Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 26, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000875657 | |
Entity Registrant Name | Ultralife Corporation | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 0-20852 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 16-1387013 | |
Entity Address, Address Line One | 2000 Technology Parkway | |
Entity Address, City or Town | Newark | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 14513 | |
City Area Code | 315 | |
Local Phone Number | 332-7100 | |
Title of 12(b) Security | Common Stock, $0.10 par value per share | |
Trading Symbol | ULBI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 16,080,749 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 15,853 | $ 10,653 |
Trade accounts receivable, net of allowance for doubtful accounts of $334 and $317, respectively | 16,235 | 21,054 |
Inventories, net | 28,179 | 28,193 |
Prepaid expenses and other current assets | 4,271 | 4,596 |
Total current assets | 64,538 | 64,496 |
Property, plant and equipment, net | 23,035 | 22,850 |
Goodwill | 26,998 | 27,018 |
Other intangible assets, net | 8,725 | 9,209 |
Deferred income taxes, net | 11,700 | 11,836 |
Other noncurrent assets | 1,816 | 2,292 |
Total Assets | 136,812 | 137,701 |
Current Liabilities: | ||
Accounts payable | 9,206 | 10,839 |
Current portion of long-term debt | 253 | 1,361 |
Accrued compensation and related benefits | 1,153 | 1,748 |
Accrued expenses and other current liabilities | 6,076 | 4,758 |
Total current liabilities | 16,688 | 18,706 |
Deferred income taxes | 475 | 515 |
Other noncurrent liabilities | 1,103 | 1,557 |
Total liabilities | 18,266 | 20,778 |
Commitments and contingencies (Note 8) | ||
Stockholders' equity: | ||
Preferred stock – par value $.10 per share; authorized 1,000,000 shares; none issued | 0 | 0 |
Common stock – par value $.10 per share; authorized 40,000,000 shares; issued – 20,513,344 shares at September 30, 2021 and 20,373,519 shares at December 31, 2020; outstanding – 16,080,749 shares at September 30, 2021 and 15,959,984 shares at December 31, 2020 | 2,051 | 2,037 |
Capital in excess of par value | 186,360 | 185,464 |
Accumulated deficit | (46,701) | (47,598) |
Accumulated other comprehensive loss | (1,819) | (1,782) |
Treasury stock - at cost; 4,432,595 shares at September 30, 2021 and 4,413,535 shares at December 31, 2020 | (21,469) | (21,321) |
Total Ultralife Corporation equity | 118,422 | 116,800 |
Non-controlling interest | 124 | 123 |
Total stockholders’ equity | 118,546 | 116,923 |
Total liabilities and stockholders' equity | $ 136,812 | $ 137,701 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Trade accounts receivable, allowance for doubtful accounts | $ 334 | $ 317 |
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) | 20,513,344 | 20,373,519 |
Common stock, shares outstanding (in shares) | 16,080,749 | 15,959,984 |
Treasury stock, shares (in shares) | 4,432,595 | 4,413,535 |
Consolidated Statements of (Los
Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Revenues | [1] | $ 21,761 | $ 24,362 | $ 74,504 | $ 78,736 |
Cost of products sold | 16,653 | 17,851 | 55,151 | 56,928 | |
Gross profit | 5,108 | 6,511 | 19,353 | 21,808 | |
Operating expenses: | |||||
Research and development | 1,723 | 1,606 | 5,223 | 4,429 | |
Selling, general and administrative | 4,164 | 4,198 | 12,866 | 12,893 | |
Total operating expenses | 5,887 | 5,804 | 18,089 | 17,322 | |
Operating (loss) income | (779) | 707 | 1,264 | 4,486 | |
Other (income) expense: | |||||
Interest and financing expense | 53 | 92 | 164 | 372 | |
Miscellaneous | (54) | (39) | (88) | (110) | |
Total other (income) expense | (1) | 53 | 76 | 262 | |
(Loss) income before income tax (benefit) provision | (778) | 654 | 1,188 | 4,224 | |
Income tax (benefit) provision | (175) | 192 | 290 | 1,010 | |
Net (loss) income | (603) | 462 | 898 | 3,214 | |
Net (loss) income attributable to non-controlling interest | (18) | 55 | 1 | 90 | |
Net (loss) income attributable to Ultralife Corporation | (585) | 407 | 897 | 3,124 | |
