Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jul. 02, 2017 | Jul. 28, 2017 | |
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) | 15,553,890 | |
Document Type | 10-Q | |
Document Period End Date | Jul. 2, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jul. 02, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash | $ 14,933 | $ 10,629 |
Restricted cash | 83 | 77 |
Trade accounts receivable, net of allowance for doubtful accounts of $273 and $277, respectively | 13,543 | 13,179 |
Inventories, net | 24,490 | 23,456 |
Prepaid expenses and other current assets | 1,754 | 2,079 |
Total current assets | 54,803 | 49,420 |
Property, equipment and improvements, net | 7,833 | 7,999 |
Goodwill | 20,223 | 19,965 |
Intangible assets, net | 7,169 | 7,194 |
Security deposits and other non-current assets | 143 | 72 |
Deferred income taxes | 94 | 94 |
Total assets | 90,265 | 84,744 |
Current liabilities: | ||
Accounts payable | 7,647 | 7,292 |
Accrued compensation and related benefits | 1,875 | 1,258 |
Accrued expenses and other current liabilities | 1,966 | 2,606 |
Income taxes payable | 386 | 172 |
Total current liabilities | 11,874 | 11,328 |
Deferred income taxes | 5,615 | 5,538 |
Other non-current liabilities | 27 | 18 |
Total liabilities | 17,516 | 16,884 |
Commitments and contingencies (Note 11) | ||
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 – 19,567,642 shares at July 2, 2017 and 19,324,723 shares at December 31, 2016; outstanding – 15,551,890 shares at July 2, 2017 and 15,308,971 at December 31, 2016 | 1,957 | 1,932 |
Capital in excess of par value | 179,519 | 178,163 |
Accumulated deficit | (87,793) | (90,542) |
Accumulated other comprehensive loss | (2,327) | (3,080) |
Treasury stock - at cost; 4,015,752 shares | (18,443) | (18,443) |
Total Ultralife Corporation equity | 72,913 | 68,030 |
Non-controlling interest | (164) | (170) |
Total shareholders’ equity | 72,749 | 67,860 |
Total liabilities and shareholders' equity | $ 90,265 | $ 84,744 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jul. 02, 2017 | Dec. 31, 2016 |
Trade accounts receivable, allowance for doubtful account | $ 273 | $ 277 |
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) | 19,567,642 | 19,324,723 |
Common stock, shares outstanding (in shares) | 15,551,890 | 15,308,971 |
Treasury stock, shares (in shares) | 4,015,752 | 4,015,752 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2017 | Jun. 26, 2016 | Jul. 02, 2017 | Jun. 26, 2016 | |
Revenues | $ 19,939 | $ 20,371 | $ 41,974 | $ 41,204 |
Cost of products sold | 13,718 | 14,471 | 28,863 | 28,899 |
Gross profit | 6,221 | 5,900 | 13,111 | 12,305 |
Operating expenses: | ||||
Research and development | 1,185 | 1,425 | 2,323 | 3,081 |
Selling, general and administrative | 3,714 | 3,976 | 7,625 | 8,243 |
Total operating expenses | 4,899 | 5,401 | 9,948 | 11,324 |
Operating income | 1,322 | 499 | 3,163 | 981 |
Other (expense) income: | ||||
Interest and financing expense | (41) | (62) | (109) | (163) |
Miscellaneous | (8) | 38 | (33) | 26 |
Income before income taxes | 1,273 | 475 | 3,021 | 844 |
Income tax provision | 179 | 33 | 266 | 121 |
Net income | 1,094 | 442 | 2,755 | 723 |
Net loss (income) attributable to non-controlling interest | 4 | (6) | 22 | |
Net income attributable to Ultralife Corporation | 1,094 | 446 | 2,749 | 745 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 494 | (422) | 753 | (701) |
Comprehensive income attributable to Ultralife Corporation | $ 1,588 | $ 24 | $ 3,502 | $ 44 |
Net income per share attributable to Ultralife common shareholders – basic (in dollars per share) | $ 0.07 | $ 0.03 | $ 0.18 | $ 0.05 |
Net income per share attributable to Ultralife common shareholders – diluted (in dollars per share) | $ 0.07 | $ 0.03 | $ 0.17 | $ 0.05 |
Weighted average shares outstanding – basic (in shares) | 15,510 | 15,258 | 15,461 | 15,290 |
Potential common shares (in shares) | 340 | 161 | 291 | 255 |
Weighted average shares outstanding - diluted (in shares) | 15,850 | 15,419 | 15,752 | 15,545 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 02, 2017 | Jun. 26, 2016 | |
OPERATING ACTIVITIES: | ||
Net income | $ 2,755 | $ 723 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation expense | 1,010 | 1,165 |
Amortization of intangible assets | 209 | 274 |
Amortization of financing fees | 33 | 37 |
Stock-based compensation | 396 | 350 |
Deferred income tax benefit | 79 | 95 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (274) | (1,053) |
Inventories | (904) | (762) |
Prepaid expenses and other assets | 246 | 462 |
Accounts payable and other liabilities | 478 | (2,093) |
Net cash provided by (used in) operating activities | 4,028 | (802) |
INVESTING ACTIVITIES: | ||
Acquisition of Accutronics, net of cash acquired | (9,857) | |
Cash paid for property, equipment and improvements | (836) | (888) |
Net cash used in investing activities | (836) | (10,745) |
FINANCING ACTIVITIES: | ||
Cash paid to repurchase treasury stock | (607) | |
Proceeds from debt borrowing | 3,030 | |
Payments of debt borrowings | (2,198) | |
Proceeds from stock option exercise | 989 | 75 |
Net cash provided by financing activities | 989 | 300 |
Effect of exchange rate changes on cash | 123 | (26) |
INCREASE (DECREASE) IN CASH | 4,304 | (11,273) |
Cash, Beginning of period | 10,629 | 14,393 |
