Ultralife Corp. Files Q3 2024 10-Q, Details Term Loan

TL;DR

ULBI Q3 10-Q filed. Shows term loan maturities in '25, '26, '27.

AI Summary

Ultralife Corp. reported its Q3 2024 results for the period ending September 30, 2024. The company's fiscal year ends on December 31st. The filing indicates a Senior Secured Term Loan with maturity dates in 2025, 2026, and 2027.

Why It Matters

This filing provides investors with the latest financial performance and debt obligations of Ultralife Corp., crucial for assessing its financial health and future prospects.

Risk Assessment

Risk Level: medium — The presence of a Senior Secured Term Loan with multiple maturity dates indicates financial leverage and associated repayment risks.

Key Numbers

• 20240930 — Period End Date (Third quarter of 2024)
• 2027-03-31 — Term Loan Maturity (Latest maturity date for Senior Secured Term Loan)

Key Players & Entities

• ULTRALIFE CORP (company) — Filer
• 2000 TECHNOLOGY PARKWAY, NEWARK, NY 14513 (location) — Business and Mail Address
• 20240930 (date) — Conformed Period of Report
• 20241112 (date) — Filed as of Date
• Senior Secured Term Loan (financial_instrument) — Debt Obligation
• 2027-03-31 (date) — Term Loan Maturity
• 2026-03-31 (date) — Term Loan Maturity
• 2025-03-31 (date) — Term Loan Maturity

FAQ

Key Financial Figures

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

Filing Documents

• ulbi20240930_10q.htm (10-Q) — 1275KB
• ex_741997.htm (EX-31.1) — 12KB
• ex_741998.htm (EX-31.2) — 12KB
• ex_741999.htm (EX-32) — 5KB
• 0001437749-24-034608.txt ( ) — 6377KB
• ulbi-20240930.xsd (EX-101.SCH) — 51KB
• ulbi-20240930_def.xml (EX-101.DEF) — 351KB
• ulbi-20240930_lab.xml (EX-101.LAB) — 294KB
• ulbi-20240930_pre.xml (EX-101.PRE) — 376KB
• ulbi-20240930_cal.xml (EX-101.CAL) — 45KB
• ulbi20240930_10q_htm.xml (XML) — 1176KB

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 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 17 Item 4.

Controls and Procedures

Controls and Procedures 27 PART II. OTHER INFORMATION Item 6. Exhibits 28

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) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash $ 6,774 $ 10,278 Trade accounts receivable, net of allowance for expected credit losses of $ 301 and $ 300 , respectively 27,754 31,761 Inventories, net 43,994 42,215 Prepaid expenses and other current assets 7,908 5,949 Total current assets 86,430 90,203 Property, plant and equipment, net 20,245 21,117 Goodwill 37,792 37,571 Other intangible assets, net 14,487 15,107 Deferred income taxes, net 9,125 10,567 Other noncurrent assets 4,361 3,711 Total assets $ 172,440 $ 178,276 LIABILITIES AND STOCKHOLDERS ' EQUITY Current liabilities: Accounts payable $ 12,681 $ 11,336 Current portion of long-term debt 2,000 2,000 Accrued compensation and related benefits 2,631 3,115 Accrued expenses and other current liabilities 8,892 7,279 Total current liabilities 26,204 23,730 Long-term debt, net 5,888 23,624 Deferred income taxes 1,626 1,714 Other noncurrent liabilities 4,093 3,781 Total liabilities 37,811 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 – 21,062,627 shares at September 30, 2024 and 20,783,607 shares at December 31, 2023; outstanding – 16,626,513 shares at September 30, 2024 and 16,347,493 shares at December 31, 2023 2,106 2,078 Capital in excess of par value 191,582 189,160 Accumulated deficit ( 34,636 ) ( 40,754 ) Accumulated other comprehensive loss ( 3,084 ) ( 3,660 ) Treasury stock - at cost; 4,436,114 shares at September 30, 2024 and 4,436,114 shares at December 31, 2023 ( 21,492 ) ( 21,492 )

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. Recent Accounting Guidance Not Yet Adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" to expand the disclosure requirements for reportable segments. This standard is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Adoption will not have an impact on the Company's results of operations, financial position or cash flows. The Company is currently evaluating the effect that adoption of this standard will h

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View this 10-Q filing on SEC EDGAR