Other comprehensive (loss) income: | |||||
Foreign currency translation adjustments | (233) | 677 | (37) | (88) | |
Comprehensive (loss) income attributable to Ultralife Corporation | $ (818) | $ 1,084 | $ 860 | $ 3,036 | |
Net (loss) income per share attributable to Ultralife common stockholders – basic (in dollars per share) | $ (4) | $ 3 | $ 6 | $ 20 | |
Net (loss) income per share attributable to Ultralife common stockholders – diluted (in dollars per share) | $ (4) | $ 3 | $ 6 | $ 19 | |
Weighted average shares outstanding – basic (in shares) | 16,065 | 15,908 | 16,020 | 15,889 | |
Potential common shares (in shares) | 0 | 181 | 180 | 214 | |
Weighted average shares outstanding - diluted (in shares) | 16,065 | 16,089 | 16,200 | 16,103 | |
[1] | Sales classified to U.S. include shipments to U.S.-based prime contractors which in some cases may serve non-U.S. projects. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
OPERATING ACTIVITIES: | ||
Net income | $ 898 | $ 3,214 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 2,160 | 1,743 |
Amortization of intangible assets | 458 | 444 |
Amortization of financing fees | 78 | 36 |
Stock-based compensation | 512 | 756 |
Deferred income taxes | 127 | 821 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 4,814 | 15,094 |
Inventories | 17 | 13 |
Prepaid expenses and other assets | 775 | (84) |
Accounts payable and other liabilities | (1,377) | (546) |
Net cash provided by operating activities | 8,462 | 21,491 |
INVESTING ACTIVITIES: | ||
Purchases of property, plant and equipment | (2,324) | (1,902) |
Proceeds from sale of equipment | 0 | 120 |
Net cash used in investing activities | (2,324) | (1,782) |
FINANCING ACTIVITIES: | ||
Payment of credit facilities | (1,186) | (13,461) |
Proceeds from exercise of stock options | 398 | 218 |
Tax withholdings on stock-based awards | (148) | (15) |
Net cash used in financing activities | (936) | (13,258) |
Effect of exchange rate changes on cash | (2) | (79) |
INCREASE IN CASH | 5,200 | 6,372 |
Cash, Beginning of period | 10,653 | 7,405 |
Cash, End of period | $ 15,853 | $ 13,777 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 20,268,050 | ||||||
Balance at Dec. 31, 2019 | $ 2,026 | $ 184,292 | $ (2,531) | $ (52,830) | $ (21,231) | $ 24 | $ 109,750 |
Net income | 3,124 | 90 | 3,214 | ||||
Stock option exercises (in shares) | 50,797 | ||||||
Stock option exercises | $ 5 | 213 | 218 | ||||
Stock-based compensation – stock options | 674 | 674 | |||||
Stock-based compensation - restricted stock | 82 | 82 | |||||
Vesting of restricted stock (in shares) | 12,501 | ||||||
Vesting of restricted stock | $ 2 | (15) | (13) | ||||
Foreign currency translation adjustments | (88) | (88) | |||||
Balance (in shares) at Sep. 30, 2020 | 20,331,348 | ||||||
Balance at Sep. 30, 2020 | $ 2,033 | 185,261 | (2,619) | (49,706) | (21,246) | 114 | 113,837 |
Balance (in shares) at Jun. 30, 2020 | 20,297,182 | ||||||
Balance at Jun. 30, 2020 | $ 2,030 | 184,900 | (3,296) | (50,113) | (21,246) | 59 | 112,334 |
Net income | 407 | 55 | 462 | ||||
Stock option exercises (in shares) | 34,166 | ||||||
Stock option exercises | $ 3 | 139 | 142 | ||||
Stock-based compensation – stock options | 204 | 204 | |||||
Stock-based compensation - restricted stock | 18 | 18 | |||||
Foreign currency translation adjustments | 677 | 677 | |||||
Balance (in shares) at Sep. 30, 2020 | 20,331,348 | ||||||
Balance at Sep. 30, 2020 | $ 2,033 | 185,261 | (2,619) | (49,706) | (21,246) | 114 | $ 113,837 |
Balance (in shares) at Dec. 31, 2020 | 20,373,519 | 15,959,984 | |||||
Balance at Dec. 31, 2020 | $ 2,037 | 185,464 | (1,782) | (47,598) | (21,321) | 123 | $ 116,923 |
Net income | 897 | 1 | $ 898 | ||||
Stock option exercises (in shares) | 127,324 | 184,429 | |||||
Stock option exercises | $ 13 | 385 | (133) | $ 265 | |||
Stock-based compensation – stock options | 468 | 468 | |||||
Stock-based compensation - restricted stock | 44 | 44 | |||||
Vesting of restricted stock (in shares) | 12,501 | ||||||
