Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 08, 2017 | Jun. 26, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | Ultralife Corp | ||
Entity Central Index Key | 875,657 | ||
Trading Symbol | ulbi | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 15,363,658 | ||
Entity Public Float | $ 46,435,667 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash | $ 10,629 | $ 14,393 |
Restricted Cash | 77 | 140 |
Trade Accounts Receivable, Net of Allowance for Doubtful Accounts of $277 and $300, Respectively | 13,179 | 11,430 |
Inventories, Net | 23,456 | 23,814 |
Prepaid Expenses and Other Current Assets | 2,079 | 1,900 |
Due from Insurance Company | 0 | 177 |
Deferred Income Taxes | 94 | 92 |
Total Current Assets | 49,514 | 51,946 |
Property, Equipment and Improvements, Net | 7,999 | 9,038 |
Goodwill | 19,965 | 16,283 |
Other Intangible Assets, Net | 7,194 | 3,946 |
Security Deposits and Other Non-Current Assets | 72 | 309 |
Total Assets | 84,744 | 81,522 |
Current Liabilities: | ||
Accounts Payable | 7,292 | 6,494 |
Accrued Compensation and Related Benefits | 1,258 | 2,377 |
Accrued Expenses and Other Current Liabilities | 2,606 | 1,749 |
Income Taxes Payable | 172 | 227 |
Total Current Liabilities | 11,328 | 10,847 |
Deferred Income Taxes | 5,538 | 4,631 |
Other Non-Current Liabilities | 18 | 28 |
Total Liabilities | 16,884 | 15,506 |
Commitments and Contingencies (Note 7) | ||
Shareholders' 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 – 19,324,723 Shares and 19,181,815 Shares, Respectively; Outstanding – 15,308,971 Shares and 15,322,155 Shares, Respectively | 1,932 | 1,918 |
Capital in Excess of Par Value | 178,163 | 177,007 |
Accumulated Deficit | (90,542) | (94,051) |
Accumulated Other Comprehensive Loss | (3,080) | (907) |
Treasury Stock - at Cost; 4,015,752 Shares and 3,859,660 Shares at December 31, 2016 and 2015, Respectively | (18,443) | (17,808) |
Total Ultralife Corporation Equity | 68,030 | 66,159 |
Non-Controlling Interest | (170) | (143) |
Total Shareholders’ Equity | 67,860 | 66,016 |
Total Liabilities and Shareholders' Equity | $ 84,744 | $ 81,522 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Trade accounts receivable, allowance for doubtful accounts | $ 277 | $ 300 |
Preferred stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 19,324,723 | 19,181,815 |
Common stock, shares outstanding (in shares) | 15,308,971 | 15,322,155 |
Treasury stock, shares (in shares) | 4,015,752 | 3,859,660 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues | $ 82,460,000 | $ 76,427,000 |
Cost of Products Sold | 57,352,000 | 53,111,000 |
Gross Profit | 25,108,000 | 23,316,000 |
Operating Expenses: | ||
Research and Development | 5,946,000 | 5,603,000 |
Selling, General and Administrative | 15,399,000 | 14,233,000 |
Intangible Asset Impairment | 0 | 150,000 |
Total Operating Expenses | 21,345,000 | 19,986,000 |
Operating Income | 3,763,000 | 3,330,000 |
Other (Expense) Income: | ||
Interest Income | 0 | 3,000 |
Interest and Financing Expense | (263,000) | (248,000) |
Miscellaneous | 80,000 | 65,000 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 3,580,000 | 3,150,000 |
Income Tax Provision | 98,000 | 310,000 |
Net income | 3,482,000 | 2,840,000 |
Net Loss Attributable to Non-Controlling Interest | 27,000 | 29,000 |
Net Income Attributable to Ultralife Corporation | 3,509,000 | 2,869,000 |
Other Comprehensive Loss: | ||
Foreign Currency Translation Adjustments | (2,173,000) | (440,000) |
Comprehensive Income Attributable to Ultralife Corporation | $ 1,336,000 | $ 2,429,000 |
Net Income Per Share Attributable to Ultralife Corporation Common Shareholders – Basic: (in dollars per share) | $ 0.23 | $ 0.18 |
Net Income Per Share Attributable to Ultralife Corporation Common Shareholders – Diluted: (in dollars per share) | $ 0.23 | $ 0.17 |
Weighted Average Shares Outstanding – Basic (in shares) | 15,261 | 16,182 |
Weighted Average Shares Outstanding – Diluted (in shares) | 15,405 | 16,458 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2014 | 18,941,544 | ||||||
Balance at Dec. 31, 2014 | $ 1,894 | $ 175,940 | $ (467) | $ (96,920) | $ (8,420) | $ (114) | $ 71,913 |
Purchases of Stock | (9,388) | (9,388) | |||||
Vesting of Restricted Shares (in shares) | 102,334 | ||||||
Vesting of Restricted Shares | $ 10 | (28) | $ (18) | ||||
Stock Option Exercises (in shares) | 137,937 | 137,937 | |||||
Stock Option Exercises | $ 14 | 524 | $ 538 | ||||
Stock-Based Compensation - Stock Options | 489 | 489 | |||||
Stock-Based Compensation - Restricted Stock | 82 | 82 | |||||
Foreign Currency Translation Adjustments | (440) | (440) | |||||
Net Income | 2,869 | (29) | $ 2,840 | ||||
Balance (in shares) at Dec. 31, 2015 | 19,181,815 | 19,181,815 | |||||
Balance at Dec. 31, 2015 | $ 1,918 | 177,007 | (907) | (94,051) | (17,808) | (143) | $ 66,016 |
Purchases of Stock | (635) | $ (635) | |||||
Vesting of Restricted Shares (in shares) | 15,900 | ||||||
Vesting of Restricted Shares | $ 2 | (2) | |||||
Stock Option Exercises (in shares) | 127,008 | 152,789 | |||||
Stock Option Exercises | $ 12 | 448 | $ 460 | ||||
Stock-Based Compensation - Stock Options | 676 | 676 | |||||
Stock-Based Compensation - Restricted Stock | 34 | 34 | |||||
Foreign Currency Translation Adjustments | (2,173) | (2,173) | |||||
Net Income | 3,509 | (27) | $ 3,482 | ||||
Balance (in shares) at Dec. 31, 2016 | 19,324,723 | 19,324,723 | |||||
Balance at Dec. 31, 2016 | $ 1,932 | $ 178,163 | $ (3,080) | $ (90,542) | $ (18,443) | $ (170) | $ 67,860 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
OPERATING ACTIVITIES: | ||
Net Income | $ 3,482,000 | $ 2,840,000 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||
Depreciation | 2,223,000 | 2,401,000 |
Amortization of Intangible Assets | 503,000 | 235,000 |
Amortization of Financing Fees | 71,000 | 71,000 |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | 150,000 |
Stock-Based Compensation | 710,000 | 571,000 |
Loss on Long-Lived Asset Disposals | 29,000 | 114,000 |
Deferred Income Tax Expense | 135,000 | 183,000 |
Provision for allowance for doubtful accounts | (24,000) | (22,000) |
Changes in operating assets and liabilities: | ||
Accounts Receivable | (667,000) | (217,000) |
Inventories | 1,981,000 | 2,101,000 |
Prepaid Expenses and Other Assets | 730,000 | (757,000) |
Income taxes receivable and payable | (158,000) | 158,000 |
Accounts Payable and Other Liabilities | (1,362,000) | 723,000 |
Net Cash Provided by Operating Activities | 7,653,000 | 8,551,000 |
INVESTING ACTIVITIES: | ||
Acquisition of Accutronics, Net of Cash Acquired | (9,857,000) | 0 |
Cash Paid for Property, Equipment and Improvements | (1,219,000) | (2,910,000) |
Change in Restricted Cash | 65,000 | 0 |
Net Cash Used in Investing Activities | (11,011,000) | (2,910,000) |
FINANCING ACTIVITIES: | ||
Cash Paid to Repurchase Treasury Stock | (607,000) | (9,388,000) |
Proceeds from Debt Borrowings | 3,030,000 | |
Payments of Debt Borrowings | (3,030,000) | |
Proceeds from Exercise of Stock Options | 460,000 | 538,000 |
Tax Withholdings on Stock-Based Awards | (28,000) | (18,000) |
Net Cash Used in Financing Activities | (175,000) | (8,868,000) |
Effect of Exchange Rate Changes on Cash | (231,000) | (91,000) |
DECREASE IN CASH | (3,764,000) | (3,318,000) |
Cash, Beginning of Year | 14,393,000 | 17,711,000 |
Cash, End of Year | 10,629,000 | 14,393,000 |
Supplemental Cash Flow Information: | ||
Construction in Process in Accounts Payable | 83,000 | |
Income Taxes Paid | 273,000 | 52,000 |
Interest Paid | $ 179,000 | $ 150,000 |
Note 1 - Summary of Operations
Note 1 - Summary of Operations and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | Note 1 a. Description of Business As used in this annual report, unless otherwise indicated, the terms “we”, “our” and “us” refer to Ultralife Corporation (“Ultralife”) and includes our wholly-owned subsidiaries, ABLE New Energy Co., Limited and its wholly-owned subsidiary ABLE New Energy Co.; Ltd; Ultralife UK LTD and its wholly-owned subsidiary, Accutronics Ltd; Ultralife Batteries (UK) Ltd.; and our majority-owned joint venture Ultralife Batteries India Private Limited. We offer products and services ranging from power solutions to communications and electronics systems. Through our engineering and collaborative approach to problem solving, we serve government, defense and commercial customers across the globe. We design, manufacture, install and maintain power and communications systems including: rechargeable and non-rechargeable batteries, charging systems, communications and electronics systems and accessories, and custom engineered systems. We sell our products worldwide through a variety of trade channels, including original equipment manufacturers (“OEMs”), industrial and defense supply distributors, and directly to U.S. and international defense departments. b. Principles of Consolidation The consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and include the accounts of Ultralife Corporation, our wholly-owned subsidiaries, Ultralife Batteries (UK) Ltd., Ultralife UK LTD, and its wholly-owned subsidiary Accutronics Ltd, ABLE New Energy Co., Limited, and its wholly-owned subsidiary ABLE New Energy Co., Ltd. (“ABLE” collectively), and our majority-owned subsidiary Ultralife Batteries India Private Limited (“India JV”). Intercompany accounts and transactions have been eliminated in consolidation. c. Management's Use of Judgment and Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at year end and the reported amounts of revenues and expenses during the reporting period. Key areas affected by estimates include: (a) carrying value of goodwill and intangible assets; (b) reserves for deferred tax assets, excess and obsolete inventory, warranties, and bad debts; (c) valuation of assets acquired and liabilities assumed in business combinations; (d) various expense accruals; and (e) stock-based compensation. Our actual results could differ from these estimates. d. Reclassifications Certain items previously reported in specific financial statement captions are reclassified to conform to the current presentation. There were no material reclassifications for the years ended December 31, 2016 2015. e. Cash Our cash balances may f. Accounts Receivable and Allowance for Doubtful Accounts $277 $300 December 31, 2016 2015, g. Inventories Inventories are stated at the lower of cost or market with cost determined under the first first h. Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives. Estimated useful lives are as follows: Buildings 10 – 20 Machinery and Equipment 5 – 10 Furniture and Fixtures 3 – 10 Computer Hardware and Software 3 – 5 Leasehold Improvements Lesser of useful life or lease term Betterments, renewals and extraordinary repairs that extend the life of the assets are capitalized. Other repairs and maintenance costs are expensed when incurred. When disposed, the cost and accumulated depreciation applicable to assets retired are removed from the accounts and the gain or loss on disposition is recognized in operating income. i. Long-Lived Assets, Goodwill and Intangibles We assess all of our long-lived assets for impairment when events or circumstances indicate that their carrying amounts may not December 31, 2016 2015. We do not amortize goodwill and intangible assets with indefinite lives, but instead measure these assets for impairment as of December 31, may The impairment analysis of goodwill consists first may The quantitative impairment test for goodwill consists of a comparison of the fair value of the reporting unit with the carrying amount of the reporting unit to which it is assigned. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired. If the carrying amount of a reporting unit exceeds its fair value, a second No December 31, 2016. 