Cash, End of period | $ 14,933 | $ 3,120 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jul. 02, 2017 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. BASIS OF PRESENTATION The accompanying unaudited Consolidated Financial Statements of Ultralife Corporation (the “Company”) and its subsidiaries have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Rule 8 03 X. not not 10 December 31, 2016. The December 31, 2016 not Our monthly closing schedule is a 4/4/5 not |
Note 2 - Acquisition
Note 2 - Acquisition | 6 Months Ended |
Jul. 02, 2017 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 2. ACQUISITION On January 13, 2016, no 2020 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, The final allocation of purchase price to the assets acquired and liabilities assumed is presented in the table below. 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 not may 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 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 six June 26, 2016, $251 $96 $5,033 $210 six June 26, 2016 Set forth below are the unaudited pro forma results of the Company for the six June 26, 2016, January 1, 2015. six June 26, 2016 $251 $96 not January 1, 2016 Six Months Ended June 26, 2016 Revenue $ 41,204 Operating income $ 1,274 Net income attributable to Ultralife $ 1,053 Earnings per share: Basic $ .07 Diluted $ .07 The unaudited pro forma results do not not 2015 |
Note 3 - Share Repurchase Progr
Note 3 - Share Repurchase Program | 6 Months Ended |
Jul. 02, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 3. SHARE REPURCHASE PROGRAM On April 28, 2014, May 1, 2014 1.8 not twelve June 2, 2016, 3.4 10b 18 10b5 1 June 2, 2016 not May 1, 2014 June 2, 2016, 2,592,095 $10,480. three six June 26, 2016, 149,904 $603 |
Note 4 - Inventories
Note 4 - Inventories | 6 Months Ended |
Jul. 02, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. INVENTORIES Inventories are stated at the lower of cost or market with cost determined under the first first July 2 , December 31, 201 7 201 6 Raw materials $ 13,806 $ 14,482 Work in process 1,695 986 Finished goods 8,989 7,988 Total $ 24,490 $ 23,456 |
Note 5 - Property, Equipment an
Note 5 - Property, Equipment and Improvements | 6 Months Ended |
Jul. 02, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. PROPERTY, EQUIPMENT AND IMPROVEMENTS Major classes of property, equipment and improvements consisted of the following: July 2 , December 31, 201 7 201 6 Land $ 123 $ 123 Buildings and leasehold improvements 7,786 7,757 Machinery and equipment 50,457 49,722 Furniture and fixtures 1,978 1,947 Computer hardware and software 5,287 5,223 Construction in process 442 421 66,073 65,193 Less: Accumulated depreciation (58,240 ) (57,194 ) Property, equipment and improvements, net $ 7,833 $ 7,999 Depreciation expense for property, equipment and improvements was as follows: Three-month periods ended Six-month periods ended July 2 , June 26, July 2 , June 26, 201 7 2016 201 7 2016 Depreciation expense $ 507 $ 576 $ 1,010 $ 1,165 |
Note 6 - Goodwill, Intangible A
Note 6 - Goodwill, Intangible Assets and Long Term Assets | 6 Months Ended |
Jul. 02, 2017 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6. GOODWILL, INTANGIBLE ASSETS AND LONG TERM ASSETS a. Goodwill The following table summarizes the goodwill activity by segment for the six July 2, 2017 June 26, 2016: Battery & Energy Communi- cations Products Systems Total Balance - December 31, 2015 $ 4,790 $ 11,493 $ 16,283 Acquisition of Accutronics 4,407 - 4,407 Measurement period adjustment (201 ) - (201 ) Effect of foreign currency translation (314 ) - (314 ) Balance – June 28, 2016 8,682 11,493 20,175 Measurement period adjustment 228 - 228 Effect of foreign currency translation (438 ) - (438 ) Balance - December 31, 2016 8,472 11,493 19,965 Effect of foreign currency translation 258 - 258 Balance – July 2, 2017 $ 8,730 $ 11,493 $ 20,223 b. Intangible Assets The composition of intangible assets was: at July 2 , 201 7 Accumulated Cost Amortization Net Trademarks $ 3,406 $ - $ 3,406 Customer relationships 6,525 4,088 2,437 Patents and technology 5,508 4,504 1,004 Distributor relationships 377 377 - Trade name 379 57 322 Total intangible assets $ 16,195 $ 9,026 $ 7,169 at December 31, 201 6 Accumulated Cost 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 intangible assets $ 15,990 $ 8,796 $ 7,194 Amortization expense for intangible assets was as follows: Three-month periods ended Six-month periods ended July 2 , June 26, July 2 , June 26, 201 7 2016 201 7 2016 Amortization included in: Research and development $ 41 $ 52 $ 81 $ 103 Selling, general and administrative 63 85 128 171 Total amortization expense $ 104 $ 137 $ 209 $ 274 The change in the cost value of total intangible assets from December 31, 2016 July 2, 2017 |
Note 7 - Revolving Credit Agree
Note 7 - Revolving Credit Agreement | 6 Months Ended |
Jul. 02, 2017 | |
Notes to Financial Statements | |
