{"id":519672,"date":"2021-07-29T07:04:32","date_gmt":"2021-07-29T11:04:32","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/ultralife-corporation-reports-second-quarter-results\/"},"modified":"2021-07-29T07:04:32","modified_gmt":"2021-07-29T11:04:32","slug":"ultralife-corporation-reports-second-quarter-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ultralife-corporation-reports-second-quarter-results\/","title":{"rendered":"Ultralife Corporation Reports Second Quarter Results"},"content":{"rendered":"
\n

NEWARK, N.Y., July 29, 2021 (GLOBE NEWSWIRE) — Ultralife Corporation (NASDAQ: ULBI) reported operating income of $1.1 million on revenue of $26.8 million for the second quarter ended June 30, 2021. For the second quarter of 2020, the Company reported operating income of $2.3 million on revenue of $28.6 million.<\/p>\n

\u201cUltralife\u2019s end-market diversification strategy continues to serve us well. For the second quarter, sales increased sequentially 3% from the first quarter as our oil & gas revenues rebounded, growing 49% year over year. Medical sales abated from last year\u2019s COVID-related demand spike yet were above pre-pandemic levels, and sales from government\/defense customers were soft relative to last year\u2019s strong shipment flows,\u201d said Michael D. Popielec, President and Chief Executive Officer. \u201cGiven our solid liquidity position, we increased investments in capex and critical engineering resources to support new contracts and completion of transformational new products. Although these investments weighed on operating and net income year-over-year comparisons, sequential EPS grew 20% on the strength of gains in commercial sales.\u201d<\/p>\n

Added Mr. Popielec, \u201cSupply chains and logistics continue to be the source of operational challenges, delaying some shipments and increasing freight costs, and clouding our visibility for the second half of the year. Nevertheless, activity in our end markets remains high and our goal is to continue improving our financial performance each quarter. We remain focused on executing near-term growth initiatives and developing long-term growth opportunities while adhering to our proven and profitable business model.\u201d<\/p>\n

\n
\n Second Quarter 2021 Financial Results<\/u>
\n <\/strong>\n <\/p>\n

Revenue was $26.8 million, a decrease of $1.8 million, or 6.3%, compared to $28.6 million for the second quarter of 2020. Overall, commercial sales decreased 1.0% and government\/defense sales decreased 13.2% from the 2020 period. Battery & Energy Products declined 4.8% to $22.9 million, compared to $24.0 million last year, with a 48.6% increase in oil & gas market sales and a 23.2% increase in 9-Volt sales offset by a 27.9% decrease in medical battery sales and a 12.7% decrease in government\/defense sales. Communications Systems sales decreased 13.9% to $3.9 million compared to $4.5 million for the same period last year, primarily due to 2020 shipments of vehicle amplifier-adaptor systems to support the U.S. Army\u2019s Network Modernization initiatives completing the delivery orders announced in October 2018. During the 2021 second quarter, increased lead times on components from suppliers and other COVID-19 related logistics matters resulted in delays in our shipments to future periods. We estimate that the delayed shipments adversely impacted revenue for the 2021 second quarter by approximately $1.5 million.<\/p>\n

Gross profit was $7.3 million, or 27.1% of revenue, compared to $8.0 million, or 27.9% of revenue, for the same quarter a year ago. Battery & Energy Products\u2019 gross margin was 26.3%, compared to 25.1% last year, as a result of favorable sales product mix and lower scrap and rework on new products transitioning to high volume production. Communications Systems gross margin was 32.1%, compared to 42.8% last year, primarily due to the favorable sales mix in 2020 of the vehicle amplifier-adaptor systems for the U.S. Army.<\/p>\n

Operating expenses were $6.2 million compared to $5.7 million last year, representing an increase of 9.0%, primarily relating to our continued investment in engineering resources for new product development, including resources dedicated to the Conformal Wear Battery IDIQ contract awarded in May 2021. Operating expenses were 23.1% of revenue compared to 19.8% of revenue for the year-earlier period.<\/p>\n

