Ultralife Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Ultralife Corp. has filed its Q1 2024 10-Q report, detailing financial performance and business operations.</b>

AI Summary

ULTRALIFE CORP (ULBI) filed a Quarterly Report (10-Q) with the SEC on April 25, 2024. Ultralife Corp. filed its 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's previous name was Ultralife Batteries Inc., with a name change on February 24, 1994. Ultralife Corp. is classified under SIC code 3690: Miscellaneous Electrical Machinery, Equipment & Supplies. The company's business and mailing address is 2000 Technology Parkway, Newark, NY 14513.

Why It Matters

For investors and stakeholders tracking ULTRALIFE CORP, this filing contains several important signals. This filing provides investors and analysts with the latest financial data for Ultralife Corp., enabling informed investment decisions. Understanding the company's performance in the first quarter of 2024 is crucial for assessing its trajectory and potential future growth.

Risk Assessment

Risk Level: medium — ULTRALIFE CORP shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) which typically contains routine financial information and does not indicate any immediate, significant positive or negative developments.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to identify any trends or significant changes in revenue or expenses.

Key Numbers

• 2024-03-31 — Report Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-25 — Filing Date (FILED AS OF DATE)
• 3690 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• ULTRALIFE CORP (company) — FILER
• ULBI (company) — tk
• 2000 TECHNOLOGY PARKWAY (location) — BUSINESS ADDRESS
• NEWARK (location) — BUSINESS ADDRESS CITY
• NY (location) — BUSINESS ADDRESS STATE
• 14513 (location) — BUSINESS ADDRESS ZIP
• ULTRALIFE BATTERIES INC (company) — FORMER COMPANY

FAQ

Industry Context

Ultralife Corp. operates in the Miscellaneous Electrical Machinery, Equipment & Supplies industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports.

What Investors Should Do

1. Analyze revenue and net income trends for Q1 2024.
2. Examine segment performance, particularly for Communications Systems and Battery Energy Products.
3. Review any disclosed risk factors or management discussion for potential insights.

Key Dates

• 2024-03-31: Quarterly Period End — Marks the end of the reporting period for the 10-Q filing.
• 2024-04-25: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, following the company's previous filings.

Key Financial Figures

• $0.10 — ection 12(b) of the Act: Common Stock, $0.10 par value per share ULBI NASDAQ (

Filing Documents

• ulbi20240331_10q.htm (10-Q) — 857KB
• ex_657176.htm (EX-31.1) — 12KB
• ex_657177.htm (EX-31.2) — 12KB
• ex_657178.htm (EX-32) — 6KB
• 0001437749-24-013121.txt (&nbsp;) — 5005KB
• ulbi-20240331.xsd (EX-101.SCH) — 43KB
• ulbi-20240331_def.xml (EX-101.DEF) — 320KB
• ulbi-20240331_lab.xml (EX-101.LAB) — 268KB
• ulbi-20240331_pre.xml (EX-101.PRE) — 342KB
• ulbi-20240331_cal.xml (EX-101.CAL) — 42KB
• ulbi20240331_10q_htm.xml (XML) — 774KB

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 4.

Controls and Procedures

Controls and Procedures 23 PART II. OTHER INFORMATION Item 6. Exhibits 24

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

CONSOLIDATED FINANCIAL STATEMENTS

Item 1. CONSOLIDATED FINANCIAL STATEMENTS ULTRALIFE CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In Thousands except share amounts) (Unaudited) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash $ 10,099 $ 10,278 Trade accounts receivable, net of allowance for expected credit losses of $ 300 and $ 300 , respectively 35,278 31,761 Inventories, net 43,821 42,215 Prepaid expenses and other current assets 5,104 5,949 Total current assets 94,302 90,203 Property, plant and equipment, net 20,670 21,117 Goodwill 37,499 37,571 Other intangible assets, net 14,867 15,107 Deferred income taxes, net 9,873 10,567 Other noncurrent assets 3,340 3,711 Total assets $ 180,551 $ 178,276 LIABILITIES AND STOCKHOLDERS ' EQUITY Current liabilities: Accounts payable $ 13,315 $ 11,336 Current portion of long-term debt 2,000 2,000 Accrued compensation and related benefits 2,013 3,115 Accrued expenses and other current liabilities 6,048 7,279 Total current liabilities 23,376 23,730 Long-term debt 23,140 23,624 Deferred income taxes 1,675 1,714 Other noncurrent liabilities 3,415 3,781 Total liabilities 51,606 52,849 Commitments and contingencies (Note 8) Stockholders' equity: Preferred stock – par value $ .10 per share; authorized 1,000,000 shares; none issued - - Common stock – par value $ .10 per share; authorized 40,000,000 shares; issued – 20,887,446 shares at March 31, 2024 and 20,783,607 shares at December 31, 2023; outstanding – 16,451,332 shares at March 31, 2024 and 16,347,493 shares at December 31, 2023 2,089 2,078 Capital in excess of par value 189,995 189,160 Accumulated deficit ( 37,863 ) ( 40,754 ) Accumulated other comprehensive loss ( 3,892 ) ( 3,660 ) Treasury stock - at cost; 4,436,114 shares at March 31, 2024 and 4,436,114 shares at December 31, 2023 ( 21,492 ) ( 21,492 ) Total Ultralife

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In thousands except share and per share amounts) (Unaudited) 1. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements of Ultralife Corporation and its subsidiaries (the "Company" or "Ultralife") have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") for interim financial information and with the instructions to Rule 8-03 of Regulation S-X. Accordingly, they do not include all the information and notes for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair presentation of the consolidated financial statements have been included. Results for interim periods should not be considered indicative of results to be expected for a full year. Reference should be made to the consolidated financial statements and related notes thereto contained in our Form 10-K for the year ended December 31, 2023. The December 31, 2023 consolidated balance sheet information referenced herein was derived from audited financial statements but does not include all disclosures required by GAAP. Certain items previously reported in specific financial statement captions have been reclassified to conform to the current presentation. Recently Adopted Accounting Guidance None. Recent Accounting Guidance Not Yet Adopted In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09 "Income Taxes (Topics 740): Improvements to Income Tax Disclosures" to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures. 2. DEBT On

View Full Filing

View this 10-Q filing on SEC EDGAR