Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 01, 2018 | Jun. 30, 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) | 15,653,649 | ||
Entity Public Float | $ 69,474,629 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash | $ 18,241 | $ 10,629 |
Restricted Cash | 89 | 77 |
Trade Accounts Receivable, Net of Allowance for Doubtful Accounts of $292 and $277, Respectively | 14,657 | 13,179 |
Inventories, Net | 26,326 | 23,456 |
Prepaid Expenses and Other Current Assets | 2,603 | 2,079 |
Total Current Assets | 61,916 | 49,420 |
Property, Equipment and Improvements, Net | 7,570 | 7,999 |
Goodwill | 20,458 | 19,965 |
Other Intangible Assets, Net | 7,085 | 7,194 |
Deferred Income Taxes | 32 | 94 |
Security Deposits and Other Non-Current Assets | 125 | 72 |
Total Assets | 97,186 | 84,744 |
Current Liabilities: | ||
Accounts Payable | 8,787 | 7,292 |
Accrued Compensation and Related Benefits | 2,413 | 1,258 |
Accrued Expenses and Other Current Liabilities | 2,871 | 2,606 |
Income Taxes Payable | 168 | 172 |
Total Current Liabilities | 14,239 | 11,328 |
Deferred Income Taxes | 3,867 | 5,538 |
Other Non-Current Liabilities | 31 | 18 |
Total Liabilities | 18,137 | 16,884 |
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 – 19,670,928 Shares and 19,324,723 Shares, Respectively; Outstanding – 15,651,217 Shares and 15,308,971 Shares, Respectively | 1,966 | 1,932 |
Capital in Excess of Par Value | 180,211 | 178,163 |
Accumulated Deficit | (82,894) | (90,542) |
Accumulated Other Comprehensive Loss | (1,611) | (3,080) |
Treasury Stock - at Cost; 4,019,711 Shares and 4,015,752 Shares at December 31, 2017 and 2016, respectively | (18,469) | (18,443) |
Total Ultralife Corporation Equity | 79,203 | 68,030 |
Non-Controlling Interest | (154) | (170) |
Total Shareholders’ Equity | 79,049 | 67,860 |
Total Liabilities and Shareholders' Equity | $ 97,186 | $ 84,744 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Trade accounts receivable, allowance for doubtful accounts | $ 292 | $ 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) | 19,670,928 | 19,324,723 |
Common stock, shares outstanding (in shares) | 15,651,217 | 15,308,971 |
Treasury stock, shares (in shares) | 4,019,711 | 4,015,752 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | $ 85,531 | $ 82,460 |
Cost of Products Sold | 59,299 | 57,352 |
Gross Profit | 26,232 | 25,108 |
Operating Expenses: | ||
Research and Development | 4,737 | 5,946 |
Selling, General and Administrative | 15,019 | 15,399 |
Total Operating Expenses | 19,756 | 21,345 |
Operating Income | 6,476 | 3,763 |
Other Expense (Income): | ||
Interest and Financing Expense | 183 | 263 |
Miscellaneous | (2) | (80) |
Income Before Income Taxes | 6,295 | 3,580 |
Income Tax (Benefit) Provision | (1,369) | 98 |
Net Income | 7,664 | 3,482 |
Net Income (Loss) Attributable to Non-Controlling Interest | 16 | (27) |
Net Income Attributable to Ultralife Corporation | 7,648 | 3,509 |
Other Comprehensive Income (Loss): | ||
Foreign Currency Translation Adjustments | 1,469 | (2,173) |
Comprehensive Income Attributable to Ultralife Corporation | $ 9,117 | $ 1,336 |
Net Income Per Share Attributable to Ultralife Corporation Common Shareholders – Basic: (in dollars per share) | $ 0.49 | $ 0.23 |
Net Income Per Share Attributable to Ultralife Corporation Common Shareholders – Diluted: (in dollars per share) | $ 0.48 | $ 0.23 |
Weighted Average Shares Outstanding – Basic (in shares) | 15,528 | 15,261 |
Weighted Average Shares Outstanding – Diluted (in shares) | 15,858 | 15,405 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' 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, 2015 | 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 | |||||
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 | 15,308,971 | |||||
Balance at Dec. 31, 2016 | $ 1,932 | 178,163 | (3,080) | (90,542) | (18,443) | (170) | $ 67,860 |
Purchases of Stock | (26) | $ (26) | |||||
Vesting of Restricted Shares (in shares) | 12,900 | ||||||
Vesting of Restricted Shares | $ 1 | (1) | |||||
Stock Option Exercises (in shares) | 333,305 | 333,305 | |||||
Stock Option Exercises | $ 33 | 1,396 | $ 1,429 | ||||
Stock-Based Compensation - Stock Options | 642 | 642 | |||||
Restricted Stock | 11 | 11 | |||||
Foreign Currency Translation Adjustments | 1,469 | 1,469 | |||||
Net Income | 7,648 | 16 | $ 7,664 | ||||
Balance (in shares) at Dec. 31, 2017 | 19,670,928 | 15,651,217 | |||||
Balance at Dec. 31, 2017 | $ 1,966 | $ 180,211 | $ (1,611) | $ (82,894) | $ (18,469) | $ (154) | $ 79,049 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
OPERATING ACTIVITIES: | ||
Net Income | $ 7,664 | $ 3,482 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||
Depreciation | 2,005 | 2,223 |
Amortization of Intangible Assets | 422 | 503 |
Amortization of Financing Fees | 52 | 71 |
Stock-Based Compensation | 653 | 710 |
Loss on Long-Lived Asset Disposals | 29 | |
Deferred Income Tax Expense | (1,669) | 135 |
Provision for allowance for doubtful accounts | (5) | (24) |
Changes in operating assets and liabilities: | ||
Accounts Receivable | (1,295) | (667) |
Inventories | (2,537) | 1,981 |
Prepaid Expenses and Other Assets | (673) | 730 |
Income taxes receivable and payable | (8) | (158) |
Accounts Payable and Other Liabilities | 2,661 | (1,362) |
Net Cash Provided by Operating Activities | 7,270 | 7,653 |
INVESTING ACTIVITIES: | ||
Cash Paid for Property, Equipment and Improvements | (1,392) | (1,219) |
Acquisition of Accutronics, Net of Cash Acquired | (9,857) | |
Net Cash Used in Investing Activities | (1,392) | (11,076) |
FINANCING ACTIVITIES: | ||
Proceeds from Exercise of Stock Options | 1,429 | 460 |
Tax Withholdings on Stock-Based Awards | (26) | (28) |
Cash Paid to Repurchase Treasury Stock | (607) | |
Proceeds from Debt Borrowings | 3,030 | |
Payments of Debt Borrowings | (3,030) | |
Net Cash Provided by (Used in) Financing Activities | 1,403 | (175) |
Effect of Exchange Rate Changes on Cash | 331 | (166) |
INCREASE (DECREASE) IN CASH | 7,612 | (3,764) |
Cash, Beginning of Year | 10,629 | 14,393 |
Cash, End of Year | 18,241 | 10,629 |
Supplemental Cash Flow Information: | ||
Construction in Process in Accounts Payable | 87 | 83 |
Income Taxes Paid | 345 | 273 |
Interest Paid | $ 102 | $ 179 |
Note 1 - Summary of Operations
Note 1 - Summary of Operations and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
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 December 31, 2017 2016. e . Cash Our cash balances may We have not not f. Accounts Receivable and Allowance for Doubtful Accounts We extend credit to our customers in the normal course of business. We perform ongoing credit evaluations and generally do not Allowance for doubtful accounts was $292 $277 December 31, 2017 2016, g. Inventories Inventories are stated at the lower of cost or net realizable value with cost determined under the first -in, 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 (in years): Building s 1 0 – 2 0 Machinery and Equipmen t 5 – 1 0 Furniture and Fixture s 3 – 1 0 Computer Hardware and Softwar e 3 – 5 Leasehold Improvement s Lesser of useful life or lease ter m 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 is an industry-based weighted average cost of capital. If the expected undiscounted future cash flows exceed the respective carrying amount as of the date of assessment, no The purchase price paid to effect an acquisition is allocated to the acquired tangible and intangible assets and liabilities at fair value. We do not irment at least annually, or when events indicate that impairment exists. We amortize intangible assets that have definite lives so that the economic benefits of the intangible assets are being utilized over their weighted-average estimated useful life. 