2016, December 31, 2015. $150. Future amortization expense of amortizable intangible assets will be approximately $405, $373, $352, $340 $321 December 31, 2017 2021, j. Translation of Foreign Currency The financial statements of our foreign subsidiaries are translated from the functional currency into U.S. dollar equivalents, with translation adjustments recorded as the sole component of accumulated other comprehensive loss on the balance sheets. Exchange gains and (losses) relate to foreign currency transactions and balances denominated in currencies other than the functional currency included in net income for the years ended December 31, 2016 2015 $86 $48, k . Revenue Recognition Deferred Revenue – l. Warranty Reserves We estimate future costs associated with expected product failure rates, material usage and service costs in the development of our warranty obligations. Warranty reserves, included in other current liabilities and other long-term liabilities as applicable on our Consolidated Balance Sheets, are based on historical experience of warranty claims. In the event the actual results of these items differ from the estimates, an adjustment to the warranty obligation would be recorded. m. Shipping and Handling Costs Costs incurred by us related to shipping and handling are included in cost of products sold. Amounts charged to customers pertaining to these costs are reflected as revenue. n. Advertising Expenses Advertising costs are expensed as incurred and are included in selling, general and administrative expenses in the accompanying Consolidated Statements of Income and Comprehensive Income. Such expenses amounted to $32 $59 December 31, 2016 2015, o. Research and Development Research and development expenditures are charged to operations as incurred. The majority of research and development expenses pertain to salaries and benefits, developmental supplies, depreciation and other contracted services. During 2016 2015, $6,155 $6,112, $209 $509, $209 $509 2016 2015, p. Environmental Costs Environmental expenditures that relate to current operations are expensed. Remediation costs that relate to an existing condition caused by past operations are accrued when it is probable that these costs will be incurred and can be reasonably estimated. q. Income Taxes We account for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. A valuation allowance is required when it is more likely than not that the recorded value of a deferred tax asset will not be realized. As of December 31, 2016, 2016. December 31, 2015. r. Concentration Related to Customers and Suppliers During the year ended December 31, 2016, two 25% December 31, 2015, one 23% 10% Currently, we do not experience significant seasonal trends in our revenues. Since a significant portion of our revenues are based on purchases from U.S. and allied country defense departments, the timing of our sales could be impacted by delays in the government budget process and the decisions to deploy resources to support military purchases of our products. We generally do not distribute our products to a concentrated geographical area nor is there a significant concentration of credit risks arising from individuals or groups of customers engaged in similar activities, or who have similar economic characteristics. While direct and indirect sales to the U.S. Department of Defense have been substantial during 2016 2015, Certain materials and components used in our products are available only from a single or a limited number of suppliers. As such, some materials and components could become in short supply resulting in limited availability and/or increased costs. Additionally, we may s. Fair Value Measurements and Disclosures Fair value is defined as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Observable inputs, other than Level 1 Level 3: Unobservable inputs supported by little or no market activity that are significant to the fair value of the assets or liabilities. The fair value of financial instruments approximated their carrying values at December 31, 2016 2015. t. Earnings Per Share Basic earnings per share is computed by dividing net income or loss attributable to Ultralife Corporation by the weighted average number of common shares outstanding for the period. Diluted earnings per share calculations reflect the assumed exercise and conversion of dilutive employee stock options and unvested restricted stock, if any, applying the treasury stock method. Diluted earnings per share in 2016 1,238,804 135,458 15,900 9,538 2015 1,312,282 260,318 32,800 15,385 Diluted earnings per share calculations exclude the effect of approximately 1,332,281 945,687 2016 2015, u. Stock-Based Compensation We have various stock-based employee compensation plans that are described more fully in Note 8. v. Segment Reporting We have two w. Recent Accounting Pronouncements In May 2014, 2014 09 606) 606 December 15, 2017, 606 In July 2015, 2015 11, December 15, 2016, In November 2015, 2015 17, December 15, 2016, may first 2017. In February 2016, 2016 02, December 15, 2018 may In March 2016, 2016 09, 718)” December 15, 2016, January 1, 2017. In October 2016, 2016 16, 740), December 15, 2017, January 1, 2018 In August 2016, 2016 15, 230), eight December 15, 2017, January 1, 2018 |
Note 2 - Acquisition
Note 2 - Acquisition | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Note 2 – Acquisition On January 13, 2016, The acquisition was completed pursuant to the terms of the Share Purchase Agreement dated January 13, 2016 £7,575 ($10,976) The purchase price was subject to adjustment based on the difference between actual and estimated amounts of working capital of Accutronics as well as the amount of net cash of Accutronics. The adjustment resulted in a final payment to the Sellers in the amount of £133 February 24, 2016, £7,708 ($11,161). The purchase price allocation was determined in accordance with the accounting treatment of a business combination in Financial Accounting Standards Board (“FASB”) ASC Topic 805, Business Combinations The allocation of purchase price to the assets acquired and liabilities assumed at the date of the acquisition is presented in the table below (in thousands). Management is responsible for determining the fair value of the tangible and intangible assets acquired and liabilities assumed as of the date of acquisition. Management considered a number of factors, including reference to an analysis performed under FASB ASC Topic 805 $402 $99, $291, $75, $113 $104, Cash $ 1,304 Accounts Receivable 1,344 Inventory 2,167 Prepaids and Other Current Assets 584 Property, Plant & Equipment 269 Identifiable Intangible Assets 4,374 Goodwill 4,487 Accounts Payable (1,009 ) Accrued Expenses (1,136 ) Income Taxes Payable (111 ) Non-Current Liabilities (209 ) Deferred Income Taxes (74 ) Deferred Income Taxes on Intangible Assets (829 ) Total Consideration $ 11,161 The goodwill included in the Company’s purchase price allocation presented above represents the value of Accutronics assembled and trained workforce, the incremental value that Accutronics engineering and technology will bring to the Company and the revenue growth expected to occur over time attributable to increased market penetration from future new products and customers. The goodwill acquired in connection with the acquisition is not deductible for income tax purposes. The identifiable intangible assets included in the Company’s purchase price allocation represent customer contracts and relationships of $2,821, $1,132 $421 10 15 During the year ended December 31, 2016, $251 $96 $10,362 $436 the twelve December, 2016, Set forth below is the unaudited pro forma results of the Company and Accutronics for the twelve December 31, 2015 January 1, 2015 twelve December 31, 2016 January 1, 2016 twelve Twelve-Months Ended Dec. 31, 2015 Dec. 31, 2016 Revenue $ 89,534 $ 82,460 Operating Income $ 3,858 $ 3,763 Net Income Attributable to Ultralife Corporation $ 3,258 $ 3,509 Earnings Per Share: Basic $ .20 $ .23 Diluted $ .20 $ .23 The unaudited pro forma results do not reflect the realization of any expected cost savings or other synergies from the acquisition of Accutronics as a result of restructuring activities, other cost savings initiatives or sales synergies following the completion of the business combination. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined Company would have been if the acquisition had occurred at the beginning of the 2015 |
Note 3 - Share Repurchase Progr
Note 3 - Share Repurchase Program | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 3 – Share Repurchase Program On April 28, 2014, May 1, 2014 1.8 twelve June 2, 2016, 3.4 Share repurchases under this program were made in accordance with SEC Rule 10b 18 10b5 1 June 2, 2016 In 2016, 156,092 $630, 149,904 $603. 2015, 2,258,929 $9,388, 2,225,437 $9,162. From the inception of the Share Repurchase Program on May 1, 2014 June 2, 2016, 2,592,095 $10,480. |
Note 4 - Supplemental Balance S
Note 4 - Supplemental Balance Sheet Information | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | Note 4 - Supplemental Balance Sheet Information a. Inventory , Net Inventories are stated at the lower of cost or market with cost determined under the first first December 31, 201 6 201 5 Raw Materials $ 14,482 $ 11,602 Work in Process 986 1,560 Finished Products 7,988 10,652 Total $ 23,456 $ 23,814 The December 31, 2016 $1,443 January 13, 2016. b. Property, Plant and Equipment Major classes of property, plant and equipment consisted of the following: December 31, 201 6 201 5 Land $ 123 $ 123 Buildings and Leasehold Improvements 7,757 7,490 Machinery and Equipment 49,722 49,609 Furniture and Fixtures 1,947 1,974 Computer Hardware and Software 5,223 4,585 Construction in Progress 421 745 65,193 64,526 Less – Accumulated Depreciation (57,194 ) (55,488 ) Total $ 7,999 $ 9,038 Estimated costs to complete construction-in-progress as of December 31, 2016 2015 $170 and $180, Depreciation expense was $2,223 $2,401 December 31, 2016 2015, c. Impairment of Goodwill, Intangible Assets and Long-Lived Assets We elected to forego the qualitative assessment for our four The fair value for our reporting units subjected to this quantitative test could not be determined using readily available quoted Level 1 2 3 2016 2015, Similarly, for our four The fair value for our indefinite-lived intangible assets subjected to this quantitative test could not be determined using readily available quoted Level 1 2 3 2016, no 2015, $150 one There is a possibility that our goodwill and other intangible assets, particularly in our Communications Systems business, could be impaired should there be a significant change in our internal forecasts and other assumptions we use in our impairment analysis. d. Goodwill The following table summarizes the goodwill activity by segment for the years ended December 31, 2016 2015: Battery & Energy Products Communi- cations Systems Total Balance – January 1, 2015 $ 4,914 $ 11,493 $ 16,407 Effect of Foreign Currency Translation (124 ) - (124 ) Balance – December 31, 2015 4,790 11,493 16,283 Acquisition of Accutronics 4,487 - 4,487 Effect of Foreign Currency Translation (805 ) - (805 ) Balance – December 31, 2016 $ 8,472 $ 11,493 $ 19,965 e. Other Intangible Assets The composition of intangible assets was: December 31, 201 6 Cost Accumulated Amortization Net Trademarks $ 3,404 $ - $ 3,404 Customer Relationships 6,395 3,975 2,420 Patents and Technology 5,455 4,417 1,038 Distributor Relationships 377 368 9 Trade Name 359 36 323 Total Other Intangible Assets $ 15,990 $ 8,796 $ 7,194 December 31, 201 5 Cost Accumulated Amortization Net Trademarks $ 3,411 $ - $ 3,411 Patents and Technology 4,482 4,217 265 Customer Relationships 3,971 3,716 255 Distributor Relationships 370 355 15 Total Other Intangible Assets $ 12,234 $ 8,288 $ 3,946 Amortization of intangible assets was included in the following financial statement captions: Year ended December 31, 201 6 201 5 Research and Development Expense $ 200 $ 130 Selling, General and Administrative Expense 303 105 Total $ 503 $ 235 Except for the impairment charge recorded against a Communications Systems trademark in 2015, January 13, 2016 |