Operating income was $1.1 million compared to $2.3 million last year, and operating margin was 4.1% compared to 8.0% last year. We estimate that delayed shipments resulting from supply chain and other COVID-19 related logistics matters adversely impacted operating income for the 2021 second quarter by approximately $0.5 million.<\/p>\n

Net income was $0.8 million or $0.05 per diluted share using the U.S. statutory tax rate, compared to net income of $1.7 million or $0.10 per diluted share for the second quarter of 2020. Adjusted EPS was $0.06 on a diluted basis for the second quarter of 2021, compared to $0.13 for the 2020 period. Adjusted EPS excludes the provision for deferred taxes which primarily represents non-cash charges of $.2 million for U.S. taxes which will be fully offset by net operating loss carryforwards and other tax credits for the foreseeable future. We estimate that delayed shipments resulting from supply chain and other COVID-19 related logistics matters adversely impacted Adjusted EPS for the 2021 second quarter by approximately $0.03.<\/p>\n

During the second quarter of 2021, our cash-on-hand increased by 15.9% to $15.8 million and our debt was reduced by 36.6% to $0.7 million.<\/p>\n

See the \u201cNon-GAAP Financial Measures\u201d section of this release for a reconciliation of Adjusted EPS to EPS and Adjusted EBITDA to Net Income Attributable to Ultralife Corporation.<\/p>\n

\n About Ultralife Corporation<\/strong>\n <\/p>\n

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.<\/p>\n

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<\/a>.<\/p>\n

\n Conference Call Information<\/strong>\n <\/p>\n

Ultralife will hold its second quarter earnings conference call today at 8:30 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.\u00a0A 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<\/a>. 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.<\/p>\n

