Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 03, 2020 | Jun. 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 Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 15,870,688 | ||
Entity Public Float | $ 78,106,659 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, $0.10 par value per share | ||
Entity Interactive Data Current | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash | $ 7,405 | $ 25,934 |
Trade accounts receivable, net of allowance for doubtful accounts of $324 and $296, respectively | 30,106 | 16,015 |
Inventories, net | 29,759 | 22,843 |
Prepaid expenses and other current assets | 3,103 | 2,368 |
Total current assets | 70,373 | 67,160 |
Property, plant and equipment, net | 22,525 | 10,744 |
Goodwill | 26,753 | 20,109 |
Other intangible assets, net | 9,721 | 6,504 |
Deferred tax assets | 13,222 | 15,444 |
Other noncurrent assets | 1,963 | 887 |
Total assets | 144,557 | 120,848 |
Current Liabilities: | ||
Accounts payable | 9,388 | 9,919 |
Current portion of long-term debt | 1,372 | |
Accrued compensation and related benefits | 1,655 | 1,494 |
Accrued expenses and other current liabilities | 4,775 | 3,973 |
Total current liabilities | 17,190 | 15,386 |
Long-term debt | 15,780 | |
Deferred income taxes | 559 | 591 |
Other noncurrent liabilities | 1,278 | 408 |
Total liabilities | 34,807 | 16,385 |
Commitments and contingencies (Note 6) | ||
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 – 20,268,050 shares and 20,053,335 shares, respectively; outstanding – 15,866,868 shares and 15,920,585 shares, respectively | 2,026 | 2,005 |
Capital in excess of par value | 184,292 | 182,630 |
Accumulated deficit | (52,830) | (58,035) |
Accumulated other comprehensive loss | (2,531) | (2,786) |
Treasury stock - at cost; 4,401,182 shares and 4,132,750 shares, respectively | (21,231) | (19,266) |
Total Ultralife Corporation equity | 109,726 | 104,548 |
Non-controlling interest | 24 | (85) |
Total shareholders’ equity | 109,750 | 104,463 |
Total liabilities and shareholders' equity | $ 144,557 | $ 120,848 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Trade accounts receivable, allowance for doubtful accounts | $ 324 | $ 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) | 20,268,050 | 20,053,335 |
Common stock, shares outstanding (in shares) | 15,866,868 | 15,920,585 |
Treasury stock, shares (in shares) | 4,401,182 | 4,132,750 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Revenue | [1] | $ 106,795 | $ 87,190 |
Cost of products sold | 75,630 | 61,607 | |
Gross profit | 31,165 | 25,583 | |
Operating expenses: | |||
Research and development | 6,805 | 4,508 | |
Selling, general and administrative | 16,992 | 14,520 | |
Total operating expenses | 23,797 | 19,028 | |
Operating income | 7,368 | 6,555 | |
Other expense (income): | |||
Interest and financing expense | 539 | 63 | |
Miscellaneous | 58 | (121) | |
Income Before Income Taxes | 6,771 | 6,613 | |
Income tax provision (benefit) | 1,457 | (18,386) | |
Net income | 5,314 | 24,999 | |
Net income attributable to non-controlling interest | 109 | 69 | |
Net income attributable to Ultralife Corporation | 5,205 | 24,930 | |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 255 | (1,175) | |
Comprehensive income attributable to Ultralife Corporation | $ 5,460 | $ 23,755 | |
Net income per share attributable to Ultralife Corporation common shareholders – Basic: (in dollars per share) | $ 0.33 | $ 1.57 | |
Net income per share attributable to Ultralife Corporation common shareholders – Diluted: (in dollars per share) | $ 0.32 | $ 1.53 | |
Weighted average shares outstanding – Basic (in shares) | 15,783 | 15,882 | |
Weighted average shares outstanding – Diluted (in shares) | 16,179 | 16,347 | |
[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 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, 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 at Dec. 31, 2017 | (71) | (71) | |||||
Share repurchases | (742) | $ (742) | |||||
Stock option exercises (in shares) | 382,407 | 422,793 | |||||
Stock option exercises | $ 39 | 1,529 | $ 1,568 | ||||
Tax withholdings on option exercises | (55) | (55) | |||||
Stock-based compensation -stock options | 817 | 817 | |||||
Stock-based compensation -restricted stock | 73 | 73 | |||||
Foreign currency translation adjustments | (1,175) | (1,175) | |||||
Net income | 24,930 | 69 | $ 24,999 | ||||
Balance (in shares) at Dec. 31, 2018 | 20,053,335 | 15,920,585 | |||||
Balance at Dec. 31, 2018 | $ 2,005 | 182,630 | (2,786) | (58,035) | (19,266) | (85) | $ 104,463 |
Share repurchases | (1,957) | $ (1,957) | |||||
Stock option exercises (in shares) | 208,881 | 208,881 | |||||
Stock option exercises | $ 21 | 909 | $ 930 | ||||
Tax withholdings on option exercises | (8) | (8) | |||||
Stock-based compensation -stock options | 623 | 623 | |||||
Stock-based compensation -restricted stock | 130 | 130 | |||||
Foreign currency translation adjustments | 255 | 255 | |||||
Net income | 5,205 | 109 | $ 5,314 | ||||
Stock-based compensation -restricted stock (in shares) | 5,834 | ||||||
Balance (in shares) at Dec. 31, 2019 | 20,268,050 | 15,866,868 | |||||
Balance at Dec. 31, 2019 | $ 2,026 | $ 184,292 | $ (2,531) | $ (52,830) | $ (21,231) | $ 24 | $ 109,750 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
OPERATING ACTIVITIES: | ||
Net income | $ 5,314 | $ 24,999 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation | 2,220 | 1,972 |
Amortization of intangible assets | 525 | 397 |
Amortization of financing fees | 44 | 36 |
Stock-based compensation | 753 | 890 |
Deferred income tax expense | 1,211 | (18,643) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (10,416) | (1,511) |
Inventories, gross | (3,319) | 2,348 |
Inventory reserves | 1,123 | 838 |
Prepaid expenses and other assets | (1,575) | 373 |
Income taxes receivable and payable | 25 | 9 |
Accounts payable and other liabilities | 1,125 | (822) |
Net cash (used in) provided by operating activities | (2,970) | 10,886 |
INVESTING ACTIVITIES: | ||
Purchase of SWE, net of cash acquired | (25,248) | |
Purchases of property, plant and equipment | (6,281) | (4,185) |
Net cash used in investing activities | (31,529) | (4,185) |
FINANCING ACTIVITIES: | ||
Proceeds from revolving credit facility | 10,182 | |
Proceeds from term loan facility | 8,000 | |
Payment of term loan facility | (866) | |
Repurchase of common stock | (1,957) | (742) |
Payment of debt issuance costs | (157) | |
Proceeds from exercise of stock options | 930 | 1,568 |
Tax withholdings on stock-based awards | (8) | (55) |
Proceeds from government grant | 397 | |
Net cash provided by financing activities | 16,124 | 1,168 |
Effect of exchange rate changes on cash | (154) | (265) |
INCREASE (DECREASE) IN CASH | (18,529) | 7,604 |
Cash - Beginning of year | 25,934 | 18,330 |
Cash - End of year | 7,405 | 25,934 |
Supplemental cash flow information: | ||
Construction in process in accounts payable | 74 | 1,616 |
Income taxes paid | 266 | 220 |
Interest paid | $ 576 | $ 132 |
Note 1 - Summary of Options and
Note 1 - Summary of Options and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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.; Southwest Electronic Energy Corporation and its wholly-owned subsidiary, CLB, INC.; 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), Southwest Electronic Energy Corporation and its wholly-owned subsidiary, CLB, INC. (“SWE” collectively) (Note 2 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, 2019 2018. e . Cash Our cash balances may 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 30 g. Inventories Inventories are stated at the lower of cost or net realizable value with cost determined under the first first h. Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives. Estimated useful lives are as follows (in years): Buildings 10 – 40 Machinery and Equipment 5 – 10 Furniture and Fixtures 3 – 10 Computer Hardware and Software 3 – 5 Leasehold Improvements Lesser of useful life or lease term Betterments, renewals and extraordinary repairs that extend the life of the assets are capitalized. Other repairs and maintenance costs are expensed when incurred. When disposed, the cost and accumulated depreciation applicable to assets retired are removed from the accounts and the gain or loss on disposition is recognized in operating income. i. Long-Lived Assets, Goodwill and Intangibles We assess all of our long-lived assets for impairment when events or circumstances indicate that their carrying amounts may not 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 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. Exchange gains and losses related to foreign currency transactions and balances denominated in currencies other than the functional currency are recognized in net income. k . Revenue Recognition Revenues are generated from the sale of products. Performance obligations are met and revenue is recognized upon transfer of control to the customer, which is generally upon shipment. When contract terms require transfer of control upon delivery at a customer’s location, revenue is recognized on the date of delivery. Revenue is measured as the amount of consideration we expect to receive in exchange for shipped product. Sales, value-added and other taxes billed and collected from customers are excluded from revenue. Customers, including distributors, do not no Revenues recognized from prior period performance obligations for the years ended December 31, 2019 2018 not As of December 31, 2019 2018, no one 606, Deferred revenue, unbilled revenue and deferred contract costs recorded on our consolidated balance sheets as of December 31, 2019 2018 not l. Warranty Reserves We generally offer standard warranties against product defects. We do not 6. 