Ultralife (ULBI) 10-Q 2 May 19 2019 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 30, 2019
Document Information [Line Items]
Entity Registrant Name	Ultralife Corp
Entity Central Index Key	0000875657
Trading Symbol	ulbi
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		15,736,668
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	[1]
Current assets:
Cash	$ 21,240	$ 25,934
Trade Accounts Receivable, Net of Allowance for Doubtful Accounts of $302 and $296, Respectively	13,938	16,015
Inventories, Net	27,906	22,843
Prepaid expenses and other current assets	2,397	2,368
Total Current Assets	65,481	67,160
Property, Equipment and Improvements, Net	12,398	10,744
Goodwill	20,251	20,109
Other Intangible Assets, Net	6,484	6,504
Deferred Income Taxes, Net	15,421	15,444
Other noncurrent assets	916	887
Total Assets	120,951	120,848
Current Liabilities:
Accounts Payable	11,307	9,919
Accrued Compensation and Related Benefits	1,364	1,494
Accrued Expenses and Other Current Liabilities	3,325	3,973
Total Current Liabilities	15,996	15,386
Deferred Income Taxes	564	591
Other noncurrent liabilities	468	408
Total Liabilities	17,028	16,385
Commitments and Contingencies (Note 10)
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 – 20,134,596 Shares at March 31, 2019 and 20,053,335 Shares at December 31, 2018; Outstanding – 15,733,414 Shares at March 31, 2019 and 15,920,585 at December 31, 2018	2,013	2,005
Capital in Excess of Par Value	183,163	182,630
Accumulated deficit	(57,610)	(58,035)
Accumulated Other Comprehensive Loss	(2,351)	(2,786)
Treasury Stock - At Cost; 4,401,182 at March 31, 2019 and 4,132,750 Shares at December 31, 2018	(21,231)	(19,266)
Total Ultralife Corporation Equity	103,984	104,548
Non-Controlling Interest	(61)	(85)
Total Shareholders’ Equity	103,923	104,463	[2]
Total Liabilities and Shareholders' Equity	$ 120,951	$ 120,848
[1]	Effective January 1, 2019, the Company adopted Accounting Standards Codification Topic 842 (ASC 842), Leases. Shareholders’ equity as of December 31, 2018 has been adjusted for the effects of the new standard. See Note 1 for further information.
[2]	Effective January 1, 2019, the Company adopted Accounting Standards Codification Topic 842 (ASC 842), Leases. Prior period balances have been adjusted for the effects of the new standard. See Note 1 for further information.

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	[1]
Trade accounts receivable, allowance for doubtful accounts	$ 302	$ 296
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)	20,134,596	20,053,335
Common stock, shares outstanding (in shares)	15,733,414	15,920,585
Treasury stock, shares (in shares)	4,401,182	4,132,750
[1]	Effective January 1, 2019, the Company adopted Accounting Standards Codification Topic 842 (ASC 842), Leases. Shareholders’ equity as of December 31, 2018 has been adjusted for the effects of the new standard. See Note 1 for further information.

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2019	Apr. 01, 2018
Revenues	[1]	$ 18,882	$ 23,069
Cost of Products Sold		13,798	15,787
Gross Profit		5,084	7,282
Operating Expenses:
Research and Development		1,036	1,101
Selling, General and Administrative		3,500	3,825
Total Operating Expenses		4,536	4,926
Operating Income		548	2,356
Other Expenses:
Interest and Financing Expense		(5)	(33)
Miscellaneous		(53)	(100)
Total Other Expenses		(58)	(133)
Income Before Income Tax Provision		490	2,223
Income Tax Provision		(41)	(55)
Net Income		449	2,168
Net Income Attributable to Non-Controlling Interest		(24)	(17)
Net Income Attributable to Ultralife Corporation		425	2,151
Other Comprehensive Income:
Foreign Currency Translation Adjustments		435	752
Comprehensive Income Attributable to Ultralife Corporation		$ 860	$ 2,903
Net Income Per Share Attributable to Ultralife Common Shareholders – Basic (in dollars per share)		$ 0.03	$ 0.14
Net Income Per Share Attributable to Ultralife Common Shareholders – Diluted (in dollars per share)		$ 0.03	$ 0.13
Weighted Average Shares Outstanding – Basic (in shares)		15,740	15,704
Potential Common Shares (in shares)		485	498
Weighted Average Shares Outstanding – Diluted (in shares)		16,225	16,202
[1]	Sales classified to U.S. include shipments to U.S.-based prime contractors which in some cases may serve non-U.S. projects

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Apr. 01, 2018
OPERATING ACTIVITIES:
Net Income	$ 449	$ 2,168
Adjustments to Reconcile Net Income to Net Cash (Used In) Provided By Operating Activities:
Depreciation	447	484
Amortization of Intangible Assets	92	102
Amortization of Financing Fees	9	9
Stock-Based Compensation	185	139
Deferred Income Taxes	(5)	(1)
Changes in Operating Assets and Liabilities:
Accounts Receivable	2,076	(939)
Inventories	(4,963)	(502)
Prepaid Expenses and Other Assets	(1)	(86)
Accounts Payable and Other Liabilities	1,166	(2,295)
Net Cash Used In Operating Activities	(545)	(921)
INVESTING ACTIVITIES:
Purchases of Property, Equipment and Improvements	(2,581)	(172)
Net Cash Used In Investing Activities	(2,581)	(172)
FINANCING ACTIVITIES:
Cash Paid to Repurchase Common Stock	(1,957)
Proceeds from Exercise of Stock Option	356	939
Tax Withholdings on Stock-Based Awards	(8)
Net Cash (Used In) Provided By Financing Activities	(1,609)	939
Effect of Exchange Rate Changes on Cash	41	154
DECREASE IN CASH	(4,694)
Cash, Beginning of Period	25,934	18,330
Cash, End of Period	$ 21,240	$ 18,330