Note 5 - Operating Leases
Note 5 - Operating Leases | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | Note 5 - Operating Leases We lease various buildings, machinery, land, automobiles and office equipment. Rental expenses for all operating leases were approximately $668 $672 December 31, 2016 2015, December 31, 2016 201 7 201 8 201 9 20 20 202 1 $ 660 $ 558 $ 416 $ 100 $ - |
Note 6 - Debt
Note 6 - Debt | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 6 Credit Facilities We are party to a Revolving Credit, Guaranty and Security Agreement (the “Credit Agreement”) and related security agreements with PNC Bank, National Association (“PNC”) that provides us a $20 $1 May 24, 2017. On April 30, 2014, 3, $6 $8 October 28, 2014, second On April 29, 2015, third April 30, 2016. June 15, 2015, fourth 3 June 2, 2016. January 13, 2016, fifth 2 Our available borrowing limit under the Credit Facility fluctuates from time to time based on a borrowing base formula equal to the sum of up to 85% 65% 85% $7.5 Interest is payable quarterly and will accrue on outstanding indebtedness under the Credit Agreement at the alternate base rate, as defined in the Credit Agreement, plus the applicable margin or at the one, two three Quarterly Average Undrawn Borrowing Availability Applicable Margin for Alternate Base Rate Loans Applicable Margin for LIBOR Rate Loans Greater than $8,000,000 1.00% 2.00% $5,000,000 up to $8,000,000 1.25% 2.25% Less than $5,000,000 1.50% 2.50% We must pay a fee on the Credit Facility’s unused availability of 0.375% In addition to customary affirmative and negative covenants, we must maintain a fixed charge coverage ratio as defined in the Credit Agreement of 1.15 1.00, four December 31, 2016 Any outstanding advances must be repaid upon expiration of the term of the Credit Facility. Payments must be made during the term to the extent outstanding advances exceed the maximum amount then permitted to be drawn as advances under the Credit Facility and from the proceeds of certain transactions. Upon the occurrence of an event of default, the outstanding obligations may As of December 31, 2016, no 4.5%, $9,549 $10,629, no |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 7 - Commitments and Contingencies a. Indemnity Our organizational documents provide that our directors or officers will be reimbursed for all expenses, to the fullest extent permitted by law arising out of their performance. b. Purchase Commitments As of December 31, 2016, $504 of production machinery and equipment. c. China Our operating facility in China presents risks including, but not limited to, changes in local regulatory requirements, including changes in labor laws, local wage laws, environmental regulations, taxes and operating licenses, compliance with U.S. regulatory requirements, including the Foreign Corrupt Practices Act, uncertainties as to application and interpretation of local laws and enforcement of contract and intellectual property rights, eminent domain claims, labor disputes, rapid changes in government, economic and political policies, and other various contingencies that are outside of our control. Any such event could depress our earnings and have other material adverse effects on our business, financial condition and results of operations. d. Employment Contracts We have an employment contract with Michael D. Popielec, our President and Chief Executive Officer, which remains in effect until terminated by either party. This agreement provides for a base salary, as adjusted for increases at the discretion of our Board of Directors, and includes incentive bonuses based upon attainment of specified quantitative and qualitative performance goals. This agreement also provides for severance payments in the event of specified events of termination of employment. In addition, this agreement provides for a lump sum payment in the event of termination of employment in connection with a change in control. As part of our employment commencement process, employees are required to enter into agreements providing for confidentiality of certain information and the assignment of rights to inventions made by them while employed by us. These agreements also contain certain non-competition and non-solicitation provisions effective during the employment term and for varying periods thereafter depending on position and location. There can be no assurance that we will be able to enforce these agreements. All of our employees agree to abide by the terms of a Code of Ethics policy that provides for the confidentiality of certain information received during the course of their employment. e. Product Warranties We estimate future costs associated with expected product failure rates, material usage and service costs in the development of our warranty obligations. Warranty reserves are based on historical experience of warranty claims and generally will be estimated as a percentage of sales over the warranty period. In the event the actual results of these items differ from the estimates, an adjustment to the warranty obligation would be recorded. Changes in our product warranty liability during the years ended December 31, 2016 2015 201 6 201 5 Balance, January 1 $ 192 $ 376 Provision (reversal) for warranties issued 39 (90 ) Settlements made (59 ) (94 ) Balance, December 31 $ 172 $ 192 f . Legal Matters – We are subject to legal proceedings and claims that arise in the normal course of business. We believe that the final disposition of such matters will not have a material adverse effect on our financial position, results of operations or cash flows. Dreamliner Litigation In July 2013, 787 one A component of the ELT is a battery pack which incorporates Ultralife’s industry-standard Lithium Manganese Dioxide non-rechargeable D-cell. Ultralife has had this cell in production since 2001, C142. On May 4, 2015, 2013 $42,000 At this time, we believe that there is not a reasonable possibility that this incident will result in a material financial exposure to the Company. Arista Power Litigation Since September 2011, January 12, 2016, 7 |
Note 8 - Shareholders' Equity
Note 8 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | Note 8 - Shareholders' Equity a. Stock-Based Compensation Expense We recorded non-cash stock compensation expense in each period as follows: 2016 201 5 Stock Options $ 676 $ 489 Restricted Stock Grants 34 82 Total $ 710 $ 571 These are more fully discussed as follows: b. Stock Options We have various stock-based employee compensation plans, for which compensation cost is recognized in the financial statements. The cost is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the employee’s requisite service period (generally the vesting period of the equity award). Our shareholders have approved various equity-based plans that permit the grant of stock options, restricted stock and other equity-based awards. In addition, our shareholders have approved the grant of stock options outside of these plans. In June 2004, 2004 (“2004 750,000 2006, 2008, 2011, 2013, 2,900,000. In June 2014, 2014 (“2014 2004 June 10, 2014. 2014 1,750,000 2014 800,000 may 2014 may June 2, 2024. Stock options granted under the LTIPs are either Incentive Stock Options (“ISOs”) or Non-Qualified Stock Options (“NQSOs”). Key employees are eligible to receive ISOs and NQSOs; however, directors and consultants are eligible to receive only NQSOs. Most ISOs vest over a three seventh seventh December 31, 2016, 1,243,697 2004 679,884 2014 On December 30, 2010, 2004 50,000 $6.42, 12,500 four December 30, 2011; 250,000 $6.42, 62,500 four December 30, 2011; 200,000 $10.00, $10.00 15 30 50,000 four 200,000 $15.00, $15.00 15 30 50,000 four December 30, 2017. December 30, 2017 five December 30, 2020. December 31, 2016. 2004 June 7, 2011. On January 3, 2011, 50,000 $6.58 2004 12,500 four December 30, 2011. December 30, 2017. As of December 31, 2016, $505 1.1 We use the Black-Scholes option-pricing model to estimate fair value of stock-based awards. The following weighted average assumptions were used to value options granted during the years ended December 31, 2016 2015: Years Ended December 31, 2016 2015 Risk-free interest rate 1.36 % 0.72 % Volatility factor 48.20 % 48.54 % Dividends 0.00 % 0.00 % Weighted average expected life (years) 4.83 4.15 Forfeiture rate 10.0 % 13.8 % We used a Monte Carlo simulation option-pricing model to estimate the fair value of market performance stock-based awards, of which there were no December 31, 2016 2015. We calculate expected volatility for stock options by taking an average of historical volatility over the expected term. The computation of expected term was determined based on historical experience of similar awards, giving consideration to the contractual terms of the stock-based awards and vesting schedules. The interest rate for periods within the contractual life of the award is based on the U.S. Treasury yield in effect at the time of grant. Forfeiture rates are calculated by dividing unvested shares forfeited by beginning shares outstanding. The pre-vesting forfeiture rate is calculated yearly and is determined using a historical twelve The following tables summarize data for the stock options issued by us: Year Ended December 31, 201 6 Number of Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Shares under Option – January 1 2,257,969 $ 6.30 Options Granted 369,550 4.69 Options Exercised (152,789 ) 3.86 Options Forfeited or Expired (151,149 ) 6.09 Shares under option – December 31 2,323,581 $ 6.22 3.31 $ 1,101 Vested and Expected to Vest - December 31 2,192,138 $ 6.31 2.98 $ 1,006 Options Exercisable – December 31 1,302,390 $ 5.05 1.92 $ 669 Year Ended December 31, 201 5 Number of Shares Weighted Average Exercise Price Per Share Shares under Option – January 1 2,056,122 $ 6.66 Options Granted 411,250 4.68 Options Exercised (137,937 ) 3.90 Options Forfeited or Expired (71,466 ) 11.86 Shares under option – December 31 2,257,969 $ 6.30 Options Exercisable – December 31 1,255,736 $ 5.22 The following table represents additional information about stock options outstanding at December 31, 2016: Option Outstanding Options Exercisable Range of Exercise Prices Number of Outstanding Options – December 31, 2016 Weighted- Average Remaining Contractual Life Weighted- Average Exercise Price Number of Options Exercisable at December 31, 2016 Weighted- Average Exercise Price $3.22 - $3.99 608,200 3.68 $ 3.76 394,218 $ 3.75 $4.00 - $4.99 686,548 3.62 $ 4.40 396,006 4.45 $5.00 - $9.99 628,833 2.17 $ 6.58 512,166 6.52 $10.00 - $15.00 400,000 4.00 $ 12.50 - - $3.22 - $15.00 2,323,581 3.31 $ 6.22 1,302,390 $ 5.05 The weighted average fair value of options granted during the years ended December 31, 2016 2015 $2.01 $2.32, December 31, 2016 2015 $149 $364, Cash received from option exercises under our stock-based compensation plans for the years ended December 31, 2016 2015 $460 $538, no December 31, 2016 2015. c. Restricted Stock Awards During 2014, 49,200 2014 three $3.24 $34 $82 2016 2015, September 2016, 15,900 4,131 At December 31, 2016, $11 d. Reserved Shares We have reserved 901,700 December 31, 2016. |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 