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 second 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, 2017 2016 10 $86, k . Revenue Recognition Product Sales – In general, revenues from the sale of products are recognized when products are shipped. When products are shipped with terms that require transfer of title upon delivery at a customer’s location, revenues are recognized on the date of delivery. We will make a provision at the time the revenue is recognized for warranty costs expected to be incurred. Customers, including distributors, do not no Deferred Revenue – not not not not 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 $26 $32 December 31, 2017 2016, 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 201 7 2016, $5,142 $6,155, $405 $209, $405 $209 2017 2016, 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 not ber 31, 2017, not 2015, 2017. December 31, 2016. r. Concentration Related to Customers and Suppliers During t he year ended December 31, 2017, one 18% 12% 2017 2016, December 31, 2016, 13% 2017 3% no 10% Currently, we do not We generally do not have been substantial during 2017 2016, not not 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 Although we believe that alternative suppliers are available to supply materials and components that could replace materials and components currently used and that, if necessary, we would be able to redesign our products to make use of such alternatives, any interruption in the supply from any supplier that serves as a sole source could delay product shipments and have a material adverse effect on our business, financial condition and results of operations. We have experienced interruptions of product deliveries by sole source suppliers in the past. 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 not Level 3: Unobservable inputs supported by little or no The fair value of financial instruments approximated their carrying values at December 31, 2017 and 2016. The fair value of cash, trade accounts receivable, trade accounts payable, and accrued liabilities approximates carrying value due to the short-term nature of these instruments. 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 2017 1,035,711 330,676 2016 1,238,804 135,458 15,900 9,538 no December 31, 2017. Diluted earnings per share calculations exclu de the effect of 824,500 1,332,281 2017 2016, 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 – Battery & Energy Products, and Communications Systems. The basis for determining our operating segments is the manner in which financial information is used in monitoring our operations. Management operates and organizes itself according to business units that comprise unique products and services across geographic locations. w. Recent Accounting Pronouncements In November 2015, FASB”) issued Accounting Standards Update (“ASU”) 2015 17, 2015 17 December 15, 2016. first 2017, 2015 17 $32 $94 December 31, 2017 2016, 2015 17 not In March 2016, 2016 09, Compensation – Stock Compensation (Topic 718 2016 09 December 15, 2016. first 2017 $1,123 no In July 2015, 2015 11, lifying the Measurement of Inventory," which simplifies the subsequent measurement of inventory by using only the lower of cost and net realizable value. This standard is effective for fiscal years and interim periods within those years beginning after December 15, 2016, first 2017. no In May 2014, “FASB”) issued Accounting Standards Update No. 2014 09 606 606 December 15, 2017, 606 January 1, 2018. Topic 606 not In February 2016, FASB issued Accounting Standards Update No. 2016 02, not December 15, 2018 not may not In October 2016, Accounting Standards Update No. 2016 16, 740 December 15, 2017, 740 January 1, 2018. 740 not In August 2016, Accounting Standards Update No. 2016 15, 230 eight December 15, 2017, January 1, 2018. not In January 2017, 2017 04, Intangibles – Goodwill and Other (Topic 350 two In May 2017, 2017 09, Compensation – Stock Compensation (Topic 718 718. 2017 09 December 15, 2017 2017 09 not 2017 09 not |
Note 2 - Acquisition
Note 2 - Acquisition | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Note 2 – Acquisition On January 13, 2016, completed the acquisition of all of the outstanding ordinary shares of Accutronics Limited (“Accutronics”), a U.K. corporation based in Newcastle-under-Lyme, U.K., from Intrinsic Equity Limited, Catapult Growth Fund Limited Partnership, MJF Pension Trustees Limited, Robert Andrew Phillips and Michael Allen (collectively, the “Sellers”). There are no The acquisition was completed pursuant to the terms of the Share Purchase Agreement dated January 13, 2016 £7,575 $10,976 ’s general corporate funds. 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 ’s estimates are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable. These valuations require the use of management’s assumptions, which would not $402 $99, $291, $75, $113 $104, Cas h $ 1,304 Accounts Receivabl e 1,344 Inventor y 2,167 Prepaids and Other Current Asset s 584 Property, Plant & Equipmen t 269 Identifiable Intangible Asset s 4,374 Goodwil l 4,487 Accounts Payabl e (1,009 ) Accrued Expense s (1,136 ) Income Taxes Payabl e (111 ) Non-Current Liabilitie s (209 ) Deferred Income Taxe s (74 ) Deferred Income Taxes on Intangible Asset s (829 ) Total Consideratio n $ 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 year ended December 31, 2016, $251 $96 ’s Consolidated Statement of Income and Comprehensive Income. Accutronics contributed revenue of $10,362 $436 twelve December, 2016, Set forth below is the unaudited pro forma results of the Company for the twelve December 31, 2016 January 1, 2015. $251 $96 not January 1, 2016 Year Ende d December 31, 201 6 Revenu e $ 82,460 Operating incom e $ 4,061 Net income attributable to Ultralif e $ 3,821 Earnings per share : Basi c $ 0.25 Dilute d $ 0.25 The unaudited pro forma results do not are not 2015 |
Note 3 - Share Repurchase Progr
Note 3 - Share Repurchase Program | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 3 – Share Repurchase Program On April 28, 2014, ’s Board of Directors approved a share repurchase program (the “Share Repurchase Program”) which became effective on May 1, 2014 1.8 not twelve June 2, 2016, 3.4 Share repurchases under this program were made in accordance with SEC Rule 10b 18 10b5 1 ’s discretion. The Share Repurchase Program expired on June 2, 2016 not In 2016, a total of 156,092 $630, 149,904 $603. 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, 2017 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | Note 4 - Supplemental Balance Sheet Information a. Inventory , N et Inventories are stated at the lower of cost or net realizable value with cost determined under the first first , net was: December 31, 201 7 201 6 Raw M aterials $ 14,606 $ 14,482 Work in P rocess 2,013 986 Finished P roducts 9,707 7,988 Total $ 26,326 $ 23,456 b. Property, Plant and Equipment Major classes of property, plant and equipment consisted of the following: December 31, 201 7 201 6 Land $ 123 $ 123 Buildings and Leasehold I mprovements 7,858 7,757 Machinery and E quipment 50,852 49,722 Furniture and F ixtures 2,005 1,947 Computer Hardware and S oftware 5,338 5,223 Construction in P rogress 535 421 66,711 65,193 Less – Accumulated Depreciation (59,141 ) (57,194 ) Total $ 7,570 $ 7,999 Estimated costs to complete construction-in-progress as of December 31, 2017 2016 $5,136 $170, Depreciati on expense was $2,005 $2,223 December 31, 2017 2016, c. Goodwill and Other Intangible Assets The Company performed its annual impairment tests of goodwill and other indefinite-lived intangible assets as of October 1, 2017. 2017 December 31 first fourth he change was made for administrative purposes and did not The Company performed a quantitative impairment test of its four not be determined using readily available quoted Level 1 2 3 The Company performed a quantitative impairment test of its four arks could not 1 2 3 As a result of the impairment tests performed for 2017 2016, no 10%. There is a possibility that our goodwill and other intangible assets could be impaired in the future should there be a significant change in our internal forecasts and other assumptions used in our impairment analysis. The following table summarizes the goodwill activity by segment for the years ended December 31, 201 7 2016: Battery & Energy Products Communi- cations Systems Total Balance – January 1, 2016 $ 4,790 $ 11,493 $ 16,283 Acquisition of Accutronics 4,487 - 4,487 Effect of Foreign Currency T ranslation (805 ) - (805 ) Balance – December 31, 2016 8,472 11,493 19,965 Effect of Foreign Currency T ranslation 493 - 493 Balance – December 31, 2017 $ 8,965 $ 11,493 $ 20,458 The composition of intangible assets was: December 31, 201 7 Cost Accumulated Amortization Net Trademarks $ 3,411 $ - $ 3,411 Customer R elationships 6,618 4,208 2,410 Patents and T echnology 5,545 4,595 950 Distributor R elationships 377 377 - Trade Name 393 79 314 Total Other Intangible A ssets $ 16,344 $ 9,259 $ 7,085 December 31, 201 6 Cost Accumulated Amortization Net Trademarks $ 3,404 $ - $ 3,404 Customer R elationships 6,395 3,975 2,420 Patents and T echnology 5,455 4,417 1,038 Distributor R elationships 377 368 9 Trade Name 359 36 323 Total Other Intangible A ssets $ 15,990 $ 8,796 $ 7,194 The change in the cost value of other intangible assets is a result of the effect of foreign currency translations. Amortization of other intangible assets was included in the following financial statement captions: Year ended December 31, 201 7 201 6 Research and Development Expense $ 165 $ 200 Selling, General and Administrative E xpense 257 303 Total $ 422 $ 503 Future amortization expense of amortizable intangible assets will be approximately $400, $379, $367, $348 $334 December 31, 2018 2022, |