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 the impact of COVID-19, potential reductions in revenues from key customers, acceptance of our new products on a global basis and uncertain global economic conditions. 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\u2019s financial results is included in Ultralife\u2019s Securities and Exchange Commission (SEC) filings, including the latest Annual Report on Form 10-K.<\/p>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n ULTRALIFE CORPORATION AND SUBSIDIARIES<\/strong>\n <\/td>\n<\/tr>\n
\n CONSOLIDATED BALANCE SHEETS<\/strong>
\n
\n (Dollars in Thousands)<\/strong>\n <\/td>\n<\/tr>\n
\n (Unaudited)
<\/strong>
\n
\n
\n <\/strong>\n <\/td>\n<\/tr>\n
\n ASSETS<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n June 30,<\/strong>
\n
\n 2021<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n December 31,<\/strong>
\n
\n 2020<\/strong>\n <\/td>\n<\/tr>\n
Current Assets:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash<\/td>\n$15,828<\/td>\n\u00a0<\/td>\n$10,653<\/td>\n<\/tr>\n
Trade Accounts Receivable, Net<\/td>\n18,712<\/td>\n\u00a0<\/td>\n21,054<\/td>\n<\/tr>\n
Inventories, Net<\/td>\n27,414<\/td>\n\u00a0<\/td>\n28,193<\/td>\n<\/tr>\n
Prepaid Expenses and Other Current Assets<\/td>\n2,351<\/td>\n\u00a0<\/td>\n4,596<\/td>\n<\/tr>\n
Total Current Assets<\/td>\n64,305<\/td>\n\u00a0<\/td>\n64,496<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Property, Plant and Equipment, Net<\/td>\n22,720<\/td>\n\u00a0<\/td>\n22,850<\/td>\n<\/tr>\n
Goodwill<\/td>\n27,115<\/td>\n\u00a0<\/td>\n27,018<\/td>\n<\/tr>\n
Other Intangible Assets, Net<\/td>\n8,936<\/td>\n\u00a0<\/td>\n9,209<\/td>\n<\/tr>\n
Deferred Income Taxes, Net<\/td>\n11,459<\/td>\n\u00a0<\/td>\n11,836<\/td>\n<\/tr>\n
Other Non-Current Assets<\/td>\n1,985<\/td>\n\u00a0<\/td>\n2,292<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total Assets<\/td>\n$136,520<\/td>\n\u00a0<\/td>\n$137,701<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n
\n LIABILITIES AND SHAREHOLDERS’ EQUITY<\/strong>
\n \n <\/td>\n<\/tr>\n
Current Liabilities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts Payable<\/td>\n$9,545<\/td>\n\u00a0<\/td>\n$10,839<\/td>\n<\/tr>\n
Current Portion of Long-Term Debt, Net<\/td>\n624<\/td>\n\u00a0<\/td>\n1,361<\/td>\n<\/tr>\n
Accrued Compensation and Related Benefits<\/td>\n1,396<\/td>\n\u00a0<\/td>\n1,748<\/td>\n<\/tr>\n
Accrued Expenses and Other Current Liabilities<\/td>\n3,966<\/td>\n\u00a0<\/td>\n4,758<\/td>\n<\/tr>\n
Total Current Liabilities<\/td>\n15,531<\/td>\n\u00a0<\/td>\n18,706<\/td>\n<\/tr>\n
Deferred Income Taxes<\/td>\n492<\/td>\n\u00a0<\/td>\n515<\/td>\n<\/tr>\n
Other Non-Current Liabilities<\/td>\n1,260<\/td>\n\u00a0<\/td>\n1,557<\/td>\n<\/tr>\n
Total Liabilities<\/td>\n17,283<\/td>\n\u00a0<\/td>\n20,778<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Shareholders’ Equity:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Common Stock<\/td>\n2,047<\/td>\n\u00a0<\/td>\n2,037<\/td>\n<\/tr>\n
Capital in Excess of Par Value<\/td>\n186,138<\/td>\n\u00a0<\/td>\n185,464<\/td>\n<\/tr>\n
Accumulated Deficit<\/td>\n(46,116)<\/td>\n\u00a0<\/td>\n(47,598)<\/td>\n<\/tr>\n
Accumulated Other Comprehensive Loss<\/td>\n(1,586)<\/td>\n\u00a0<\/td>\n(1,782)<\/td>\n<\/tr>\n
Treasury Stock<\/td>\n(21,388)<\/td>\n\u00a0<\/td>\n(21,321)<\/td>\n<\/tr>\n
Total Ultralife Equity<\/td>\n119,095<\/td>\n\u00a0<\/td>\n116,800<\/td>\n<\/tr>\n
Non-Controlling Interest<\/td>\n142<\/td>\n\u00a0<\/td>\n123<\/td>\n<\/tr>\n
Total Shareholders\u2019 Equity<\/td>\n119,237<\/td>\n\u00a0<\/td>\n116,923<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total Liabilities and Shareholders’ Equity<\/td>\n$136,520<\/td>\n\u00a0<\/td>\n$137,701<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n ULTRALIFE CORPORATION AND SUBSIDIARIES<\/strong>\n <\/td>\n<\/tr>\n
\n CONSOLIDATED STATEMENTS OF INCOME<\/strong>\n <\/td>\n<\/tr>\n
\n (In Thousands Except Per Share Amounts)<\/strong>\n <\/td>\n<\/tr>\n
\n (Unaudited)<\/strong>