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - 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, 2017		19,670,928
Balance at Dec. 31, 2017		$ 1,966	$ 180,211	$ (1,611)	$ (82,894)	$ (18,469)	$ (154)	$ 79,049
Cumulative Effect Adjustment (1) at Dec. 31, 2017	[1]				(71)			(71)
Net Income					2,151		17	2,168
Stock Option Exercises (in shares)		221,009
Stock Option Exercises		$ 23	995					1,018
Stock-Based Compensation -Stock Options			123					123
Stock-Based Compensation -Restricted Stock			16					16
Foreign Currency Translation Adjustments				752				752
Cash settlement of outstanding options			(33)					(33)
Balance (in shares) at Apr. 01, 2018		19,891,937
Balance at Apr. 01, 2018	[1]	$ 1,989	181,312	(859)	(80,814)	(18,469)	(137)	$ 83,022
Balance (in shares) at Dec. 31, 2018		20,053,335						15,920,585	[2]
Balance at Dec. 31, 2018	[1]	$ 2,005	182,630	(2,786)	(58,035)	(19,266)	(85)	$ 104,463	[3]
Net Income					425		24	$ 449
Stock Option Exercises (in shares)		75,427						75,427
Stock Option Exercises		$ 8	348					$ 356
Stock-Based Compensation -Stock Options			174					174
Stock-Based Compensation -Restricted Stock			11					11
Foreign Currency Translation Adjustments				435				435
Share Repurchases						(1,957)		(1,957)
Stock-Based Compensation -Restricted Stock (in shares)		5,834
Tax Withholdings on Restricted Stock						(8)		$ (8)
Balance (in shares) at Mar. 31, 2019		20,134,596						15,733,414
Balance at Mar. 31, 2019		$ 2,013	$ 183,163	$ (2,351)	$ (57,610)	$ (21,231)	$ (61)	$ 103,923
[1]	Effective January 1, 2019, the Company adopted Accounting Standards Codification Topic 842 (ASC 842), Leases. Prior period balances have been adjusted for the effects of the new standard. See Note 1 for further information.
[2]	Effective January 1, 2019, the Company adopted Accounting Standards Codification Topic 842 (ASC 842), Leases. Shareholders’ equity as of December 31, 2018 has been adjusted for the effects of the new standard. See Note 1 for further information.
[3]	Effective January 1, 2019, the Company adopted Accounting Standards Codification Topic 842 (ASC 842), Leases. Shareholders’ equity as of December 31, 2018 has been adjusted for the effects of the new standard. See Note 1 for further information.

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Business Description and Accounting Policies [Text Block]	1. BASIS OF PRESENTATION The accompanying unaudited Consolidated Financial Statements of Ultralife Corporation (the “Company”) and its subsidiaries have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Rule 8 03 X. not not 10 December 31, 2018. The December 31, 2018 not Certain items previously reported in specific financial statement captions have been reclassified to conform to the current presentation. Our monthly closing schedule is a 4/4/5 not Recently Adopted Accounting Guidance Leases Effective January 1, 2019, 2016 02 Leases 842 not December 31, 2018 The Company adopted the new standard applying the modified retrospective approach. The Company measured and recognized leases upon adoption which had commenced as of the beginning or during the prior year. The package of practical expedients permitted under the transition guidance of the new standard was elected which allowed us to carry forward the historical lease classification and determination of whether an arrangement is or contains a lease on existing leases. The use-of-hindsight transition practical expedient was applied to determine the lease term for existing leases, which resulted in the lengthening of the lease term at commencement for one At contract inception, the Company determines whether the arrangement is or contains a lease and determines the lease classification. The lease term is determined based on the noncancellable term of the lease adjusted to the extent optional renewal terms and termination rights are reasonably certain. Lease expense is recognized evenly over the lease term. Variable lease payments are recognized as period costs. The present value of remaining lease payments are recognized as a liability on the balance sheet with a corresponding right-of-use asset adjusted for prepaid or accrued lease payments. The Company uses its incremental borrowing rate for the discount rate, unless the interest rate implicit in the lease contract is readily determinable. The Company has adopted the practical expedients to not not The impact on the consolidated balance sheet as of December 31, 2018 Impact to Previously Reported Results Consolidated Balance Sheet as of December 31, 2018: As P reviously R eported Lease Standard Adjustment As Adjusted Other noncurrent assets $ 82 $ 805 $ 887 Prepaid expenses and other current assets 2,429 (61 ) 2,368 Accrued expenses and other current liabilities 3,534 439 3,973 Other noncurrent liabilities 32 376 408 Accumulated deficit (57,964 ) (71 ) (58,035 ) See Note 9 Recent Accounting Guidance Not There have been no 2018 10

Note 2 - Subsequent Events

Note 2 - Subsequent Events	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Subsequent Events [Text Block]	2. Acquisition of Southwest Electronic Energy Corporation On May 1, 2019, 100% $25.0 SWE is a leading independent designer and manufacturer of high-performance smart battery systems and battery packs to customer specifications using lithium cells. SWE serves a variety of industrial markets, including oil & gas, remote monitoring, process control and marine, which demand uncompromised safety, service, reliability and quality. The Company acquired SWE as a bolt-on acquisition to further support our strategy of commercial revenue diversification by providing entry to the oil and gas exploration and production, and subsea electrification markets, which are currently unserved by Ultralife. Another key benefit includes obtaining a highly valuable technical team of battery pack and charger system engineers and technicians to add to our new product development-based revenue growth initiatives in our commercial end-markets particularly asset tracking, smart metering and other industrial applications. The SWE acquisition was completed pursuant to a Stock Purchase Agreement dated May 1, 2019 ( The aggregate purchase price for the SWE Acquisition was funded by the Company through a combination of cash on hand and borrowings under the Credit Facilities (see Note 3 The Stock Purchase Agreement contains customary terms and conditions including representations, warranties and indemnification provisions. A portion of the consideration paid to the Seller will be held in escrow for post-closing adjustments and indemnification purposes. The acquisition of SWE will be accounted for as a business combination, and accordingly, the assets acquired and liabilities assumed will be recognized at fair value as of the acquisition date. The operating results and cash flows of SWE will be included in the consolidated financial statements from the date of acquisition in the Company's Battery & Energy Products segment. Due to the timing of the acquisition, the initial accounting is not First Amendment Agreement On May 1, 2019, 3