9 - Income Taxes Our income tax provision consists of: Years Ended December 31, 201 6 201 5 Current: Federal $ (70 ) $ 4 State 20 15 Foreign 13 111 (37 ) 130 Deferred: Federal 220 169 State - - Foreign (85 ) 11 135 180 Total income tax provision $ 98 $ 310 The deferred income tax provision is primarily due to the recognition of deferred tax liabilities relating to goodwill and certain intangible assets that cannot be predicted to reverse for book purposes during our loss carry-forward periods offset by the deferred tax benefit of the amortization of certain intangible assets of Accutronics (U.K.). The current income tax provision is primarily due to the income reported for Accutronics (U.K.) while the remaining expense is primarily due to state taxes. The benefit associated with the current income tax provision is primarily related to an excess accrual of income taxes in prior years. In 2015, $51 $150 Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amount used for income tax purposes. Significant components of our deferred tax liabilities and assets are as follows: Years Ended December 31, 201 6 201 5 Deferred Tax Liabilities: Property, Plant and Equipment $ - $ - Intangible Assets 5,471 4,631 Total Deferred Tax Liabilities 5,471 4,631 Deferred Tax Assets: Property, Plant and Equipment 77 288 Net Operating Loss Carry-Forwards 27,127 27,283 Tax Credit Carry-Forwards 1,704 1,596 Intangible Assets 2,923 3,391 Accrued Expenses, Reserves and Other 1,527 2,127 Total Deferred Tax Assets 33,358 34,685 Valuation Allowance for Deferred Tax Assets (33,331 ) (34,593 ) Net Deferred Tax Assets 27 92 Net Deferred Tax Liabilities $ 5,444 $ 4,539 Net deferred tax liabilities are comprised of the following balance sheet amounts: Years Ended December 31, 201 6 201 5 Current Deferred Tax Assets $ 94 $ 92 Non-Current Deferred Tax Liabilities (5,538 ) (4,631 ) $ (5,444 ) $ (4,539 ) The valuation allowance for deferred tax assets decreased by $1,262 $6,642 December 31, 2016 2015, 2016 2016. 2015 $7,296 2015 2015, $654. In 2016 2015, 2016. 2016 2015, As of December 31, 2016, $70,976 $12,760, $1,704, $12,760, $70,976 2019, 2034. $3,223 At December 31, 2016, For financial reporting purposes, income (loss) from continuing operations before income taxes is as follows: Years Ended December 31, 201 6 201 5 United States $ 2,803 $ 2,582 Foreign 777 568 $ 3,580 $ 3,150 The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to income (loss) from continuing operations before income taxes as follows: Years Ended December 31, 201 6 201 5 Statutory Income Tax Rate 34.0 % 34.0 % (Increase) Decrease in Tax Provision Resulting From: Equity Compensation 9.6 2.2 Income Tax Credits (6.2 ) (4.5 ) Foreign Tax Rates (2.2 ) (2.2 ) Release of Unrecognized Tax Benefits - (231.6 ) Valuation Allowance (30 ) 210.9 Excess Accrual (5.2 ) - Other 2.7 1.0 Effective Income Tax Rate 2.7 % 9.8 % Accounting for Uncertainty in Income Taxes Our unrecognized tax benefits related to uncertain tax positions at December 31, 2014 2015 $21.4 The following table summarizes the activity related to our unrecognized tax benefits: Years Ended December 31, 201 6 201 5 Balance – beginning of year $ - $ 7,296 Increases related to current year tax positions - - Increases related to prior year tax positions - - Decreases related to prior year tax positions - - Expiration of statute of limitations for assessment of taxes - - Settlements of examinations - (7,296 ) Balance – end of year $ - $ - The total unrecognized tax benefit balances at January 1, 2015 $7,296 2015 $21.4 December 31, 2016. We are not required to accrue interest and penalties as the unrecognized tax benefits have been recorded as a decrease in our NOL. Interest and penalties would begin to accrue in the period in which the NOLs related to the uncertain tax positions are utilized. We do not expect our unrecognized tax benefits to change significantly over the next twelve As a result of our operations, we file income tax returns in various jurisdictions including U.S. federal, U.S. state and foreign jurisdictions. We are routinely subject to examination by taxing authorities in these various jurisdictions. Our U.S. tax matters for the years 2001 2016 2001 2016 2009 2016 |
Note 10 - 401(k) Retirement Ben
Note 10 - 401(k) Retirement Benefit Plan | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 10 - 401(k) We maintain a defined contribution 401(k) 401(k) may, January 2010, 50% first 4% 2% 2016 2015, $191 $201, 401(k) |
Note 11 - Business Segment Info
Note 11 - Business Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 11 - Business Segment Information We report our results in two 9 2016 : Battery & Energy Products Communications Systems Corporate Total Revenue $ 64,753 $ 17,707 $ - $ 82,460 Segment Contribution 19,580 5,528 (21,345 ) 3,763 Interest Expense, Net (263 ) (263 ) Miscellaneous 80 80 Income Tax Provision (98 ) (98 ) Non-Controlling Interest 27 27 Net Income Attributable to Ultralife $ 3,509 Total Assets $ 39,691 $ 32,021 $ 13,032 $ 84,744 Capital Expenditures 852 158 367 1,377 Goodwill 8,472 11,493 19,965 Depreciation and Amortization of Intangible Assets 2,042 541 143 2,726 Stock-Based Compensation 403 110 197 710 2 015 : Battery & Energy Products Communi cations Systems Corporate Total Revenue $ 65,272 $ 11,155 $ - $ 76,427 Segment Contribution 18,698 4,618 (19,986 ) 3,330 Interest Expense, Net (245 ) (245 ) Miscellaneous 65 65 Income Tax Provision (310 ) (310 ) Non-Controlling Interest 29 29 Net Loss Attributable to Ultralife $ 2,869 Total Assets $ 35,295 $ 28,849 $ 17,378 $ 81,522 Capital Expenditures 355 973 562 1,890 Goodwill 4,790 11,493 16,283 Depreciation and Amortization of Intangible Assets 1,625 98 984 2,707 Intangible Asset Impairment 150 150 Stock-Based Compensation 46 3 522 571 U.S. and No n-U.S. Revenue Information 1 : 2016: Total Revenue United States Non-United States Battery & Energy Products $ 64,753 $ 29,587 $ 35,166 Communications Systems 17,707 15,507 2,200 Total $ 82,460 45,094 $ 37,366 55 % 45 % 2015 : Total Revenue United States Non-United States Battery & Energy Products $ 65,272 $ 37,106 $ 28,166 Communications Systems 11,155 9,635 1,520 Total $ 76,427 $ 46,741 $ 29,686 61 % 39 % 1 Sales classified to U.S. include shipments to U.S.-based prime contractors which in some cases may Long-lived assets (including goodwill and intangible assets) held outside the U.S., principally in the United Kingdom and China, were $11,652 and $4,748 December 31, 2016 2015, Commercial and Government/Defense Revenue Information: 2016 : Total Revenue Commercial Government/ Defense Battery & Energy Products $ 64,753 $ 40,886 $ 23,867 Communications Systems 17,707 - 17,707 Total $ 82,460 $ 40,886 $ 41,574 50 % 50 % 2015 : Total Revenue Commercial Government/ Defense Battery & Energy Products $ 65,272 $ 33,367 $ 31,905 Communications Systems 11,155 - 11,155 Total $ 76,427 $ 33,367 $ 43,060 44 % 56 % |
Note 12 - Due From Insurance Co
Note 12 - Due From Insurance Company | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Business Insurance Recoveries [Text Block] | Note 1 2 – Due from Insurance Company In June 2011, The total amount of the loss pertaining to assets and the related expenses was approximately $1,589, June 2012 April 2013 $1,286 no June 26, 2016, $177, $126, September 6, 2016, $55 2016 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | b. Principles of Consolidation The consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and include the accounts of Ultralife Corporation, our wholly-owned subsidiaries, Ultralife Batteries (UK) Ltd., Ultralife UK LTD, and its wholly-owned subsidiary Accutronics Ltd, ABLE New Energy Co., Limited, and its wholly-owned subsidiary ABLE New Energy Co., Ltd. (“ABLE” collectively), and our majority-owned subsidiary Ultralife Batteries India Private Limited (“India JV”). Intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | c. Management's Use of Judgment and Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at year end and the reported amounts of revenues and expenses during the reporting period. Key areas affected by estimates include: (a) carrying value of goodwill and intangible assets; (b) reserves for deferred tax assets, excess and obsolete inventory, warranties, and bad debts; (c) valuation of assets acquired and liabilities assumed in business combinations; (d) various expense accruals; and (e) stock-based compensation. Our actual results could differ from these estimates. |
Reclassification, Policy [Policy Text Block] | d. Reclassifications Certain items previously reported in specific financial statement captions are reclassified to conform to the current presentation. There were no material reclassifications for the years ended December 31, 2016 2015. |
Cash and Cash Equivalents, Policy [Policy Text Block] | e. Cash Our cash balances may |
Receivables, Policy [Policy Text Block] | f. Accounts Receivable and Allowance for Doubtful Accounts $277 $300 December 31, 2016 2015, |
Inventory, Policy [Policy Text Block] | g. Inventories Inventories are stated at the lower of cost or market with cost determined under the first first |
Property, Plant and Equipment, Policy [Policy Text Block] | h. Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives. Estimated useful lives are as follows: Buildings 10 – 20 Machinery and Equipment 5 – 10 Furniture and Fixtures 3 – 10 Computer Hardware and Software 3 – 5 Leasehold Improvements Lesser of useful life or lease term Betterments, renewals and extraordinary repairs that extend the life of the assets are capitalized. Other repairs and maintenance costs are expensed when incurred. When disposed, the cost and accumulated depreciation applicable to assets retired are removed from the accounts and the gain or loss on disposition is recognized in operating income. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | i. Long-Lived Assets, Goodwill and Intangibles We assess all of our long-lived assets for impairment when events or circumstances indicate that their carrying amounts may December 31, 2016 2015. We do not amortize goodwill and intangible assets with indefinite lives, but instead measure these assets for impairment as of December 31, may The impairment analysis of goodwill consists first may The quantitative impairment test for goodwill consists of a comparison of the fair value of the reporting unit with the carrying amount of the reporting unit to which it is assigned. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired. If the carrying amount of a reporting unit exceeds its fair value, a second No impairments of long-lived intangible assets were recorded in the year ended December 31, 2016. 2016, December 31, 2015. $150. Future amortization expense of amortizable intangible assets will be approximately $405, $373, $352, $340 $321 December 31, 2017 2021, |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | j. Translation of Foreign Currency The financial statements of our foreign subsidiaries are translated from the functional currency into U.S. dollar equivalents, with translation adjustments recorded as the sole component of accumulated other comprehensive loss on the balance sheets. Exchange gains and (losses) relate to foreign currency transactions and balances denominated in currencies other than the functional currency included in net income for the years ended December 31, 2016 2015 $86 $48, |
Revenue Recognition, Policy [Policy Text Block] | k . Revenue Recognition Deferred Revenue – |
