Ultralife Corporation (NASDAQ:ULBI) Q4 2019 Earnings Conference Call February 6, 2020 8:30 AM ET Company Participants Jody Burfening - Investor Relations Mike Popielec - President & Chief Executive Officer Phil Fain - Chief Financial Officer Conference Call Participants Operator Good day, ladies and gentlemen, and welcome to this Ultralife Corporation Fourth Quarter 2019 Earnings Release Conference Call. At this time for opening remarks and introductions, I'd like to turn the call over to Ms. Jody Burfening ...

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, 2019 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 16-1387013 (Stat ...

Ultralife Corporation (NASDAQ:ULBI) Q3 2019 Earnings Conference Call October 31, 2019 8:30 AM ET Company Participants Jody Burfening – Investor Relations Mike Popielec – President and Chief Executive Officer Phil Fain – Chief Financial Officer Conference Call Participants Gary Siperstein – Eliot Rose Wealth Management Operator Good day, and welcome to the Ultralife Corporation Third Quarter 2019 Earnings Release Conference Call. As a reminder, today's conference is being recorded. At this time, for opening ...

Ultralife Corporation (NASDAQ:ULBI) Q2 2019 Earnings Conference Call August 1, 2019 8:30 AM ET Company Participants Jody Burfening - Investor Relations Mike Popielec - President & Chief Executive Officer Phil Fain - Chief Financial Officer Conference Call Participants Gary Siperstein - Eliot Rose Wealth Management Operator Good day, and welcome to this Ultralife Corporation's Second Quarter 2019 Earnings Release Conference Call. At this time, I'll like to turn the conference over to Jody Burfening. Please g ...

Ultralife Corporation Investor Presentation Michael D. Popielec PRESIDENT & CEO Philip A. Fain CFO & TREASURER Updated August 1, 2019 1 IMPORTANT REMINDER – FORWARD LOOKING STATEMENTS This presentation may contain forward-looking statements based on current expectations that involve a number of risks and uncertainties. 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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☐ 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 (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, 2019 OR ULTRALIFE CORPORATION (Exact name of registrant as specified in its charter) Delaware (State or ot ...

Ultralife Corp. (NASDAQ:ULBI) Q1 2019 Earnings Conference Call May 2, 2019 8:30 AM ET Company Participants Jody Burfening - Investor Relations Mike Popielec - President and Chief Executive Officer Phil Fain - Chief Financial Officer Conference Call Participants Gary Siperstein - Eliot Rose Wealth Management Operator Good day and welcome to Ultralife Corporation First Quarter 2019 Earnings Release Call. At this time for opening remarks and introductions, I would like to turn the call over to Ms. Jody Burfeni ...