Debt and Capital Leases Disclosures [Text Block] | 7. REVOLVING CREDIT AGREEMENT On May 31, 2017, $30,000 $1,500 may $50,000 six May 30, 2020. May 24, 2017 ( The Credit Facility provides the Company with an aggregate of up to $30,000 may no not Interest will accrue on outstanding indebtedness under the Credit Agreement at the Overnight LIBOR Rate plus the applicable margin, or at the Base Rate plus the applicable margin, as selected by the Company. During the period beginning May 31, 2017 April 1, 2018, 185 50 20 April 2, 2018 Consolidated Senior Leverage Ratio Applicable Basis Points for Overnight LIBOR Loans Applicable Basis Points for Base Rate Loans Applicable Basis Points for Unused Fee Less than 1.50 to 1.00 185 (50) 20 Greater than or equal to 1.50 to 1.00 but less than 2.50 to 1.00 200 (25) 15 Greater than or equal to 2.50 to 1.00 215 0 10 The Company must pay a fee on its unused availability equal to the applicable margin for the Unused Fee and customary letter of credit fees. In addition to the affirmative and negative covenants, the Company must maintain a fixed charge coverage ratio of 1.15 1.0, four $40,000, July 2, 2017. Any outstanding borrowings must be repaid upon expiration of the term of the Credit Facility. Payments must be made during the term to the extent outstanding borrowings exceed the maximum amount then permitted to be drawn as borrowings under the Credit Facility and from the proceeds of certain transactions. Upon the occurrence of an event of default, the outstanding obligations of the Company under the Credit Facility may |
Note 8 - Shareholders' Equity
Note 8 - Shareholders' Equity | 6 Months Ended |
Jul. 02, 2017 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | 8. SHAREHOLDERS’ EQUITY We recorded non-cash stock compensation expense in each period as follows: Three-month periods ended Six-month periods ended July 2 , June 26, July 2 , June 26, 201 7 2016 201 7 2016 Stock Options $ 352 $ 158 $ 388 $ 328 Restricted Stock Grants 4 11 8 22 Total $ 356 $ 169 $ 396 $ 350 We have stock options outstanding from various stock-based employee compensation plans for which we record compensation cost relating to share-based payment transactions in our financial statements. As of July 2, 2017, $616 1.4 The following table summarizes stock option activity for the six July 2, 2017: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding at January 1, 2017 2,323,581 $ 6.22 Granted 244,750 5.60 Exercised (242,919 ) 4.07 Forfeited or Expired (209,399 ) 9.20 Outstanding at July 2, 2017 2,116,013 $ 6.10 3.31 $ 3,929 Vested and Expected to Vest at July 2, 2017 2,000,545 6.17 3.16 $ 3,658 Exercisable at July 2, 2017 1,273,909 $ 5.08 2.02 $ 2,706 The following assumptions were used to value stock options granted during the six July 2, 2017: Risk-Free Interest Rate 1.7 % Volatility Factor 50 % Weighted Average Expected Life (Years) 5 Dividends 0.0 % The weighted average grant date fair value of options granted during the six July 2, 2017 $2.47. On April 19, 2017, December 30, 2017 December 30, 2020 300,000 718, second $193 FASB’s guidance for share-based payments requires cash flows from excess tax benefits to be classified as a part of cash flows from financing activities. Excess tax benefits are realized tax benefits from tax deductions for exercised stock options in excess of the deferred tax asset attributable to stock compensation costs for such stock options. We did not first six 2017 2016. Cash received from stock option exercises under our stock-based compensation plans for the three July 2, 2017 June 26, 2016 $248 $61, six July 2, 2017 June 26, 2016 $989 $75, In September 2014, 49,200 three $3.24 $3 July 2, 2017. |
Note 9 - Income Taxes
Note 9 - Income Taxes | 6 Months Ended |
Jul. 02, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9. INCOME TAXES We use the asset and liability method in accounting for income taxes. 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. For the three July 2, 2017 June 26, 2016, $179 $33, six July 2, 2017 June 26, 2016, $266 $121, Three-month periods ended Six-month periods ended July 2 , June 26, July 2 , June 26, 201 7 2016 201 7 2016 Current Income Tax Provision: Foreign $ 130 $ (41 ) $ 151 $ (14 ) Federal 6 13 28 17 State 3 (7 ) 8 8 Deferred Income Tax Provision 40 68 79 110 Total $ 179 $ 33 $ 266 $ 121 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 carryforward periods. The current income tax provision is primarily due to the income generated by our foreign operations and estimated U.S. federal alternative minimum taxes. Our effective consolidated tax rates for the six July 2, 2017 June 26, 2016 Six month periods ended July 2 , June 26, 2017 2016 Income Before Income Taxes $ 3,021 $ 844 Income Tax Provision 266 121 Effective Income Tax Rate 8.8 % 14.3 % The overall effective tax rate is the result of the combination of income and losses in each of our tax jurisdictions, which is particularly influenced by the fact that we have recorded a full reserve against our deferred tax assets pertaining to cumulative historical losses for our U.S. operations and certain foreign subsidiaries, as management does not not As of December 31, 2016, $70,976 $12,760, $1,704, $12,760, $70,976 2019 2034. 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 2002 2016 2009 2016 |
Note 10 - Earnings Per Share
Note 10 - Earnings Per Share | 6 Months Ended |
Jul. 02, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10. EARNINGS PER SHARE Basic earnings per share (“EPS”) is computed by dividing earnings attributable to the Company’s common shareholders by the weighted-average shares outstanding during the period. Diluted EPS includes the dilutive effect of securities, if any, and is calculated using the treasury stock method. For the three July 2, 2017, 1,055,097 13,400 339,705 three June 26, 2016, 1,144,076 32,800 160,732 six July 2, 2017 June 26, 2016, 1,055,097 1,177,076 13,400 32,800 291,062 255,479 There were 1,060,916 996,583 three July 2, 2017 June 26, 2016, not 1,060,916 963,583 six July 2, 2017 June 26, 2016, not |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 6 Months Ended |