Guarantees, Indemnifications and Warranties Policies [Policy Text Block] | l. Warranty Reserves We estimate future costs associated with expected product failure rates, material usage and service costs in the development of our warranty obligations. Warranty reserves, included in other current liabilities and other long-term liabilities as applicable on our Consolidated Balance Sheets, are based on historical experience of warranty claims. In the event the actual results of these items differ from the estimates, an adjustment to the warranty obligation would be recorded. |
Shipping and Handling Cost, Policy [Policy Text Block] | m. Shipping and Handling Costs Costs incurred by us related to shipping and handling are included in cost of products sold. Amounts charged to customers pertaining to these costs are reflected as revenue. |
Advertising Costs, Policy [Policy Text Block] | n. Advertising Expenses Advertising costs are expensed as incurred and are included in selling, general and administrative expenses in the accompanying Consolidated Statements of Income and Comprehensive Income. Such expenses amounted to $32 $59 December 31, 2016 2015, |
Research and Development Expense, Policy [Policy Text Block] | o. Research and Development Research and development expenditures are charged to operations as incurred. The majority of research and development expenses pertain to salaries and benefits, developmental supplies, depreciation and other contracted services. During 2016 2015, $6,155 $6,112, $209 $509, $209 $509 2016 2015, |
Environmental Cost, Expense Policy [Policy Text Block] | p. Environmental Costs Environmental expenditures that relate to current operations are expensed. Remediation costs that relate to an existing condition caused by past operations are accrued when it is probable that these costs will be incurred and can be reasonably estimated. |
Income Tax, Policy [Policy Text Block] | q. Income Taxes We account for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. A valuation allowance is required when it is more likely than not that the recorded value of a deferred tax asset will not be realized. As of December 31, 2016, 2016. December 31, 2015. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | r. Concentration Related to Customers and Suppliers During the year ended December 31, 2016, two 25% December 31, 2015, one 23% 10% Currently, we do not experience significant seasonal trends in our revenues. Since a significant portion of our revenues are based on purchases from U.S. and allied country defense departments, the timing of our sales could be impacted by delays in the government budget process and the decisions to deploy resources to support military purchases of our products. We generally do not distribute our products to a concentrated geographical area nor is there a significant concentration of credit risks arising from individuals or groups of customers engaged in similar activities, or who have similar economic characteristics. While direct and indirect sales to the U.S. Department of Defense have been substantial during 2016 2015, Certain materials and components used in our products are available only from a single or a limited number of suppliers. As such, some materials and components could become in short supply resulting in limited availability and/or increased costs. Additionally, we may |
Fair Value Measurement, Policy [Policy Text Block] | s. Fair Value Measurements and Disclosures Fair value is defined as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Observable inputs, other than Level 1 Level 3: Unobservable inputs supported by little or no market activity that are significant to the fair value of the assets or liabilities. The fair value of financial instruments approximated their carrying values at December 31, 2016 2015. |
Earnings Per Share, Policy [Policy Text Block] | t. Earnings Per Share Basic earnings per share is computed by dividing net income or loss attributable to Ultralife Corporation by the weighted average number of common shares outstanding for the period. Diluted earnings per share calculations reflect the assumed exercise and conversion of dilutive employee stock options and unvested restricted stock, if any, applying the treasury stock method. Diluted earnings per share in 2016 1,238,804 135,458 15,900 9,538 2015 1,312,282 260,318 32,800 15,385 Diluted earnings per share calculations exclude the effect of approximately 1,332,281 945,687 2016 2015, |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | u. Stock-Based Compensation We have various stock-based employee compensation plans that are described more fully in Note 8. |
Segment Reporting, Policy [Policy Text Block] | v. Segment Reporting We have two |
New Accounting Pronouncements, Policy [Policy Text Block] | w. Recent Accounting Pronouncements In May 2014, 2014 09 606) 606 December 15, 2017, 606 In July 2015, 2015 11, December 15, 2016, In November 2015, 2015 17, December 15, 2016, may first 2017. In February 2016, 2016 02, December 15, 2018 may In March 2016, 2016 09, 718)” December 15, 2016, January 1, 2017. In October 2016, 2016 16, 740), December 15, 2017, January 1, 2018 In August 2016, 2016 15, 230), eight December 15, 2017, January 1, 2018 |
Note 1 - Summary of Operation20
Note 1 - Summary of Operations and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Property, Plant and Equipment, Estimated Useful Life [Table Text Block] | Buildings 10 – 20 Machinery and Equipment 5 – 10 Furniture and Fixtures 3 – 10 Computer Hardware and Software 3 – 5 Leasehold Improvements Lesser of useful life or lease term |
Note 2 - Acquisition (Tables)
Note 2 - Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash $ 1,304 Accounts Receivable 1,344 Inventory 2,167 Prepaids and Other Current Assets 584 Property, Plant & Equipment 269 Identifiable Intangible Assets 4,374 Goodwill 4,487 Accounts Payable (1,009 ) Accrued Expenses (1,136 ) Income Taxes Payable (111 ) Non-Current Liabilities (209 ) Deferred Income Taxes (74 ) Deferred Income Taxes on Intangible Assets (829 ) Total Consideration $ 11,161 |
Business Acquisition, Pro Forma Information [Table Text Block] | Twelve-Months Ended Dec. 31, 2015 Dec. 31, 2016 Revenue $ 89,534 $ 82,460 Operating Income $ 3,858 $ 3,763 Net Income Attributable to Ultralife Corporation $ 3,258 $ 3,509 Earnings Per Share: Basic $ .20 $ .23 Diluted $ .20 $ .23 |
Note 4 - Supplemental Balance22
Note 4 - Supplemental Balance Sheet Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 201 6 201 5 Raw Materials $ 14,482 $ 11,602 Work in Process 986 1,560 Finished Products 7,988 10,652 Total $ 23,456 $ 23,814 |
Property, Plant and Equipment [Table Text Block] | December 31, 201 6 201 5 Land $ 123 $ 123 Buildings and Leasehold Improvements 7,757 7,490 Machinery and Equipment 49,722 49,609 Furniture and Fixtures 1,947 1,974 Computer Hardware and Software 5,223 4,585 Construction in Progress 421 745 65,193 64,526 Less – Accumulated Depreciation (57,194 ) (55,488 ) Total $ 7,999 $ 9,038 |
Schedule of Goodwill [Table Text Block] | Battery & Energy Products Communi- cations Systems Total Balance – January 1, 2015 $ 4,914 $ 11,493 $ 16,407 Effect of Foreign Currency Translation (124 ) - (124 ) Balance – December 31, 2015 4,790 11,493 16,283 Acquisition of Accutronics 4,487 - 4,487 Effect of Foreign Currency Translation (805 ) - (805 ) Balance – December 31, 2016 $ 8,472 $ 11,493 $ 19,965 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 201 6 Cost Accumulated Amortization Net Trademarks $ 3,404 $ - $ 3,404 Customer Relationships 6,395 3,975 2,420 Patents and Technology 5,455 4,417 1,038 Distributor Relationships 377 368 9 Trade Name 359 36 323 Total Other Intangible Assets $ 15,990 $ 8,796 $ 7,194 December 31, 201 5 Cost Accumulated Amortization Net Trademarks $ 3,411 $ - $ 3,411 Patents and Technology 4,482 4,217 265 Customer Relationships 3,971 3,716 255 Distributor Relationships 370 355 15 Total Other Intangible Assets $ 12,234 $ 8,288 $ 3,946 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Year ended December 31, 201 6 201 5 Research and Development Expense $ 200 $ 130 Selling, General and Administrative Expense 303 105 Total $ 503 $ 235 |
Note 5 - Operating Leases (Tabl
Note 5 - Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 201 7 201 8 201 9 20 20 202 1 $ 660 $ 558 $ 416 $ 100 $ - |
Note 6 - Debt (Tables)
Note 6 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Interest Rate Margins on Outstanding Debt [Table Text Block] | Quarterly Average Undrawn Borrowing Availability Applicable Margin for Alternate Base Rate Loans Applicable Margin for LIBOR Rate Loans Greater than $8,000,000 1.00% 2.00% $5,000,000 up to $8,000,000 1.25% 2.25% Less than $5,000,000 1.50% 2.50% |
Note 7 - Commitments and Cont25
Note 7 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | 201 6 201 5 Balance, January 1 $ 192 $ 376 Provision (reversal) for warranties issued 39 (90 ) Settlements made (59 ) (94 ) Balance, December 31 $ 172 $ 192 |
Note 8 - Shareholders' Equity (
Note 8 - Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | 2016 201 5 Stock Options $ 676 $ 489 Restricted Stock Grants 34 82 Total $ 710 $ 571 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Years Ended December 31, 2016 2015 Risk-free interest rate 1.36 % 0.72 % Volatility factor 48.20 % 48.54 % Dividends 0.00 % 0.00 % Weighted average expected life (years) 4.83 4.15 Forfeiture rate 10.0 % 13.8 % |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Year Ended December 31, 201 6 Number of Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Shares under Option – January 1 2,257,969 $ 6.30 Options Granted 369,550 4.69 Options Exercised (152,789 ) 3.86 Options Forfeited or Expired (151,149 ) 6.09 Shares under option – December 31 2,323,581 $ 6.22 3.31 $ 1,101 Vested and Expected to Vest - December 31 2,192,138 $ 6.31 2.98 $ 1,006 Options Exercisable – December 31 1,302,390 $ 5.05 1.92 $ 669 Year Ended December 31, 201 5 Number of Shares Weighted Average Exercise Price Per Share Shares under Option – January 1 2,056,122 $ 6.66 Options Granted 411,250 4.68 Options Exercised (137,937 ) 3.90 Options Forfeited or Expired (71,466 ) 11.86 Shares under option – December 31 2,257,969 $ 6.30 Options Exercisable – December 31 1,255,736 $ 5.22 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Option Outstanding Options Exercisable Range of Exercise Prices Number of Outstanding Options – December 31, 2016 Weighted- Average Remaining Contractual Life Weighted- Average Exercise Price Number of Options Exercisable at December 31, 2016 Weighted- Average Exercise Price $3.22 - $3.99 608,200 3.68 $ 3.76 394,218 $ 3.75 $4.00 - $4.99 686,548 3.62 $ 4.40 396,006 4.45 $5.00 - $9.99 628,833 2.17 $ 6.58 512,166 6.52 $10.00 - $15.00 400,000 4.00 $ 12.50 - - $3.22 - $15.00 2,323,581 3.31 $ 6.22 1,302,390 $ 5.05 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended December 31, 201 6 201 5 Current: Federal $ (70 ) $ 4 State 20 15 Foreign 13 111 (37 ) 130 Deferred: Federal 220 169 State - - Foreign (85 ) 11 135 180 Total income tax provision $ 98 $ 310 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Years Ended December 31, 201 6 201 5 Deferred Tax Liabilities: Property, Plant and Equipment $ - $ - Intangible Assets 5,471 4,631 Total Deferred Tax Liabilities 5,471 4,631 Deferred Tax Assets: Property, Plant and Equipment 77 288 Net Operating Loss Carry-Forwards 27,127 27,283 Tax Credit Carry-Forwards 1,704 1,596 Intangible Assets 2,923 3,391 Accrued Expenses, Reserves and Other 1,527 2,127 Total Deferred Tax Assets 33,358 34,685 Valuation Allowance for Deferred Tax Assets (33,331 ) (34,593 ) Net Deferred Tax Assets 27 92 Net Deferred Tax Liabilities $ 5,444 $ 4,539 |