PART I. FINANCIAL INFORMATION [Item 1. Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) The consolidated financial statements for Q1 2019 report **$18.9 million in revenues** and **$0.4 million in net income**, a significant decline from the prior year Consolidated Statement of Income Highlights (Q1 2019 vs Q1 2018) | Metric | Q1 2019 (ended Mar 31) ($ thousands) | Q1 2018 (ended Apr 1) ($ thousands) | Change | | :--- | :--- | :--- | :--- | | Revenues | $18,882 | $23,069 | -18.1% | | Gross Profit | $5,084 | $7,282 | -30.2% | | Operating Income | $548 | $2,356 | -76.7% | | Net Income Attributable to Ultralife | $425 | $2,151 | -80.2% | | Diluted EPS | $0.03 | $0.13 | -76.9% | Consolidated Balance Sheet Highlights (As of Mar 31, 2019) | Account | March 31, 2019 ($ thousands) | December 31, 2018 ($ thousands) | | :--- | :--- | :--- | | Cash | $21,240 | $25,934 | | Total Current Assets | $65,481 | $67,160 | | Total Assets | $120,951 | $120,848 | | Total Current Liabilities | $15,996 | $15,386 | | Total Liabilities | $17,028 | $16,385 | | Total Shareholders' Equity | $103,923 | $104,463 | Consolidated Statement of Cash Flows Highlights (Q1 2019 vs Q1 2018) | Cash Flow Activity | Q1 2019 (ended Mar 31) ($ thousands) | Q1 2018 (ended Apr 1) ($ thousands) | | :--- | :--- | :--- | | Net Cash Used In Operating Activities | ($545) | ($921) | | Net Cash Used In Investing Activities | ($2,581) | ($172) | | Net Cash (Used In) Provided By Financing Activities | ($1,609) | $939 | | **Decrease in Cash** | **($4,694)** | **-** | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Detailed notes disclose the adoption of ASC 842, the **$25.0 million acquisition** of SWE, credit facility amendments, and segment performance - On May 1, 2019, the company completed the acquisition of Southwest Electronic Energy Corporation ("SWE") for an aggregate purchase price of **$25.0 million in cash**, intended to support commercial revenue diversification, particularly in the oil & gas and subsea electrification markets[32](index=32&type=chunk)[33](index=33&type=chunk) - To fund the SWE acquisition, on May 1, 2019, the company amended its credit agreement to include a five-year, **$8.0 million senior secured term loan** and extended its **$30.0 million senior secured revolving credit facility** through May 31, 2022[39](index=39&type=chunk)[40](index=40&type=chunk) - During Q1 2019, the company repurchased **267,300 shares** of its common stock for an aggregate consideration of **$1.957 million** under its Share Repurchase Program[51](index=51&type=chunk) Segment Performance (Q1 2019 vs Q1 2018) | Segment | Metric | Q1 2019 ($ thousands) | Q1 2018 ($ thousands) | | :--- | :--- | :--- | :--- | | **Battery & Energy Products** | Revenues | $15,998 | $17,224 | | | Segment Contribution | $4,410 | $5,036 | | **Communications Systems** | Revenues | $2,884 | $5,845 | | | Segment Contribution | $674 | $2,246 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a challenging Q1, with consolidated revenues decreasing **18.1% to $18.9 million** and gross margin compressing to **26.9%** [Results of Operations](index=23&type=section&id=Results%20of%20Operations) Consolidated revenues decreased **18.1% to $18.9 million**, with Battery & Energy Products down **7.1%** and Communications Systems down **50.7%**, impacting gross margin - Battery & Energy Products revenues decreased **7.1%** due to a **21.2% drop** in government and defense sales, partially offset by a **4.0% increase** in commercial revenues, led by medical customers[103](index=103&type=chunk) - Communications Systems revenues decreased **50.7%** due to the timing of shipments, transitioning from a large Q1 2018 contract to initial production for new U.S. Army Network Modernization orders in Q1 2019[104](index=104&type=chunk) - Consolidated gross margin fell to **26.9%** from **31.6%** in the prior year, primarily due to unfavorable sales mix and costs incurred to commence initial production for large Communications Systems program awards[105](index=105&type=chunk) [Adjusted EBITDA (Non-GAAP Measure)](index=24&type=section&id=Adjusted%20EBITDA) Adjusted EBITDA, a non-GAAP measure, significantly decreased to **$1.2 million** (6.4% of revenues) in Q1 2019 from **$3.0 million** in Q1 2018 Reconciliation of Net Income to Adjusted EBITDA | Line Item | Q1 2019 ($ thousands) | Q1 2018 ($ thousands) | | :--- | :--- | :--- | | Net Income Attributable to Ultralife | $425 | $2,151 | | Interest and Financing Expense, Net | $5 | $33 | | Income Tax Provision | $41 | $55 | | Depreciation Expense | $447 | $484 | | Amortization of Intangible Assets and Financing Fees | $101 | $111 | | Stock-Based Compensation Expense | $185 | $139 | | **Adjusted EBITDA** | **$1,204** | **$2,973** | [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) Cash decreased by **$4.7 million** to **$21.2 million** as of March 31, 2019, primarily due to inventory build-up, capital expenditures, and share repurchases - Cash decreased by **$4.7 million** during Q1 2019, from **$25.9 million** to **$21.2 million**[121](index=121&type=chunk) - Key uses of cash during the quarter included[122](index=122&type=chunk)[123](index=123&type=chunk) - A **$5.0 million increase** in inventory, primarily for Communications Systems program awards - **$2.6 million** in capital expenditures, mainly for automation equipment in the Battery & Energy Products business - **$2.0 million** for common stock repurchases [Item 4. Controls and Procedures](index=27&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 31, 2019[130](index=130&type=chunk) - No changes occurred during the fiscal quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[131](index=131&type=chunk) PART II. OTHER INFORMATION [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=28&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's share repurchase activity, with **267,300 shares** repurchased in Q1 2019, leaving **2.1 million shares** authorized for repurchase Share Repurchases in Q1 2019 | Period | Total Number of Shares Purchased | Weighted Average Price Paid Per Share ($) | Maximum Shares Remaining for Purchase (shares) | | :--- | :--- | :--- | :--- | | January 2019 | 267,100 | $7.29 | 2,127,226 | | February 2019 | 200 | $7.49 | 2,127,026 | | March 2019 | - | - | 2,127,026 | | **Total Q1** | **267,300** | | | [Item 6. Exhibits](index=29&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO/CFO certifications and XBRL interactive data files - The exhibits filed with this report include CEO/CFO certifications and XBRL data files[137](index=137&type=chunk)

Ultralife Corp. (NASDAQ:ULBI) Q4 2018 Earnings Conference Call February 7, 2019 10:00 AM ET Company Participants Jody Burfening – Investor Relations, LHA Mike Popielec – President and Chief Executive Officer Phil Fain – Chief Financial Officer Conference Call Participants Gary Siperstein – Eliot Rose Wealth Management Bill Lauber – Sterling Capital Management Operator Good day, and welcome to the Ultralife Corporation Fourth Quarter 2018 Earnings Release Conference Call. At this time, for opening remarks an ...

Ultralife Corporation Investor Presentation Michael D. Popielec PRESIDENT & CEO Philip A. Fain CFO & TREASURER Updated February 7, 2019 1 IMPORTANT REMINDER – FORWARD LOOKING STATEMENTS This presentation may contain forward-looking statements based on current expectations that involve a number of risks and uncertainties. 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 ...