Jul. 02, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. COMMITMENTS AND CONTINGENCIES a. Purchase Commitments As of July 2, 2017, $173 b. 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 first six 2017 2016 Six month periods ended Ju ly 2, 2017 June 26, 2016 Accrued warranty obligations – Beginning $ 172 $ 192 Accruals for warranties issued 29 26 Settlements made (38 ) (42 ) Accrued warranty obligations – Ending $ 163 $ 176 c. Contingencies and Legal Matters We are subject to legal proceedings and claims that arise from time to time in the normal course of business. We believe that the final disposition of such matters will not 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 Arista Power Litigation Since September 2011, January 12, 2016, 7 not not |
Note 12 - Business Segment Info
Note 12 - Business Segment Information | 6 Months Ended |
Jul. 02, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 12. BUSINESS SEGMENT INFORMATION We report our results in two 9 The components of segment performance were as follows: Three-Month Period Ended July 2, 2017 : Battery & Energy Products Communi- cations Systems Corporate Total Revenues $ 16,880 $ 3,059 $ - $ 19,939 Segment Contribution 4,741 1,480 (4,899 ) 1,322 Interest, Financing and Miscellaneous Expense, Net (49 ) (49 ) Tax Provision (179 ) (179 ) Non-Controlling Interest - - Net Income Attributable to Ultralife $ 1,094 Total Assets $ 90,265 Three-Month Period Ended June 26, 2016: Battery & Energy Products Communi- cations Systems Corporate Total Revenues $ 15,759 $ 4,612 $ - $ 20,371 Segment Contribution 4,664 1,236 (5,401 ) 499 Interest, Financing and Miscellaneous Expense, Net (24 ) (24 ) Tax Provision (33 ) (33 ) Non-Controlling Interest 4 4 Net Income Attributable to Ultralife $ 446 Total Assets $ 44,475 $ 33,489 $ 5,334 $ 83,298 Six-Month Period Ended July 2, 2017 : Battery & Energy Products Communi- cations Systems Corporate Total Revenues $ 34,359 $ 7,615 $ - $ 41,974 Segment Contribution 9,671 3,440 (9,948 ) 3,163 Interest, Financing and Miscellaneous Expense, Net (142 ) (142 ) Tax Provision (266 ) (266 ) Non-Controlling Interest (6 ) (6 ) Net Income Attributable to Ultralife $ 2,749 Six-Month Period Ended June 26, 2016: Battery & Energy Products Communi- cations Systems Corporate Total Revenues $ 32,199 $ 9,005 $ - $ 41,204 Segment Contribution 9,881 2,424 (11,324 ) 981 Interest, Financing and Miscellaneous Expense, Net (137 ) (137 ) Tax Provision (121 ) (121 ) Non-Controlling Interest 22 22 Net Income Attributable to Ultralife $ 745 |
Note 13 - Recent Accounting Pro
Note 13 - Recent Accounting Pronouncements and Developments | 6 Months Ended |
Jul. 02, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 13. RECENT ACCOUNTING PRONOUNCEMENTS AND DEVELOPMENTS In November 2015, 2015 17, 2015 17 December 15, 2016. first 2017, 2015 17 $94 April 2, 2017 December 31, 2016. 2015 17 not In March 2016, 2016 09, 718 2016 09 December 15, 2016. first 2017 $1,200 no In July 2015, 2015 11, December 15, 2016, first 2017. no There have been no 2016 10 ● In January 2017, 2017 04, 350 two ● In May 2017, 2017 09, 718 718. 2017 09 December 15, 2017 2017 09 not 2017 09 not |
Note 2 - Acquisition (Tables)
Note 2 - Acquisition (Tables) | 6 Months Ended |
Jul. 02, 2017 | |
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] | Six Months Ended June 26, 2016 Revenue $ 41,204 Operating income $ 1,274 Net income attributable to Ultralife $ 1,053 Earnings per share: Basic $ .07 Diluted $ .07 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 6 Months Ended |
Jul. 02, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | July 2 , December 31, 201 7 201 6 Raw materials $ 13,806 $ 14,482 Work in process 1,695 986 Finished goods 8,989 7,988 Total $ 24,490 $ 23,456 |
Note 5 - Property, Equipment 21
Note 5 - Property, Equipment and Improvements (Tables) | 6 Months Ended |
Jul. 02, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | July 2 , December 31, 201 7 201 6 Land $ 123 $ 123 Buildings and leasehold improvements 7,786 7,757 Machinery and equipment 50,457 49,722 Furniture and fixtures 1,978 1,947 Computer hardware and software 5,287 5,223 Construction in process 442 421 66,073 65,193 Less: Accumulated depreciation (58,240 ) (57,194 ) Property, equipment and improvements, net $ 7,833 $ 7,999 Three-month periods ended Six-month periods ended July 2 , June 26, July 2 , June 26, 201 7 2016 201 7 2016 Depreciation expense $ 507 $ 576 $ 1,010 $ 1,165 |
Note 6 - Goodwill, Intangible22
Note 6 - Goodwill, Intangible Assets and Long Term Assets (Tables) | 6 Months Ended |