Schedule of Net Deferred Tax Liabilities [Table Text Block] | Years Ended December 31, 201 6 201 5 Current Deferred Tax Assets $ 94 $ 92 Non-Current Deferred Tax Liabilities (5,538 ) (4,631 ) $ (5,444 ) $ (4,539 ) |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Years Ended December 31, 201 6 201 5 United States $ 2,803 $ 2,582 Foreign 777 568 $ 3,580 $ 3,150 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended December 31, 201 6 201 5 Statutory Income Tax Rate 34.0 % 34.0 % (Increase) Decrease in Tax Provision Resulting From: Equity Compensation 9.6 2.2 Income Tax Credits (6.2 ) (4.5 ) Foreign Tax Rates (2.2 ) (2.2 ) Release of Unrecognized Tax Benefits - (231.6 ) Valuation Allowance (30 ) 210.9 Excess Accrual (5.2 ) - Other 2.7 1.0 Effective Income Tax Rate 2.7 % 9.8 % |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Years Ended December 31, 201 6 201 5 Balance – beginning of year $ - $ 7,296 Increases related to current year tax positions - - Increases related to prior year tax positions - - Decreases related to prior year tax positions - - Expiration of statute of limitations for assessment of taxes - - Settlements of examinations - (7,296 ) Balance – end of year $ - $ - |
Note 11 - Business Segment In28
Note 11 - Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Battery & Energy Products Communications Systems Corporate Total Revenue $ 64,753 $ 17,707 $ - $ 82,460 Segment Contribution 19,580 5,528 (21,345 ) 3,763 Interest Expense, Net (263 ) (263 ) Miscellaneous 80 80 Income Tax Provision (98 ) (98 ) Non-Controlling Interest 27 27 Net Income Attributable to Ultralife $ 3,509 Total Assets $ 39,691 $ 32,021 $ 13,032 $ 84,744 Capital Expenditures 852 158 367 1,377 Goodwill 8,472 11,493 19,965 Depreciation and Amortization of Intangible Assets 2,042 541 143 2,726 Stock-Based Compensation 403 110 197 710 Battery & Energy Products Communi cations Systems Corporate Total Revenue $ 65,272 $ 11,155 $ - $ 76,427 Segment Contribution 18,698 4,618 (19,986 ) 3,330 Interest Expense, Net (245 ) (245 ) Miscellaneous 65 65 Income Tax Provision (310 ) (310 ) Non-Controlling Interest 29 29 Net Loss Attributable to Ultralife $ 2,869 Total Assets $ 35,295 $ 28,849 $ 17,378 $ 81,522 Capital Expenditures 355 973 562 1,890 Goodwill 4,790 11,493 16,283 Depreciation and Amortization of Intangible Assets 1,625 98 984 2,707 Intangible Asset Impairment 150 150 Stock-Based Compensation 46 3 522 571 |
Revenue from External Customers by Geographic Areas [Table Text Block] | 2016: Total Revenue United States Non-United States Battery & Energy Products $ 64,753 $ 29,587 $ 35,166 Communications Systems 17,707 15,507 2,200 Total $ 82,460 45,094 $ 37,366 55 % 45 % 2015 : Total Revenue United States Non-United States Battery & Energy Products $ 65,272 $ 37,106 $ 28,166 Communications Systems 11,155 9,635 1,520 Total $ 76,427 $ 46,741 $ 29,686 61 % 39 % |
Schedule of Revenues from External Customers by Business Segment Sector [Table Text Block] | 2016 : Total Revenue Commercial Government/ Defense Battery & Energy Products $ 64,753 $ 40,886 $ 23,867 Communications Systems 17,707 - 17,707 Total $ 82,460 $ 40,886 $ 41,574 50 % 50 % 2015 : Total Revenue Commercial Government/ Defense Battery & Energy Products $ 65,272 $ 33,367 $ 31,905 Communications Systems 11,155 - 11,155 Total $ 76,427 $ 33,367 $ 43,060 44 % 56 % |
Note 1 - Summary of Operation29
Note 1 - Summary of Operations and Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | |
Allowance for Doubtful Accounts Receivable, Current | $ 277 | $ 300 |
Goodwill and Intangible Asset Impairment | 0 | 150 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 405 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 373 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 352 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 340 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 321 | |
Foreign Currency Transaction Gain (Loss), before Tax | 86 | 48 |
Advertising Expense | 32 | 59 |
Research and Development Expense, Gross | 6,155 | 6,112 |
Customer Funded Research and Development Expense Included in Cost of Goods Sold | 209 | 509 |
Research and Development, Revenue | $ 209 | $ 509 |
Number of Dilutive Stock Options Included in Diluted Earnings Per Share Calculation | shares | 1,238,804 | 1,312,282 |
Number of Shares Due to Dilutive Stock Options Included in Diluted Earnings Per Share Calculation | shares | 135,458 | 260,318 |
Number of Dilutive Restricted Stock Units Included in Diluted EarningsPerShareCalculation | shares | 15,900 | 32,800 |
Number of Shares Due to Dilutive Restricted Stock Units Included in Diluted Earnings Per Share Calculation | shares | 9,538 | 15,385 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 1,332,281 | 945,687 |
Number of Operating Segments | 2 | |
Asset Impairment Charges | $ 0 | $ 0 |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||
Number of Major Customers | 2 | 1 |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Large Defense Primary Contractors, 1 and 2 [Member] | ||
Concentration Risk, Percentage | 25.00% | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Large Defense Primary Contractor, 1 [Member] | ||
Concentration Risk, Percentage | 23.00% |
Note 1 - Summary of Operation30
Note 1 - Summary of Operations and Significant Accounting Policies - Property, Plant and Equipment Estimated Useful Life (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Building [Member] | Minimum [Member] | |
Estimated useful lives (Year) | 10 years |
Building [Member] | Maximum [Member] | |
Estimated useful lives (Year) | 20 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Estimated useful lives (Year) | 5 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Estimated useful lives (Year) | 10 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Estimated useful lives (Year) | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Estimated useful lives (Year) | 10 years |
Computer Equipment [Member] | Minimum [Member] | |
Estimated useful lives (Year) | 3 years |
Computer Equipment [Member] | Maximum [Member] | |
Estimated useful lives (Year) | 5 years |
Leasehold Improvements [Member] | |
Leasehold Improvements | Lesser of useful life or lease term |
Note 2 - Acquisition (Details T
Note 2 - Acquisition (Details Textual) - Accutronics Limited [Member] £ in Thousands, $ in Thousands | Feb. 24, 2016USD ($) | Feb. 24, 2016GBP (£) | Jan. 13, 2016USD ($) | Jan. 13, 2016GBP (£) | Dec. 31, 2016USD ($) |
Payments to Acquire Businesses, Gross | $ 10,976 | £ 7,575 | |||
Payments to Acquire Businesses, Net of Cash Acquired Working Capital Adjustment | £ | £ 133 | ||||
Business Combination, Consideration Transferred | $ 11,161 | £ 7,708 | |||
Business Combination, Adjustment, Intangible Assets | (402) | ||||
Business Combination, Adjustment, Property, Plant, and Equipment | (99) | ||||
Business Combination, Adjustment, Prepaids and Other Current Assets | 291 | ||||
Business Combination, Adjustment, Inventory | 75 | ||||
Business Combination, Adjustment, Deferred Income Taxes on Intangible Assets | 113 | ||||
Business Combination, Adjustment, Goodwill | $ 104 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 4,374 | ||||
Business Combination, Acquisition Related Costs | $ 251 | ||||
Inventory Adjustments | 96 | ||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 10,362 | ||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 436 | ||||
Minimum [Member] | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | 10 years | |||
Maximum [Member] | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | 15 years | |||
Customer Contracts and Relationships [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 2,821 | ||||
Intellectual Property [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 1,132 | ||||
Trade Names [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 421 |
Note 2 - Acquisition - Schedule
Note 2 - Acquisition - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jan. 13, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill | $ 19,965 | $ 16,283 | $ 16,407 | |
Accutronics Limited [Member] | ||||
Cash | $ 1,304 | |||
Accounts Receivable | 1,344 | |||
Inventory | 2,167 | |||
Prepaids and Other Current Assets | 584 | |||
Property, Plant & Equipment | 269 | |||
Identifiable Intangible Assets | 4,374 | |||
Goodwill | 4,487 | |||
Accounts Payable | (1,009) | |||
Accrued Expenses | (1,136) | |||
Income Taxes Payable | (111) | |||
Non-Current Liabilities | (209) | |||
Deferred Income Taxes | (74) | |||
Deferred Income Taxes on Intangible Assets | (829) | |||
Total Consideration | $ 11,161 |
Note 2 - Acquisition - Unaudite
Note 2 - Acquisition - Unaudited Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue | $ 82,460 | $ 89,534 |
Operating Income | 3,763 | 3,858 |
Net Income Attributable to Ultralife Corporation | $ 3,509 | $ 3,258 |
Basic (in dollars per share) | $ 0.23 | $ 0.20 |
Diluted (in dollars per share) | $ 0.23 | $ 0.20 |
Note 3 - Share Repurchase Pro34
Note 3 - Share Repurchase Program (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | 25 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Jun. 02, 2016 | May 01, 2014 | |
Treasury Stock, Shares, Acquired | 156,092 | 2,258,929 | 2,592,095 | |
Treasury Stock, Value, Acquired, Cost Method | $ 635 | $ 9,388 | $ 10,480 | |
Share Repurchase Program [Member] | ||||
Treasury Stock, Shares, Acquired | 149,904 | 2,225,437 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 603 | $ 9,162 | ||
Maximum [Member] | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 3,400,000 | 1,800,000 |
Note 4 - Supplemental Balance35
Note 4 - Supplemental Balance Sheet Information (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Inventory, Net | $ 23,456,000 | $ 23,814,000 |
Construction in Progress, Gross | 170,000 | 180,000 |
Depreciation | 2,223,000 | 2,401,000 |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | $ 150,000 |
Accutronics Limited [Member] | ||
Inventory, Net | $ 1,443 |
Note 4 - Supplemental Balance36
Note 4 - Supplemental Balance Sheet Information - Components of Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Raw Materials | $ 14,482 | $ 11,602 |
Work in Process | 986 | 1,560 |
Finished Products | 7,988 | 10,652 |
Total | $ 23,456 | $ 23,814 |
Note 4 - Supplemental Balance37
Note 4 - Supplemental Balance Sheet Information - Components of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, plant and equipment, gross | $ 65,193 | $ 64,526 |
Less – Accumulated Depreciation | (57,194) | (55,488) |
Total | 7,999 | 9,038 |
Land [Member] | ||
Property, plant and equipment, gross | 123 | 123 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 7,757 | 7,490 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 49,722 | 49,609 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 1,947 | 1,974 |
Computer Equipment [Member] | ||
Property, plant and equipment, gross | 5,223 | 4,585 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 421 | $ 745 |
Note 4 - Supplemental Balance38
Note 4 - Supplemental Balance Sheet Information - Summary of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill balance | $ 16,283 | $ 16,407 |
Effect of Foreign Currency Translation | (805) | (124) |
Goodwill balance | 19,965 | 16,283 |
Accutronics Limited [Member] | ||
Acquisition of Accutronics | 4,487 | |
Battery & Energy Products Segment [Member] | ||
Goodwill balance | 4,790 | 4,914 |
Effect of Foreign Currency Translation | (805) | (124) |
Goodwill balance | 8,472 | 4,790 |
Battery & Energy Products Segment [Member] | Accutronics Limited [Member] | ||
Acquisition of Accutronics | 4,487 | |
Communications Systems Segment [Member] | ||
Goodwill balance | 11,493 | 11,493 |
Effect of Foreign Currency Translation | ||
Goodwill balance | 11,493 | $ 11,493 |
Communications Systems Segment [Member] | Accutronics Limited [Member] | ||
Acquisition of Accutronics |
Note 4 - Supplemental Balance39