\n \n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n Three-Month Period Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Six-Month Period Ended<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n June 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n June 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n June 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n June 30,<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n<\/tr>\n
\n Revenues:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Battery & Energy Products<\/td>\n$22,875<\/td>\n\u00a0<\/td>\n$24,036<\/td>\n\u00a0<\/td>\n$44,986<\/td>\n\u00a0<\/td>\n$44,797<\/td>\n<\/tr>\n
Communications Systems<\/td>\n3,895<\/td>\n\u00a0<\/td>\n4,524<\/td>\n\u00a0<\/td>\n7,757<\/td>\n\u00a0<\/td>\n9,577<\/td>\n<\/tr>\n
\n Total Revenues<\/strong>\n <\/td>\n26,770<\/td>\n\u00a0<\/td>\n28,560<\/td>\n\u00a0<\/td>\n52,743<\/td>\n\u00a0<\/td>\n54,374<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Cost of Products Sold:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Battery & Energy Products<\/td>\n16,859<\/td>\n\u00a0<\/td>\n18,010<\/td>\n\u00a0<\/td>\n33,534<\/td>\n\u00a0<\/td>\n33,455<\/td>\n<\/tr>\n
Communications Systems<\/td>\n2,644<\/td>\n\u00a0<\/td>\n2,587<\/td>\n\u00a0<\/td>\n4,964<\/td>\n\u00a0<\/td>\n5,622<\/td>\n<\/tr>\n
\n Total Cost of Products Sold<\/strong>\n <\/td>\n19,503<\/td>\n\u00a0<\/td>\n20,597<\/td>\n\u00a0<\/td>\n38,498<\/td>\n\u00a0<\/td>\n39,077<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Gross Profit<\/strong>\n <\/td>\n7,267<\/td>\n\u00a0<\/td>\n7,963<\/td>\n\u00a0<\/td>\n14,245<\/td>\n\u00a0<\/td>\n15,297<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Operating Expenses:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Research and Development<\/td>\n1,853<\/td>\n\u00a0<\/td>\n1,275<\/td>\n\u00a0<\/td>\n3,500<\/td>\n\u00a0<\/td>\n2,823<\/td>\n<\/tr>\n
Selling, General and Administrative<\/td>\n4,323<\/td>\n\u00a0<\/td>\n4,394<\/td>\n\u00a0<\/td>\n8,702<\/td>\n\u00a0<\/td>\n8,695<\/td>\n<\/tr>\n
Total Operating Expenses<\/td>\n6,176<\/td>\n\u00a0<\/td>\n5,669<\/td>\n\u00a0<\/td>\n12,202<\/td>\n\u00a0<\/td>\n11,518<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Operating Income <\/strong>\n <\/td>\n1,091<\/td>\n\u00a0<\/td>\n2,294<\/td>\n\u00a0<\/td>\n2,043<\/td>\n\u00a0<\/td>\n3,779<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Other Expense<\/strong>\n <\/td>\n21<\/td>\n\u00a0<\/td>\n117<\/td>\n\u00a0<\/td>\n77<\/td>\n\u00a0<\/td>\n209<\/td>\n<\/tr>\n
\n Income Before Income Tax Provision<\/strong>\n <\/td>\n1,070<\/td>\n\u00a0<\/td>\n2,177<\/td>\n\u00a0<\/td>\n1,966<\/td>\n\u00a0<\/td>\n3,570<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income Tax Provision<\/td>\n248<\/td>\n\u00a0<\/td>\n499<\/td>\n\u00a0<\/td>\n465<\/td>\n\u00a0<\/td>\n818<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net Income <\/strong>\n <\/td>\n822<\/td>\n\u00a0<\/td>\n1,678<\/td>\n\u00a0<\/td>\n1,501<\/td>\n\u00a0<\/td>\n2,752<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net Income Attributable to Non-Controlling Interest<\/td>\n11<\/td>\n\u00a0<\/td>\n20<\/td>\n\u00a0<\/td>\n19<\/td>\n\u00a0<\/td>\n35<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net Income Attributable to Ultralife Corporation<\/strong>\n <\/td>\n$811<\/td>\n\u00a0<\/td>\n$1,658<\/td>\n\u00a0<\/td>\n$1,482<\/td>\n\u00a0<\/td>\n$2,717<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net Income Per Share Attributable to Ultralife Common Shareholders \u2013 Basic<\/strong>\n <\/td>\n$.05<\/td>\n\u00a0<\/td>\n$.10<\/td>\n\u00a0<\/td>\n$.09<\/td>\n\u00a0<\/td>\n$.17<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net Income Per Share Attributable to Ultralife Common Shareholders \u2013 Diluted<\/strong>\n <\/td>\n$.05<\/td>\n\u00a0<\/td>\n$.10<\/td>\n\u00a0<\/td>\n$.09<\/td>\n\u00a0<\/td>\n$.17<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Weighted Average Shares Outstanding \u2013 Basic<\/strong>\n <\/td>\n16,019<\/td>\n\u00a0<\/td>\n15,882<\/td>\n\u00a0<\/td>\n15,997<\/td>\n\u00a0<\/td>\n15,880<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Weighted Average Shares Outstanding \u2013 Diluted<\/strong>\n <\/td>\n16,260<\/td>\n\u00a0<\/td>\n16,133<\/td>\n\u00a0<\/td>\n16,194<\/td>\n\u00a0<\/td>\n16,114<\/td>\n<\/tr>\n<\/table>\n