Note 3 - Revolving Credit Agree

Note 3 - Revolving Credit Agreement	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Debt Disclosure [Text Block]	3. CREDIT FACILITY On May 1, 2019, May 31, 2017 ( The Amended Credit Agreement, among other things, provides for a five $8.0 $30.0 May 31, 2022. six May 31, 2022, may $50.0 Upon closing of the SWE Acquisition on May 1, 2019, $6.8 The Company is required to repay the borrowings under the Term Loan Facility in sixty 60 May 31, 2019, April 30, 2024. May 31, 2022. may In addition to the customary affirmative and negative covenants, the Company must maintain a consolidated fixed charge coverage ratio of equal to or greater than 1.15 1.0, 2.5 1.0, Borrowings under the Credit Facilities are secured by substantially all the assets of the Company. Interest will accrue on outstanding indebtedness under the Credit Facilities at the Base Rate or the Overnight LIBOR Rate, as selected by the Company, plus the applicable margin. The Base Rate is the higher of (a) the Prime Rate, (b) the Federal Funds Effective Rate plus 50 one hundred zero 50 185 215 The Company must pay a fee of 0.1% 0.2% Payments must be made by the Company to the extent borrowings exceed the maximum amount then permitted to be drawn on the Credit Facilities and from the proceeds of certain transactions. Upon the occurrence of an event of default, the outstanding obligations may

Note 4 - Share Repurchase Progr

Note 4 - Share Repurchase Program	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	4. SHARE REPURCHASE PROGRAM On October 31, 2018, November 1, 2018, 2.5 not twelve Under the Share Repurchase Program, shares may may 10b5 1 1934. may not 10b 18, During the quarter ended March 31, 2019, 267,300 $1,957. From the inception of the Share Repurchase Program on November 1, 2018, 372,974 $2,699.

Note 5 - Earnings Per Share

Note 5 - Earnings Per Share	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Earnings Per Share [Text Block]	5. EARNINGS PER SHARE Basic earnings per share (“EPS”) is computed by dividing earnings attributable to the Company’s common shareholders by the weighted-average shares outstanding during the period. Diluted EPS includes the dilutive effect of securities, if any, and is calculated using the treasury stock method. For the three March 31, 2019, 1,052,410 11,666 484,843 three April 1, 2018, 1,324,753 17,500 498,109 448,250 214,000 three March 31, 2019 April 1, 2018, not

Note 6 - Supplemental Balance S

Note 6 - Supplemental Balance Sheet Information	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Supplemental Balance Sheet Disclosures [Text Block]	6. SUPPLEMENTAL BALANCE SHEET INFORMATION Cash The Company had cash and restricted cash totaling $21,240 $25,934 March 31, 2019 December 31, 2018, March 31, December 31, 201 9 201 8 Cash $20,929 $25,583 Restricted Cash 311 351 Total $21,240 $25,934 As of March 31, 2019 December 31, 2018, $228 $266, March 31, 2019, $38 As of March 31, 2019 December 31, 2018, $83 $85, third Restricted cash is included as a component of the cash balance for purposes of the consolidated statements of cash flows. Inventories Inventories are stated at the lower of cost or market, net of obsolescence reserves, with cost determined under the first first March 31, December 31, 2019 2018 Raw Materials $ 17,201 $ 13,274 Work In Process 2,067 2,016 Finished Goods 8,638 7,553 Total $ 27,906 $ 22,843 Property, Equipment and Improvements, Net Major classes of property, equipment and improvements consisted of the following: March 3 1 , December 31, 201 9 201 8 Land $ 123 $ 123 Buildings and Leasehold Improvements 8,284 8,267 Machinery and Equipment 51,772 51,261 Furniture and Fixtures 2,073 2,058 Computer Hardware and Software 5,889 5,590 Construction In Process 5,478 4,302 73,619 71,601 Less: Accumulated Depreciation (61,221 ) (60,857 ) Property, Equipment and Improvements, Net $ 12,398 $ 10,744 Depreciation expense for property, equipment and improvements was $447 $484 three March 31, 2019 April 1, 2018, Goodwill The following table summarizes the goodwill activity by segment for the three March 31, 2019 April 1, 2018: Battery & Energy Communi- cations Products Systems Total Balance - December 31, 2017 $ 8,965 $ 11,493 $ 20,458 Effect of Foreign Currency Translation 240 - 240 Balance – April 1, 2018 9,205 11,493 20,698 Effect of Foreign Currency Translation (589 ) - (589 ) Balance - December 31, 2018 8,616 11,493 20,109 Effect of Foreign Currency Translation 142 - 142 Balance – March 31, 2019 $ 8,758 $ 11,493 $ 20,251 Other Intangible Assets, Net The composition of other intangible assets was: at March 31, 2019 Accumulated Cost Amortization Net Trademarks $ 3,407 $ - $ 3,407 Customer Relationships 6,530 4,453 2,077 Patents and Technology 5,510 4,766 744 Distributor Relationships 377 377 - Trade Name 379 123 256 Total Other Intangible Assets $ 16,203 $ 9,719 $ 6,484 at December 31, 201 8 Accumulated Cost Amortization Net Trademarks $ 3,405 $ - $ 3,405 Customer Relationships 6,471 4,392 2,079 Patents and Technology 5,486 4,725 761 Distributor Relationships 377 377 - Trade Name 370 111 259 Total Other Intangible Assets $ 16,109 $ 9,605 $ 6,504 The change in the cost value of total intangible assets from December 31, 2018 March 31, 2019 Amortization expense for intangible assets was $92 $102 three March 31, 2019 April 1, 2018, $33 $38 three March 31, 2019 April 1, 2018, $59 $64 three March 31, 2019 April 1, 2018,

Note 7 - Stock-based Compensati

Note 7 - Stock-based Compensation	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Shareholders' Equity and Share-based Payments [Text Block]	7. STOCK-BASED COMPENSATION We recorded non-cash stock compensation expense in each period as follows: Three-Month Periods E nded March 31, April 1, 2019 2018 Stock Options $ 174 $ 123 Restricted Stock Grants 11 16 Total $ 185 $ 139 We have stock options outstanding from various stock-based employee compensation plans for which we record compensation cost relating to share-based payment transactions in our financial statements. As of March 31, 2019, $372 0.8 The following table summarizes stock option activity for the three March 31, 2019: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding at January 1, 2019 1,576,087 $ 6.58 Granted - - Exercised (75,427 ) 4.71 Forfeited or Expired - - Outstanding at March 31, 2019 1,500,660 $ 6.68 3.25 $ 5,574 Vested and Expected to Vest at March 31, 2019 1,409,243 $ 6.65 3.12 $ 5,280 Exercisable at March 31, 2019 1,031,701 $ 5.98 2.47 $ 4,377 Cash received from stock option exercises under our stock-based compensation plans for the three March 31, 2019 April 1, 2018 $356 $939, In January 2018, 17,500 three $7.16 $42 March 31, 2019.