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. Sales Commissions Sales commissions are expensed as incurred for contracts with an expected duration of one no December 31, 2019 2018. 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. For the years ended December 31, 2019 2018, $8,025 $5,230, $1,220 $722, 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. Pursuant to ASC 740, not not, r. Concentration Related to Customers and Suppliers We have two 14% 12% 2019, 7% 16% 2018, 2019 two 64% 15% 2018 two 34% 20% no 10% Currently, we do not We generally do not 2019 2018, 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 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, 2019 2018. t. Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing net income attributable to Ultralife Corporation by the weighted average shares of common stock outstanding for the period. Diluted EPS reflects the assumed exercise and conversion of dilutive outstanding stock options and unvested restricted stock, if any, applying the treasury stock method. For the year ended December 31, 2019, 899,041 31,666 396,536 642,751 December 31, 2019 For the year ended December 31, 2018, 1,127,837 17,500 465,004 448,250 December 31, 2018 u. Stock-Based Compensation We have various stock-based employee compensation plans that are described more fully in Note 7. v. Segment Reporting We have two w. Recent Accounting Pronouncements 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 non-cancellable 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 is 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 Previously Reported 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 In June 2016, 2016 13, 326 December 15, 2022. In January 2017, 2017 04, 350 two December 15, 2019 |
Note 2 - Acquisition
Note 2 - Acquisition | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 2 – Acquisition On May 1, 2019, 100% $26,190 $942 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 acquisition of SWE was completed pursuant to a Stock Purchase Agreement dated May 1, 2019 ( The aggregate purchase price for the acquisition was funded by the Company through a combination of cash on hand and borrowings under the Credit Facilities (Note 3 The purchase price allocation was determined in accordance with the accounting treatment of a business combination pursuant to FASB ASC Topic 805, 805 The allocation of purchase price to the assets acquired and liabilities assumed at the date of the acquisition is presented in the table below. Management is responsible for determining the fair value of the tangible and intangible assets acquired and liabilities assumed as of the date of acquisition. Management considered several factors, including reference to an analysis performed under ASC 805 not may Cash $ 942 Accounts receivable 3,621 Inventories 4,685 Other current assets 431 Property, plant and equipment 9,177 Goodwill 6,534 Customer relationships 2,522 Trade name 1,127 Accounts payable (1,060 ) Other current liabilities (778 ) Deferred tax liability, net (1,011 ) Net assets acquired $ 26,190 The goodwill included in the Company’s purchase price allocation presented above represents the value of SWE’s assembled and trained workforce, the incremental value that SWE engineering and technology will bring to the Company and the revenue growth which is expected to occur over time which is attributable to increased market penetration from future new products and customers. The goodwill acquired in connection with the acquisition is not The operating results and cash flows of SWE are reflected in the Company’s consolidated financial statements from the date of acquisition. SWE is included in the Battery & Energy Products segment. 50 For the year ended December 31, 2019, $18,746 $1,238, $264 $165 $453 $161 During the year ended December 31, 2019, $322 $157, 4.6 $165, one The following supplemental pro forma information presents the combined results of operations, inclusive of the purchase accounting adjustments and one January 1, 2018, The supplemental pro forma results do not not not Set forth below are the unaudited supplemental pro forma results of the Company and SWE for the years ended December 31, 2019 2018 January 1, 2018. Years Ended December 31 2019 2018 Revenue $ 115,590 $ 115,566 Operating income 8,008 6,278 Net Income attributable to Ultralife Corporation 5,526 24,280 Net income per share attributable to Ultralife Corporation: Basic $ 0.35 $ 1.53 Diluted $ 0.34 $ 1.49 51 |
Note 3 - Debt
Note 3 - Debt | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 3 – Debt Credit Facilities On May 1, 2019, May 31, 2017 ( The Amended Credit Agreement, among other things, provides for a five $8,000 $30,000 May 31, 2022. six May 31, 2022, may $50,000 Upon closing of the SWE acquisition on May 1, 2019, $6,782 December 31, 2019, $7,134 $1,372 $10,182 December 31, 2019, $164 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 As of December 31, 2019, $1,420 2021, $11,650 2022, $1,519 2023, $1,355 2024. 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, December 31, 2019. Borrowings under the Credit Facilities are secured by substantially all the assets of the Company. Availability under the Revolving Credit Facility is subject to certain borrowing base limits based on receivables and inventories. 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 December 31, 2019, 3.56% 3.41% 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 | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 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 2019, 267,300 $1,957. From the inception of the Share Repurchase Program on November 1, 2018, 372,974 $2,699. |
Note 5 - Supplemental Balance S
Note 5 - Supplemental Balance Sheet Information | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | Note 5 - Supplemental Balance Sheet Information a. Cash and Restricted Cash The Company had cash and restricted cash totaling $7,405 $25,934 December 31, 2019 2018, December 31 201 9 201 8 Cash $ 7,135 $ 25,583 Restricted cash 270 351 Total $ 7,405 $ 25,934 As of December 31, 2019 December 31, 2018, $188 $266, December 31, 2019, $78 December 31, 2019 December 31, 2018, $82 $85, third b. Inventory, Net Inventories are stated at the lower of cost or net realizable value with cost determined under the first first December 31 2019 2018 Raw materials $ 18,485 $ 13,274 Work in process 2,548 2,016 Finished products 8,726 7,553 Total $ 29,759 $ 22,843 c. Property, Plant and Equipment Major classes of property, plant and equipment consisted of the following: December 31 2019 2018 Land $ 1,273 $ 123 Buildings and leasehold improvements 8,148 8,267 Machinery and equipment 62,562 51,261 Furniture and fixtures 2,112 2,058 Computer hardware and software 6,528 5,590 Construction in progress 4,730 4,302 85,353 71,601 Less – Accumulated depreciation (62,828 ) (60,857 ) Total $ 22,525 $ 10,744 Depreciation expense was $2,220 $1,972 December 31, 2019 2018, d. Goodwill and Other Intangible Assets The Company performed its annual impairment tests of goodwill and other indefinite-lived intangible assets as of the first fourth 2019 2018. The Company performed a quantitative impairment test as of September 30, 2019 five 2 not 1 2 3 The Company performed a quantitative impairment test of its four not 1 2 3 As a result of the impairment tests performed for 2019 2018, no 10%, September 30, 2019 five 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, 2019 2018: Battery & Energy Products Communications Systems Total Balance – January 1, 2018 $ 8,965 $ 11,493 $ 20,458 Effect of foreign currency translation (349 ) - (349 ) Balance – December 31, 2018 8,616 11,493 20,109 Acquisition of SWE 6,534 - 6,534 Effect of foreign currency translation 110 - 110 Balance – December 31, 2019 $ 15,260 $ 11,493 $ 26,753 The composition of intangible assets was: December 31, 201 9 Cost Accumulated amortization Net Trademarks $ 3,403 $ - $ 3,403 Customer relationships 9,080 4,721 4,359 Patents and technology 5,521 4,869 652 Distributor relationships 377 377 - Trade name 1,511 204 1,307 Total other intangible assets $ 19,892 $ 10,171 $ 9,721 December 31, 201 8 Cost Accumulated a mortization 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 other intangible assets is a result of the SWE acquisition (Note 2 Amortization of other intangible assets was included in the following financial statement captions: Year ended December 31 201 9 2018 Research and development expense $ 130 $ 147 Selling, general and administrative expense 395 250 Total $ 525 $ 397 Future amortization expense of amortizable intangible assets will be approximately $360, $341, $326, $323 $313 five December 31, 2020 2024, |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 6 - 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, 2019, $1,185 c. China Our operating facility in China presents risks including, but not 9 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 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 years ended December 31, 2019 2018 201 9 201 8 Balance, January 1 $ 95 $ 149 Assumed warranty obligations – SWE 145 - Provision for warranties issued 114 7 Settlements made (159 ) (61 ) Balance, December 31 $ 195 $ 95 f . Contingencies and L egal 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 7 - Shareholders' Equity