Note 4 - Supplemental Balance Sheet - Composition of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Cost | $ 15,990 | $ 12,234 |
Accumulated Amortization | 8,796 | 8,288 |
Net | 7,194 | 3,946 |
Trademarks [Member] | ||
Cost | 3,404 | 3,411 |
Accumulated Amortization | 0 | |
Net | 3,404 | 3,411 |
Customer Relationships [Member] | ||
Cost | 6,395 | 3,971 |
Accumulated Amortization | 3,975 | 3,716 |
Net | 2,420 | 255 |
Patented Technology [Member] | ||
Cost | 5,455 | 4,482 |
Accumulated Amortization | 4,417 | 4,217 |
Net | 1,038 | 265 |
Distributor Relationships [Member] | ||
Cost | 377 | 370 |
Accumulated Amortization | 368 | 355 |
Net | 9 | $ 15 |
Trade Names [Member] | ||
Cost | 359 | |
Accumulated Amortization | 36 | |
Net | $ 323 |
Note 4 - Supplemental Balance40
Note 4 - Supplemental Balance Sheet Information - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Amortization of Intangible Assets | $ 503 | $ 235 |
Research and Development Expense [Member] | ||
Amortization of Intangible Assets | 200 | 130 |
Selling, General and Administrative Expenses [Member] | ||
Amortization of Intangible Assets | $ 303 | $ 105 |
Note 5 - Operating Leases (Deta
Note 5 - Operating Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Leases, Rent Expense, Net | $ 668 | $ 672 |
Note 5 - Operating Leases - Fut
Note 5 - Operating Leases - Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 660 |
2,018 | 558 |
2,019 | 416 |
2,020 | 100 |
2,021 |
Note 6 - Debt (Details Textual)
Note 6 - Debt (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 30, 2014 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 9,549 | |||
Cash | $ 10,629 | $ 14,393 | $ 17,711 | |
Line of Credit, Maximum Borrowing Capacity, Percentage of Eligible Accounts Receivable | 85.00% | |||
Line of Credit, Maximum Borrowing Capacity, Percentage of Book Value of Eligible Inventory | 65.00% | |||
Line of Credit, Maximum Borrowing Capacity, Percentage of Appraised Net Orderly Liquidation Value of Eligible Inventory | 85.00% | |||
Line of Credit Minimum Additional Borrowing Capacity in Addition to Accounts Receivable | $ 7,500 | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.375% | |||
Minimum Fixed Charge Coverage Ratio | 1.15 | |||
Long-term Line of Credit | $ 0 | |||
Line of Credit Facility, Interest Rate at Period End | 4.50% | |||
Letters of Credit Outstanding, Amount | $ 0 | |||
Minimum [Member] | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 6,000 | |||
Cash | $ 8,000 | |||
Letter of Credit [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000 |
Note 6 - Debt - Interest Rate M
Note 6 - Debt - Interest Rate Margins (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Greater than $8 Million [Member] | Base Rate [Member] | |
Interest Rate Margin on Outstanding Borrowings | 1.00% |
Greater than $8 Million [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Interest Rate Margin on Outstanding Borrowings | 2.00% |
$5 to $8 Million [Member] | Base Rate [Member] | |
Interest Rate Margin on Outstanding Borrowings | 1.25% |
$5 to $8 Million [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Interest Rate Margin on Outstanding Borrowings | 2.25% |
Less than $5 Million [Member] | Base Rate [Member] | |
Interest Rate Margin on Outstanding Borrowings | 1.50% |
Less than $5 Million [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Interest Rate Margin on Outstanding Borrowings | 2.50% |
Note 7 - Commitments and Cont45
Note 7 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | May 04, 2015 | Dec. 31, 2016 |
Loss Contingency, Damages Sought, Value | $ 42,000 | |
Capital Addition Purchase Commitments [Member] | ||
Long-term Purchase Commitment, Amount | $ 504 |
Note 7 - Commitments and Cont46
Note 7 - Commitments and Contingencies - Changes in Produce Warranty Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accrued Warranty Obligation, Beginning | $ 192 | $ 376 |
Provision (reversal) for warranties issued | 39 | (90) |
Settlements made | (59) | (94) |
Accrued Warranty Obligation, Ending | $ 172 | $ 192 |
Note 8 - Shareholders' Equity47
Note 8 - Shareholders' Equity (Details Textual) - USD ($) | Jan. 03, 2011 | Dec. 30, 2010 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2004 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,323,581 | 2,257,969 | 2,056,122 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 369,550 | 411,250 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 4.69 | $ 4.68 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 505,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 36 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.01 | $ 2.32 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 149,000 | $ 364,000 | |||||
Proceeds from Stock Options Exercised | 460,000 | 538,000 | |||||
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | 0 | |||||
Allocated Share-based Compensation Expense | $ 710,000 | $ 571,000 | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 901,700 | ||||||
Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 0 | |||||
Allocated Share-based Compensation Expense | $ 34,000 | $ 82,000 | |||||
Restricted Stock [Member] | |||||||
Allocated Share-based Compensation Expense | 34,000 | $ 82 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 15,900 | ||||||
Stock Repurchased During Period, Shares | 4,131 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 11,000 | ||||||
2004 Long-term Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,900,000 | 750,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,243,697 | ||||||
2004 Long-term Incentive Plan [Member] | President [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 50,000 | ||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 6.58 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Incremental Vesting Shares | 12,500 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | ||||||
2004 Long-term Incentive Plan [Member] | Options I [Member] | President [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 50,000 | ||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 6.42 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Incremental Vesting Shares | 12,500 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||||
2004 Long-term Incentive Plan [Member] | Options II [Member] | President [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 250,000 | ||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 6.42 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Incremental Vesting Shares | 62,500 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||||
2004 Long-term Incentive Plan [Member] | Options III [Member] | President [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 200,000 | ||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 10 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Incremental Vesting Shares | 50,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Minimum Closing Share Price | $ 10 | ||||||
2004 Long-term Incentive Plan [Member] | Options IV [Member] | President [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 200,000 | ||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 15 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Incremental Vesting Shares | 50,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Minimum Closing Share Price | $ 15 | ||||||
2014 Long-term Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,750,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 679,884 | ||||||
2014 Long-term Incentive Plan [Member] | Awards Other than Stock Options and SARs [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 800,000 | ||||||
2014 Long-term Incentive Plan [Member] | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 49,200 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 3.24 |
Note 8 - Shareholders' Equity -
Note 8 - Shareholders' Equity - Non-cash Stock Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Stock-based comepensation expense | $ 710 | $ 571 |
Employee Stock Option [Member] | ||
Stock-based comepensation expense | 676 | 489 |
Performance Shares [Member] | ||
Stock-based comepensation expense | $ 34 | $ 82 |
Note 8 - Shareholders' Equity49
Note 8 - Shareholders' Equity - Stock Option Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Risk-free interest rate | 1.36% | 0.72% |
Volatility factor | 48.20% | 48.54% |
Dividends | 0.00% | 0.00% |
Weighted average expected life (years) (Year) | 4 years 302 days | 4 years 54 days |
Forfeiture rate | 10.00% | 13.80% |
Note 8 - Shareholders' Equity50
Note 8 - Shareholders' Equity - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Shares under Option, beginning of period (in shares) | 2,257,969 | 2,056,122 |
Options outstanding - weighted average exercise price (in dollars per share) | $ 6.30 | $ 6.66 |
Options Granted (in shares) | 369,550 | 411,250 |
Options granted - weighted average exercise price (in dollars per share) | $ 4.69 | $ 4.68 |
Options Exercised (in shares) | (152,789) | (137,937) |
Options exercised - weighted average exercise price (in dollars per share) | $ 3.86 | $ 3.90 |
Options Forfeited or Expired (in shares) | (151,149) | (71,466) |
Options forfeited or expired - weighted average exercise price (in dollars per share) | $ 6.09 | $ 11.86 |
Shares under option, end of period (in shares) | 2,323,581 | 2,257,969 |
Options outstanding - weighted average exercise price (in dollars per share) | $ 6.22 | $ 6.30 |
Options outstanding - weighted average remaining contractual term (Year) | 3 years 113 days | |
Options outstanding - aggregate intrinsic value | $ 1,101 | |
Vested and Expected to Vest (in shares) | 2,192,138 | |
Options vested and expected to vest - weighted average exercise price (in dollars per share) | $ 6.31 | |
Options vested and expected to vest - weighted average remaining contractual term (Year) | 2 years 357 days | |
Options vested and expected to vest - aggregate intrinsic value | $ 1,006 | |
Options Exercisable (in shares) | 1,302,390 | 1,255,736 |
Options Exercisable Weighted- Average Exercise Price (in dollars per share) | $ 5.05 | |
Options exercisable - weighted average remaining contractual term (Year) | 1 year 335 days | |
Options exercisable - aggregate intrinsic value | $ 669 | |
Options exercised - weighted average exercise price (in dollars per share) | $ 3.86 | $ 3.90 |
Options forfeited or expired - weighted average exercise price (in shares) | (151,149) | (71,466) |
Options forfeited or expired - weighted average exercise price (in dollars per share) | $ 6.09 | $ 11.86 |
Options exercisable (in shares) | 1,302,390 | 1,255,736 |
Options exercisable (in dollars per share) | $ 5.22 |
Note 8 - Shareholders' Equity51
Note 8 - Shareholders' Equity - Options Range of Exercise Prices (Details) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Lower Range Limit (in dollars per share) | $ 3.22 |
Upper Range Limit (in dollars per share) | $ 15 |
Option Outstanding Number of Outstanding Options (in shares) | shares | 2,323,581 |
Option Outstanding Weighted- Average Remaining Contractual Life (Year) | 3 years 113 days |
Option Outstanding Weighted- Average Exercise Price (in dollars per share) | $ 6.22 |
Options Exercisable Number of Options Exercisable (in shares) | shares | 1,302,390 |
Options Exercisable Weighted- Average Exercise Price (in dollars per share) | $ 5.05 |
Range One [Member] | |
Lower Range Limit (in dollars per share) | 3.22 |
Upper Range Limit (in dollars per share) | $ 3.99 |
Option Outstanding Number of Outstanding Options (in shares) | shares | 608,200 |
Option Outstanding Weighted- Average Remaining Contractual Life (Year) | 3 years 248 days |
Option Outstanding Weighted- Average Exercise Price (in dollars per share) | $ 3.76 |
Options Exercisable Number of Options Exercisable (in shares) | shares | 394,218 |