Jul. 02, 2017 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Battery & Energy Communi- cations Products Systems Total Balance - December 31, 2015 $ 4,790 $ 11,493 $ 16,283 Acquisition of Accutronics 4,407 - 4,407 Measurement period adjustment (201 ) - (201 ) Effect of foreign currency translation (314 ) - (314 ) Balance – June 28, 2016 8,682 11,493 20,175 Measurement period adjustment 228 - 228 Effect of foreign currency translation (438 ) - (438 ) Balance - December 31, 2016 8,472 11,493 19,965 Effect of foreign currency translation 258 - 258 Balance – July 2, 2017 $ 8,730 $ 11,493 $ 20,223 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | at July 2 , 201 7 Accumulated Cost Amortization Net Trademarks $ 3,406 $ - $ 3,406 Customer relationships 6,525 4,088 2,437 Patents and technology 5,508 4,504 1,004 Distributor relationships 377 377 - Trade name 379 57 322 Total intangible assets $ 16,195 $ 9,026 $ 7,169 at December 31, 201 6 Accumulated Cost 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 intangible assets $ 15,990 $ 8,796 $ 7,194 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Three-month periods ended Six-month periods ended July 2 , June 26, July 2 , June 26, 201 7 2016 201 7 2016 Amortization included in: Research and development $ 41 $ 52 $ 81 $ 103 Selling, general and administrative 63 85 128 171 Total amortization expense $ 104 $ 137 $ 209 $ 274 |
Note 7 - Revolving Credit Agr23
Note 7 - Revolving Credit Agreement (Tables) | 6 Months Ended |
Jul. 02, 2017 | |
Notes Tables | |
Interest Rate Margins on Outstanding Debt [Table Text Block] | Consolidated Senior Leverage Ratio Applicable Basis Points for Overnight LIBOR Loans Applicable Basis Points for Base Rate Loans Applicable Basis Points for Unused Fee Less than 1.50 to 1.00 185 (50) 20 Greater than or equal to 1.50 to 1.00 but less than 2.50 to 1.00 200 (25) 15 Greater than or equal to 2.50 to 1.00 215 0 10 |
Note 8 - Shareholders' Equity (
Note 8 - Shareholders' Equity (Tables) | 6 Months Ended |
Jul. 02, 2017 | |
Notes Tables | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Three-month periods ended Six-month periods ended July 2 , June 26, July 2 , June 26, 201 7 2016 201 7 2016 Stock Options $ 352 $ 158 $ 388 $ 328 Restricted Stock Grants 4 11 8 22 Total $ 356 $ 169 $ 396 $ 350 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding at January 1, 2017 2,323,581 $ 6.22 Granted 244,750 5.60 Exercised (242,919 ) 4.07 Forfeited or Expired (209,399 ) 9.20 Outstanding at July 2, 2017 2,116,013 $ 6.10 3.31 $ 3,929 Vested and Expected to Vest at July 2, 2017 2,000,545 6.17 3.16 $ 3,658 Exercisable at July 2, 2017 1,273,909 $ 5.08 2.02 $ 2,706 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Risk-Free Interest Rate 1.7 % Volatility Factor 50 % Weighted Average Expected Life (Years) 5 Dividends 0.0 % |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 6 Months Ended |
Jul. 02, 2017 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three-month periods ended Six-month periods ended July 2 , June 26, July 2 , June 26, 201 7 2016 201 7 2016 Current Income Tax Provision: Foreign $ 130 $ (41 ) $ 151 $ (14 ) Federal 6 13 28 17 State 3 (7 ) 8 8 Deferred Income Tax Provision 40 68 79 110 Total $ 179 $ 33 $ 266 $ 121 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Six month periods ended July 2 , June 26, 2017 2016 Income Before Income Taxes $ 3,021 $ 844 Income Tax Provision 266 121 Effective Income Tax Rate 8.8 % 14.3 % |
Note 11 - Commitments and Con26
Note 11 - Commitments and Contingencies (Tables) | 6 Months Ended |
Jul. 02, 2017 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Six month periods ended Ju ly 2, 2017 June 26, 2016 Accrued warranty obligations – Beginning $ 172 $ 192 Accruals for warranties issued 29 26 Settlements made (38 ) (42 ) Accrued warranty obligations – Ending $ 163 $ 176 |
Note 12 - Business Segment In27
Note 12 - Business Segment Information (Tables) | 6 Months Ended |
Jul. 02, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Battery & Energy Products Communi- cations Systems Corporate Total Revenues $ 16,880 $ 3,059 $ - $ 19,939 Segment Contribution 4,741 1,480 (4,899 ) 1,322 Interest, Financing and Miscellaneous Expense, Net (49 ) (49 ) Tax Provision (179 ) (179 ) Non-Controlling Interest - - Net Income Attributable to Ultralife $ 1,094 Total Assets $ 90,265 Battery & Energy Products Communi- cations Systems Corporate Total Revenues $ 15,759 $ 4,612 $ - $ 20,371 Segment Contribution 4,664 1,236 (5,401 ) 499 Interest, Financing and Miscellaneous Expense, Net (24 ) (24 ) Tax Provision (33 ) (33 ) Non-Controlling Interest 4 4 Net Income Attributable to Ultralife $ 446 Total Assets $ 44,475 $ 33,489 $ 5,334 $ 83,298 Battery & Energy Products Communi- cations Systems Corporate Total Revenues $ 34,359 $ 7,615 $ - $ 41,974 Segment Contribution 9,671 3,440 (9,948 ) 3,163 Interest, Financing and Miscellaneous Expense, Net (142 ) (142 ) Tax Provision (266 ) (266 ) Non-Controlling Interest (6 ) (6 ) Net Income Attributable to Ultralife $ 2,749 Battery & Energy Products Communi- cations Systems Corporate Total Revenues $ 32,199 $ 9,005 $ - $ 41,204 Segment Contribution 9,881 2,424 (11,324 ) 981 Interest, Financing and Miscellaneous Expense, Net (137 ) (137 ) Tax Provision (121 ) (121 ) Non-Controlling Interest 22 22 Net Income Attributable to Ultralife $ 745 |
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 (£) | Jun. 26, 2016USD ($) |
Payments to Acquire Businesses, Gross | $ 10,976 | £ 7,575 | |||
Payments to Acquire Businesses, Net of Cash Acquired Working Capital Adjustment | £ | £ 133 | ||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 5,033 | ||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 210 | ||||