\n
\n
\n <\/strong>\n <\/p>\n

\n Non-GAAP Financial Measures:<\/strong>\n <\/p>\n

\n Adjusted Earnings Per Share<\/strong>\n <\/p>\n

In evaluating our business, we consider and use Adjusted EPS, a non-GAAP financial measure, as a supplemental measure of our business performance in addition to GAAP financial measures. We define Adjusted EPS as net income attributable to Ultralife Corporation excluding the provision for deferred taxes divided by our weighted average shares outstanding on both a basic and diluted basis. We believe that this information is useful in providing period-to-period comparisons of our results by reflecting the portion of our tax provision that we expect will be offset by our U.S. net operating loss carryforwards and other tax credits for the foreseeable future. We reconcile Adjusted EPS to EPS, the most comparable financial measure under GAAP. Neither current nor potential investors in our securities should rely on Adjusted EPS as a substitute for any GAAP measures and we encourage investors to review the following reconciliation of Adjusted EPS to EPS and net income attributable to Ultralife Corporation.<\/p>\n

\n \n <\/p>\n\n\n\n\n\n
\n ULTRALIFE CORPORATION AND SUBSIDIARIES<\/strong>\n <\/td>\n<\/tr>\n
\n CALCULATION OF ADJUSTED EPS<\/strong>\n <\/td>\n<\/tr>\n
\n (In Thousands Except Per Share Amounts)<\/strong>\n <\/td>\n<\/tr>\n
\n (Unaudited)<\/strong>
\n \n <\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Three-Month Period Ended<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n June 30, 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\n June 30, 2020<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n Amount<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Per
Basic
Share<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Per
Diluted
Share<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Amount<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Per
Basic
Share<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Per
Diluted
Share<\/strong>\n <\/td>\n<\/tr>\n
Net Income<\/td>\n$811<\/td>\n\u00a0<\/td>\n$.05<\/td>\n\u00a0<\/td>\n$.05<\/td>\n\u00a0<\/td>\n$1,658<\/td>\n\u00a0<\/td>\n$.10<\/td>\n\u00a0<\/td>\n$.10<\/td>\n<\/tr>\n
Deferred Tax Provision<\/td>\n177<\/td>\n\u00a0<\/td>\n.01<\/td>\n\u00a0<\/td>\n.01<\/td>\n\u00a0<\/td>\n391<\/td>\n\u00a0<\/td>\n.03<\/td>\n\u00a0<\/td>\n.03<\/td>\n<\/tr>\n
Adjusted Net Income<\/td>\n$988<\/td>\n\u00a0<\/td>\n$.06<\/td>\n\u00a0<\/td>\n$.06<\/td>\n\u00a0<\/td>\n$2,049<\/td>\n\u00a0<\/td>\n$.13<\/td>\n\u00a0<\/td>\n$.13<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Weighted Average Shares Outstanding<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,019<\/td>\n\u00a0<\/td>\n16,260<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,882<\/td>\n\u00a0<\/td>\n16,133<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Six-Month Period Ended<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n June 30, 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\n June 30, 2020<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n Amount<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Per
Basic
Share<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Per
Diluted
Share<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Amount<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Per
Basic
Share<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Per
Diluted
Share<\/strong>\n <\/td>\n<\/tr>\n
Net Income<\/td>\n$1,482<\/td>\n\u00a0<\/td>\n$.09<\/td>\n\u00a0<\/td>\n$.09<\/td>\n\u00a0<\/td>\n$2,717<\/td>\n\u00a0<\/td>\n$.17<\/td>\n\u00a0<\/td>\n$.17<\/td>\n<\/tr>\n
Deferred Tax Provision<\/td>\n345<\/td>\n\u00a0<\/td>\n.02<\/td>\n\u00a0<\/td>\n.02<\/td>\n\u00a0<\/td>\n633<\/td>\n\u00a0<\/td>\n.04<\/td>\n\u00a0<\/td>\n.04<\/td>\n<\/tr>\n
Adjusted Net Income<\/td>\n$1,827<\/td>\n\u00a0<\/td>\n$.11<\/td>\n\u00a0<\/td>\n$.11<\/td>\n\u00a0<\/td>\n$3,350<\/td>\n\u00a0<\/td>\n$.21<\/td>\n\u00a0<\/td>\n$.21<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Weighted Average Shares Outstanding<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,997<\/td>\n\u00a0<\/td>\n16,194<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,880<\/td>\n\u00a0<\/td>\n16,114<\/td>\n<\/tr>\n<\/table>\n