Note 7 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | Note 7 - Shareholders' Equity a. Stock-Based Compensation Expense We recorded non-cash stock compensation expense in each period as follows: Year ended December 31 201 9 201 8 Stock options $ 623 $ 817 Restricted stock grants 130 73 Total $ 753 $ 890 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 estimated 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, 2004 2,900,000. In June 2014, 2014 “2014 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 seventh December 31, 2019, 610,628 2004 931,164 2014 On December 30, 2010, 2004 50,000 $6.42, 12,500 four December 30, 2011; ( 250,000 $6.42, 62,500 four December 30, 2011; ( 200,000 $10.00, $10.00 15 30 50,000 four 200,000 $15.00, $15.00 15 30 50,000 four 2004 June 7, 2011. All such options in items (i) and (ii) were due to expire on December 30, 2017. April 19, 2017, December 30, 2020. All such options in items (iii) and (iv) were due to expire as of the later of December 30, 2017 five no December 30, 2020. July 25, 2018, first $10.00 15 30 third 2018 December 30, 2020. 718, third 2018, $182 not December 31, 2019. As of December 31, 2019, $737 1.2 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, 2019 2018: Year ended December 31 2019 2018 Risk-free interest rate 1.8 % 2.6 % Volatility factor 48.3 % 46.8 % Weighted average expected life (years) 5.3 5.0 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, 2019 2018. 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 e nded December 31, 201 9 Number of share s Weighted average exercise price per share Weighted average remaining contractual term Aggregate intrinsic value Shares under option – January 1 1,576,087 $ 6.58 Options granted 282,500 8.27 Options exercised (208,881 ) 4.45 Options forfeited or expired (107,914 ) 10.93 Shares under option – December 31 1,541,792 $ 6.88 3.21 $ 1,991 Vested and expected to vest - December 31 1,445,563 $ 6.79 3.04 $ 1,959 Options exercisable – December 31 1,083,581 $ 6.28 2.09 $ 1,872 Year e nded December 31, 201 8 Number of shares Weighted average exercise price per share Shares under option – January 1 1,860,211 $ 5.96 Options granted 217,500 9.68 Options exercised (422,793 ) 4.49 Options forfeited or expired (78,831 ) 11.75 Shares under option – December 31 1,576,087 $ 6.58 Options exercisable – December 31 1,064,127 $ 5.89 The following table represents additional information about stock options outstanding at December 31, 2019: Option outstanding Options exercisable Range of exercise prices Number of outstanding options Weighted- average remaining contractual life Weighted- average exercise price Number of options exercisable Weighted- average exercise price $3.22 - $3.99 244,377 1.70 $ 3.82 244,377 $ 3.82 $4.00 - $5.99 336,331 3.81 4.95 269,601 4.79 $6.00 - $9.99 761,084 4.02 7.89 369,603 6.99 $10.00 200,000 1.00 10.00 200,000 10.00 $3.22 - $10.00 1,541,792 3.21 $ 6.88 1,083,581 $ 6.28 The weighted average fair value of options granted during the years ended December 31, 2019 2018 $3.77 $4.22, December 31, 2019 2018 $931 $1,722, Cash received from option exercises under our stock-based compensation plans for the years ended December 31, 2019 2018 $930 $1,568, c. Restricted Stock Awards In April 2019, 20,000 $11.12 January 2018, 17,500 $7.16 three $145 December 31, 2019. d. Reserved Shares There were 486,272 December 31, 2019. |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 8 - Income Taxes For the years ended December 31, 2019 2018, $1,457 $18,386 Year ended December 31 2019 2018 Current: Federal $ - $ - State 43 - Foreign 203 257 246 257 Deferred: Federal 1,236 (18,514 ) State - - Foreign (25 ) (129 ) 1,211 (18,643 ) Total income tax provision $ 1,457 $ (18,386 ) The income tax benefit for 2018 $18,652 December 31, 2018. As of December 31, 2018, 2015 2020 2035, 2028 2037. not December 31, 2019, $58,400 $1,907, As of December 31, 2019 2018, $10,600, not not, may no December 31, 2019 2018, not not 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 assets and liabilities are as follows: December 31 2019 2018 Deferred tax assets: Property, plant and equipment $ - $ 168 Net operating loss carryforwards 14,579 15,622 Tax credit carryforwards 1,907 1,817 Intangible assets 1,283 1,231 Accrued expenses, reserves and other 2,265 1,838 Total deferred tax assets 20,034 20,676 Valuation allowance for deferred tax assets (1,942 ) (1,942 ) Net deferred tax assets 18,092 18,734 Deferred tax liabilities: Other - (25 ) Property, plant and equipment (342 ) - Intangible assets (5,087 ) (3,856 ) Total deferred tax liabilities (5,429 ) (3,881 ) Net deferred tax assets $ 12,663 $ 14,853 Net deferred tax assets (liabilities) are comprised of the following balance sheet amounts: December 31 2019 2018 Deferred tax assets $ 13,222 $ 15,444 Deferred tax liabilities (559 ) (591 ) $ 12,663 $ 14,853 At December 31, 2019, For financial reporting purposes, income from continuing operations before income taxes is as follows: Year ended December 31 2019 2018 United States $ 5,992 $ 6,226 Foreign 779 387 $ 6,771 $ 6,613 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 from continuing operations before income taxes as follows: Year ended December 31 2019 2018 Statutory income tax rate 21 % 21 % (Increase) decrease in tax provision resulting from: Equity compensation (0.4 ) (2.9 ) Income tax credits (0.4 ) (1.0 ) Foreign tax rates (0.5 ) 0.3 Valuation allowance - (297.3 ) Other 1.8 2.0 Effective income tax rate 21.5 % (277.9 )% Accounting for Uncertainty in Income Taxes There were no December 31, 2019 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 2019 2000 2019 2010 2019 |
Note 9 - Operating Leases
Note 9 - Operating Leases | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 9 – Operating Leases The Company has operating leases predominantly for operating facilities. As of December 31, 2019, one 5 not no no July 2019, five The components of lease expense for the current and prior-year comparative periods were as follows: Year ended December 31 2019 2018 Operating lease cost $ 628 $ 590 Variable lease cost 84 89 Total lease cost $ 712 $ 679 Supplemental cash flow information related to leases was as follows: Year ended December 31 2019 2018 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 611 $ 592 Right-of-use assets obtained in exchange for lease liabilities: $ 1,586 $ - Supplemental balance sheet information related to leases was as follows: December 31 Balance Sheet Classification 2019 2018 Assets: Operating lease right-of-use asset Other noncurrent assets $ 1,866 $ 805 Liabilities: Current operating lease liability Accrued expenses and other current liabilities $ 620 $ 439 Operating lease liability, net of current portion Other noncurrent liabilities 1,247 376 Total operating lease liability $ 1,867 $ 815 Weighted-average remaining lease term (years) 3.7 2.1 Weighted-average discount rate 4.5 % 4.5 % Future minimum lease payments as of December 31, 2019 Maturity of Operating Lease Liabilities 2020 685 2021 470 2022 355 2023 364 2024 182 Thereafter 0 Total lease payments 2,056 Less: Imputed interest (189 ) Present value of remaining lease payments $ 1,867 |
Note 10 - 401(k) Retirement Ben
Note 10 - 401(k) Retirement Benefit Plan | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 10 - 401 We maintain a defined contribution 401 401 may, December 31, 2019, 50% first 6% 3% December 31, 2018, 50% first 4% 2019 2018, $319 $204, 401 |
Note 11 - Business Segment Info
