Ultralife Corporation Reports Second Quarter Results
August 02 2018 - 6:00AM
Ultralife Corporation (NASDAQ:ULBI) reported operating income of
$1.6 million on revenue of $22.9 million for the second quarter
ended July 1, 2018. For the second quarter of 2017, the
Company reported operating income of $1.3 million on revenue of
$19.9 million.
“Following a solid first quarter, Ultralife delivered second
quarter revenue growth of 15% and leveraged operating income growth
of 24%. Second quarter revenue was boosted by a 38% increase
in total Company government/defense sales, as spending continued to
recover in U.S. government/defense markets, and an 8% increase in
medical sales,” said Michael D. Popielec, President and Chief
Executive Officer. “A strong first half, expanding revenue
opportunities, and adherence to our business model parameters
position us well to deliver another year of profitable growth in
2018.”
Second Quarter 2018 Financial Results
Revenue was $22.9 million, an increase of $2.9 million, or
14.7%, compared to $19.9 million for the second quarter of 2017
reflecting higher government/defense and medical sales.
Battery & Energy Products sales increased $1.0 million, or
5.6%, to $17.8 million compared to $16.9 million last year due
primarily to increases in both government/defense and medical sales
of 25.0% and 7.8%, respectively, partially offset by lower
industrial commercial sales. Communications Systems sales
grew 64.5% to $5.0 million compared to $3.1 million for the same
period last year reflecting shipments of our Vehicle Installed
Power Enhanced Riflemen Appliqué (“VIPER”) and Vehicle Amplifier
Adapters for the U.S. Army’s Security Force Assistance Brigades to
a large global defense prime contractor.
Gross profit was $6.6 million, or 28.6% of revenue, compared to
$6.2 million, or 31.2% of revenue, for the same quarter a year
ago. Battery & Energy Products’ gross margin was 27.6%,
compared to 28.1% last year, and Communications Systems gross
margin was 32.3%, compared to 48.4% last year, due to product
mix.
Operating expenses were $4.9 million for both the 2018 and 2017
quarters reflecting continued tight control over discretionary
spending in line with our business model. Operating expenses
were 21.5% of revenue compared to 24.6% of revenue for the year
earlier period.
Operating income was $1.6 million compared to $1.3 million last
year.
Net income was $1.6 million, or $0.10 per share, compared to net
income of $1.1 million, or $0.07 per share, for the second quarter
of 2017. Earnings per share for the trailing
twelve-month period increased to $.55 compared to $.52 at the end
of the first quarter of 2018, with both periods reflecting the $.12
favorable impact of the Tax Cuts and Jobs Act in the fourth 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 www.ultralifecorporation.com.
Conference Call Information
Ultralife will hold its second 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
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.
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.
|
ULTRALIFE CORPORATION AND
SUBSIDIARIES |
CONSOLIDATED BALANCE
SHEETS |
(Dollars in
Thousands) |
(Unaudited) |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
July 1, |
|
December 31, |
|
|
2018 |
|
2017 |
Current
Assets: |
|
|
|
|
Cash |
|
$20,749 |
|
$18,330 |
Trade Accounts Receivable, Net |
|
15,468 |
|
14,657 |
Inventories |
|
24,861 |
|
26,326 |
Prepaid Expenses and Other Current Assets |
|
2,445 |
|
2,603 |
Total Current Assets |
|
63,523 |
|
61,916 |
|
|
|
|
|
Property,
Equipment and Improvements, Net |