Note 5 - Operating Leases
Note 5 - Operating Leases | 12 Months Ended |
Dec. 31, 2017 | |
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 $660 $668 December 31, 2017 2016, December 31, 2017 201 8 201 9 20 20 20 21 202 2 $ 558 $ 416 $ 100 $ - $ - |
Note 6 - Debt
Note 6 - Debt | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 6 Credit Facilities On May 31, 2017, $30,000 $1,500 may ’s concurrence to $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, December 31, 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 As of December 31, 201 7, no no |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
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, 201 7, $1,392 c. China Our operating facility in China presents risks including, but not 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 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, 20 17 2016 201 7 201 6 Balance, January 1 $ 172 $ 192 Provision (reversal) for warranties issued 84 39 Settlements made (107 ) (59 ) Balance, December 31 $ 149 $ 172 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 Dreamliner Litigation In July 2013, 787 one A final report was issued by the Air Accidents Investigative Branch - - UK Civil Aviation regulatory authority, with findings indicating that the fire was primarily caused by circumstances related to the plane’s emergency locator transmitter (“ELT”) manufactured and installed by another company. 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 ’s Bench Division of the High Court of Justice, London and seeks as damages $42,000 At this time, we believe that there is not |
Note 8 - Shareholders' Equity
Note 8 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | Note 8 - Shareholders' Equity a. Stock -B ased Compensation Expense We recorded non-cash stock compensation expense in each period as follows: 201 7 201 6 Stock O ptions $ 642 $ 676 Restricted Stock Grants 11 34 Total $ 653 $ 710 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, as increased to 2,900,000. In June 2014, 2014 “2014 as the successor plan to the 2004 June 10, 2014. 2014 1,750,000 2014 no 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 - year period and expire on the seventh December 31, 2017, 1,116,083 2004 744,128 2014 On December 30, 2010, 2004 50,000 $6.42, ing in annual increments of 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. April 19, 2017, December 30, 2020. 718, second $193 December 30, 2017 five years after the initial vesting commences, but in no December 30, 2020. not December 31, 2017. 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, 201 7, $385 1.0 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, 201 7 2016: Years Ended December 31, 201 7 201 6 Risk-free interest rate 1.7 % 1.4 % Volatility factor 50.0 % 48.2 % Weighted average expected life (years) 5.0 4.8 Forfeiture rate 10.0 % 10.0 % Dividends 0.0 % 0.0 % 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, 201 7 2016. 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 7 Number of Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Shares under Option – January 1 2,323,581 $ 6.22 Options Granted 244,750 5.60 Options Exercised (333,305 ) 4.29 Options Forfeited or Expired (374,815 ) 8.11 Shares under option – December 31 1,860,211 $ 5.06 2.93 $ 2,624 Vested and Expected to Vest - December 31 1,649,594 $ 4.63 2.75 $ 2,438 Options Exercisable – December 31 1,045,798 $ 4.18 2.63 $ 1,806 Year Ended December 31, 201 6 Number of Shares Weighted Average Exercise Price Per Share Shares under O ption – January 1 2,257,969 $ 6.30 Options G ranted 369,550 4.69 Options E xercised (152,789 ) 3.86 Options Forfeited or E xpired (151,149 ) 6.09 Shares under option – December 31 2,323,581 $ 6.22 Options E xercisable – December 31 1,302,390 $ 5.05 The following table represents additional information about stock options outstanding at December 31, 2017: Option O utstanding Options E xercisable Range of Exercise Prices Number of Outstanding Options – December 31, 2017 Weighted- Average Remaining Contractual Life Weighted- Average Exercise Price Number of Options Exercisable at December 31, 201 7 Weighted- Average Exercise Price $3.22 - $3.99 435,398 3.28 $ 3.78 368,406 $ 3.80 $4.00 - $4.99 510,213 3.27 4.37 335,624 4.40 $5.00 - $9.99 614,600 5.56 5.69 341,768 5.77 $10.00 - $15.00 300,000 2.00 12.50 - - $3.22 - $15.00 1,860,211 2.93 $ 5.06 1,045,798 $ 4.18 The weighted average fair value of options granted during the years ended December 31, 2017 2016 $2.47 $2.01, December 31, 2017 2016 $588 $149, Cash received from option exercises under our stock-based compensation plans for the years ended December 31, 201 7 2016 $1,429 $460, c . Restricted Stock Awards During 2014, 49,200 2014 three $3.24 . $11 $34 2017 2016, September 2017, 12,900 3,959 At December 31, 201 7, no d . Reserved Shares We have reserved 946,027 December 31, 2017. |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 9 - Income Taxes Our income tax provision consists of: Years Ended December 31, 201 7 201 6 Current: Federal $ - $ (70 ) State - 20 Foreign 300 13 300 (37 ) Deferred: Federal (1,717 ) 220 State 55 - Foreign (7 ) (85 ) (1,669 ) 135 Total income tax provision $ (1,369 ) $ 98 On December 22, 2017, Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code, including, but not 1 35 21 2 3 December 31, 2017; ( 4 December 31, 2017; 5 The Act reduces the U.S. corporate tax rate to 21 percent, effective January 1, 2018. $1,939, $1,939 December 31, 2017. The Act pr ovided for a one 1986 December 31, 2017. not On December 22, 2017, No. 118 not cluding computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Reform Act. The Company has recognized the provisional tax impacts related to the revaluation of deferred tax assets and liabilities and included these amounts in its consolidated financial statements for the year ended December 31, 2017. December 31, 2017, no one 2017 The deferred U.S. income tax benefit for 2017 one $1,939 x 2016 2016 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, 2017 2016 Deferred Tax Liabilities: Property, Plant and Equipment $ - $ - Other 38 - Intangible Assets 3,806 5,471 Total Deferred Tax Liabilities 3,844 5,471 Deferred Tax Assets: Property, Plant and Equipment 44 77 Net Operating Loss Carryforwards 17,870 27,127 Tax Credit Carryforwards 1,837 1,704 Intangible Assets 1,535 2,923 Accrued Expenses, Reserves and Other 1,359 1,527 Total Deferred Tax Assets 22,645 33,358 Valuation Allowance for Deferred Tax Assets (22,636 ) (33,331 ) Net Deferred Tax Assets 9 27 Net Deferred Tax Liabilities $ 3,835 $ 5,444 Net deferred tax liabilities are comprised of the following balance sheet amounts: Years Ended December 31, 201 7 2016 Non-Current Deferred Tax Assets $ 32 $ 94 Non-Current Deferred Tax Liabilities (3,867 ) (5,538 ) $ (3,835 ) $ (5,444 ) The valuation allowance for deferred tax assets decreased by $10,695 $1,262 December 31, 2017 2016, . Effective January 1, 2017, 2016 09, 718 As a result of the adoption, the Company recognized a gross deferred tax asset of $1,123 no In 2017 2016, ognition of the valuation allowance is based on an assessment of all available evidence, both positive and negative, weighted based on objective verifiability. The assessment of the realizability of the U.S. deferred tax assets was based on a number of factors including our history of operating losses, our historical operating volatility, our historical inability to accurately forecast earnings for future periods and the continued uncertainty of the general business climate. The use of our U.K. net operating loss carryforwards may not not. 2017 2016, not not As of December 31, 2017, $69,594 $12,760, $1,837, $12,760, $69,594 2019, 2034. At December 31, 2017, For financial reporting purposes, income from continuing operations before income taxes is as follows: Years Ended December 31, 201 7 2016 United States $ 4,831 $ 2,803 Foreign 1,464 777 $ 6,295 $ 3,580 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, 2017 2016 Statutory Income Tax Rate 34 % 34.0 % (Increase) Decrease in Tax Provision Resulting From: Equity Compensation 0.7 9.6 Income Tax Credits (0.9 ) (6.2 ) Foreign Tax Rates (3.8 ) (2.2 ) Release of Unrecognized Tax Benefits - - Valuation Allowance (20.9 ) (30 ) Excess Accrual - (5.2 ) Tax Rate Change (30.8 ) - Other (0.1 ) 2.7 Effective Income Tax Rate (21.8 )% 2.7 % Accounting for Uncertainty in Income Taxes There were no unrecognized tax benefits related to uncertain tax positions at December 31, 2017 2016. 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 2017 2002 2017 2009 2017 |