Business Combination, Consideration Transferred | $ 11,161 | £ 7,708 | |||
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 | ||||
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 | Jul. 02, 2017 | Dec. 31, 2016 | Jun. 26, 2016 | Jan. 13, 2016 | Dec. 31, 2015 |
Goodwill | $ 20,223 | $ 19,965 | $ 20,175 | $ 16,283 | |
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) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 26, 2016USD ($)$ / shares | |
Revenue | $ 41,204 |
Operating income | 1,274 |
Net income attributable to Ultralife | $ 1,053 |
Basic (in dollars per share) | $ / shares | $ 0.07 |
Diluted (in dollars per share) | $ / shares | $ 0.07 |
Note 3 - Share Repurchase Pro31
Note 3 - Share Repurchase Program (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 25 Months Ended | |
Jun. 26, 2016 | Jun. 26, 2016 | Jun. 02, 2016 | May 01, 2014 | |
Treasury Stock, Value, Acquired, Cost Method | $ 603 | $ 603 | $ 10,480 | |
Treasury Stock, Shares, Acquired | 149,904 | 149,904 | 2,592,095 | |
Maximum [Member] | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 3,400,000 | 1,800,000 |
Note 4 - Inventories - Composit
Note 4 - Inventories - Composition of Inventories (Details) - USD ($) $ in Thousands | Jul. 02, 2017 | Dec. 31, 2016 |
Raw materials | $ 13,806 | $ 14,482 |
Work in process | 1,695 | 986 |
Finished goods | 8,989 | 7,988 |
Total | $ 24,490 | $ 23,456 |
Note 5 - Property, Equipment 33
Note 5 - Property, Equipment and Improvements - Major Classes of Property, Equipment and Improvements (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 02, 2017 | Jun. 26, 2016 | Jul. 02, 2017 | Jun. 26, 2016 | Dec. 31, 2016 | |
Property, Plant, and Equipment, Gross | $ 66,073 | $ 66,073 | $ 65,193 | ||
Less: Accumulated depreciation | (58,240) | (58,240) | (57,194) | ||
Property, equipment and improvements, net | 7,833 | 7,833 | 7,999 | ||
Depreciation expense | 507 | $ 576 | 1,010 | $ 1,165 | |
Land [Member] | |||||
Property, Plant, and Equipment, Gross | 123 | 123 | 123 | ||
Building and Building Improvements [Member] | |||||
Property, Plant, and Equipment, Gross | 7,786 | 7,786 | 7,757 | ||
Machinery and Equipment [Member] | |||||
Property, Plant, and Equipment, Gross | 50,457 | 50,457 | 49,722 | ||
Furniture and Fixtures [Member] | |||||
Property, Plant, and Equipment, Gross | 1,978 | 1,978 | 1,947 | ||
Computer Equipment [Member] | |||||
Property, Plant, and Equipment, Gross | 5,287 | 5,287 | 5,223 | ||
Construction in Progress [Member] | |||||
Property, Plant, and Equipment, Gross | $ 442 | $ 442 | $ 421 |
Note 6 - Goodwill, Intangible34
Note 6 - Goodwill, Intangible Assets and Long Term Assets - Goodwill Activity by Segment (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jul. 02, 2017 | Dec. 31, 2016 | Jun. 26, 2016 | |
Balance | $ 19,965 | $ 20,175 | $ 16,283 |
Acquisition of Accutronics | 4,407 | ||
Measurement period adjustment | 228 | (201) | |
Effect of foreign currency translation | 258 | (438) | (314) |
Balance | 20,223 | 19,965 | 20,175 |
Battery & Energy Products Segment [Member] | |||
Balance | 8,472 | 8,682 | 4,790 |
Acquisition of Accutronics | 4,407 | ||
Measurement period adjustment | 228 | (201) | |
Effect of foreign currency translation | 258 | (438) | (314) |
Balance | 8,730 | 8,472 | 8,682 |
Communications Systems Segment [Member] | |||
Balance | 11,493 | 11,493 | 11,493 |
Acquisition of Accutronics | |||
Measurement period adjustment | |||
Effect of foreign currency translation | |||
Balance | $ 11,493 | $ 11,493 | $ 11,493 |
Note 6 - Goodwill, Intangible35
Note 6 - Goodwill, Intangible Assets and Long Term Assets - Composition of Intangible Assets (Details) - USD ($) $ in Thousands | Jul. 02, 2017 | Dec. 31, 2016 |
Cost | $ 16,195 | $ 15,990 |
Accumulated Amortization | 9,026 | 8,796 |
Net | 7,169 | 7,194 |
Trademarks [Member] | ||
Cost | 3,406 | 3,404 |
Accumulated Amortization | ||
Net | 3,406 | 3,404 |
Customer Relationships [Member] | ||
Cost | 6,525 | 6,395 |
Accumulated Amortization | 4,088 | 3,975 |
Net | 2,437 | 2,420 |
Patents and Technology [Member] | ||
Cost | 5,508 | 5,455 |
Accumulated Amortization | 4,504 | 4,417 |
Net | 1,004 | 1,038 |
Distributor Relationships [Member] | ||
Cost | 377 | 377 |
Accumulated Amortization | 377 | 368 |
Net | 9 | |
Trade Names [Member] | ||
Cost | 379 | 359 |
Accumulated Amortization | 57 | 36 |
Net | $ 322 | $ 323 |
Note 6 - Goodwill, Intangible36
Note 6 - Goodwill, Intangible Assets and Long Term Assets - Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2017 | Jun. 26, 2016 | Jul. 02, 2017 | Jun. 26, 2016 | |
Amortization of intangible assets | $ 104 | $ 137 | $ 209 | $ 274 |
Research and Development Expense [Member] | ||||
Amortization of intangible assets | 41 | 52 | 81 | 103 |
Selling, General and Administrative Expenses [Member] | ||||
Amortization of intangible assets | $ 63 | $ 85 | $ 128 | $ 171 |
Note 7 - Revolving Credit Agr37
Note 7 - Revolving Credit Agreement (Details Textual) $ in Thousands | May 31, 2017USD ($) | Jul. 02, 2017USD ($) | Apr. 01, 2018 | May 24, 2017USD ($) |
Revolving Credit Facility [Member] | KeyBank [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000 | |||
Line of Credit Facility Maximum Borrowing Capacity May Be Increased to | 50,000 | |||
Long-term Line of Credit | $ 0 | |||
Minimum Fixed Charge Coverage Ratio | 1.15 | |||
Minimum Tangible Net Worth | 40,000 | |||