Options Exercisable Weighted- Average Exercise Price (in dollars per share) | $ 3.75 |
Range Two [Member] | |
Lower Range Limit (in dollars per share) | 4 |
Upper Range Limit (in dollars per share) | $ 4.99 |
Option Outstanding Number of Outstanding Options (in shares) | shares | 686,548 |
Option Outstanding Weighted- Average Remaining Contractual Life (Year) | 3 years 226 days |
Option Outstanding Weighted- Average Exercise Price (in dollars per share) | $ 4.40 |
Options Exercisable Number of Options Exercisable (in shares) | shares | 396,006 |
Options Exercisable Weighted- Average Exercise Price (in dollars per share) | $ 4.45 |
Range Three [Member] | |
Lower Range Limit (in dollars per share) | 5 |
Upper Range Limit (in dollars per share) | $ 9.99 |
Option Outstanding Number of Outstanding Options (in shares) | shares | 628,833 |
Option Outstanding Weighted- Average Remaining Contractual Life (Year) | 2 years 62 days |
Option Outstanding Weighted- Average Exercise Price (in dollars per share) | $ 6.58 |
Options Exercisable Number of Options Exercisable (in shares) | shares | 512,166 |
Options Exercisable Weighted- Average Exercise Price (in dollars per share) | $ 6.52 |
Range Four [Member] | |
Lower Range Limit (in dollars per share) | 10 |
Upper Range Limit (in dollars per share) | $ 15 |
Option Outstanding Number of Outstanding Options (in shares) | shares | 400,000 |
Option Outstanding Weighted- Average Remaining Contractual Life (Year) | 4 years |
Option Outstanding Weighted- Average Exercise Price (in dollars per share) | $ 12.50 |
Options Exercisable Number of Options Exercisable (in shares) | shares | |
Options Exercisable Weighted- Average Exercise Price (in dollars per share) |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Jan. 01, 2015 | Dec. 31, 2014 | |
Deferred Income Tax Expense (Benefit) Asset Impairment Charges | $ (51,000) | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 0 | 150,000 | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (1,262,000) | 6,642,000 | ||
Valuation Allowance, Deferred Tax Assets, Change in Amount Due to Settlement of Uncertain Tax Position | 7,296,000 | |||
Valuation Allowance, Deferred Tax Assets, Change in Amount, Other | 654,000 | |||
Increase in Net Operating Loss Carry Forward, Resulting from Settlement of Uncertain Tax Position | 21,400,000 | |||
Unrecognized Tax Benefits | 0 | $ 7,296,000 | $ 7,296,000 | |
Deferred Tax Assets, Valuation Allowance | 33,331,000 | 34,593,000 | ||
Undistributed Earnings of Foreign Subsidiaries | 0 | 0 | ||
Domestic Tax Authority [Member] | ||||
Operating Loss Carryforwards | 70,976,000 | |||
Tax Credit Carryforward, Amount | $ 1,704,000 | |||
Domestic Tax Authority [Member] | Earliest Tax Year [Member] | Internal Revenue Service (IRS) [Member] | ||||
Open Tax Year | 2,001 | |||
Domestic Tax Authority [Member] | Latest Tax Year [Member] | Internal Revenue Service (IRS) [Member] | ||||
Open Tax Year | 2,016 | |||
Domestic Tax Authority [Member] | Capital Loss Carryforward [Member] | ||||
Operating Loss Carryforwards | $ 3,223,000 | |||
Foreign Tax Authority [Member] | ||||
Operating Loss Carryforwards | 12,760,000 | |||
Deferred Tax Assets, Valuation Allowance | $ 0 | 0 | ||
Foreign Tax Authority [Member] | Earliest Tax Year [Member] | ||||
Open Tax Year | 2,009 | |||
Foreign Tax Authority [Member] | Latest Tax Year [Member] | ||||
Open Tax Year | 2,016 | |||
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | ||||
Open Tax Year | 2,001 | |||
State and Local Jurisdiction [Member] | Latest Tax Year [Member] | ||||
Open Tax Year | 2,016 | |||
Trademarks [Member] | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 150,000 |
Note 9 - Income Taxes - Income
Note 9 - Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Federal | $ (70) | $ 4 |
State | 20 | 15 |
Foreign | 13 | 111 |
Total current tax provision | (37) | 130 |
Federal | 220 | 169 |
State | ||
Foreign | (85) | 11 |
Total deferred tax provision (benefit) | 135 | 180 |
Total income tax provision | $ 98 | $ 310 |
Note 9 - Income Taxes - Deferre
Note 9 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Tax Liabilities: | ||
Property, Plant and Equipment | ||
Intangible Assets | 5,471 | 4,631 |
Total Deferred Tax Liabilities | 5,471 | 4,631 |
Deferred Tax Assets: | ||
Property, Plant and Equipment | 77 | 288 |
Net Operating Loss Carry-Forwards | 27,127 | 27,283 |
Tax Credit Carry-Forwards | 1,704 | 1,596 |
Intangible Assets | 2,923 | 3,391 |
Accrued Expenses, Reserves and Other | 1,527 | 2,127 |
Total Deferred Tax Assets | 33,358 | 34,685 |
Valuation Allowance for Deferred Tax Assets | (33,331) | (34,593) |
Net Deferred Tax Assets | 27 | 92 |
Net Deferred Tax Liabilities | $ 5,444 | $ 4,539 |
Note 9 - Income Taxes - Net Def
Note 9 - Income Taxes - Net Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current Deferred Tax Assets | $ 94 | $ 92 |
Non-Current Deferred Tax Liabilities | (5,538) | (4,631) |
Net Deferred Tax Liabilities | $ (5,444) | $ (4,539) |
Note 9 - Income Taxes - United
Note 9 - Income Taxes - United States and Foreign Income (Loss) From Continuing Operations Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
United States | $ 2,803 | $ 2,582 |
Foreign | 777 | 568 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 3,580 | $ 3,150 |
Note 9 - Income Taxes - Effecti
Note 9 - Income Taxes - Effective Rate Reconciliation (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Statutory Income Tax Rate | 34.00% | 34.00% |
Equity Compensation | 9.60% | 2.20% |
Income Tax Credits | (6.20%) | (4.50%) |
Foreign Tax Rates | (2.20%) | (2.20%) |
Release of Unrecognized Tax Benefits | (231.60%) | |
Valuation Allowance | (30.00%) | 210.90% |
Excess Accrual | (5.20%) | |
Other | 2.70% | 1.00% |
Effective Income Tax Rate | 2.70% | 9.80% |
Note 9 - Income Taxes - Unrecog
Note 9 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Balance – beginning of year | $ 7,296,000 | |
Increases related to current year tax positions | ||
Increases related to prior year tax positions | ||
Decreases related to prior year tax positions | ||
Expiration of statute of limitations for assessment of taxes | ||
Settlements of examinations | (7,296,000) | |
Balance – end of year | $ 0 |
Note 10 - 401(k) Retirement B59
Note 10 - 401(k) Retirement Benefit Plan (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | |
Defined Contribution Plan, Maximum Employee Contribution Percentage, Subject to Employer Matching Contribution | 4.00% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 2.00% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 191 | $ 201 |
Note 11 - Business Segment In60
Note 11 - Business Segment Information (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Number of Operating Segments | 2 | |
Foreign [Member] | ||
Long-Lived Assets | $ 11,652 | $ 4,748 |
Note 11 - Business Segment In61
Note 11 - Business Segment Information - Segment Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue | $ 82,460,000 | $ 76,427,000 | |
Segment Contribution | 3,763,000 | 3,330,000 | |
Interest Expense, Net | (263,000) | (245,000) | |
Miscellaneous | 80,000 | 65,000 | |
Income Tax Provision | (98,000) | (310,000) | |
Non-Controlling Interest | 27,000 | 29,000 | |
Net Income Attributable to Ultralife | 3,509,000 | 2,869,000 | |
Total Assets | 84,744,000 | 81,522,000 | |
Capital Expenditures | 1,377,000 | 1,890,000 | |
Goodwill | 19,965,000 | 16,283,000 | $ 16,407,000 |
Depreciation and Amortization of Intangible Assets | 2,726,000 | 2,707,000 | |
Stock-Based Compensation | 710,000 | 571,000 | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | 150,000 | |
Battery & Energy Products Segment [Member] | |||
Revenue | 64,753,000 | 65,272,000 | |
Segment Contribution | 19,580,000 | 18,698,000 | |
Interest Expense, Net | |||
Miscellaneous | |||
Income Tax Provision | |||
Net Income Attributable to Ultralife | |||
Total Assets | 39,691,000 | 35,295,000 | |
Capital Expenditures | 852,000 | 355,000 | |
Goodwill | 8,472,000 | 4,790,000 | 4,914,000 |
Depreciation and Amortization of Intangible Assets | 2,042,000 | 1,625,000 | |
Stock-Based Compensation | 403,000 | 46,000 | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | |||
Communications Systems Segment [Member] | |||
Revenue | 17,707,000 | 11,155,000 | |
Segment Contribution | 5,528,000 | 4,618,000 | |
Interest Expense, Net | |||
Miscellaneous | |||
Income Tax Provision | |||
Net Income Attributable to Ultralife | |||
Total Assets | 32,021,000 | 28,849,000 | |
Capital Expenditures | 158,000 | 973,000 | |
Goodwill | 11,493,000 | 11,493,000 | $ 11,493,000 |
Depreciation and Amortization of Intangible Assets | 541,000 | 98,000 | |
Stock-Based Compensation | 110,000 | 3,000 | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 150,000 | ||
Corporate Segment [Member] | |||
Revenue | |||
Segment Contribution | (21,345,000) | (19,986,000) | |
Interest Expense, Net | (263,000) | (245,000) | |
Miscellaneous | 80,000 | 65,000 | |
Income Tax Provision | (98,000) | (310,000) | |
Non-Controlling Interest | 27,000 | 29,000 | |
Net Income Attributable to Ultralife | |||
Total Assets | 13,032,000 | 17,378,000 | |
Capital Expenditures | 367,000 | 562,000 | |
Goodwill | |||
Depreciation and Amortization of Intangible Assets | 143,000 | 984,000 | |
Stock-Based Compensation | $ 197,000 | 522,000 | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) |
Note 11 - Business Segment In62
Note 11 - Business Segment Information - Domestic and International Revenue by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue | $ 82,460 | $ 76,427 |
Revenue, percentage | ||
UNITED STATES | ||
Revenue | $ 45,094 | $ 46,741 |
Revenue, percentage | 55.00% | 61.00% |
Non-US [Member] | ||
Revenue | $ 37,366 | $ 29,686 |
Revenue, percentage | 45.00% | 39.00% |
Battery & Energy Products Segment [Member] | ||
Revenue | $ 64,753 | $ 65,272 |
Battery & Energy Products Segment [Member] | UNITED STATES | ||
Revenue | 29,587 | 37,106 |
Battery & Energy Products Segment [Member] | Non-US [Member] | ||
Revenue | 35,166 | 28,166 |
Communications Systems Segment [Member] | ||
Revenue | 17,707 | 11,155 |
Communications Systems Segment [Member] | UNITED STATES | ||
Revenue | 15,507 | 9,635 |
Communications Systems Segment [Member] | Non-US [Member] | ||
Revenue | $ 2,200 | $ 1,520 |
Note 11 - Business Segment In63
Note 11 - Business Segment Information - Revenue by Business Segment Sector (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue | $ 82,460 | $ 76,427 |
Revenue, percentage | ||
Commercial [Member] | ||
Revenue | $ 40,886 | $ 33,367 |
Revenue, percentage | 50.00% | 44.00% |
Government & Defense [Member] | ||
Revenue | $ 41,574 | $ 43,060 |
Revenue, percentage | 50.00% | 56.00% |
Battery & Energy Products Segment [Member] | ||
Revenue | $ 64,753 | $ 65,272 |
Battery & Energy Products Segment [Member] | Commercial [Member] | ||
Revenue | 40,886 | 33,367 |
Battery & Energy Products Segment [Member] | Government & Defense [Member] | ||
Revenue | 23,867 | 31,905 |
Communications Systems Segment [Member] | ||
Revenue | 17,707 | 11,155 |
Communications Systems Segment [Member] | Commercial [Member] | ||
Revenue | ||
Communications Systems Segment [Member] | Government & Defense [Member] | ||
Revenue | $ 17,707 | $ 11,155 |
Note 12 - Due From Insurance 64
Note 12 - Due From Insurance Company (Details Textual) - USD ($) $ in Thousands | Sep. 06, 2016 | Jun. 30, 2011 | Apr. 30, 2013 | Jun. 26, 2016 |
Business Interruption Loss, Gross | $ 1,589 | |||
Proceeds from Insurance Settlement, Operating Activities | $ 1,286 | |||
Gain on Business Interruption Insurance Recovery | $ 0 | |||
Insurance Settlements Receivable | $ 177 | |||
Business Interruption, Insurance Deductible | $ 126 | |||
Gain (Loss) Related to Litigation Settlement | $ (55) |