Note 10 - 401(k) Retirement Ben
Note 10 - 401(k) Retirement Benefit Plan | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 10 - 401 We maintain a defined contribution 401 401 may, January 2010, 50% first 4% 2% the employee’s income. For 2017 2016, $181 and $191, 401 |
Note 11 - Business Segment Info
Note 11 - Business Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 11 - Business Segment Information We report our results in two Lithium 9 2017: Battery & Energy Products Communications Systems Corporate Total Revenue $ 69,789 $ 15,742 $ - $ 85,531 Segment Contribution 19,659 6,573 (19,756 ) 6,476 Interest Expense, Net (183 ) (183 ) Miscellaneous (2 ) (2 ) Income Tax Benefit 1,369 1,369 Non-Controlling Interest (16 ) (16 ) Net Loss Attributable to Ultralife $ 7,648 Total Assets $ 44,720 $ 32,169 $ 20,297 $ 97,186 Capital Expenditures $ 1,015 $ 212 $ 63 $ 1,290 Goodwill $ 8,965 $ 11,493 $ - $ 20,458 Depreciation and Amortization of Intangible Assets $ 1,830 $ 430 $ 167 $ 2,427 Stock-Based Compensation $ 301 $ 88 $ 264 $ 653 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 U.S. and No n-U.S. Revenue Information 1 : 201 7 : Total Revenue United States Non-United States Battery & Energy Products $ 69,789 $ 33,397 $ 36,392 Communications Systems 15,742 14,217 1,525 Total $ 85,531 $ 47,614 $ 37,917 56 % 44 % 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 % 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 $12,443 $11,652 December 31, 2017 2016, Commercial and Government/Defense Revenue Information: 201 7 : Total Revenue Commercial Government/ Defense Battery & Energy Products $ 69,789 $ 40,790 $ 28,999 Communications Systems 15,742 - 15,742 Total $ 85,531 $ 40,790 $ 44,741 48 % 52 % 201 6 : 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 % |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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 December 31, 2017 2016. |
Cash and Cash Equivalents, Policy [Policy Text Block] | e . Cash Our cash balances may We have not not |
Receivables, Policy [Policy Text Block] | f. Accounts Receivable and Allowance for Doubtful Accounts We extend credit to our customers in the normal course of business. We perform ongoing credit evaluations and generally do not Allowance for doubtful accounts was $292 $277 December 31, 2017 2016, |
Inventory, Policy [Policy Text Block] | g. Inventories Inventories are stated at the lower of cost or net realizable value with cost determined under the first -in, 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 (in years): Building s 1 0 – 2 0 Machinery and Equipmen t 5 – 1 0 Furniture and Fixture s 3 – 1 0 Computer Hardware and Softwar e 3 – 5 Leasehold Improvement s Lesser of useful life or lease ter m 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 not is an industry-based weighted average cost of capital. If the expected undiscounted future cash flows exceed the respective carrying amount as of the date of assessment, no The purchase price paid to effect an acquisition is allocated to the acquired tangible and intangible assets and liabilities at fair value. We do not irment at least annually, or when events indicate that impairment exists. We amortize intangible assets that have definite lives so that the economic benefits of the intangible assets are being utilized over their weighted-average estimated useful life. 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 second |
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, 2017 2016 10 $86, |
Revenue Recognition, Policy [Policy Text Block] | k . Revenue Recognition Product Sales – In general, revenues from the sale of products are recognized when products are shipped. When products are shipped with terms that require transfer of title upon delivery at a customer’s location, revenues are recognized on the date of delivery. We will make a provision at the time the revenue is recognized for warranty costs expected to be incurred. Customers, including distributors, do not no Deferred Revenue – not not not not |
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 $26 $32 December 31, 2017 2016, |
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 201 7 2016, $5,142 $6,155, $405 $209, $405 $209 2017 2016, |
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 not ber 31, 2017, not 2015, 2017. December 31, 2016. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | r. Concentration Related to Customers and Suppliers During t he year ended December 31, 2017, one 18% 12% 2017 2016, December 31, 2016, 13% 2017 3% no 10% Currently, we do not We generally do not have been substantial during 2017 2016, not not 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 Although we believe that alternative suppliers are available to supply materials and components that could replace materials and components currently used and that, if necessary, we would be able to redesign our products to make use of such alternatives, any interruption in the supply from any supplier that serves as a sole source could delay product shipments and have a material adverse effect on our business, financial condition and results of operations. We have experienced interruptions of product deliveries by sole source suppliers in the past. |
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 not Level 3: Unobservable inputs supported by little or no The fair value of financial instruments approximated their carrying values at December 31, 2017 and 2016. The fair value of cash, trade accounts receivable, trade accounts payable, and accrued liabilities approximates carrying value due to the short-term nature of these instruments. |
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 2017 1,035,711 330,676 2016 1,238,804 135,458 15,900 9,538 no December 31, 2017. Diluted earnings per share calculations exclu de the effect of 824,500 1,332,281 2017 2016, |
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 – Battery & Energy Products, and Communications Systems. The basis for determining our operating segments is the manner in which financial information is used in monitoring our operations. Management operates and organizes itself according to business units that comprise unique products and services across geographic locations. |
New Accounting Pronouncements, Policy [Policy Text Block] | w. Recent Accounting Pronouncements In November 2015, FASB”) issued Accounting Standards Update (“ASU”) 2015 17, 2015 17 December 15, 2016. first 2017, 2015 17 $32 $94 December 31, 2017 2016, 2015 17 not In March 2016, 2016 09, Compensation – Stock Compensation (Topic 718 2016 09 December 15, 2016. first 2017 $1,123 no In July 2015, 2015 11, lifying the Measurement of Inventory," which simplifies the subsequent measurement of inventory by using only the lower of cost and net realizable value. This standard is effective for fiscal years and interim periods within those years beginning after December 15, 2016, first 2017. no In May 2014, “FASB”) issued Accounting Standards Update No. 2014 09 606 606 December 15, 2017, 606 January 1, 2018. Topic 606 not In February 2016, FASB issued Accounting Standards Update No. 2016 02, not December 15, 2018 not may not In October 2016, Accounting Standards Update No. 2016 16, 740 December 15, 2017, 740 January 1, 2018. 740 not In August 2016, Accounting Standards Update No. 2016 15, 230 eight December 15, 2017, January 1, 2018. not In January 2017, 2017 04, Intangibles – Goodwill and Other (Topic 350 two In May 2017, 2017 09, Compensation – Stock Compensation (Topic 718 718. 2017 09 December 15, 2017 2017 09 not 2017 09 not |
Note 1 - Summary of Operation19
