | $1.2M | +333.3% | | Backlog | $97.4M | N/A | N/A | [Detailed Financial Analysis](index=1&type=section&id=Detailed%20Financial%20Analysis) A detailed review of revenue, profitability, and non-GAAP measures reveals significant financial improvements [Revenue Analysis](index=1&type=section&id=Revenue%20Analysis) Total revenue increased significantly, propelled by strong government/defense sales and growth in the medical market Revenue by Segment (in millions) | Segment | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | Battery & Energy Products | $35.0 | $28.5 | +22.9% | | Communications Systems | $6.9 | $3.4 | +101.3% | | **Total Revenue** | **$41.9** | **$31.9** | **+31.4%** | - Growth was primarily driven by an **83.4% increase in government/defense sales** and an **8.6% increase in commercial sales**[3](index=3&type=chunk) - Within commercial sales, the medical battery market was a key contributor with **54.7% growth**, while oil & gas market sales declined by **13.9%**[3](index=3&type=chunk) [Profitability Analysis](index=1&type=section&id=Profitability%20Analysis) Profitability improved substantially due to higher volume, production efficiencies, and a favorable product mix Gross Margin by Segment | Segment | Q1 2024 Gross Margin | Q1 2023 Gross Margin | | :--- | :--- | :--- | | Battery & Energy Products | 25.7% | 22.9% | | Communications Systems | 35.8% | 26.8% | | **Total Gross Margin** | **27.4%** | **23.3%** | - Operating expenses remained flat at **$7.4 million** year-over-year, representing **17.7% of revenue** compared to **23.2%** in the prior year, demonstrating strong operating leverage[6](index=6&type=chunk) Operating and Net Income (in millions) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Operating Income | $4.1 | $0.0 | | Net Income | $2.9 | ($0.3) | | Diluted EPS (GAAP) | $0.18 | ($0.02) | [Non-GAAP Measures](index=2&type=section&id=Non-GAAP%20Measures) Non-GAAP performance showed strong growth in Adjusted EBITDA and a significant turnaround in Adjusted EPS - Adjusted EBITDA, which includes non-cash stock-based compensation, reached **$5.2 million** (**12.5% of sales**), a four-fold increase from **$1.2 million** (**3.6% of sales**) in Q1 2023[5](index=5&type=chunk)[9](index=9&type=chunk) - Adjusted EPS, which excludes non-cash deferred tax provisions, was **$0.21 per diluted share**, compared to a loss of **$0.05** in the prior-year period[8](index=8&type=chunk) [Financial Statements](index=3&type=section&id=Financial%20Statements) Key financial statements provide a comprehensive overview of the company's assets, liabilities, equity, and income [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) The balance sheet reflects a slight increase in total assets and shareholders' equity, with a decrease in liabilities Key Balance Sheet Items (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Current Assets | $94,302 | $90,203 | | **Total Assets** | **$180,551** | **$178,276** | | Total Current Liabilities | $23,376 | $23,730 | | **Total Liabilities** | **$51,606** | **$52,849** | | **Total Shareholders' Equity** | **$128,945** | **$125,427** | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Income statements highlight substantial revenue growth and a significant turnaround from a net loss to net income Consolidated Income Statement Highlights (in thousands) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total Revenues | $41,927 | $31,916 | | Gross Profit | $11,470 | $7,436 | | Operating Income (Loss) | $4,063 | $26 | | Net Income (Loss) Attributable to Ultralife | $2,891 | ($346) | | Diluted EPS | $0.18 | ($0.02) | [Reconciliation of Non-GAAP Financial Measures](index=5&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) Reconciliations provide clarity on the adjustments made to derive non-GAAP financial metrics like EBITDA and EPS [Adjusted EBITDA Reconciliation](index=5&type=section&id=Adjusted%20EBITDA%20Reconciliation) Net Income is reconciled to Adjusted EBITDA, showing a substantial increase in this key profitability metric Adjusted EBITDA Calculation (in thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Income (Loss) Attributable to Ultralife | $2,891 | ($346) | | Interest Expense, Net | $520 | $424 | | Income Tax Provision (Benefit) | $703 | ($133) | | Depreciation Expense | $740 | $762 | | Amortization of Intangible Assets | $228 | $209 | | Stock-Based Compensation Expense | $161 | $139 | | Non-Recurring – Cyber Insurance Deductible | $0 | $100 | | **Adjusted EBITDA** | **$5,243** | **$1,155** | [Adjusted EPS Reconciliation](index=6&type=section&id=Adjusted%20EPS%20Reconciliation) GAAP EPS is adjusted to exclude deferred tax provisions, resulting in a positive adjusted earnings per share Adjusted EPS Calculation (in thousands, except per share) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Income (Loss) Attributable to Ultralife | $2,891 | ($346) | | Diluted EPS (GAAP) | $0.18 | ($0.02) | | Deferred Tax Provision (Benefit) | $650 | ($390) | | **Adjusted Net Income (Loss)** | **$3,541** | **($736)** | | **Adjusted Diluted EPS** | **$0.21** | **($0.05)** | [Company Information and Forward-Looking Statements](index=2&type=section&id=Company%20Information%20and%20Forward-Looking%20Statements) Essential company details, conference call logistics, and important forward-looking statement disclaimers are provided [About Ultralife Corporation](index=2&type=section&id=About%20Ultralife%20Corporation) Ultralife Corporation provides power solutions and communications systems to government/defense and commercial customers globally - Ultralife serves government/defense and commercial markets with products ranging from power solutions to communications and electronics systems[10](index=10&type=chunk) - The company's business is organized into two segments: Battery & Energy Products and Communications Systems, with operations in North America, Europe, and Asia[11](index=11&type=chunk) [Conference Call Information](index=2&type=section&id=Conference%20Call%20Information) Ultralife scheduled an earnings conference call and provided access details for participants and webcast viewers - A conference call to discuss Q1 earnings was held at **8:30 AM ET** on the day of the announcement[12](index=12&type=chunk) - Dial-in participants were required to pre-register, and a live webcast was also made available for investors[13](index=13&type=chunk) [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements subject to various risks and uncertainties, as detailed in SEC filings - The press release includes forward-looking statements that are based on current expectations and involve a number of risks and uncertainties[14](index=14&type=chunk) - Potential risks cited include uncertain global economic conditions, reductions in military spending, and supply chain disruptions[14](index=14&type=chunk)
Ultralife(ULBI) - 2023 Q4 - Annual Report
2024-03-21 20:47
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission file number: 0-20852 ULTRALIFE CORPORATION (Exact name of registrant as specified in its charter) Delaware (State or other ...
Ultralife(ULBI) - 2023 Q4 - Earnings Call Transcript
2024-02-15 20:52
Ultralife Corporation (NASDAQ:ULBI) Q4 2023 Earnings Call Transcript February 15, 2024 8:30 AM ET Company Participants Jody Burfening - IR Mike Manna - President and CEO Phil Fain - CFO Conference Call Participants Josh Sullivan - The Benchmark Company Brett Davidson - Investletter John Deysher - Pinnacle Operator Thank you for standing by, and welcome to Ultralife Corporation's Fourth Quarter 2023 Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ present ...