Revolving Credit Facility [Member] | KeyBank [Member] | Scenario, Forecast [Member] | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | |||
Revolving Credit Facility [Member] | KeyBank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Scenario, Forecast [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.85% | |||
Revolving Credit Facility [Member] | KeyBank [Member] | Base Rate [Member] | Scenario, Forecast [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | (0.50%) | |||
Revolving Credit Facility [Member] | PNC Bank [Member] | ||||
Long-term Line of Credit | $ 0 | |||
Letter of Credit [Member] | KeyBank [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500 |
Note 7 - Revolving Credit Agr38
Note 7 - Revolving Credit Agreement - Interest Rate Margins (Details) - KeyBank [Member] - Revolving Credit Facility [Member] - Scenario, Forecast [Member] | 10 Months Ended | 26 Months Ended |
Apr. 01, 2018 | May 30, 2020 | |
Applicable basis points for unused fee | 0.20% | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Interest rate margin on outstanding borrowings | 1.85% | |
Base Rate [Member] | ||
Interest rate margin on outstanding borrowings | (0.50%) | |
Leverage Ratio Less Than 1.5 [Member] | ||
Applicable basis points for unused fee | 0.20% | |
Leverage Ratio Less Than 1.5 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Interest rate margin on outstanding borrowings | 1.85% | |
Leverage Ratio Less Than 1.5 [Member] | Base Rate [Member] | ||
Interest rate margin on outstanding borrowings | (0.50%) | |
Leverage Ratio Between 1.5 and 2.5 [Member] | ||
Applicable basis points for unused fee | 0.15% | |
Leverage Ratio Between 1.5 and 2.5 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Interest rate margin on outstanding borrowings | 2.00% | |
Leverage Ratio Between 1.5 and 2.5 [Member] | Base Rate [Member] | ||
Interest rate margin on outstanding borrowings | (0.25%) | |
Leverage Ratio Greater than 2.5 [Member] | ||
Applicable basis points for unused fee | 0.10% | |
Leverage Ratio Greater than 2.5 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Interest rate margin on outstanding borrowings | 2.15% | |
Leverage Ratio Greater than 2.5 [Member] | Base Rate [Member] | ||
Interest rate margin on outstanding borrowings | 0.00% |
Note 8 - Shareholders' Equity39
Note 8 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Apr. 19, 2017 | Sep. 30, 2014 | Jul. 02, 2017 | Jun. 26, 2016 | Jul. 02, 2017 | Jun. 26, 2016 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 616 | $ 616 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.47 | |||||
Proceeds from Stock Options Exercised | 248 | $ 61 | $ 989 | $ 75 | ||
Excess Tax Benefit from Share-based Compensation, Financing Activities | $ 0 | $ 0 | ||||
Employee Stock Option [Member] | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 146 days | |||||
Employee Stock Option [Member] | President [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Number of Shares | 300,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost | 193 | |||||
Restricted Stock [Member] | 2014 Long-term Incentive Plan [Member] | ||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 49,200 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
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 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 3 | $ 3 |
Note 8 - Shareholders' Equity -
Note 8 - Shareholders' Equity - Non-cash Stock Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2017 | Jun. 26, 2016 | Jul. 02, 2017 | Jun. 26, 2016 | |
Stock-based comepensation expense | $ 356 | $ 169 | $ 396 | $ 350 |
Employee Stock Option [Member] | ||||
Stock-based comepensation expense | 352 | 158 | 388 | 328 |
Restricted Stock [Member] | ||||
Stock-based comepensation expense | $ 4 | $ 11 | $ 8 | $ 22 |
Note 8 - Shareholders' Equity41
Note 8 - Shareholders' Equity - Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jul. 02, 2017USD ($)$ / sharesshares | |
Options outstanding (in shares) | shares | 2,323,581 |
Options outstanding - weighted average exercise price (in dollars per share) | $ / shares | $ 6.22 |
Granted (in shares) | shares | 244,750 |
Options outstanding - weighted average exercise price (in dollars per share) | $ / shares | $ 6.10 |
Options outstanding - weighted average remaining contractual term (Year) | 3 years 113 days |
Options outstanding - aggregate intrinsic value | $ | $ 3,929 |
Vested and Expected to Vest (in shares) | shares | 2,000,545 |
Options vested and expected to vest - weighted average exercise price (in dollars per share) | $ / shares | $ 6.17 |
Options vested and expected to vest - weighted average remaining contractual term (Year) | 3 years 58 days |
Options vested and expected to vest - aggregate intrinsic value | $ | $ 3,658 |
Options exercisable (in shares) | shares | 1,273,909 |
Exercisable - weighted average exercise price (in dollars per share) | $ / shares | $ 5.08 |
Exercisable - weighted average remaining contractual term (Year) | 2 years 7 days |
Exercisable - aggregate intrinsic value | $ | $ 2,706 |
Granted - weighted average exercise price (in dollars per share) | $ / shares | $ 5.60 |
Exercised (in shares) | shares | (242,919) |
Exercised - weighted average exercise price (in dollars per share) | $ / shares | $ 4.07 |
Forfeited or Expired (in shares) | shares | (209,399) |