Note 11 - Business Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 11 - Business Segment Information We report our results in two 9 2019: Battery & Energy Products Communications Systems Corporate Total Revenue $ 83,996 $ 22,799 $ - $ 106,795 Segment contribution 22,813 8,352 (23,797 ) 7,368 Other expense 597 597 Income tax expense 1,457 1,457 Non-controlling interest 109 109 Net income attributable to Ultralife $ 5,205 Total assets $ 79,413 $ 40,458 $ 24,686 $ 144,557 Capital expenditures $ 5,805 $ 44 $ 432 $ 6,281 Goodwill $ 15,260 $ 11,493 - $ 26,753 Depreciation and amortization of intangible assets $ 2,104 $ 364 $ 277 $ 2,745 Stock-based compensation $ 355 $ 119 $ 279 $ 753 2018: Battery & Energy Products Communications Systems Corporate Total Revenue $ 70,497 $ 16,693 $ - $ 87,190 Segment contribution 19,574 6,009 (19,028 ) 6,555 Other income (58 ) (58 ) Income tax benefit (18,386 ) (18,386 ) Non-controlling interest 69 69 Net income attributable to Ultralife $ 24,930 Total assets $ 50,648 $ 27,482 $ 42,718 $ 120,848 Capital expenditures $ 2,948 $ 614 $ 623 $ 4,185 Goodwill $ 8,616 $ 11,493 - $ 20,109 Depreciation and amortization of intangible assets $ 1,611 $ 375 $ 383 $ 2,369 Stock-based compensation $ 333 $ 106 $ 451 $ 890 Long-lived assets (including goodwill and intangible assets) held outside the U.S., principally in the United Kingdom and China, were $12,414 $11,502 December 31, 2019 2018, U.S. and Non-U.S. Revenue Information 1 : 201 9 : Total Revenue United States Non-United States Battery & Energy Products $ 83,996 $ 42,224 $ 41,772 Communications Systems 22,799 21,151 1,648 Total $ 106,795 $ 63,375 $ 43,420 59 % 41 % 201 8 : Total Revenue United States Non-United States Battery & Energy Products $ 70,497 $ 37,898 $ 32,599 Communications Systems 16,693 15,156 1,537 Total $ 87,190 $ 53,054 $ 34,136 61 % 39 % 1 may Commercial and Government/Defense Revenue Information: 201 9 : Total Revenue Commercial Government/ Defense Battery & Energy Products $ 83,996 $ 59,682 $ 24,314 Communications Systems 22,799 - 22,799 Total $ 106,795 $ 59,682 $ 47,113 56 % 44 % 201 8 : Total Revenue Commercial Government/ Defense Battery & Energy Products $ 70,497 $ 41,044 $ 29,453 Communications Systems 16,693 - 16,693 Total $ 87,190 $ 41,044 $ 46,146 47 % 53 % |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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), Southwest Electronic Energy Corporation and its wholly-owned subsidiary, CLB, INC. (“SWE” collectively) (Note 2 |
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, 2019 2018. |
Cash and Cash Equivalents, Policy [Policy Text Block] | e . Cash Our cash balances may not not |
Receivable [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 30 |
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 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): Buildings 10 – 40 Machinery and Equipment 5 – 10 Furniture and Fixtures 3 – 10 Computer Hardware and Software 3 – 5 Leasehold Improvements Lesser of useful life or lease term Betterments, renewals and extraordinary repairs that extend the life of the assets are capitalized. Other repairs and maintenance costs are expensed when incurred. When disposed, the cost and accumulated depreciation applicable to assets retired are removed from the accounts and the gain or loss on disposition is recognized in operating income. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | i. Long-Lived Assets, Goodwill and Intangibles We assess all of our long-lived assets for impairment when events or circumstances indicate that their carrying amounts may not 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 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. Exchange gains and losses related to foreign currency transactions and balances denominated in currencies other than the functional currency are recognized in net income. |
Revenue [Policy Text Block] | k . Revenue Recognition Revenues are generated from the sale of products. Performance obligations are met and revenue is recognized upon transfer of control to the customer, which is generally upon shipment. When contract terms require transfer of control upon delivery at a customer’s location, revenue is recognized on the date of delivery. Revenue is measured as the amount of consideration we expect to receive in exchange for shipped product. Sales, value-added and other taxes billed and collected from customers are excluded from revenue. Customers, including distributors, do not no Revenues recognized from prior period performance obligations for the years ended December 31, 2019 2018 not As of December 31, 2019 2018, no one 606, Deferred revenue, unbilled revenue and deferred contract costs recorded on our consolidated balance sheets as of December 31, 2019 2018 not |
Guarantees, Indemnifications and Warranties Policies [Policy Text Block] | l. Warranty Reserves We generally offer standard warranties against product defects. We do not 6. |
Shipping and Handling Costs [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. |
Sales Commissions [Policy Text Block] | n. Sales Commissions Sales commissions are expensed as incurred for contracts with an expected duration of one no December 31, 2019 2018. |
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. For the years ended December 31, 2019 2018, $8,025 $5,230, $1,220 $722, |
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. Pursuant to ASC 740, not not, |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | r. Concentration Related to Customers and Suppliers We have two 14% 12% 2019, 7% 16% 2018, 2019 two 64% 15% 2018 two 34% 20% no 10% Currently, we do not We generally do not 2019 2018, 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 |
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, 2019 2018. |
Earnings Per Share, Policy [Policy Text Block] | t. Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing net income attributable to Ultralife Corporation by the weighted average shares of common stock outstanding for the period. Diluted EPS reflects the assumed exercise and conversion of dilutive outstanding stock options and unvested restricted stock, if any, applying the treasury stock method. For the year ended December 31, 2019, 899,041 31,666 396,536 642,751 December 31, 2019 For the year ended December 31, 2018, 1,127,837 17,500 465,004 448,250 December 31, 2018 |
Share-based Payment Arrangement [Policy Text Block] | u. Stock-Based Compensation We have various stock-based employee compensation plans that are described more fully in Note 7. |
Segment Reporting, Policy [Policy Text Block] | v. Segment Reporting We have two |
New Accounting Pronouncements, Policy [Policy Text Block] | w. Recent Accounting Pronouncements 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 non-cancellable 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 is 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 Previously Reported 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 In June 2016, 2016 13, 326 December 15, 2022. In January 2017, 2017 04, 350 two December 15, 2019 |
Note 1 - Summary of Options a_2
Note 1 - Summary of Options and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment, Estimated Useful Life [Table Text Block] | Buildings 10 – 40 Machinery and Equipment 5 – 10 Furniture and Fixtures 3 – 10 Computer Hardware and Software 3 – 5 Leasehold Improvements Lesser of useful life or lease term |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | As Previously Reported 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 2 - Acquisition (Tables)
Note 2 - Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash $ 942 Accounts receivable 3,621 Inventories 4,685 Other current assets 431 Property, plant and equipment 9,177 Goodwill 6,534 Customer relationships 2,522 Trade name 1,127 Accounts payable (1,060 ) Other current liabilities (778 ) Deferred tax liability, net (1,011 ) Net assets acquired $ 26,190 |
Business Acquisition, Pro Forma Information [Table Text Block] | Years Ended December 31 2019 2018 Revenue $ 115,590 $ 115,566 Operating income 8,008 6,278 Net Income attributable to Ultralife Corporation 5,526 24,280 Net income per share attributable to Ultralife Corporation: Basic $ 0.35 $ 1.53 Diluted $ 0.34 $ 1.49 |
Note 5 - Supplemental Balance_2
Note 5 - Supplemental Balance Sheet Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Cash, Cash Equivalents and Investments [Table Text Block] | December 31 201 9 201 8 Cash $ 7,135 $ 25,583 Restricted cash 270 351 Total $ 7,405 $ 25,934 |
Schedule of Inventory, Current [Table Text Block] | December 31 2019 2018 Raw materials $ 18,485 $ 13,274 Work in process 2,548 2,016 Finished products 8,726 7,553 Total $ 29,759 $ 22,843 |
Property, Plant and Equipment [Table Text Block] | December 31 2019 2018 Land $ 1,273 $ 123 Buildings and leasehold improvements 8,148 8,267 Machinery and equipment 62,562 51,261 Furniture and fixtures 2,112 2,058 Computer hardware and software 6,528 5,590 Construction in progress 4,730 4,302 85,353 71,601 Less – Accumulated depreciation (62,828 ) (60,857 ) Total $ 22,525 $ 10,744 |
Schedule of Goodwill [Table Text Block] | Battery & Energy Products Communications Systems Total Balance – January 1, 2018 $ 8,965 $ 11,493 $ 20,458 Effect of foreign currency translation (349 ) - (349 ) Balance – December 31, 2018 8,616 11,493 20,109 Acquisition of SWE 6,534 - 6,534 Effect of foreign currency translation 110 - 110 Balance – December 31, 2019 $ 15,260 $ 11,493 $ 26,753 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 201 9 Cost Accumulated amortization Net Trademarks $ 3,403 $ - $ 3,403 Customer relationships 9,080 4,721 4,359 Patents and technology 5,521 4,869 652 Distributor relationships 377 377 - Trade name 1,511 204 1,307 Total other intangible assets $ 19,892 $ 10,171 $ 9,721 December 31, 201 8 Cost Accumulated a mortization 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 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Year ended December 31 201 9 2018 Research and development expense $ 130 $ 147 Selling, general and administrative expense 395 250 Total $ 525 $ 397 |
Note 6 - Commitments and Cont_2