Note 8 - Income Taxes

Note 8 - Income Taxes	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Income Tax Disclosure [Text Block]	8. INCOME TAXES Our effective tax rate for the three March 31, 2019 April 1, 2018 8% 3%, December 31, 2018. Our effective tax rate for the three March 31, 2019 As of March 31, 2019, $63,388, 2019 2035, $1,817, 2028 2037, not As of March 31, 2019, $10,000, may As of March 31, 2019, not not. As of March 31, 2019, There were no March 31, 2019 December 31, 2018. 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 2000 2018 2000 2018 2010 2018

Note 9 - Operating Leases

Note 9 - Operating Leases	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	9. OPERATING LEASES The Company has operating leases predominantly for operating facilities. As of March 31, 2019, one 3 not no no The components of lease expense for the current and prior comparative period were as follows: Three Months Ended March 31, April 1, 2019 2018 Operating Lease Cost $ 145 $ 151 Variable Lease Cost 21 18 Total Lease Cost $ 166 $ 169 Supplemental cash flow information related to leases was as follows: Three Months Ended March 31, April 1, 2019 2018 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 150 $ 153 Right-of-use assets obtained in exchange for lease liabilities: $ 131 $ - Supplemental balance sheet information related to leases was as follows: Balance Sheet Classification March 31, 2019 December 31, 2018 Assets: Operating lease right-of-use asset Other noncurrent assets $ 844 $ 805 Liabilities: Current operating lease liability Accrued expenses and other current liabilities $ 412 $ 439 Operating lease liability, net of current portion Other noncurrent liabilities 436 376 Total operating lease liability $ 848 $ 815 Weighted-average remaining lease term (years) 2.3 2.1 Weighted-average discount rate 4.5 % 4.5 % Future minimum lease payments as of March 31, 2019 Maturity of Operating Lease Liabilities 2019 $ 307 2020 389 2021 160 2022 36 2023 - Thereafter - Total lease payments 892 Less: Imputed interest (44 ) Present value of remaining lease payments $ 848

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	10. COMMITMENTS AND CONTINGENCIES a. Purchase Commitments As of March 31, 2019, $2,363 b. Product Warranties We estimate future warranty costs to be incurred for product failure rates, material usage and service costs in the development of our warranty obligations. Estimated future costs are based on actual past experience and are generally estimated as a percentage of sales over the warranty period. Changes in our product warranty liability during the first three 2019 2018 Three -Month P eriod s E nded March 31, 2019 April 1, 2018 Accrued Warranty Obligations – Beginning $ 95 $ 149 Accruals for Warranties Issued 5 14 Settlements Made (5 ) (6 ) Accrued Warranty Obligations – Ending $ 95 $ 157 c. Contingencies and Legal Matters We are subject to legal proceedings and claims that arise from time to time in the normal course of business. We believe that the final disposition of any such matters will not not

Note 11 - Business Segment Info

Note 11 - Business Segment Information	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	11. BUSINESS SEGMENT INFORMATION We report our results in two 9 The components of segment performance were as follows: Three-Month Period Ended March 31, 2019 : Battery & Energy Products Communi- cations Systems Corporate Total Revenues $ 15,998 $ 2,884 $ - $ 18,882 Segment Contribution 4,410 674 (4,536 ) 548 Other Expense (58 ) (58 ) Tax Provision (41 ) (41 ) Non-Controlling Interest (24 ) (24 ) Net Income Attributable to Ultralife $ 425 Three-Month Period Ended April 1, 2018 : Battery & Energy Products Communi- cations Systems Corporate Total Revenues $ 17,224 $ 5,845 $ - $ 23,069 Segment Contribution 5,036 2,246 (4,926 ) 2,356 Other Expense (133 ) (133 ) Tax Provision (55 ) (55 ) Non-Controlling Interest (17 ) (17 ) Net Income Attributable to Ultralife $ 2,151 The following tables disaggregate our business segment revenues by major source and geography. Commercial and Government/Defense Revenue Information: Three-Month Period Ended March 31, 2019: Total Revenue Commercial Government/ Defense Battery & Energy Products $ 15,998 $ 10,010 $ 5,988 Communications Systems 2,884 - 2,884 Total $ 18,882 $ 10,010 $ 8,872 53 % 47 % Three-Month Period Ended April 1, 2018: Total Revenue Commercial Government/ Defense Battery & Energy Products $ 17,224 $ 9,626 $ 7,598 Communications Systems 5,845 - 5,845 Total $ 23,069 $ 9,626 $ 13,443 42 % 58 % U.S. and Non-U.S. Revenue Information 1 : Three-Month Period Ended March 31, 2019: Total Revenue United States Non-United States Battery & Energy Products $ 15,998 $ 7,567 $ 8,431 Communications Systems 2,884 2,454 430 Total $ 18,882 $ 10,021 $ 8,861 53 % 47 % Three-Month Period Ended April 1, 2018: Total Revenue United States Non-United States Battery & Energy Products $ 17,224 $ 9,415 $ 7,809 Communications Systems 5,845 5,573 272 Total $ 23,069 $ 14,988 $ 8,081 65 % 35 % 1 may