Vesting of restricted stock | $ 1 | (1) | (15) | (15) | |||
Foreign currency translation adjustments | (37) | $ (37) | |||||
Balance (in shares) at Sep. 30, 2021 | 20,513,344 | 16,080,749 | |||||
Balance at Sep. 30, 2021 | $ 2,051 | 186,360 | (1,819) | (46,701) | (21,469) | 124 | $ 118,546 |
Balance (in shares) at Jun. 30, 2021 | 20,474,676 | ||||||
Balance at Jun. 30, 2021 | $ 2,047 | 186,138 | (1,586) | (46,116) | (21,388) | 142 | 119,237 |
Net income | (585) | (18) | (603) | ||||
Stock option exercises (in shares) | 38,668 | ||||||
Stock option exercises | $ 4 | 80 | 3 | ||||
Stock-based compensation – stock options | 131 | 131 | |||||
Stock-based compensation - restricted stock | 11 | 11 | |||||
Foreign currency translation adjustments | (233) | $ (233) | |||||
Balance (in shares) at Sep. 30, 2021 | 20,513,344 | 16,080,749 | |||||
Balance at Sep. 30, 2021 | $ 2,051 | $ 186,360 | $ (1,819) | $ (46,701) | $ (21,469) | $ 124 | $ 118,546 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | 1. BASIS OF PRESENTATION The accompanying unaudited Consolidated Financial Statements of Ultralife Corporation and its subsidiaries (the “Company”, “Ultralife”, “we” or “our”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Rule 8 03 X. not not 10 December 31, 2020. The December 31, 2020 not Certain items previously reported in specific financial statement captions have been reclassified to conform to the current presentation. Recently Adopted Accounting Guidance Effective January 1, 2021, 2019 12, 740 2019 12 740 not Recent Accounting Guidance Not In June 2016, 2016 13, 326 December 15, 2022. |
Note 2 - Debt
Note 2 - Debt | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 2. DEBT On May 1, 2019, May 31, 2017 ( The Amended Credit Agreement, among other things, provides for a five May 31, 2022. six May 31, 2022, may As of September 30, 2021, no September 30, 2021, 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 December 31, 2020. nine September 30, 2021. In addition to the customary affirmative and negative covenants, the Company must maintain a consolidated fixed charge coverage ratio equal to or greater than 1.15 to 1.0, 1.0, September 30, 2021. 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 basis points, and (c) the Overnight LIBOR Rate plus 100 zero 0 The Company must pay a quarterly fee of 0.1% to 0.2% based on the average daily unused availability under the Revolving Credit Facility. 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 3 - Earnings Per Share
Note 3 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 3. EARNINGS PER SHARE Basic earnings per share (“EPS”) is computed by dividing net income attributable to Ultralife by the weighted-average shares outstanding during the period. Diluted EPS includes the dilutive effect of securities, if any, and is calculated using the treasury stock method. For the three September 30, 2021, no no not three September 30, 2021, three September 30, 2020, not three September 30, 2020, For the nine September 30, 2021, nine September 30, 2020, not nine September 30, 2021 September 30, 2020, |
Note 4 - Supplemental Balance S
Note 4 - Supplemental Balance Sheet Information | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 4. SUPPLEMENTAL BALANCE SHEET INFORMATION Fair Value Measurements and Disclosures The fair value of financial instruments approximated their carrying values at September 30, 2021 December 31, 2020. Cash The composition of the Company’s cash was as follows: September 30, December 31, 2021 2020 Cash $ 15,766 $ 10,562 Restricted cash 87 91 Total $ 15,853 $ 10,653 As of September 30, 2021 December 31, 2020, third Inventories Inventories are stated at the lower of cost or net realizable value, net of obsolescence reserves, with cost determined under the first first September 30, December 31, 2021 2020 Raw materials $ 16,955 $ 17,277 Work in process 3,485 3,411 Finished goods 7,739 7,505 Total $ 28,179 $ 28,193 Property, Plant and Equipment, Net Major classes of property, plant and