Note 6 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | 201 9 201 8 Balance, January 1 $ 95 $ 149 Assumed warranty obligations – SWE 145 - Provision for warranties issued 114 7 Settlements made (159 ) (61 ) Balance, December 31 $ 195 $ 95 |
Note 7 - Shareholders' Equity (
Note 7 - Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Year ended December 31 201 9 201 8 Stock options $ 623 $ 817 Restricted stock grants 130 73 Total $ 753 $ 890 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year ended December 31 2019 2018 Risk-free interest rate 1.8 % 2.6 % Volatility factor 48.3 % 46.8 % Weighted average expected life (years) 5.3 5.0 Forfeiture rate 10.0 % 10.0 % Dividends 0.0 % 0.0 % |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Year e nded December 31, 201 9 Number of share s Weighted average exercise price per share Weighted average remaining contractual term Aggregate intrinsic value Shares under option – January 1 1,576,087 $ 6.58 Options granted 282,500 8.27 Options exercised (208,881 ) 4.45 Options forfeited or expired (107,914 ) 10.93 Shares under option – December 31 1,541,792 $ 6.88 3.21 $ 1,991 Vested and expected to vest - December 31 1,445,563 $ 6.79 3.04 $ 1,959 Options exercisable – December 31 1,083,581 $ 6.28 2.09 $ 1,872 Year e nded December 31, 201 8 Number of shares Weighted average exercise price per share Shares under option – January 1 1,860,211 $ 5.96 Options granted 217,500 9.68 Options exercised (422,793 ) 4.49 Options forfeited or expired (78,831 ) 11.75 Shares under option – December 31 1,576,087 $ 6.58 Options exercisable – December 31 1,064,127 $ 5.89 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Option outstanding Options exercisable Range of exercise prices Number of outstanding options Weighted- average remaining contractual life Weighted- average exercise price Number of options exercisable Weighted- average exercise price $3.22 - $3.99 244,377 1.70 $ 3.82 244,377 $ 3.82 $4.00 - $5.99 336,331 3.81 4.95 269,601 4.79 $6.00 - $9.99 761,084 4.02 7.89 369,603 6.99 $10.00 200,000 1.00 10.00 200,000 10.00 $3.22 - $10.00 1,541,792 3.21 $ 6.88 1,083,581 $ 6.28 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year ended December 31 2019 2018 Current: Federal $ - $ - State 43 - Foreign 203 257 246 257 Deferred: Federal 1,236 (18,514 ) State - - Foreign (25 ) (129 ) 1,211 (18,643 ) Total income tax provision $ 1,457 $ (18,386 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31 2019 2018 Deferred tax assets: Property, plant and equipment $ - $ 168 Net operating loss carryforwards 14,579 15,622 Tax credit carryforwards 1,907 1,817 Intangible assets 1,283 1,231 Accrued expenses, reserves and other 2,265 1,838 Total deferred tax assets 20,034 20,676 Valuation allowance for deferred tax assets (1,942 ) (1,942 ) Net deferred tax assets 18,092 18,734 Deferred tax liabilities: Other - (25 ) Property, plant and equipment (342 ) - Intangible assets (5,087 ) (3,856 ) Total deferred tax liabilities (5,429 ) (3,881 ) Net deferred tax assets $ 12,663 $ 14,853 |
Schedule of Net Deferred Tax Liabilities [Table Text Block] | <table style="margin-right: 15%; margin-left: 54pt; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">December 31</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2019</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2018</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 64%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Deferred tax assets</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,222</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,444</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Deferred tax liabilities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(559</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;" nowrap="nowrap">)</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(591</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;" nowrap="nowrap">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,663</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,853</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table></div>" id="sjs-B6"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="margin-right: 15%; margin-left: 54pt; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">December 31</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2019</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2018</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 64%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Deferred tax assets</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,222</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,444</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Deferred tax liabilities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(559</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;" nowrap="nowrap">)</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(591</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;" nowrap="nowrap">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,663</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,853</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table></div> |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year ended December 31 2019 2018 United States $ 5,992 $ 6,226 Foreign 779 387 $ 6,771 $ 6,613 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year ended December 31 2019 2018 Statutory income tax rate 21 % 21 % (Increase) decrease in tax provision resulting from: Equity compensation (0.4 ) (2.9 ) Income tax credits (0.4 ) (1.0 ) Foreign tax rates (0.5 ) 0.3 Valuation allowance - (297.3 ) Other 1.8 2.0 Effective income tax rate 21.5 % (277.9 )% |
Note 9 - Operating Leases (Tabl
Note 9 - Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year ended December 31 2019 2018 Operating lease cost $ 628 $ 590 Variable lease cost 84 89 Total lease cost $ 712 $ 679 |
Lessee, Lease, Cash Flow Information [Table Text Block] | Year ended December 31 2019 2018 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 611 $ 592 Right-of-use assets obtained in exchange for lease liabilities: $ 1,586 $ - |
Lessee, Lease, Balance Sheet Information [Table Text Block] | December 31 Balance Sheet Classification 2019 2018 Assets: Operating lease right-of-use asset Other noncurrent assets $ 1,866 $ 805 Liabilities: Current operating lease liability Accrued expenses and other current liabilities $ 620 $ 439 Operating lease liability, net of current portion Other noncurrent liabilities 1,247 376 Total operating lease liability $ 1,867 $ 815 Weighted-average remaining lease term (years) 3.7 2.1 Weighted-average discount rate 4.5 % 4.5 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturity of Operating Lease Liabilities 2020 685 2021 470 2022 355 2023 364 2024 182 Thereafter 0 Total lease payments 2,056 Less: Imputed interest (189 ) Present value of remaining lease payments $ 1,867 |
Note 11 - Business Segment In_2
Note 11 - Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Battery & Energy Products Communications Systems Corporate Total Revenue $ 83,996 $ 22,799 $ - $ 106,795 Segment contribution 22,813 8,352 (23,797 ) 7,368 Other expense 597 597 Income tax expense 1,457 1,457 Non-controlling interest 109 109 Net income attributable to Ultralife $ 5,205 Total assets $ 79,413 $ 40,458 $ 24,686 $ 144,557 Capital expenditures $ 5,805 $ 44 $ 432 $ 6,281 Goodwill $ 15,260 $ 11,493 - $ 26,753 Depreciation and amortization of intangible assets $ 2,104 $ 364 $ 277 $ 2,745 Stock-based compensation $ 355 $ 119 $ 279 $ 753 Battery & Energy Products Communications Systems Corporate Total Revenue $ 70,497 $ 16,693 $ - $ 87,190 Segment contribution 19,574 6,009 (19,028 ) 6,555 Other income (58 ) (58 ) Income tax benefit (18,386 ) (18,386 ) Non-controlling interest 69 69 Net income attributable to Ultralife $ 24,930 Total assets $ 50,648 $ 27,482 $ 42,718 $ 120,848 Capital expenditures $ 2,948 $ 614 $ 623 $ 4,185 Goodwill $ 8,616 $ 11,493 - $ 20,109 Depreciation and amortization of intangible assets $ 1,611 $ 375 $ 383 $ 2,369 Stock-based compensation $ 333 $ 106 $ 451 $ 890 |
Revenue from External Customers by Geographic Areas [Table Text Block] | 201 9 : Total Revenue United States Non-United States Battery & Energy Products $ 83,996 $ 42,224 $ 41,772 Communications Systems 22,799 21,151 1,648 Total $ 106,795 $ 63,375 $ 43,420 59 % 41 % 201 8 : Total Revenue United States Non-United States Battery & Energy Products $ 70,497 $ 37,898 $ 32,599 Communications Systems 16,693 15,156 1,537 Total $ 87,190 $ 53,054 $ 34,136 61 % 39 % |
Schedule of Revenues from External Customers by Business Segment Sector [Table Text Block] | 201 9 : Total Revenue Commercial Government/ Defense Battery & Energy Products $ 83,996 $ 59,682 $ 24,314 Communications Systems 22,799 - 22,799 Total $ 106,795 $ 59,682 $ 47,113 56 % 44 % 201 8 : Total Revenue Commercial Government/ Defense Battery & Energy Products $ 70,497 $ 41,044 $ 29,453 Communications Systems 16,693 - 16,693 Total $ 87,190 $ 41,044 $ 46,146 47 % 53 % |
Note 1 - Summary of Options a_3
Note 1 - Summary of Options and Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | |
Research and Development Expense, Gross | $ | $ 8,025 | $ 5,230 |
Customer Funded Research and Development Expense Included in Cost of Goods Sold | $ | $ 1,220 | $ 722 |
Weighted Average Number Diluted Shares Outstanding Adjustment, Total | 396,536 | 465,004 |
Number of Operating Segments | 2 | |
Share-based Payment Arrangement, Option [Member] | ||
Incremental Common Shares Attributable to Share-based Payment Arrangements, Total | 899,041 | 1,127,837 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 642,751 | 448,250 |
Restricted Stock [Member] | ||
Incremental Common Shares Attributable to Share-based Payment Arrangements, Total | 31,666 | 17,500 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Number of Major Customers | 2 | 2 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Large Defense Primary Contractor, 1 [Member] | ||
Concentration Risk, Percentage | 14.00% | 7.00% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Large Defense Primary Contractor, 2 [Member] | ||
Concentration Risk, Percentage | 12.00% | 16.00% |
Customer Concentration Risk [Member] | Revenue, Segment Benchmark [Member] | ||
Number of Major Customers | 2 | 2 |
Customer Concentration Risk [Member] | Revenue, Segment Benchmark [Member] | Two Customers [Member] | Communications Systems Segment [Member] | ||
Concentration Risk, Percentage | 64.00% | 34.00% |
Customer Concentration Risk [Member] | Revenue, Segment Benchmark [Member] | Two Customers [Member] | Battery & Energy Products Segment [Member] | ||
Concentration Risk, Percentage | 15.00% | 20.00% |
Note 1 - Summary of Operations
Note 1 - Summary of Operations and Significant Accounting Policies - Property, Plant and Equipment Estimated Useful Life (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Building [Member] | Minimum [Member] | |
Estimated useful lives (Year) | 10 years |
Building [Member] | Maximum [Member] | |
Estimated useful lives (Year) | 40 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 1 - Summary of Operation_2
Note 1 - Summary of Operations and Significant Accounting Policies - Impact to Previously Reported Results (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other noncurrent assets | $ 1,963 | $ 887 |
Prepaid expenses and other current assets | 3,103 | 2,368 |
Accrued expenses and other current liabilities | 3,973 | |
Other noncurrent liabilities | 1,278 | 408 |
Accumulated deficit | $ (52,830) | (58,035) |
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) |
Note 2 - Acquisition (Details T
Note 2 - Acquisition (Details Textual) - USD ($) $ in Thousands | May 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 25,248 | ||
Payments of Debt Issuance Costs | 157 | ||
Southwest Electronic Energy Corporation [Member] | |||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 18,746 | ||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 1,238 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | 264 | ||
Business Combination, Acquisition Related Costs | 165 | ||
Southwest Electronic Energy Corporation [Member] | |||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 26,190 | ||
Cash Acquired from Acquisition | $ 942 | ||
Business Combination, Acquisition Related Costs | 322 | ||
Business Combination, Interest Expense, Financing | 453 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 161 | ||
Payments of Debt Issuance Costs | $ 157 | ||
Long-term Debt, Weighted Average Term | 4 years 219 days | ||
Southwest Electronic Energy Corporation [Member] | Accounting, Legal, and Due Diligence Services [Member] | |||
Business Combination, Acquisition Related Costs | $ 165 |
Note 2 - Acquisition - Assets A
Note 2 - Acquisition - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | May 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill | $ 26,753 | $ 20,109 | $ 20,458 | |
Southwest Electronic Energy Corporation [Member] | ||||
Cash | $ 942 | |||
Accounts receivable | 3,621 | |||
Inventories | 4,685 | |||
Other current assets | 431 | |||
Property, plant and equipment | 9,177 | |||
Goodwill | 6,534 | |||
Accounts payable | (1,060) | |||
Other current liabilities | (778) | |||
Deferred tax liability, net | (1,011) | |||
Net assets acquired | 26,190 | |||
Southwest Electronic Energy Corporation [Member] | Customer Relationships [Member] | ||||
Intangible assets | 2,522 | |||
Southwest Electronic Energy Corporation [Member] | Trade Names [Member] | ||||
Intangible assets | $ 1,127 |
Note 2 - Acquisition - Pro Form
Note 2 - Acquisition - Pro Forma Information (Details) - Southwest Electronic Energy Corporation [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue | $ 115,590 | $ 115,566 |
Operating income | 8,008 | 6,278 |
Net Income attributable to Ultralife Corporation | $ 5,526 | $ 24,280 |
Basic (in dollars per share) | $ 0.35 | $ 1.53 |
Diluted (in dollars per share) | $ 0.34 | $ 1.49 |
Note 3 - Debt (Details Textual)
Note 3 - Debt (Details Textual) $ in Thousands | May 01, 2019USD ($)Rate | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | May 31, 2019 |
Proceeds from Long-term Lines of Credit | $ 10,182 | |||
Term Loan Facility [Member] | ||||
Debt Instrument, Number of Monthly Payment | 60 | |||
Amended Credit Agreement [Member] | ||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 1,420 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 11,650 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 1,519 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 1,355 | |||
Amended Credit Agreement [Member] | Term Loan Facility [Member] | ||||
Secured Debt, Total | $ 7,134 | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.41% | |||
Amended Credit Agreement [Member] | Term Loan Facility [Member] | Long-term Debt, Current Maturities [Member] | ||||
Secured Debt, Total | $ 1,372 | |||
Amended Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||
Proceeds from Long-term Lines of Credit | $ 6,782 | |||
Long-term Line of Credit, Total | 10,182 | |||
Debt Issuance Costs, Gross | $ 164 | |||
Minimum Fixed Charge Coverage Ratio | 1.15 | |||
Maximum Consolidated Senior Leverage Ratio | Rate | 250.00% | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.56% | |||
Amended Credit Agreement [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.10% | |||
Amended Credit Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | |||
Amended Credit Agreement [Member] | Revolving Credit Facility [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
Amended Credit Agreement [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||
Amended Credit Agreement [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.85% | |||
Amended Credit Agreement [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.15% | |||
Amended Credit Agreement [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | |||
Amended Credit Agreement [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | (0.50%) | |||
KeyBank [Member] | Amended Credit Agreement [Member] | Term Loan Facility [Member] | ||||
Debt Instrument, Term | 5 years | |||
Debt Instrument, Face Amount | $ 8,000 | |||
KeyBank [Member] | Amended Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 30,000 | |||
Line Of Credit Facility Maximum Borrowing Capacity Contingent On Bank Approval | $ 50,000 |
Note 4 - Share Repurchase Pro_2
Note 4 - Share Repurchase Program (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | 14 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Nov. 01, 2018 | |
Treasury Stock, Shares, Acquired | 267,300 | 372,974 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 1,957 | $ 742 | $ 2,699 | |
Maximum [Member] | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 2,500,000 |
Note 5 - Supplemental Balance_3
Note 5 - Supplemental Balance Sheet Information (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance | $ 7,405 | $ 25,934 | $ 18,330 |
Restricted Cash and Cash Equivalents, Total | 270 | 351 | |
Revenues, Total | 106,795 | 87,190 | |
Depreciation, Total | $ 2,220 | 1,972 | |
Number of Reporting Units | 5 | ||
Goodwill, Impairment Loss | $ 0 | 0 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 360 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 341 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 326 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 323 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 313 | ||
Grant [Member] | |||
Revenues, Total | 78 | ||
CHINA | |||
Restricted Cash and Cash Equivalents, Total | 188 | 266 | |
NETHERLANDS | |||
Restricted Cash and Cash Equivalents, Total | $ 82 | $ 85 |
Note 5 - Supplemental Balance_4
Note 5 - Supplemental Balance Sheet Information - Cash and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash | $ 7,135 | $ 25,583 | |
Restricted cash | 270 | 351 | |
Total | $ 7,405 | $ 25,934 | $ 18,330 |
Note 5 - Supplemental Balance_5
Note 5 - Supplemental Balance Sheet Information - Components of Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Raw materials | $ 18,485 | $ 13,274 |
Work in process | 2,548 | 2,016 |
Finished products | 8,726 | 7,553 |
Total | $ 29,759 | $ 22,843 |
Note 5 - Supplemental Balance_6
Note 5 - Supplemental Balance Sheet Information - Components of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, plant and equipment, gross | $ 85,353 | $ 71,601 |