|
8,056 |
|
7,570 |
Goodwill,
Intangibles and Other Assets |
|
27,266 |
|
27,700 |
Total Assets |
|
$98,845 |
|
$97,186 |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
Current
Liabilities: |
|
|
|
|
Accounts Payable |
|
$6,656 |
|
$8,787 |
Accrued Compensation and Related Benefits |
|
1,711 |
|
2,413 |
Accrued Expenses and Other Current Liabilities |
|
2,487 |
|
3,039 |
Total Current Liabilities |
|
10,854 |
|
14,239 |
Deferred
Income Taxes and Other Non-Current Liabilities |
|
3,923 |
|
3,898 |
Total Liabilities |
|
14,777 |
|
18,137 |
|
|
|
|
|
Shareholders' Equity: |
|
|
|
|
Common Stock |
|
1,996 |
|
1,966 |
Capital in Excess of Par Value |
|
181,818 |
|
180,211 |
Accumulated Deficit |
|
(79,117) |
|
(82,894) |
Accumulated Other Comprehensive Loss |
|
(2,036) |
|
(1,611) |
Treasury Stock |
|
(18,469) |
|
(18,469) |
Total Ultralife Equity |
|
84,192 |
|
79,203 |
Non-Controlling Interest |
|
(124) |
|
(154) |
Total Shareholders’ Equity |
|
84,068 |
|
79,049 |
|
|
|
|
|
Total Liabilities and Shareholders' Equity |
|
$98,845 |
|
$97,186 |
|
|
|
|
|
ULTRALIFE CORPORATION AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF
INCOME |
(In Thousands Except Per Share
Amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three-Month Periods
Ended |
|
Six-Month Periods
Ended |
|
July 1, |
|
July 2, |
|
July 1, |
|
July 2, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Revenues: |
|
|
|
|
|
|
|
Battery & Energy Products |
$17,831 |
|
$16,880 |
|
$35,055 |
|
$34,359 |
Communications Systems |
5,033 |
|
3,059 |
|
10,878 |
|
7,615 |
Total Revenues |
22,864 |
|
19,939 |
|
$45,933 |
|
$41,974 |
|
|
|
|
|
|
|
|
Cost of Products Sold: |
|
|
|
|
|
|
|
Battery & Energy Products |
12,905 |
|
12,139 |
|
25,093 |
|
24,688 |
Communications Systems |
3,409 |
|
1,579 |
|
7,008 |
|
4,175 |
Total Cost of Products Sold |
16,314 |
|
13,718 |
|
32,101 |
|
28,863 |
|
|
|
|
|
|
|
|
Gross Profit |
6,550 |
|
6,221 |
|
13,832 |
|
13,111 |
|
|
|
|
|
|
|
|
Operating Expenses: |
|
|
|
|
|
|
|
Research and Development |
1,218 |
|
1,185 |
|
2,318 |
|
2,323 |
Selling, General and Administrative |
3,700 |
|
3,714 |
|
7,526 |
|
7,625 |
Total Operating Expenses |
4,918 |
|
4,899 |
|
9,844 |
|
9,948 |
|
|
|
|
|
|
|
|
Operating Income |
1,632 |
|
1,322 |
|
3,988 |
|
3,163 |
|
|
|
|
|
|
|
|
Other (Income) Expense |
(86) |
|
49 |
|
48 |
|
142 |
Income Before Income Tax Provision |
1,718 |
|
1,273 |
|
3,940 |
|
3,021 |
|
|
|
|
|
|
|
|
Income Tax
Provision |
78 |
|
179 |
|
133 |
|
266 |
|
|
|
|
|
|
|
|
Net
Income |
1,640 |
|
1,094 |
|
3,807 |
|
2,755 |
|
|
|
|
|
|
|
|
Net Income
Attributable to Non-Controlling Interest |
13 |
|
- |
|
30 |
|
6 |
|
|
|
|
|
|
|
|
Net
Income Attributable to Ultralife Corporation |
$1,627 |
|
$1,094 |
|
$3,777 |
|
$2,749 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income Per Share Attributable to Ultralife Common Shareholders –
Basic |
$.10 |
|
$.07 |
|
$.24 |
|
$.18 |
|
|
|
|
|
|
|
|
Net
Income Per Share Attributable to Ultralife Common Shareholders –
Diluted |
$.10 |
|
$.07 |
|
$.23 |
|
$.17 |
|
|
|
|
|
|
|
|
Weighted Average Shares Outstanding – Basic |
15,922 |
|
15,510 |
|
15,813 |
|
15,461 |
|
|
|
|
|
|
|
|
Weighted Average Shares Outstanding – Diluted |
16,520 |
|
15,850 |
|
16,354 |
|
15,752 |
|
|
|
|
|
|
|
|
Company Contact:Ultralife
CorporationPhilip A. Fain (315)
210-6110pfain@ulbi.com
Investor Relations Contact:LHA Jody
Burfening(212)
838-3777jburfening@lhai.com
Ultralife (NASDAQ:ULBI)
Historical Stock Chart
From Apr 2024 to May 2024
Ultralife (NASDAQ:ULBI)
Historical Stock Chart
From May 2023 to May 2024