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Guidance Leases Effective January 1, 2019, 2016 02 Leases 842 not December 31, 2018 The Company adopted the new standard applying the modified retrospective approach. The Company measured and recognized leases upon adoption which had commenced as of the beginning or during the prior year. The package of practical expedients permitted under the transition guidance of the new standard was elected which allowed us to carry forward the historical lease classification and determination of whether an arrangement is or contains a lease on existing leases. The use-of-hindsight transition practical expedient was applied to determine the lease term for existing leases, which resulted in the lengthening of the lease term at commencement for one At contract inception, the Company determines whether the arrangement is or contains a lease and determines the lease classification. The lease term is determined based on the noncancellable term of the lease adjusted to the extent optional renewal terms and termination rights are reasonably certain. Lease expense is recognized evenly over the lease term. Variable lease payments are recognized as period costs. The present value of remaining lease payments are recognized as a liability on the balance sheet with a corresponding right-of-use asset adjusted for prepaid or accrued lease payments. The Company uses its incremental borrowing rate for the discount rate, unless the interest rate implicit in the lease contract is readily determinable. The Company has adopted the practical expedients to not not The impact on the consolidated balance sheet as of December 31, 2018 Impact to Previously Reported Results Consolidated Balance Sheet as of December 31, 2018: As P reviously R eported Lease Standard Adjustment As Adjusted Other noncurrent assets $ 82 $ 805 $ 887 Prepaid expenses and other current assets 2,429 (61 ) 2,368 Accrued expenses and other current liabilities 3,534 439 3,973 Other noncurrent liabilities 32 376 408 Accumulated deficit (57,964 ) (71 ) (58,035 ) See Note 9 Recent Accounting Guidance Not There have been no 2018 10

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]	As P reviously R eported Lease Standard Adjustment As Adjusted Other noncurrent assets $ 82 $ 805 $ 887 Prepaid expenses and other current assets 2,429 (61 ) 2,368 Accrued expenses and other current liabilities 3,534 439 3,973 Other noncurrent liabilities 32 376 408 Accumulated deficit (57,964 ) (71 ) (58,035 )

Note 6 - Supplemental Balance_2

Note 6 - Supplemental Balance Sheet Information (Tables)	3 Months Ended
	Mar. 31, 2019
Notes Tables
Cash, Cash Equivalents and Investments [Table Text Block]	March 31, December 31, 201 9 201 8 Cash $20,929 $25,583 Restricted Cash 311 351 Total $21,240 $25,934
Schedule of Inventory, Current [Table Text Block]	March 31, December 31, 2019 2018 Raw Materials $ 17,201 $ 13,274 Work In Process 2,067 2,016 Finished Goods 8,638 7,553 Total $ 27,906 $ 22,843
Property, Plant and Equipment [Table Text Block]	March 3 1 , December 31, 201 9 201 8 Land $ 123 $ 123 Buildings and Leasehold Improvements 8,284 8,267 Machinery and Equipment 51,772 51,261 Furniture and Fixtures 2,073 2,058 Computer Hardware and Software 5,889 5,590 Construction In Process 5,478 4,302 73,619 71,601 Less: Accumulated Depreciation (61,221 ) (60,857 ) Property, Equipment and Improvements, Net $ 12,398 $ 10,744
Schedule of Goodwill [Table Text Block]	Battery & Energy Communi- cations Products Systems Total Balance - December 31, 2017 $ 8,965 $ 11,493 $ 20,458 Effect of Foreign Currency Translation 240 - 240 Balance – April 1, 2018 9,205 11,493 20,698 Effect of Foreign Currency Translation (589 ) - (589 ) Balance - December 31, 2018 8,616 11,493 20,109 Effect of Foreign Currency Translation 142 - 142 Balance – March 31, 2019 $ 8,758 $ 11,493 $ 20,251
Schedule of Finite-Lived Intangible Assets [Table Text Block]	at March 31, 2019 Accumulated Cost Amortization Net Trademarks $ 3,407 $ - $ 3,407 Customer Relationships 6,530 4,453 2,077 Patents and Technology 5,510 4,766 744 Distributor Relationships 377 377 - Trade Name 379 123 256 Total Other Intangible Assets $ 16,203 $ 9,719 $ 6,484 at December 31, 201 8 Accumulated Cost Amortization Net Trademarks $ 3,405 $ - $ 3,405 Customer Relationships 6,471 4,392 2,079 Patents and Technology 5,486 4,725 761 Distributor Relationships 377 377 - Trade Name 370 111 259 Total Other Intangible Assets $ 16,109 $ 9,605 $ 6,504

Note 7 - Stock-based Compensa_2

Note 7 - Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
Notes Tables
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]	Three-Month Periods E nded March 31, April 1, 2019 2018 Stock Options $ 174 $ 123 Restricted Stock Grants 11 16 Total $ 185 $ 139
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding at January 1, 2019 1,576,087 $ 6.58 Granted - - Exercised (75,427 ) 4.71 Forfeited or Expired - - Outstanding at March 31, 2019 1,500,660 $ 6.68 3.25 $ 5,574 Vested and Expected to Vest at March 31, 2019 1,409,243 $ 6.65 3.12 $ 5,280 Exercisable at March 31, 2019 1,031,701 $ 5.98 2.47 $ 4,377

Note 9 - Operating Leases (Tabl

Note 9 - Operating Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended March 31, April 1, 2019 2018 Operating Lease Cost $ 145 $ 151 Variable Lease Cost 21 18 Total Lease Cost $ 166 $ 169
Lessee, Lease, Cash Flow Information [Table Text Block]	Three Months Ended March 31, April 1, 2019 2018 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 150 $ 153 Right-of-use assets obtained in exchange for lease liabilities: $ 131 $ -
Lessee, Lease, Balance Sheet Information [Table Text Block]	Balance Sheet Classification March 31, 2019 December 31, 2018 Assets: Operating lease right-of-use asset Other noncurrent assets $ 844 $ 805 Liabilities: Current operating lease liability Accrued expenses and other current liabilities $ 412 $ 439 Operating lease liability, net of current portion Other noncurrent liabilities 436 376 Total operating lease liability $ 848 $ 815 Weighted-average remaining lease term (years) 2.3 2.1 Weighted-average discount rate 4.5 % 4.5 %
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Maturity of Operating Lease Liabilities 2019 $ 307 2020 389 2021 160 2022 36 2023 - Thereafter - Total lease payments 892 Less: Imputed interest (44 ) Present value of remaining lease payments $ 848

Note 10 - Commitments and Con_2

Note 10 - Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	Three -Month P eriod s E nded March 31, 2019 April 1, 2018 Accrued Warranty Obligations – Beginning $ 95 $ 149 Accruals for Warranties Issued 5 14 Settlements Made (5 ) (6 ) Accrued Warranty Obligations – Ending $ 95 $ 157