Less – Accumulated depreciation | (62,828) | (60,857) |
Total | 22,525 | 10,744 |
Land [Member] | ||
Property, plant and equipment, gross | 1,273 | 123 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 8,148 | 8,267 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 62,562 | 51,261 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 2,112 | 2,058 |
Computer Equipment [Member] | ||
Property, plant and equipment, gross | 6,528 | 5,590 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 4,730 | $ 4,302 |
Note 5 - Supplemental Balance_7
Note 5 - Supplemental Balance Sheet Information - Summary of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill balance | $ 20,109 | $ 20,458 |
Effect of foreign currency translation | 110 | (349) |
Acquisition of SWE | 6,534 | |
Goodwill balance | 26,753 | 20,109 |
Battery & Energy Products Segment [Member] | ||
Goodwill balance | 8,616 | 8,965 |
Effect of foreign currency translation | 110 | (349) |
Acquisition of SWE | 6,534 | |
Goodwill balance | 15,260 | 8,616 |
Communications Systems Segment [Member] | ||
Goodwill balance | 11,493 | 11,493 |
Effect of foreign currency translation | ||
Acquisition of SWE | ||
Goodwill balance | $ 11,493 | $ 11,493 |
Note 5 - Supplemental Balance_8
Note 5 - Supplemental Balance Sheet Information - Composition of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Cost | $ 19,892 | $ 16,109 |
Accumulated Amortization | 10,171 | 9,605 |
Net | 9,721 | 6,504 |
Trademarks [Member] | ||
Cost | 3,403 | 3,405 |
Accumulated Amortization | 0 | 0 |
Net | 3,403 | 3,405 |
Customer Relationships [Member] | ||
Cost | 9,080 | 6,471 |
Accumulated Amortization | 4,721 | 4,392 |
Net | 4,359 | 2,079 |
Patented Technology [Member] | ||
Cost | 5,521 | 5,486 |
Accumulated Amortization | 4,869 | 4,725 |
Net | 652 | 761 |
Distributor Relationships [Member] | ||
Cost | 377 | 377 |
Accumulated Amortization | 377 | 377 |
Net | ||
Trade Names [Member] | ||
Cost | 1,511 | 370 |
Accumulated Amortization | 204 | 111 |
Net | $ 1,307 | $ 259 |
Note 5 - Supplemental Balance_9
Note 5 - Supplemental Balance Sheet Information - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Amortization of intangible assets | $ 525 | $ 397 |
Research and Development Expense [Member] | ||
Amortization of intangible assets | 130 | 147 |
Selling, General and Administrative Expenses [Member] | ||
Amortization of intangible assets | $ 395 | $ 250 |
Note 6 - Commitments and Cont_3
Note 6 - Commitments and Contingencies (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Capital Addition Purchase Commitments [Member] | |
Long-term Purchase Commitment, Amount | $ 1,185 |
Note 6 - Commitments and Cont_4
Note 6 - Commitments and Contingencies - Changes in Produce Warranty Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Balance, January 1 | $ 95 | $ 149 |
Assumed warranty obligations – SWE | 145 | |
Provision for warranties issued | 114 | 7 |
Settlements made | (159) | (61) |
Balance, December 31 | $ 195 | $ 95 |
Note 7 - Shareholders' Equity_2
Note 7 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jul. 25, 2018 | Dec. 30, 2010 | Apr. 30, 2019 | Jan. 31, 2018 | Jun. 30, 2014 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2004 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 1,541,792 | 1,576,087 | 1,860,211 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 282,500 | 217,500 | ||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 8.27 | $ 9.68 | ||||||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 737 | |||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 73 days | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 3.77 | $ 4.22 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 931 | $ 1,722 | ||||||||
Proceeds from Stock Options Exercised | $ 930 | $ 1,568 | ||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 486,272 | |||||||||
Restricted Stock [Member] | ||||||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 145 | |||||||||
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, Ending Balance | 610,628 | 931,164 | ||||||||
The 2004 Long-term Incentive Plan [Member] | President [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | |||||||||
Option Accelerated Vesting, Stock Price Trigger | $ 10 | |||||||||
Option Accelerated Vesting, Threshold Trading Days | 15 days | |||||||||
Share-based Payment Arrangement, Accelerated Cost | $ 182 | |||||||||
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 | |||||||||
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 | 20,000 | 17,500 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 11.12 | $ 7.16 | ||||||||
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 7 - Stock-based Compensati
Note 7 - Stock-based Compensation - Non-cash Stock Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Stock-based comepensation expense | $ 753 | $ 890 |
Share-based Payment Arrangement, Option [Member] | ||
Stock-based comepensation expense | 623 | 817 |
Restricted Stock [Member] | ||
Stock-based comepensation expense | $ 130 | $ 73 |
Note 7 - Stock-based Compensa_2
Note 7 - Stock-based Compensation - Stock Option Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Risk-free interest rate | 1.80% | 2.60% |
Volatility factor | 48.30% | 46.80% |
Weighted Average Expected Life (Year) | 5 years 109 days | 5 years |
Forfeiture rate | 10.00% | 10.00% |
Dividends | 0.00% | 0.00% |
Note 7 - Shareholders' Equity -
Note 7 - Shareholders' Equity - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Shares under Option, beginning of period (in shares) | 1,576,087 | 1,860,211 |
Options outstanding - weighted average exercise price (in dollars per share) | $ 6.58 | $ 5.96 |
Options granted (in shares) | 282,500 | 217,500 |
Options granted - weighted average exercise price (in dollars per share) | $ 8.27 | $ 9.68 |
Options exercised (in shares) | (208,881) | (422,793) |
Options exercised - weighted average exercise price (in dollars per share) | $ 4.45 | $ 4.49 |
Options forfeited or expired (in shares) | (107,914) | (78,831) |
Options forfeited or expired - weighted average exercise price (in dollars per share) | $ 10.93 | $ 11.75 |
Shares under option, end of period (in shares) | 1,541,792 | 1,576,087 |
Options outstanding - weighted average exercise price (in dollars per share) | $ 6.88 | $ 6.58 |
Options outstanding - weighted average remaining contractual term (Year) | 3 years 76 days | |
Options outstanding - aggregate intrinsic value | $ 1,991 | |
Vested and Expected to Vest (in shares) | 1,445,563 | |
Options vested and expected to vest - weighted average exercise price (in dollars per share) | $ 6.79 | |
Options vested and expected to vest - weighted average remaining contractual term (Year) | 3 years 14 days | |
Options vested and expected to vest - aggregate intrinsic value | $ 1,959 | |
Options Exercisable (in shares) | 1,083,581 | 1,064,127 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 6.28 | $ 5.89 |
Options exercisable - weighted average remaining contractual term (Year) | 2 years 32 days | |
Options exercisable - aggregate intrinsic value | $ 1,872 |
Note 7 - Shareholders' Equity_3
Note 7 - Shareholders' Equity - Options Range of Exercise Prices (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Lower range limit (in dollars per share) | $ 3.22 | |
Upper range limit (in dollars per share) | $ 10 | |
Options outstanding, number of outstanding options (in shares) | 1,541,792 | |
Options outstanding, weighted-average remaining contractual life (Year) | 3 years 76 days | |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 6.88 | |
Options exercisable, number of options exercisable (in shares) | 1,083,581 | |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 6.28 | $ 5.89 |
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) | 244,377 | |
Options outstanding, weighted-average remaining contractual life (Year) | 1 year 255 days | |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 3.82 | |
Options exercisable, number of options exercisable (in shares) | 244,377 | |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 3.82 | |
Range Two [Member] | ||
Lower range limit (in dollars per share) | 4 | |
Upper range limit (in dollars per share) | $ 5.99 | |
Options outstanding, number of outstanding options (in shares) | 336,331 | |
Options outstanding, weighted-average remaining contractual life (Year) | 3 years 295 days | |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 4.95 | |
Options exercisable, number of options exercisable (in shares) | 269,601 | |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 4.79 | |
Range Three [Member] | ||
Lower range limit (in dollars per share) | 6 | |
Upper range limit (in dollars per share) | $ 9.99 | |
Options outstanding, number of outstanding options (in shares) | 761,084 | |
Options outstanding, weighted-average remaining contractual life (Year) | 4 years 7 days | |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 7.89 | |
Options exercisable, number of options exercisable (in shares) | 369,603 | |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 6.99 | |
Range Four [Member] | ||
Lower range limit (in dollars per share) | 10 | |
Upper range limit (in dollars per share) | $ 10 | |