Note 1 - Summary of Operations and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Property, Plant and Equipment, Estimated Useful Life [Table Text Block] | Building s 1 0 – 2 0 Machinery and Equipmen t 5 – 1 0 Furniture and Fixture s 3 – 1 0 Computer Hardware and Softwar e 3 – 5 Leasehold Improvement s Lesser of useful life or lease ter m |
Note 2 - Acquisition (Tables)
Note 2 - Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cas h $ 1,304 Accounts Receivabl e 1,344 Inventor y 2,167 Prepaids and Other Current Asset s 584 Property, Plant & Equipmen t 269 Identifiable Intangible Asset s 4,374 Goodwil l 4,487 Accounts Payabl e (1,009 ) Accrued Expense s (1,136 ) Income Taxes Payabl e (111 ) Non-Current Liabilitie s (209 ) Deferred Income Taxe s (74 ) Deferred Income Taxes on Intangible Asset s (829 ) Total Consideratio n $ 11,161 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ende d December 31, 201 6 Revenu e $ 82,460 Operating incom e $ 4,061 Net income attributable to Ultralif e $ 3,821 Earnings per share : Basi c $ 0.25 Dilute d $ 0.25 |
Note 4 - Supplemental Balance21
Note 4 - Supplemental Balance Sheet Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 201 7 201 6 Raw M aterials $ 14,606 $ 14,482 Work in P rocess 2,013 986 Finished P roducts 9,707 7,988 Total $ 26,326 $ 23,456 |
Property, Plant and Equipment [Table Text Block] | December 31, 201 7 201 6 Land $ 123 $ 123 Buildings and Leasehold I mprovements 7,858 7,757 Machinery and E quipment 50,852 49,722 Furniture and F ixtures 2,005 1,947 Computer Hardware and S oftware 5,338 5,223 Construction in P rogress 535 421 66,711 65,193 Less – Accumulated Depreciation (59,141 ) (57,194 ) Total $ 7,570 $ 7,999 |
Schedule of Goodwill [Table Text Block] | Battery & Energy Products Communi- cations Systems Total Balance – January 1, 2016 $ 4,790 $ 11,493 $ 16,283 Acquisition of Accutronics 4,487 - 4,487 Effect of Foreign Currency T ranslation (805 ) - (805 ) Balance – December 31, 2016 8,472 11,493 19,965 Effect of Foreign Currency T ranslation 493 - 493 Balance – December 31, 2017 $ 8,965 $ 11,493 $ 20,458 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 201 7 Cost Accumulated Amortization Net Trademarks $ 3,411 $ - $ 3,411 Customer R elationships 6,618 4,208 2,410 Patents and T echnology 5,545 4,595 950 Distributor R elationships 377 377 - Trade Name 393 79 314 Total Other Intangible A ssets $ 16,344 $ 9,259 $ 7,085 December 31, 201 6 Cost Accumulated Amortization Net Trademarks $ 3,404 $ - $ 3,404 Customer R elationships 6,395 3,975 2,420 Patents and T echnology 5,455 4,417 1,038 Distributor R elationships 377 368 9 Trade Name 359 36 323 Total Other Intangible A ssets $ 15,990 $ 8,796 $ 7,194 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Year ended December 31, 201 7 201 6 Research and Development Expense $ 165 $ 200 Selling, General and Administrative E xpense 257 303 Total $ 422 $ 503 |
Note 5 - Operating Leases (Tabl
Note 5 - Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 201 8 201 9 20 20 20 21 202 2 $ 558 $ 416 $ 100 $ - $ - |
Note 6 - Debt (Tables)
Note 6 - Debt (Tables) | 12 Months Ended |
Dec. 31, 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 7 - Commitments and Cont24
Note 7 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | 201 7 201 6 Balance, January 1 $ 172 $ 192 Provision (reversal) for warranties issued 84 39 Settlements made (107 ) (59 ) Balance, December 31 $ 149 $ 172 |
Note 8 - Shareholders' Equity (
Note 8 - Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | 201 7 201 6 Stock O ptions $ 642 $ 676 Restricted Stock Grants 11 34 Total $ 653 $ 710 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Years Ended December 31, 201 7 201 6 Risk-free interest rate 1.7 % 1.4 % Volatility factor 50.0 % 48.2 % Weighted average expected life (years) 5.0 4.8 Forfeiture rate 10.0 % 10.0 % Dividends 0.0 % 0.0 % |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Year Ended December 31, 201 7 Number of Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Shares under Option – January 1 2,323,581 $ 6.22 Options Granted 244,750 5.60 Options Exercised (333,305 ) 4.29 Options Forfeited or Expired (374,815 ) 8.11 Shares under option – December 31 1,860,211 $ 5.06 2.93 $ 2,624 Vested and Expected to Vest - December 31 1,649,594 $ 4.63 2.75 $ 2,438 Options Exercisable – December 31 1,045,798 $ 4.18 2.63 $ 1,806 Year Ended December 31, 201 6 Number of Shares Weighted Average Exercise Price Per Share Shares under O ption – January 1 2,257,969 $ 6.30 Options G ranted 369,550 4.69 Options E xercised (152,789 ) 3.86 Options Forfeited or E xpired (151,149 ) 6.09 Shares under option – December 31 2,323,581 $ 6.22 Options E xercisable – December 31 1,302,390 $ 5.05 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Option O utstanding Options E xercisable Range of Exercise Prices Number of Outstanding Options – December 31, 2017 Weighted- Average Remaining Contractual Life Weighted- Average Exercise Price Number of Options Exercisable at December 31, 201 7 Weighted- Average Exercise Price $3.22 - $3.99 435,398 3.28 $ 3.78 368,406 $ 3.80 $4.00 - $4.99 510,213 3.27 4.37 335,624 4.40 $5.00 - $9.99 614,600 5.56 5.69 341,768 5.77 $10.00 - $15.00 300,000 2.00 12.50 - - $3.22 - $15.00 1,860,211 2.93 $ 5.06 1,045,798 $ 4.18 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended December 31, 201 7 201 6 Current: Federal $ - $ (70 ) State - 20 Foreign 300 13 300 (37 ) Deferred: Federal (1,717 ) 220 State 55 - Foreign (7 ) (85 ) (1,669 ) 135 Total income tax provision $ (1,369 ) $ 98 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Years Ended December 31, 2017 2016 Deferred Tax Liabilities: Property, Plant and Equipment $ - $ - Other 38 - Intangible Assets 3,806 5,471 Total Deferred Tax Liabilities 3,844 5,471 Deferred Tax Assets: Property, Plant and Equipment 44 77 Net Operating Loss Carryforwards 17,870 27,127 Tax Credit Carryforwards 1,837 1,704 Intangible Assets 1,535 2,923 Accrued Expenses, Reserves and Other 1,359 1,527 Total Deferred Tax Assets 22,645 33,358 Valuation Allowance for Deferred Tax Assets (22,636 ) (33,331 ) Net Deferred Tax Assets 9 27 Net Deferred Tax Liabilities $ 3,835 $ 5,444 |
Schedule of Net Deferred Tax Liabilities [Table Text Block] | Years Ended December 31, 201 7 2016 Non-Current Deferred Tax Assets $ 32 $ 94 Non-Current Deferred Tax Liabilities (3,867 ) (5,538 ) $ (3,835 ) $ (5,444 ) |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Years Ended December 31, 201 7 2016 United States $ 4,831 $ 2,803 Foreign 1,464 777 $ 6,295 $ 3,580 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended December 31, 2017 2016 Statutory Income Tax Rate 34 % 34.0 % (Increase) Decrease in Tax Provision Resulting From: Equity Compensation 0.7 9.6 Income Tax Credits (0.9 ) (6.2 ) Foreign Tax Rates (3.8 ) (2.2 ) Release of Unrecognized Tax Benefits - - Valuation Allowance (20.9 ) (30 ) Excess Accrual - (5.2 ) Tax Rate Change (30.8 ) - Other (0.1 ) 2.7 Effective Income Tax Rate (21.8 )% 2.7 % |
Note 11 - Business Segment In27
Note 11 - Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Battery & Energy Products Communications Systems Corporate Total Revenue $ 69,789 $ 15,742 $ - $ 85,531 Segment Contribution 19,659 6,573 (19,756 ) 6,476 Interest Expense, Net (183 ) (183 ) Miscellaneous (2 ) (2 ) Income Tax Benefit 1,369 1,369 Non-Controlling Interest (16 ) (16 ) Net Loss Attributable to Ultralife $ 7,648 Total Assets $ 44,720 $ 32,169 $ 20,297 $ 97,186 Capital Expenditures $ 1,015 $ 212 $ 63 $ 1,290 Goodwill $ 8,965 $ 11,493 $ - $ 20,458 Depreciation and Amortization of Intangible Assets $ 1,830 $ 430 $ 167 $ 2,427 Stock-Based Compensation $ 301 $ 88 $ 264 $ 653 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 |
Revenue from External Customers by Geographic Areas [Table Text Block] | 201 7 : Total Revenue United States Non-United States Battery & Energy Products $ 69,789 $ 33,397 $ 36,392 Communications Systems 15,742 14,217 1,525 Total $ 85,531 $ 47,614 $ 37,917 56 % 44 % 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 % |
Schedule of Revenues from External Customers by Business Segment Sector [Table Text Block] | 201 7 : Total Revenue Commercial Government/ Defense Battery & Energy Products $ 69,789 $ 40,790 $ 28,999 Communications Systems 15,742 - 15,742 Total $ 85,531 $ 40,790 $ 44,741 48 % 52 % 201 6 : 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 % |
Note 1 - Summary of Operation28
Note 1 - Summary of Operations and Significant Accounting Policies (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Apr. 02, 2017USD ($) | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | |
Allowance for Doubtful Accounts Receivable, Current | $ 292 | $ 277 | |
Foreign Currency Transaction Gain (Loss), before Tax | (10) | 86 | |
Advertising Expense | 26 | 32 | |
Research and Development Expense, Gross | 5,142 | 6,155 | |
Customer Funded Research and Development Expense Included in Cost of Goods Sold | 405 | 209 | |
Research and Development, Revenue | $ 405 | $ 209 | |
Number of Dilutive Stock Options Included in Diluted Earnings Per Share Calculation | shares | 1,035,711 | 1,238,804 | |
Number of Shares Due to Dilutive Stock Options Included in Diluted Earnings Per Share Calculation | shares | 330,676 | 135,458 | |
Number of Dilutive Restricted Stock Units Included in Diluted EarningsPerShareCalculation | shares | 15,900 | ||
Number of Shares Due to Dilutive Restricted Stock Units Included in Diluted Earnings Per Share Calculation | shares | 9,538 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 824,500 | 1,332,281 | |
Number of Operating Segments | 2 | ||
Deferred Tax Assets, Gross | $ 22,645 | $ 33,358 | |
Deferred Tax Assets, Valuation Allowance | $ 22,636 | $ 33,331 | |
Reclassification of Current Deferred Tax Assets to Noncurrent [Member] | December 31, 2017 [Member] | |||
Prior Period Reclassification Adjustment | $ 32 | ||
Reclassification of Current Deferred Tax Assets to Noncurrent [Member] | December 31, 2016 [Member] | |||
Prior Period Reclassification Adjustment | 94 | ||
Current Period Reclassification Adjustment | 94 | ||
Accounting Standards Update 2016-09 [Member] | |||
Deferred Tax Assets, Gross | 1,123 | ||
Deferred Tax Assets, Valuation Allowance | $ 1,123 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares | 0 | ||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||
Number of Major Customers | 1 | 1 | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Large Defense Primary Contractor, 1 [Member] | |||
Concentration Risk, Percentage | 18.00% | 12.00% | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Large Defense Primary Contractor, 2 [Member] | |||
Concentration Risk, Percentage | 3.00% | 13.00% |
Note 1 - Summary of Operation29
Note 1 - Summary of Operations and Significant Accounting Policies - Property, Plant and Equipment Estimated Useful Life (Details) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 | Dec. 31, 2016 | Jan. 13, 2016 | Dec. 31, 2015 |
Goodwill | $ 20,458 | $ 19,965 | $ 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 | 12 Months Ended |
Dec. 31, 2016USD ($)$ / shares | |
Revenue | $ 82,460 |
Operating income | 4,061 |
Net income attributable to Ultralife | $ 3,821 |
Basic (in dollars per share) | $ / shares | $ 0.25 |
Diluted (in dollars per share) | $ / shares | $ 0.25 |
Note 3 - Share Repurchase Pro33
Note 3 - Share Repurchase Program (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | 25 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Jun. 02, 2016 | May 01, 2014 | |
Treasury Stock, Shares, Acquired | 156,092 | 2,592,095 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 26 | $ 635 | $ 10,480 | |
Share Repurchase Program [Member] | ||||
Treasury Stock, Shares, Acquired | 149,904 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 603 | |||
Maximum [Member] | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 3,400,000 | 1,800,000 |
Note 4 - Supplemental Balance34
Note 4 - Supplemental Balance Sheet Information (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Construction in Progress, Gross | $ 5,136 | $ 170 |
Depreciation | 2,005 | 2,223 |
Goodwill, Impairment Loss | 0 | 0 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 400 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 379 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 367 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 348 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 334 | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 0 | $ 0 |
Note 4 - Supplemental Balance35
Note 4 - Supplemental Balance Sheet Information - Components of Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Raw Materials | $ 14,606 | $ 14,482 |
Work in Process | 2,013 | 986 |
Finished Products | 9,707 | 7,988 |
Total | $ 26,326 | $ 23,456 |
Note 4 - Supplemental Balance36
Note 4 - Supplemental Balance Sheet Information - Components of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, plant and equipment, gross | $ 66,711 | $ 65,193 |
Less – Accumulated Depreciation | (59,141) | (57,194) |
Total | 7,570 | 7,999 |
Land [Member] | ||
Property, plant and equipment, gross | 123 | 123 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 7,858 | 7,757 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 50,852 | 49,722 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 2,005 | 1,947 |
Computer Equipment [Member] | ||
Property, plant and equipment, gross | 5,338 | 5,223 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 535 | $ 421 |
Note 4 - Supplemental Balance37
Note 4 - Supplemental Balance Sheet Information - Summary of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill balance | $ 19,965 | $ 16,283 |
Effect of Foreign Currency Translation | 493 | (805) |
Goodwill balance | 20,458 | 19,965 |
Accutronics Limited [Member] | ||
Acquisition of Accutronics | 4,487 | |
Battery & Energy Products Segment [Member] | ||
Goodwill balance | 8,472 | 4,790 |
Effect of Foreign Currency Translation | 493 | (805) |
Goodwill balance | 8,965 | 8,472 |
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 Balance38
Note 4 - Supplemental Balance Sheet - Composition of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Cost | $ 16,344 | $ 15,990 |
Accumulated Amortization | 9,259 | 8,796 |
Net | 7,085 | 7,194 |
Trademarks [Member] | ||
Cost | 3,411 | 3,404 |
Accumulated Amortization | 0 | |
Net | 3,411 | 3,404 |
Customer Relationships [Member] | ||
Cost | 6,618 | 6,395 |
Accumulated Amortization | 4,208 | 3,975 |
Net | 2,410 | 2,420 |
Patented Technology [Member] | ||
Cost | 5,545 | 5,455 |
Accumulated Amortization | 4,595 | 4,417 |
Net | 950 | 1,038 |
Distributor Relationships [Member] | ||
Cost | 377 | 377 |
Accumulated Amortization | 377 | 368 |
Net | 9 | |
Trade Names [Member] | ||
Cost | 393 | 359 |
Accumulated Amortization | 79 | 36 |
Net | $ 314 | $ 323 |
Note 4 - Supplemental Balance39
Note 4 - Supplemental Balance Sheet Information - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Amortization of Intangible Assets | $ 422 | $ 503 |
Research and Development Expense [Member] | ||
Amortization of Intangible Assets | 165 | 200 |
Selling, General and Administrative Expenses [Member] | ||
Amortization of Intangible Assets | $ 257 | $ 303 |
Note 5 - Operating Leases (Deta
Note 5 - Operating Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leases, Rent Expense, Net | $ 660 | $ 668 |
Note 5 - Operating Leases - Fut
Note 5 - Operating Leases - Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
2,018 | $ 558 |
2,019 | 416 |
2,020 | 100 |
2,021 | |
2,022 |
Note 6 - Debt (Details Textual)
Note 6 - Debt (Details Textual) $ in Thousands | May 31, 2017USD ($) | Apr. 01, 2018 | Dec. 31, 2017USD ($) |
KeyBank [Member] | Revolving Credit Facility [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 | ||
Letters of Credit Outstanding, Amount | 0 | ||
KeyBank [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Scenario, Forecast [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.85% | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | ||
KeyBank [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Scenario, Forecast [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | (0.50%) | ||
KeyBank [Member] | Letter of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500 | ||
PNC Bank [Member] | Revolving Credit Facility [Member] | |||
Long-term Line of Credit | $ 0 |
Note 6 - Debt - Interest Rate M
Note 6 - Debt - 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 | |
Leverage Ratio Less Than 1.5 [Member] | ||
Applicable basis points for unused fee | 0.20% | |
Leverage Ratio Between 1.5 and 2.5 [Member] | ||
Applicable basis points for unused fee | 0.15% | |
Leverage Ratio Greater than 2.5 [Member] | ||
Applicable basis points for unused fee | 0.10% | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Interest rate margin on outstanding borrowings | 1.85% | |
Applicable basis points for unused fee | 0.20% | |
London Interbank Offered Rate (LIBOR) [Member] | Leverage Ratio Less Than 1.5 [Member] | ||
Interest rate margin on outstanding borrowings | 1.85% | |
London Interbank Offered Rate (LIBOR) [Member] | Leverage Ratio Between 1.5 and 2.5 [Member] | ||