Note 11 - Business Segment In_2

Note 11 - Business Segment Information (Tables)	3 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Battery & Energy Products Communi- cations Systems Corporate Total Revenues $ 15,998 $ 2,884 $ - $ 18,882 Segment Contribution 4,410 674 (4,536 ) 548 Other Expense (58 ) (58 ) Tax Provision (41 ) (41 ) Non-Controlling Interest (24 ) (24 ) Net Income Attributable to Ultralife $ 425 Battery & Energy Products Communi- cations Systems Corporate Total Revenues $ 17,224 $ 5,845 $ - $ 23,069 Segment Contribution 5,036 2,246 (4,926 ) 2,356 Other Expense (133 ) (133 ) Tax Provision (55 ) (55 ) Non-Controlling Interest (17 ) (17 ) Net Income Attributable to Ultralife $ 2,151
Schedule of Revenues from External Customers by Business Segment Sector [Table Text Block]	Three-Month Period Ended March 31, 2019: Total Revenue Commercial Government/ Defense Battery & Energy Products $ 15,998 $ 10,010 $ 5,988 Communications Systems 2,884 - 2,884 Total $ 18,882 $ 10,010 $ 8,872 53 % 47 % Three-Month Period Ended April 1, 2018: Total Revenue Commercial Government/ Defense Battery & Energy Products $ 17,224 $ 9,626 $ 7,598 Communications Systems 5,845 - 5,845 Total $ 23,069 $ 9,626 $ 13,443 42 % 58 %
Revenue from External Customers by Geographic Areas [Table Text Block]	Three-Month Period Ended March 31, 2019: Total Revenue United States Non-United States Battery & Energy Products $ 15,998 $ 7,567 $ 8,431 Communications Systems 2,884 2,454 430 Total $ 18,882 $ 10,021 $ 8,861 53 % 47 % Three-Month Period Ended April 1, 2018: Total Revenue United States Non-United States Battery & Energy Products $ 17,224 $ 9,415 $ 7,809 Communications Systems 5,845 5,573 272 Total $ 23,069 $ 14,988 $ 8,081 65 % 35 %

Note 1 - Basis of Presentatio_2

Note 1 - Basis of Presentation - Impact to Previously Reported Results (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Other noncurrent assets	$ 916	$ 887	[1]
Prepaid expenses and other current assets	2,397	2,368	[1]
Accrued expenses and other current liabilities		3,973
Other noncurrent liabilities	468	408	[1]
Accumulated deficit	$ (57,610)	(58,035)	[1]
Previously Reported [Member]
Other noncurrent assets		82
Prepaid expenses and other current assets		2,429
Accrued expenses and other current liabilities		3,534
Other noncurrent liabilities		32
Accumulated deficit		(57,964)
Restatement Adjustment [Member] | Accounting Standards Update 2016-02 [Member]
Other noncurrent assets		805
Prepaid expenses and other current assets		(61)
Accrued expenses and other current liabilities		439
Other noncurrent liabilities		376
Accumulated deficit		$ (71)
[1]	Effective January 1, 2019, the Company adopted Accounting Standards Codification Topic 842 (ASC 842), Leases. Shareholders’ equity as of December 31, 2018 has been adjusted for the effects of the new standard. See Note 1 for further information.

Note 2 - Subsequent Events (Det

Note 2 - Subsequent Events (Details Textual) - Subsequent Event [Member] - Southwest Electronic Energy Corporation [Member] $ in Millions	May 01, 2019USD ($)
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Payments to Acquire Businesses, Net of Cash Acquired, Total	$ 25

Note 3 - Revolving Credit Agr_2

Note 3 - Revolving Credit Agreement (Details Textual)	May 31, 2017USD ($)	Mar. 31, 2019USD ($)
KeyBank [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 5,000
Line of Credit Facility Maximum Borrowing Capacity May Be Increased to	30,000
Minimum Fixed Charge Coverage Ratio		1.15
Minimum Tangible Net Worth		$ 1,000
KeyBank [Member] | Revolving Credit Facility [Member] | Minimum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.10%
KeyBank [Member] | Revolving Credit Facility [Member] | Maximum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.20%
KeyBank [Member] | Revolving Credit Facility [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		0.50%
KeyBank [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate		0.00%
KeyBank [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate		0.50%
KeyBank [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate		1.85%
KeyBank [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate		2.15%
KeyBank [Member] | Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 8,000
PNC Bank [Member] | Revolving Credit Facility [Member]
Long-term Line of Credit, Total		$ 6,800

Note 4 - Share Repurchase Pro_2

Note 4 - Share Repurchase Program (Details Textual) - USD ($) $ in Thousands	3 Months Ended	5 Months Ended
	Mar. 31, 2019	Mar. 31, 2019	Nov. 01, 2018
Treasury Stock, Shares, Acquired	267,300	372,974
Treasury Stock, Value, Acquired, Cost Method	$ 1,957	$ 2,699
Maximum [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased			2,500,000

Note 5 - Earnings Per Share (De

Note 5 - Earnings Per Share (Details Textual) - shares	3 Months Ended
	Mar. 31, 2019	Apr. 01, 2018
Dilutive Securities Included in Computation of Earnings Per Share Amount Stock Option	1,052,410	1,324,753
Dilutive Securities Included in Computation of Earnings Per Share Amount Restricted Stock	11,666	17,500
Incremental Common Shares Attributable to Share-based Payment Arrangements, Total	484,843	498,109
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	448,250	214,000

Note 6 - Supplemental Balance_3

Note 6 - Supplemental Balance Sheet Information (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Apr. 01, 2018	Dec. 31, 2018	Dec. 31, 2017
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance	$ 21,240	$ 18,330	$ 25,934	$ 18,330
Restricted Cash and Cash Equivalents, Total	311		351
Depreciation, Total	447	484
Amortization of Intangible Assets, Total	92	102
Research and Development Expense [Member]
Amortization of Intangible Assets, Total	33	38
Selling, General and Administrative Expenses [Member]
Amortization of Intangible Assets, Total	59	$ 64
Grant [Member]
Revenues, Total	38
CHINA
Restricted Cash, Total	228		266
NETHERLANDS
Restricted Cash and Cash Equivalents, Total	$ 83		$ 85