Options outstanding, number of outstanding options (in shares) | 200,000 | |
Options outstanding, weighted-average remaining contractual life (Year) | 1 year | |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 10 | |
Options exercisable, number of options exercisable (in shares) | 200,000 | |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 10 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Expense (Benefit), Total | $ 1,457 | $ (18,386) |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 18,652 | |
Unrecognized Tax Benefits, Ending Balance | 0 | $ 0 |
General Business Tax Credit Carryforward [Member] | ||
Tax Credit Carryforward, Amount | 1,907 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Operating Loss Carryforwards, Total | $ 58,400 | |
Open Tax Year | 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2012 2013 2014 2015 2016 2017 2018 2019 | |
Foreign Tax Authority [Member] | ||
Open Tax Year | 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 | |
Foreign Tax Authority [Member] | Her Majesty's Revenue and Customs (HMRC) [Member] | ||
Operating Loss Carryforwards, Total | $ 10,600 | |
State and Local Jurisdiction [Member] | ||
Open Tax Year | 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2012 2013 2014 2015 2016 2017 2018 2019 |
Note 8 - Income Taxes - Income
Note 8 - Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Federal | ||
State | 43 | |
Foreign | 203 | 257 |
Total current tax provision | 246 | 257 |
Federal | 1,236 | (18,514) |
State | ||
Foreign | (25) | (129) |
Total deferred tax provision (benefit) | 1,211 | (18,643) |
Total income tax provision | $ 1,457 | $ (18,386) |
Note 8 - Income Taxes - Deferre
Note 8 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, plant and equipment | $ 168 | |
Net operating loss carryforwards | 14,579 | 15,622 |
Tax credit carryforwards | 1,907 | 1,817 |
Intangible assets | 1,283 | 1,231 |
Accrued expenses, reserves and other | 2,265 | 1,838 |
Total deferred tax assets | 20,034 | 20,676 |
Valuation allowance for deferred tax assets | (1,942) | (1,942) |
Net deferred tax assets | 18,092 | 18,734 |
Other | (25) | |
Property, plant and equipment | 342 | |
Intangible assets | (5,087) | (3,856) |
Total deferred tax liabilities | (5,429) | (3,881) |
Net deferred tax assets | $ 12,663 | $ 14,853 |
Note 8 - Income Taxes - Net Def
Note 8 - Income Taxes - Net Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets | $ 13,222 | $ 15,444 |
Deferred tax liabilities | (559) | (591) |
Net Deferred Tax Assets | $ 12,663 | $ 14,853 |
Note 8 - Income Taxes - United
Note 8 - Income Taxes - United States and Foreign Income (Loss) From Continuing Operations Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
United States | $ 5,992 | $ 6,226 |
Foreign | 779 | 387 |
Income Before Income Taxes | $ 6,771 | $ 6,613 |
Note 8 - Income Taxes - Effecti
Note 8 - Income Taxes - Effective Rate Reconciliation (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statutory income tax rate | 21.00% | 21.00% |
Equity compensation | (0.40%) | (2.90%) |
Income tax credits | (0.40%) | (1.00%) |
Foreign tax rates | (0.50%) | 0.30% |
Valuation allowance | (297.30%) | |
Other | 1.80% | 2.00% |
Effective income tax rate | 21.50% | (277.90%) |
Note 9 - Operating Leases (Deta
Note 9 - Operating Leases (Details Textual) | 12 Months Ended | |
Dec. 31, 2019 | Jul. 31, 2019 | |
Shenzhen Facility [Member] | ||
Lessee, Operating Lease, Term of Contract | 5 years | |
Minimum [Member] | ||
Operating Lease, Remaining Lease Term | 1 year | |
Maximum [Member] | ||
Operating Lease, Remaining Lease Term | 5 years |
Note 9 - Operating Leases - Lea
Note 9 - Operating Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating lease cost | $ 628 | $ 590 |
Variable lease cost | 84 | 89 |
Total lease cost | $ 712 | $ 679 |
Note 9 - Operating Leases - Sup
Note 9 - Operating Leases - Supplement Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating cash flows from operating leases | $ 611 | $ 592 |
Right-of-use assets obtained in exchange for lease liabilities: | $ 1,586 |
Note 9 - Operating Leases - S_2
Note 9 - Operating Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Operating lease right-of-use asset | $ 1,866 | $ 805 |
Current operating lease liability | 620 | 439 |
Operating lease liability, net of current portion | 1,247 | 376 |
Total operating lease liability | $ 1,867 | $ 815 |
Weighted-average remaining lease term (years) (Year) | 3 years 255 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 | Dec. 31, 2019 | Dec. 31, 2018 |
2020 | $ 685 | |
2021 | 470 | |
2022 | 355 | |
2023 | 364 | |
2024 | 182 | |
Thereafter | 0 | |
Total lease payments | 2,056 | |
Less: Imputed interest | (189) | |
Present value of remaining lease payments | $ 1,867 | $ 815 |
Note 10 - 401(k) Retirement B_2
Note 10 - 401(k) Retirement Benefit Plan (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | 50.00% |
Defined Contribution Plan, Maximum Employee Contribution Percentage, Subject to Employer Matching Contribution | 6.00% | 4.00% |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 319 | $ 204 |
Note 11 - Business Segment In_3
Note 11 - Business Segment Information (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Number of Operating Segments | 2 | |
Non-US [Member] | ||
Long-Lived Assets | $ 12,414 | $ 11,502 |
Note 11 - Business Segment In_4
Note 11 - Business Segment Information - Segment Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue | $ 106,795 | $ 87,190 | |
Segment contribution | 7,368 | 6,555 | |
Other income (expense) | 597 | (58) | |
Income tax provision (benefit) | 1,457 | (18,386) | |
Non-controlling interest | 109 | 69 | |
Net income attributable to Ultralife | 5,205 | 24,930 | |
Total assets | 144,557 | 120,848 | |
Capital expenditures | 6,281 | 4,185 | |
Goodwill | 26,753 | 20,109 | $ 20,458 |
Depreciation and amortization of intangible assets | 2,745 | 2,369 | |
Stock-based compensation | 753 | 890 | |
Battery & Energy Products Segment [Member] | |||
Revenue | 83,996 | 70,497 | |
Segment contribution | 22,813 | 19,574 | |
Total assets | 79,413 | 50,648 | |
Capital expenditures | 5,805 | 2,948 | |
Goodwill | 15,260 | 8,616 | 8,965 |
Depreciation and amortization of intangible assets | 2,104 | 1,611 | |
Stock-based compensation | 355 | 333 | |
Communications Systems Segment [Member] | |||
Revenue | 22,799 | 16,693 | |
Segment contribution | 8,352 | 6,009 | |
Total assets | 40,458 | 27,482 | |
Capital expenditures | 44 | 614 | |
Goodwill | 11,493 | 11,493 | $ 11,493 |
Depreciation and amortization of intangible assets | 364 | 375 | |
Stock-based compensation | 119 | 106 | |
Corporate Segment [Member] | |||
Revenue | |||
Segment contribution | (23,797) | (19,028) | |
Other income (expense) | 597 | (58) | |
Income tax provision (benefit) | 1,457 | (18,386) | |
Non-controlling interest | 109 | 69 | |
Total assets | 24,686 | 42,718 | |
Capital expenditures | 432 | 623 | |
Goodwill | |||
Depreciation and amortization of intangible assets | 277 | 383 | |
Stock-based compensation | $ 279 | $ 451 |
Note 11 - Business Segment In_5
Note 11 - Business Segment Information - Domestic and International Revenue by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Revenue | [1] | $ 106,795 | $ 87,190 |
Revenue, percentage | [1] | ||
UNITED STATES | |||
Revenue | [1] | $ 63,375 | $ 53,054 |
Revenue, percentage | [1] | 59.00% | 61.00% |
Non-US [Member] | |||
Revenue | [1] | $ 43,420 | $ 34,136 |
Revenue, percentage | [1] | 41.00% | 39.00% |
Battery & Energy Products Segment [Member] | |||
Revenue | [1] | $ 83,996 | $ 70,497 |
Battery & Energy Products Segment [Member] | UNITED STATES | |||
Revenue | [1] | 42,224 | 37,898 |
Battery & Energy Products Segment [Member] | Non-US [Member] | |||
Revenue | [1] | 41,772 | 32,599 |
Communications Systems Segment [Member] | |||
Revenue | [1] | 22,799 | 16,693 |
Communications Systems Segment [Member] | UNITED STATES | |||
Revenue | [1] | 21,151 | 15,156 |
Communications Systems Segment [Member] | Non-US [Member] | |||
Revenue | [1] | $ 1,648 | $ 1,537 |
[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 - Revenue by Business Segment Sector (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Revenue | [1] | $ 106,795 | $ 87,190 |
Revenue, percentage | [1] | ||
Commercial [Member] | |||
Revenue | $ 59,682 | $ 41,044 | |
Revenue, percentage | 56.00% | 47.00% | |
Government & Defense [Member] | |||
Revenue | $ 47,113 | $ 46,146 | |
Revenue, percentage | 44.00% | 53.00% | |
Battery & Energy Products Segment [Member] | |||
Revenue | [1] | $ 83,996 | $ 70,497 |
Battery & Energy Products Segment [Member] | Commercial [Member] | |||
Revenue | 59,682 | 41,044 | |
Battery & Energy Products Segment [Member] | Government & Defense [Member] | |||
Revenue | 24,314 | 29,453 | |
Communications Systems Segment [Member] | |||
Revenue | [1] | 22,799 | 16,693 |
Communications Systems Segment [Member] | Commercial [Member] | |||
Revenue | |||
Communications Systems Segment [Member] | Government & Defense [Member] | |||
Revenue | $ 22,799 | $ 16,693 | |
[1] | Sales classified to U.S. include shipments to U.S.-based prime contractors which in some cases may serve non-U.S. projects |