\n
\n
\n <\/strong>\n <\/p>\n

\n Adjusted EBITDA<\/strong>\n <\/p>\n

In evaluating our business, we consider and use Adjusted EBITDA, a non-GAAP financial measure, as a supplemental measure of our operating performance in addition to GAAP financial measures. We define Adjusted EBITDA as net income attributable to Ultralife Corporation before net interest expense, provision (benefit) for income taxes, depreciation and amortization, and stock-based compensation expense, plus\/minus expense\/income that we do not consider reflective of our ongoing continuing operations. We reconcile Adjusted EBITDA to net income attributable to Ultralife Corporation, the most comparable financial measure under GAAP. Neither current nor potential investors in our securities should rely on Adjusted EBITDA as a substitute for any GAAP measures and we encourage investors to review the following reconciliation of Adjusted EBITDA to net income attributable to Ultralife Corporation.<\/p>\n

\n \n <\/p>\n\n\n\n\n\n
\n ULTRALIFE CORPORATION AND SUBSIDIARIES<\/strong>\n <\/td>\n<\/tr>\n
\n CALCULATION OF ADJUSTED EBITDA<\/strong>\n <\/td>\n<\/tr>\n
\n (Dollars in Thousands)<\/strong>\n <\/td>\n<\/tr>\n
\n (Unaudited)<\/strong>
\n \n <\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Three-Month Period Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Six-Month Period Ended<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n June 30,
2021<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n June 30,
2020<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n June 30,
2021<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n June 30,
2020<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net Income Attributable to Ultralife Corporation<\/td>\n$811<\/td>\n\u00a0<\/td>\n$1,658<\/td>\n\u00a0<\/td>\n$1,482<\/td>\n\u00a0<\/td>\n$2,717<\/td>\n<\/tr>\n
Adjustments:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest and Financing Expense, Net<\/td>\n55<\/td>\n\u00a0<\/td>\n106<\/td>\n\u00a0<\/td>\n111<\/td>\n\u00a0<\/td>\n280<\/td>\n<\/tr>\n
Income Tax Provision<\/td>\n248<\/td>\n\u00a0<\/td>\n499<\/td>\n\u00a0<\/td>\n465<\/td>\n\u00a0<\/td>\n818<\/td>\n<\/tr>\n
Depreciation Expense<\/td>\n730<\/td>\n\u00a0<\/td>\n582<\/td>\n\u00a0<\/td>\n1,460<\/td>\n\u00a0<\/td>\n1,161<\/td>\n<\/tr>\n
Amortization Expense<\/td>\n156<\/td>\n\u00a0<\/td>\n158<\/td>\n\u00a0<\/td>\n310<\/td>\n\u00a0<\/td>\n319<\/td>\n<\/tr>\n
Stock-Based Compensation Expense<\/td>\n186<\/td>\n\u00a0<\/td>\n304<\/td>\n\u00a0<\/td>\n370<\/td>\n\u00a0<\/td>\n534<\/td>\n<\/tr>\n
Adjusted EBITDA<\/td>\n$2,186<\/td>\n\u00a0<\/td>\n$3,307<\/td>\n\u00a0<\/td>\n$4,198<\/td>\n\u00a0<\/td>\n$5,829<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n
\n Company Contact:<\/strong>\n <\/td>\n\n Investor Relations Contact:<\/strong>\n <\/td>\n<\/tr>\n
\n Ultralife Corporation<\/u>\n <\/td>\n\n LHA<\/u>\n <\/td>\n<\/tr>\n
\n Philip A. Fain<\/strong>\n <\/td>\n\n Jody Burfening<\/strong>\n <\/td>\n<\/tr>\n
\n (315) 210-6110<\/strong>\n <\/td>\n\n (212) 838-3777<\/strong>\n <\/td>\n<\/tr>\n
\n
\n pfain@ulbi.com<\/u>
\n <\/a>\n <\/td>\n		\n jburfening@lhai.com<\/a>\n <\/td>\n<\/tr>\n<\/table>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