Note 6 - Supplemental Balance_4

Note 6 - Supplemental Balance Sheet Information - Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Apr. 01, 2018	Dec. 31, 2017
Cash	$ 20,929	$ 25,583
Restricted Cash	311	351
Total	$ 21,240	$ 25,934	$ 18,330	$ 18,330

Note 6 - Supplemental Balance_5

Note 6 - Supplemental Balance Sheet Information - Components of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Raw Materials	$ 17,201	$ 13,274
Work In Process	2,067	2,016
Finished Goods	8,638	7,553
Total	$ 27,906	$ 22,843	[1]
[1]	Effective January 1, 2019, the Company adopted Accounting Standards Codification Topic 842 (ASC 842), Leases. Shareholders’ equity as of December 31, 2018 has been adjusted for the effects of the new standard. See Note 1 for further information.

Note 6 - Supplemental Balance_6

Note 6 - Supplemental Balance Sheet Information - Components of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Property, plant and equipment, gross	$ 73,619	$ 71,601
Less: Accumulated Depreciation	(61,221)	(60,857)
Property, Equipment and Improvements, Net	12,398	10,744	[1]
Land [Member]
Property, plant and equipment, gross	123	123
Building and Building Improvements [Member]
Property, plant and equipment, gross	8,284	8,267
Machinery and Equipment [Member]
Property, plant and equipment, gross	51,772	51,261
Furniture and Fixtures [Member]
Property, plant and equipment, gross	2,073	2,058
Computer Equipment [Member]
Property, plant and equipment, gross	5,889	5,590
Construction in Progress [Member]
Property, plant and equipment, gross	$ 5,478	$ 4,302
[1]	Effective January 1, 2019, the Company adopted Accounting Standards Codification Topic 842 (ASC 842), Leases. Shareholders’ equity as of December 31, 2018 has been adjusted for the effects of the new standard. See Note 1 for further information.

Note 6 - Supplemental Balance_7

Note 6 - Supplemental Balance Sheet Information - Summary of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Mar. 31, 2019		Apr. 01, 2018	Dec. 31, 2018
Goodwill balance	$ 20,109	[1]	$ 20,458	$ 20,698
Effect of Foreign Currency Translation	142		240	(589)
Goodwill balance	20,251		20,698	20,109	[1]
Battery & Energy Products Segment [Member]
Goodwill balance	8,616		8,965	9,205
Effect of Foreign Currency Translation	142		240	(589)
Goodwill balance	8,758		9,205	8,616
Communications Systems Segment [Member]
Goodwill balance	11,493		11,493	11,493
Effect of Foreign Currency Translation
Goodwill balance	$ 11,493		$ 11,493	$ 11,493
[1]	Effective January 1, 2019, the Company adopted Accounting Standards Codification Topic 842 (ASC 842), Leases. Shareholders’ equity as of December 31, 2018 has been adjusted for the effects of the new standard. See Note 1 for further information.

Note 6 - Supplemental Balance_8

Note 6 - Supplemental Balance Sheet Information - Composition of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Cost	$ 16,203	$ 16,109
Accumulated Amortization	9,719	9,605
Net	6,484	6,504
Trademarks [Member]
Cost	3,407	3,405
Accumulated Amortization	0	0
Net	3,407	3,405
Customer Relationships [Member]
Cost	6,530	6,471
Accumulated Amortization	4,453	4,392
Net	2,077	2,079
Patented Technology [Member]
Cost	5,510	5,486
Accumulated Amortization	4,766	4,725
Net	744	761
Distributor Relationships [Member]
Cost	377	377
Accumulated Amortization	377	377
Net
Trade Names [Member]
Cost	379	370
Accumulated Amortization	123	111
Net	$ 256	$ 259

Note 7 - Stock-based Compensa_3

Note 7 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2018	Mar. 31, 2019	Apr. 01, 2018
Proceeds from Stock Options Exercised		$ 356	$ 939
Share-based Payment Arrangement, Option [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total		$ 372
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition		292 days
Restricted Stock [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total		$ 42
Restricted Stock [Member] | The 2014 Long-term Incentive Plan [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Gross	17,500
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 7.16

Note 7 - Stock-based Compensa_4

Note 7 - Stock-based Compensation - Non-cash Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Apr. 01, 2018
Stock-based comepensation expense	$ 185	$ 139
Share-based Payment Arrangement, Option [Member]
Stock-based comepensation expense	174	123
Restricted Stock [Member]
Stock-based comepensation expense	$ 11	$ 16

Note 7 - Stock-based Compensa_5

Note 7 - Stock-based Compensation - Stock Option Activity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)$ / sharesshares
Outstanding (in shares) | shares	1,576,087
Outstanding - weighted average exercise price (in dollars per share) | $ / shares	$ 6.58
Granted (in shares) | shares
Granted - weighted average exercise price (in dollars per share) | $ / shares
Exercised (in shares) | shares	(75,427)
Exercised - weighted average exercise price (in dollars per share) | $ / shares	$ 4.71
Forfeited or Expired (in shares) | shares
Forfeited or Expired - weighted average exercise price (in dollars per share) | $ / shares
Outstanding (in shares) | shares	1,500,660
Outstanding - weighted average exercise price (in dollars per share) | $ / shares	$ 6.68
Outstanding - weighted average remaining contractual term (Year)	3 years 91 days
Outstanding - aggregate intrinsic value | $	$ 5,574
Vested and Expected to Vest (in shares) | shares	1,409,243
Options vested and expected to vest - weighted average exercise price (in dollars per share) | $ / shares	$ 6.65
Options vested and expected to vest - weighted average remaining contractual term (Year)	3 years 43 days
Options vested and expected to vest - aggregate intrinsic value | $	$ 5,280
Exercisable (in shares) | shares	1,031,701
Exercisable - weighted average exercise price (in dollars per share) | $ / shares	$ 5.98
Exercisable - weighted average remaining contractual term (Year)	2 years 171 days
Exercisable - aggregate intrinsic value | $	$ 4,377