Interest rate margin on outstanding borrowings | 2.00% | |
London Interbank Offered Rate (LIBOR) [Member] | Leverage Ratio Greater than 2.5 [Member] | ||
Interest rate margin on outstanding borrowings | 2.15% | |
Base Rate [Member] | ||
Interest rate margin on outstanding borrowings | (0.50%) | |
Base Rate [Member] | Leverage Ratio Less Than 1.5 [Member] | ||
Interest rate margin on outstanding borrowings | (0.50%) | |
Base Rate [Member] | Leverage Ratio Between 1.5 and 2.5 [Member] | ||
Interest rate margin on outstanding borrowings | (0.25%) | |
Base Rate [Member] | Leverage Ratio Greater than 2.5 [Member] | ||
Interest rate margin on outstanding borrowings | 0.00% |
Note 7 - Commitments and Cont44
Note 7 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | May 04, 2015 | Dec. 31, 2017 |
Loss Contingency, Damages Sought, Value | $ 42,000 | |
Capital Addition Purchase Commitments [Member] | ||
Long-term Purchase Commitment, Amount | $ 1,392 |
Note 7 - Commitments and Cont45
Note 7 - Commitments and Contingencies - Changes in Produce Warranty Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Accrued Warranty Obligation, Beginning | $ 172 | $ 192 |
Provision (reversal) for warranties issued | 84 | 39 |
Settlements made | (107) | (59) |
Accrued Warranty Obligations – Ending | $ 149 | $ 172 |
Note 8 - Shareholders' Equity46
Note 8 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jan. 03, 2011 | Dec. 30, 2010 | Sep. 30, 2017 | Jun. 30, 2014 | Jul. 02, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2015 | Jun. 30, 2004 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,860,211 | 2,323,581 | 2,257,969 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 244,750 | 369,550 | ||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 5.60 | $ 4.69 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 385 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.47 | $ 2.01 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 588 | $ 149 | ||||||||
Proceeds from Stock Options Exercised | 1,429 | 460 | ||||||||
Allocated Share-based Compensation Expense | 653 | 710 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 0 | |||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 946,027 | |||||||||
Employee Stock Option [Member] | ||||||||||
Allocated Share-based Compensation Expense | $ 642 | $ 676 | ||||||||
Employee Stock Option [Member] | President [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost | $ 193 | |||||||||
Performance Shares [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 0 | ||||||||
Restricted Stock [Member] | ||||||||||
Allocated Share-based Compensation Expense | $ 11 | $ 34 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 12,900 | |||||||||
Stock Repurchased During Period, Shares | 3,959 | |||||||||
The 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 | 1,116,083 | |||||||||
The 2004 Long-term Incentive Plan [Member] | President [Member] | ||||||||||
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 | |||||||||
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 | |||||||||
The 2004 Long-term Incentive Plan [Member] | Options I [Member] | President [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||
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 | |||||||||
The 2004 Long-term Incentive Plan [Member] | Options II [Member] | President [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||
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 | |||||||||
The 2004 Long-term Incentive Plan [Member] | Options III [Member] | President [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||
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 Rights, Minimum Closing Share Price | $ 10 | |||||||||
The 2004 Long-term Incentive Plan [Member] | Options IV [Member] | President [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||
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 Rights, Minimum Closing Share Price | $ 15 | |||||||||
The 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 | 744,128 | |||||||||
The 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 | |||||||||
The 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 | |||||||||
Incentive Stock Options [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years |
Note 8 - Shareholders' Equity -
Note 8 - Shareholders' Equity - Non-cash Stock Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Stock-based comepensation expense | $ 653 | $ 710 |
Employee Stock Option [Member] | ||
Stock-based comepensation expense | 642 | 676 |
Restricted Stock [Member] | ||
Stock-based comepensation expense | $ 11 | $ 34 |
Note 8 - Shareholders' Equity48
Note 8 - Shareholders' Equity - Stock Option Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Risk-free interest rate | 1.70% | 1.40% |
Volatility factor | 50.00% | 48.20% |
Weighted Average Expected Life (Year) | 5 years | 4 years 292 days |
Forfeiture rate | 10.00% | 10.00% |
Dividends | 0.00% | 0.00% |
Note 8 - Shareholders' Equity49
Note 8 - Shareholders' Equity - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Shares under Option, beginning 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 Granted (in shares) | 244,750 | 369,550 |
Options granted - weighted average exercise price (in dollars per share) | $ 5.60 | $ 4.69 |
Options Exercised (in shares) | (333,305) | (152,789) |
Options exercised - weighted average exercise price (in dollars per share) | $ 4.29 | $ 3.86 |
Options Forfeited or Expired (in shares) | (374,815) | (151,149) |
Options forfeited or expired - weighted average exercise price (in dollars per share) | $ 8.11 | $ 6.09 |
Shares under option, end of period (in shares) | 1,860,211 | 2,323,581 |
Options outstanding - weighted average exercise price (in dollars per share) | $ 5.06 | $ 6.22 |
Options outstanding - weighted average remaining contractual term (Year) | 2 years 339 days | |
Options outstanding - aggregate intrinsic value | $ 2,624 | |
Vested and Expected to Vest (in shares) | 1,649,594 | |
Options vested and expected to vest - weighted average exercise price (in dollars per share) | $ 4.63 | |
Options vested and expected to vest - weighted average remaining contractual term (Year) | 2 years 273 days | |
Options vested and expected to vest - aggregate intrinsic value | $ 2,438 | |
Options Exercisable (in shares) | 1,045,798 | 1,302,390 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 4.18 | |
Options exercisable - weighted average remaining contractual term (Year) | 2 years 229 days | |
Options exercisable - aggregate intrinsic value | $ 1,806 | |
Options exercised - weighted average exercise price (in dollars per share) | $ 4.29 | $ 3.86 |
Options forfeited or expired (in shares) | (374,815) | (151,149) |
Options forfeited or expired - weighted average exercise price (in dollars per share) | $ 8.11 | $ 6.09 |
Options exercisable (in shares) | 1,045,798 | 1,302,390 |
Options exercisable - weighted average exercise price (in dollars per share) | $ 5.05 |
Note 8 - Shareholders' Equity50
Note 8 - Shareholders' Equity - Options Range of Exercise Prices (Details) | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Lower range limit (in dollars per share) | $ 3.22 |
Upper range limit (in dollars per share) | $ 15 |
Options outstanding, number of outstanding options (in shares) | shares | 1,860,211 |
Options outstanding, weighted-average remaining contractual life (Year) | 2 years 339 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 5.06 |
Options exercisable, number of options exercisable (in shares) | shares | 1,045,798 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 4.18 |
Range One [Member] | |
Lower range limit (in dollars per share) | 3.22 |
Upper range limit (in dollars per share) | $ 3.99 |
Options outstanding, number of outstanding options (in shares) | shares | 435,398 |
Options outstanding, weighted-average remaining contractual life (Year) | 3 years 102 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 3.78 |
Options exercisable, number of options exercisable (in shares) | shares | 368,406 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 3.80 |
Range Two [Member] | |
Lower range limit (in dollars per share) | 4 |
Upper range limit (in dollars per share) | $ 4.99 |
Options outstanding, number of outstanding options (in shares) | shares | 510,213 |
Options outstanding, weighted-average remaining contractual life (Year) | 3 years 98 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 4.37 |