NEWARK, N.Y., July 29, 2021 (GLOBE NEWSWIRE) — Ultralife Corporation (NASDAQ: ULBI) reported operating income of $1.1 million on revenue of $26.8 million for the second quarter ended June 30, 2021. For the second quarter of 2020, the Company reported operating income of $2.3 million on revenue of $28.6 million. \u201cUltralife\u2019s end-market diversification strategy continues to serve us well. For the second quarter, sales increased sequentially 3% from the first quarter as our oil & gas revenues rebounded, growing 49% year over year. Medical sales abated from last year\u2019s COVID-related demand spike yet were above pre-pandemic levels, and sales from government\/defense customers were soft relative to last year\u2019s strong shipment flows,\u201d said Michael D. Popielec, President and Chief Executive Officer. … <\/p>\n

Continue reading “Ultralife Corporation Reports Second Quarter Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-519672","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nUltralife Corporation Reports Second Quarter Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ultralife-corporation-reports-second-quarter-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ultralife Corporation Reports Second Quarter Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"NEWARK, N.Y., July 29, 2021 (GLOBE NEWSWIRE) — Ultralife Corporation (NASDAQ: ULBI) reported operating income of $1.1 million on revenue of $26.8 million for the second quarter ended June 30, 2021. For the second quarter of 2020, the Company reported operating income of $2.3 million on revenue of $28.6 million. \u201cUltralife\u2019s end-market diversification strategy continues to serve us well. For the second quarter, sales increased sequentially 3% from the first quarter as our oil & gas revenues rebounded, growing 49% year over year. Medical sales abated from last year\u2019s COVID-related demand spike yet were above pre-pandemic levels, and sales from government\/defense customers were soft relative to last year\u2019s strong shipment flows,\u201d said Michael D. 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For the second quarter of 2020, the Company reported operating income of $2.3 million on revenue of $28.6 million. \u201cUltralife\u2019s end-market diversification strategy continues to serve us well. For the second quarter, sales increased sequentially 3% from the first quarter as our oil & gas revenues rebounded, growing 49% year over year. Medical sales abated from last year\u2019s COVID-related demand spike yet were above pre-pandemic levels, and sales from government\/defense customers were soft relative to last year\u2019s strong shipment flows,\u201d said Michael D. Popielec, President and Chief Executive Officer. … Continue reading \"Ultralife Corporation Reports Second Quarter Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/ultralife-corporation-reports-second-quarter-results\/","og_site_name":"Market Newsdesk","article_published_time":"2021-07-29T11:04:32+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODI4ODUwMiM0MzE3ODkyIzIwMDU2NTA=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"8 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ultralife-corporation-reports-second-quarter-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ultralife-corporation-reports-second-quarter-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Ultralife Corporation Reports Second Quarter Results","datePublished":"2021-07-29T11:04:32+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ultralife-corporation-reports-second-quarter-results\/"},"wordCount":1697,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ultralife-corporation-reports-second-quarter-results\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODI4ODUwMiM0MzE3ODkyIzIwMDU2NTA=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ultralife-corporation-reports-second-quarter-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/ultralife-corporation-reports-second-quarter-results\/","name":"Ultralife Corporation Reports Second Quarter Results - 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