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Apr. 01, 2018	Dec. 31, 2018
Effective Income Tax Rate Reconciliation, Percent, Total	8.00%	3.00%
Operating Loss Carryforwards, Valuation Allowance, Total	$ 10,000
Unrecognized Tax Benefits, Ending Balance	0		$ 0
General Business Tax Credit Carryforward [Member]
Tax Credit Carryforward, Amount	1,817
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member]
Operating Loss Carryforwards, Total	$ 63,388
Open Tax Year	2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Foreign Tax Authority [Member]
Open Tax Year	2010 2011 2012 2013 2014 2015 2016 2017 2018
Foreign Tax Authority [Member] | Her Majesty's Revenue and Customs (HMRC) [Member]
Operating Loss Carryforwards, Total	$ 0
State and Local Jurisdiction [Member]
Open Tax Year	2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Note 9 - Operating Leases (Deta

Note 9 - Operating Leases (Details Textual)	3 Months Ended
	Mar. 31, 2019
Minimum [Member]
Operating Lease, Remaining Lease Term	1 year
Maximum [Member]
Operating Lease, Remaining Lease Term	3 years

Note 9 - Operating Leases - Lea

Note 9 - Operating Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Apr. 01, 2018
Operating Lease Cost	$ 145	$ 151
Variable Lease Cost	21	18
Total Lease Cost	$ 166	$ 169

Note 9 - Operating Leases - Sup

Note 9 - Operating Leases - Supplement Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Apr. 01, 2018
Operating cash flows from operating leases	$ 150	$ 153
Right-of-use assets obtained in exchange for lease liabilities:	$ 131

Note 9 - Operating Leases - S_2

Note 9 - Operating Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Operating lease right-of-use asset	$ 844	$ 805
Current operating lease liability	412	439
Operating lease liability, net of current portion	436	376
Total operating lease liability	$ 848	$ 815
Weighted-average remaining lease term (years) (Year)	2 years 109 days	2 years 36 days
Weighted-average discount rate	4.50%	4.50%

Note 9 - Operating Leases - Fut

Note 9 - Operating Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
2019	$ 307
2020	389
2021	160
2022	36
2023
Thereafter
Total lease payments	892
Less: Imputed interest	(44)
Present value of remaining lease payments	$ 848	$ 815

Note 10 - Commitments and Con_3

Note 10 - Commitments and Contingencies (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Long-term Purchase Commitment, Amount	$ 2,363

Note 10 - Commitments and Con_4

Note 10 - Commitments and Contingencies - Changes in Produce Warranty Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Apr. 01, 2018
Accrued Warranty Obligations – Beginning	$ 95	$ 149
Accruals for Warranties Issued	5	14
Settlements Made	(5)	(6)
Accrued Warranty Obligations – Ending	$ 95	$ 157

Note 11 - Business Segment In_3

Note 11 - Business Segment Information (Details Textual)	3 Months Ended
	Mar. 31, 2019
Number of Operating Segments	2

Note 11 - Business Segment In_4

Note 11 - Business Segment Information - Segment Activity (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Apr. 01, 2018
Revenues	[1]	$ 18,882	$ 23,069
Segment Contribution		548	2,356
Other Expense		(58)	(133)
Tax Provision		(41)	(55)
Non-Controlling Interest		(24)	(17)
Net Income Attributable to Ultralife		425	2,151
Battery & Energy Products Segment [Member]
Revenues	[1]	15,998	17,224
Segment Contribution		4,410	5,036
Communications Systems Segment [Member]
Revenues	[1]	2,884	5,845
Segment Contribution		674	2,246
Corporate Segment [Member]
Revenues
Segment Contribution		(4,536)	(4,926)
Other Expense		(58)	(133)
Tax Provision		(41)	(55)
Non-Controlling Interest		$ (24)	$ (17)
[1]	Sales classified to U.S. include shipments to U.S.-based prime contractors which in some cases may serve non-U.S. projects

Note 11 - Business Segment In_5

Note 11 - Business Segment Information - Revenue by Business Segment Sector (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Apr. 01, 2018
Revenue	[1]	$ 18,882	$ 23,069
Revenue, percentage	[1]
Commercial [Member]
Revenue		$ 10,010	$ 9,626
Revenue, percentage		53.00%	42.00%
Government & Defense [Member]
Revenue		$ 8,872	$ 13,443
Revenue, percentage		47.00%	58.00%
Battery & Energy Products Segment [Member]
Revenue	[1]	$ 15,998	$ 17,224
Battery & Energy Products Segment [Member] | Commercial [Member]
Revenue		10,010	9,626
Battery & Energy Products Segment [Member] | Government & Defense [Member]
Revenue		5,988	7,598
Communications Systems Segment [Member]
Revenue	[1]	2,884	5,845
Communications Systems Segment [Member] | Commercial [Member]
Revenue
Communications Systems Segment [Member] | Government & Defense [Member]
Revenue		$ 2,884	$ 5,845
[1]	Sales classified to U.S. include shipments to U.S.-based prime contractors which in some cases may serve non-U.S. projects

Note 11 - Business Segment In_6

Note 11 - Business Segment Information - Domestic and International Revenue by Segment (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Apr. 01, 2018
Revenues	[1]	$ 18,882	$ 23,069
Revenue, percentage	[1]
UNITED STATES
Revenues	[1]	$ 10,021	$ 14,988
Revenue, percentage	[1]	53.00%	65.00%
Non-US [Member]
Revenues	[1]	$ 8,861	$ 8,081
Revenue, percentage	[1]	47.00%	35.00%
Battery & Energy Products Segment [Member]
Revenues	[1]	$ 15,998	$ 17,224
Battery & Energy Products Segment [Member] | UNITED STATES
Revenues	[1]	7,567	9,415
Battery & Energy Products Segment [Member] | Non-US [Member]
Revenues	[1]	8,431	7,809
Communications Systems Segment [Member]
Revenues	[1]	2,884	5,845
Communications Systems Segment [Member] | UNITED STATES
Revenues	[1]	2,454	5,573
Communications Systems Segment [Member] | Non-US [Member]
Revenues	[1]	$ 430	$ 272
[1]	Sales classified to U.S. include shipments to U.S.-based prime contractors which in some cases may serve non-U.S. projects