Options exercisable, number of options exercisable (in shares) | shares | 335,624 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 4.40 |
Range Three [Member] | |
Lower range limit (in dollars per share) | 5 |
Upper range limit (in dollars per share) | $ 9.99 |
Options outstanding, number of outstanding options (in shares) | shares | 614,600 |
Options outstanding, weighted-average remaining contractual life (Year) | 5 years 204 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 5.69 |
Options exercisable, number of options exercisable (in shares) | shares | 341,768 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 5.77 |
Range Four [Member] | |
Lower range limit (in dollars per share) | 10 |
Upper range limit (in dollars per share) | $ 15 |
Options outstanding, number of outstanding options (in shares) | shares | 300,000 |
Options outstanding, weighted-average remaining contractual life (Year) | 2 years |
Options 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 ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Apr. 02, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% | ||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (1,939) | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (10,695) | $ (1,262) | ||
Deferred Tax Assets, Gross | 22,645 | 33,358 | ||
Unrecognized Tax Benefits | 0 | 0 | ||
Deferred Tax Assets, Valuation Allowance | 22,636 | $ 33,331 | ||
Domestic Tax Authority [Member] | ||||
Operating Loss Carryforwards | 69,594 | |||
Tax Credit Carryforward, Amount | $ 1,837 | |||
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 | 2,017 | |||
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 | 2,017 | |||
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 | 2,017 | |||
Accounting Standards Update 2016-09 [Member] | ||||
Deferred Tax Assets, Gross | $ 1,123 | |||
Deferred Tax Assets, Valuation Allowance | $ 1,123 | |||
Scenario, Forecast [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 9 - Income Taxes - Income
Note 9 - Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Federal | $ (70) | |
State | 20 | |
Foreign | 300 | 13 |
Total current tax provision | 300 | (37) |
Federal | (1,717) | 220 |
State | 55 | |
Foreign | (7) | (85) |
Total deferred tax provision (benefit) | (1,669) | 135 |
Total income tax provision | $ (1,369) | $ 98 |
Note 9 - Income Taxes - Deferre
Note 9 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Tax Liabilities: | ||
Property, Plant and Equipment | ||
Other | 38 | |
Intangible Assets | 3,806 | 5,471 |
Total Deferred Tax Liabilities | 3,844 | 5,471 |
Deferred Tax Assets: | ||
Property, Plant and Equipment | 44 | 77 |
Net Operating Loss Carryforwards | 17,870 | 27,127 |
Tax Credit Carryforwards | 1,837 | 1,704 |
Intangible Assets | 1,535 | 2,923 |
Accrued Expenses, Reserves and Other | 1,359 | 1,527 |
Total Deferred Tax Assets | 22,645 | 33,358 |
Valuation Allowance for Deferred Tax Assets | (22,636) | (33,331) |
Net Deferred Tax Assets | 9 | 27 |
Net Deferred Tax Liabilities | $ 3,835 | $ 5,444 |
Note 9 - Income Taxes - Net Def
Note 9 - Income Taxes - Net Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Non-Current Deferred Tax Assets | $ 32 | $ 94 |
Non-Current Deferred Tax Liabilities | (3,867) | (5,538) |
Net Deferred Tax Liabilities | $ (3,835) | $ (5,444) |
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, 2017 | Dec. 31, 2016 | |
United States | $ 4,831 | $ 2,803 |
Foreign | 1,464 | 777 |
Income Before Income Taxes | $ 6,295 | $ 3,580 |
Note 9 - Income Taxes - Effecti
Note 9 - Income Taxes - Effective Rate Reconciliation (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statutory Income Tax Rate | 34.00% | 34.00% |
Equity Compensation | 0.70% | 9.60% |
Income Tax Credits | (0.90%) | (6.20%) |
Foreign Tax Rates | (3.80%) | (2.20%) |
Release of Unrecognized Tax Benefits | ||
Valuation Allowance | (20.90%) | (30.00%) |
Excess Accrual | (5.20%) | |
Tax Rate Change | (30.80%) | |
Other | (0.10%) | 2.70% |
Effective Income Tax Rate | (21.80%) | 2.70% |
Note 10 - 401(k) Retirement B57
Note 10 - 401(k) Retirement Benefit Plan (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
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 | $ 181 | $ 191 |
Note 11 - Business Segment In58
Note 11 - Business Segment Information (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Number of Operating Segments | 2 | |
Non-US [Member] | ||
Long-Lived Assets | $ 12,443 | $ 11,652 |
Note 11 - Business Segment In59
Note 11 - Business Segment Information - Segment Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue | $ 85,531 | $ 82,460 | |
Segment Contribution | 6,476 | 3,763 | |
Interest Expense, Net | (183) | (263) | |
Miscellaneous | (2) | (80) | |
Income Tax Benefit | 1,369 | (98) | |
Non-Controlling Interest | (16) | 27 | |
Net Loss Attributable to Ultralife | 7,648 | 3,509 | |
Total Assets | 97,186 | 84,744 | |
Capital Expenditures | 1,290 | 1,377 | |
Goodwill | 20,458 | 19,965 | $ 16,283 |
Depreciation and Amortization of Intangible Assets | 2,427 | 2,726 | |
Stock-Based Compensation | 653 | 710 | |
Miscellaneous | 2 | 80 | |
Battery & Energy Products Segment [Member] | |||
Revenue | 69,789 | 64,753 | |
Segment Contribution | 19,659 | 19,580 | |
Interest Expense, Net | |||
Miscellaneous | |||
Income Tax Benefit | |||
Non-Controlling Interest | |||
Net Loss Attributable to Ultralife | |||
Total Assets | 44,720 | 39,691 | |
Capital Expenditures | 1,015 | 852 | |
Goodwill | 8,965 | 8,472 | 4,790 |
Depreciation and Amortization of Intangible Assets | 1,830 | 2,042 | |
Stock-Based Compensation | 301 | 403 | |
Miscellaneous | |||
Communications Systems Segment [Member] | |||
Revenue | 15,742 | 17,707 | |
Segment Contribution | 6,573 | 5,528 | |
Interest Expense, Net | |||
Miscellaneous | |||
Income Tax Benefit | |||
Non-Controlling Interest | |||
Net Loss Attributable to Ultralife | |||
Total Assets | 32,169 | 32,021 | |
Capital Expenditures | 212 | 158 | |
Goodwill | 11,493 | 11,493 | $ 11,493 |
Depreciation and Amortization of Intangible Assets | 430 | 541 | |
Stock-Based Compensation | 88 | 110 | |
Miscellaneous | |||
Corporate Segment [Member] | |||
Revenue | |||
Segment Contribution | (19,756) | (21,345) | |
Interest Expense, Net | (183) | (263) | |
Miscellaneous | (2) | (80) | |
Income Tax Benefit | 1,369 | (98) | |
Non-Controlling Interest | (16) | 27 | |
Net Loss Attributable to Ultralife | |||
Total Assets | 20,297 | 13,032 | |
Capital Expenditures | 63 | 367 | |
Goodwill | |||
Depreciation and Amortization of Intangible Assets | 167 | 143 | |
Stock-Based Compensation | 264 | 197 | |
Miscellaneous | $ 2 | $ 80 |
Note 11 - Business Segment In60
Note 11 - Business Segment Information - Domestic and International Revenue by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue | $ 85,531 | $ 82,460 |
Revenue, percentage | ||
UNITED STATES | ||
Revenue | $ 47,614 | $ 45,094 |
Revenue, percentage | 56.00% | 55.00% |
Non-US [Member] | ||
Revenue | $ 37,917 | $ 37,366 |
Revenue, percentage | 44.00% | 45.00% |
Battery & Energy Products Segment [Member] | ||
Revenue | $ 69,789 | $ 64,753 |
Battery & Energy Products Segment [Member] | UNITED STATES | ||
Revenue | 33,397 | 29,587 |
Battery & Energy Products Segment [Member] | Non-US [Member] | ||
Revenue | 36,392 | 35,166 |
Communications Systems Segment [Member] | ||
Revenue | 15,742 | 17,707 |
Communications Systems Segment [Member] | UNITED STATES | ||
Revenue | 14,217 | 15,507 |
Communications Systems Segment [Member] | Non-US [Member] | ||
Revenue | $ 1,525 | $ 2,200 |
Note 11 - Business Segment In61
Note 11 - Business Segment Information - Revenue by Business Segment Sector (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue | $ 85,531 | $ 82,460 |
Revenue, percentage | ||
Commercial [Member] | ||
Revenue | $ 40,790 | $ 40,886 |
Revenue, percentage | 48.00% | 50.00% |
Government & Defense [Member] | ||
Revenue | $ 44,741 | $ 41,574 |
Revenue, percentage | 52.00% | 50.00% |
Battery & Energy Products Segment [Member] | ||
Revenue | $ 69,789 | $ 64,753 |
Battery & Energy Products Segment [Member] | Commercial [Member] | ||
Revenue | 40,790 | 40,886 |
Battery & Energy Products Segment [Member] | Government & Defense [Member] | ||
Revenue | 28,999 | 23,867 |
Communications Systems Segment [Member] | ||
Revenue | 15,742 | 17,707 |
Communications Systems Segment [Member] | Commercial [Member] | ||
Revenue | ||
Communications Systems Segment [Member] | Government & Defense [Member] | ||
Revenue | $ 15,742 | $ 17,707 |