Forfeited or expired - weighted average exercise price (in dollars per share) | $ / shares | $ 9.20 |
Options outstanding (in shares) | shares | 2,116,013 |
Note 8 - Shareholders' Equity42
Note 8 - Shareholders' Equity - Stock Option Assumptions (Details) | 6 Months Ended |
Jul. 02, 2017 | |
Risk-Free Interest Rate | 1.70% |
Volatility Factor | 50.00% |
Weighted Average Expected Life (Years) (Year) | 5 years |
Dividends | 0.00% |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 02, 2017 | Jun. 26, 2016 | Jul. 02, 2017 | Jun. 26, 2016 | Dec. 31, 2016 | |
Income Tax Expense (Benefit) | $ 179 | $ 33 | $ 266 | $ 121 | |
Domestic Tax Authority [Member] | |||||
Operating Loss Carryforwards | $ 70,976 | ||||
Tax Credit Carryforward, Amount | 1,704 | ||||
Domestic Tax Authority [Member] | Earliest Tax Year [Member] | Internal Revenue Service (IRS) [Member] | |||||
Open Tax Year | 2,002 | ||||
Domestic Tax Authority [Member] | Latest Tax Year [Member] | Internal Revenue Service (IRS) [Member] | |||||
Open Tax Year | 2,016 | ||||
Foreign Tax Authority [Member] | |||||
Operating Loss Carryforwards | $ 12,760 | ||||
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 | 2,002 | ||||
State and Local Jurisdiction [Member] | Latest Tax Year [Member] | |||||
Open Tax Year | 2,016 |
Note 9 - Income Taxes - Income
Note 9 - Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2017 | Jun. 26, 2016 | Jul. 02, 2017 | Jun. 26, 2016 | |
Foreign | $ 130 | $ (41) | $ 151 | $ (14) |
Federal | 6 | 13 | 28 | 17 |
State | 3 | (7) | 8 | 8 |
Deferred Income Tax Provision | 40 | 68 | 79 | 110 |
Total | $ 179 | $ 33 | $ 266 | $ 121 |
Note 9 - Income Taxes - Effecti
Note 9 - Income Taxes - Effective Consolidated Tax Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2017 | Jun. 26, 2016 | Jul. 02, 2017 | Jun. 26, 2016 | |
Income Before Income Taxes | $ 3,021 | $ 844 | ||
Income tax provision | $ 179 | $ 33 | $ 266 | $ 121 |
Effective Income Tax Rate | 8.80% | 14.30% |
Note 10 - Earnings Per Share (D
Note 10 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | |||
Jul. 02, 2017 | Jun. 26, 2016 | Jun. 26, 2016 | Jul. 02, 2017 | Jun. 26, 2016 | |
Dilutive Securities Included in Computation of Earnings Per Share Amount | 1,055,097 | 1,144,076 | 1,055,097 | 1,177,076 | |
Dilutive Securities Included in Computation of Earnings Per Share Amount Restricted Stock | 13,400 | 32,800 | 13,400 | 32,800 | |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 339,705 | 160,732 | 291,062 | 255,479 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,060,916 | 996,583 | 1,060,916 | 963,583 |
Note 11 - Commitments and Con47
Note 11 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | May 04, 2015 | Jul. 02, 2017 |
Loss Contingency, Damages Sought, Value | $ 42,000 | |
Capital Addition Purchase Commitments [Member] | ||
Long-term Purchase Commitment, Amount | $ 173 |
Note 11 - Commitments and Con48
Note 11 - Commitments and Contingencies - Changes in Produce Warranty Liability (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 02, 2017 | Jun. 26, 2016 | |
Accrued warranty obligations – Beginning | $ 172 | $ 192 |
Accruals for warranties issued | 29 | 26 |
Settlements made | (38) | (42) |
Accrued warranty obligations – Ending | $ 163 | $ 176 |
Note 12 - Business Segment In49
Note 12 - Business Segment Information (Details Textual) | 6 Months Ended |
Jul. 02, 2017 | |
Number of Operating Segments | 2 |
Note 12 - Business Segment In50
Note 12 - Business Segment Information - Segment Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 02, 2017 | Jun. 26, 2016 | Jul. 02, 2017 | Jun. 26, 2016 | Dec. 31, 2016 | |
Non-Controlling Interest | $ 4 | $ (6) | $ 22 | ||
Net Income Attributable to Ultralife | 1,094 | 446 | 2,749 | 745 | |
Total Assets | 90,265 | 83,298 | 90,265 | 83,298 | $ 84,744 |
Revenues | 19,939 | 20,371 | 41,974 | 41,204 | |
Segment Contribution | 1,322 | 499 | 3,163 | 981 | |
Interest, Financing and Miscellaneous Expense, Net | (49) | (24) | (142) | (137) | |
Tax Provision | (179) | (33) | (266) | (121) | |
Battery & Energy Products Segment [Member] | |||||
Total Assets | 44,475 | 44,475 | |||
Revenues | 16,880 | 15,759 | 34,359 | 32,199 | |
Segment Contribution | 4,741 | 4,664 | 9,671 | 9,881 | |
Communications Systems Segment [Member] | |||||
Total Assets | 33,489 | 33,489 | |||
Revenues | 3,059 | 4,612 | 7,615 | 9,005 | |
Segment Contribution | 1,480 | 1,236 | 3,440 | 2,424 | |
Corporate Segment [Member] | |||||
Non-Controlling Interest | 4 | (6) | 22 | ||
Total Assets | 5,334 | 5,334 | |||
Revenues | |||||
Segment Contribution | (4,899) | (5,401) | (9,948) | (11,324) | |
Interest, Financing and Miscellaneous Expense, Net | (49) | (24) | (142) | (137) | |
Tax Provision | $ (179) | $ (33) | $ (266) | $ (121) |
Note 13 - Recent Accounting P51
Note 13 - Recent Accounting Pronouncements and Developments (Details Textual) $ in Thousands | 3 Months Ended |
Apr. 02, 2017USD ($) | |
Reclassification of Current Deferred Tax Assets to Noncurrent [Member] | |
Current Period Reclassification Adjustment | $ 94 |
Reclassification of Current Deferred Tax Assets to Noncurrent [Member] | December 31, 2016 [Member] | |
Prior Period Reclassification Adjustment | 94 |
Accounting Standards Update 2016-09 [Member] | |
Deferred Tax Assets, Gross | 1,200 |
Deferred Tax Assets, Valuation Allowance | $ 1,200 |