equipment consisted of the following: September 30, December 31, 2021 2020 Land $ 1,273 $ 1,273 Buildings and leasehold improvements 15,425 15,393 Machinery and equipment 62,449 61,048 Furniture and fixtures 2,503 2,235 Computer hardware and software 7,316 6,894 Construction in process 1,456 1,227 90,422 88,070 Less: Accumulated depreciation (67,387 ) (65,220 ) Property, plant and equipment, net $ 23,035 $ 22,850 Depreciation expense for property, plant and equipment was as follows: Three-month period ended Nine-month period ended September 30, September 30, September 30, September 30, 2021 2020 2021 2020 Depreciation expense $ 700 $ 582 $ 2,160 $ 1,743 Goodwill The following table summarizes the goodwill activity by segment for the nine September 30, 2021. Battery & Energy Communications Products Systems Total Balance – December 31, 2020 $ 15,525 $ 11,493 $ 27,018 Effect of foreign currency translation (20 ) - (20 ) Balance – September 30, 2021 $ 15,505 $ 11,493 $ 26,998 Other Intangible Assets, Net The composition of other intangible assets was: September 30, 2021 Accumulated Cost Amortization Net Trademarks $ 3,412 $ - $ 3,412 Customer relationships 9,133 5,377 3,756 Patents and technology 5,542 5,097 445 Distributor relationships 377 377 - Trade name 1,519 407 1,112 Total $ 19,983 $ 11,258 $ 8,725 December 31, 2020 Accumulated Cost Amortization Net Trademarks $ 3,410 $ - $ 3,410 Customer relationships 9,171 5,115 4,056 Patents and technology 5,557 5,014 543 Distributor relationships 377 377 - Trade name 1,524 324 1,200 Total $ 20,039 $ 10,830 $ 9,209 The change in the cost of total intangible assets from December 31, 2020 September 30, 2021 Amortization expense for other intangible assets was as follows: Three-month period ended Nine-month period ended September 30, September 30, September 30, September 30, 2021 2020 2021 2020 Amortization included in: Research and development $ 27 $ 31 $ 93 $ 92 Selling, general and administrative 121 118 365 352 Total amortization expense $ 148 $ 149 $ 458 $ 444 |
Note 5 - Stock-based Compensati
Note 5 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | 5. STOCK-BASED COMPENSATION We recorded non-cash stock compensation expense in each period as follows: Three-month period ended Nine-month period ended September 30, September 30, September 30, September 30, 2021 2020 2021 2020 Stock options $ 131 $ 204 $ 468 $ 674 Restricted stock grants 11 18 44 82 Total $ 142 $ 222 $ 512 $ 756 We have stock options outstanding from various stock-based employee compensation plans for which we record compensation cost relating to share-based payment transactions in our financial statements. As of September 30, 2021, The following table summarizes stock option activity for the nine September 30, 2021: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding at January 1, 2021 1,217,163 $ 6.50 Granted 56,500 8.50 Exercised (184,429 ) 4.46 Forfeited or expired (24,578 ) 7.35 Outstanding at September 30, 2021 1,064,656 $ 6.94 3.83 $ 978 Vested and expected to vest at September 30, 2021 995,875 $ 6.91 3.71 $ 958 Exercisable at September 30, 2021 769,123 $ 6.77 3.14 $ 889 Cash received from stock option exercises under our stock-based compensation plans for the three September 30, 2021 September 30, 2020 nine September 30, 2021 September 30, 2020 In October 2020, April 2019, January 2018, three 3 September 30, 2021, |
Note 6 - Income Taxes
Note 6 - Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 6. INCOME TAXES Our effective income tax rate for the nine September 30, 2021 September 30, 2020 As of December 31, 2020, 2021 2035, 2028 2039, September 30, 2021, not As of September 30, 2021, may no As of September 30, 2021, not not. As of September 30, 2021, There were no unrecognized tax benefits related to uncertain tax positions at September 30, 2021 December 31, 2020. 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. In August 2020, 2016 2018 no 2019 2020 2001, 2002, 2005 2007 2011 2015 2001, 2002, 2005 2007 2011 2020 2010 2020 |
Note 7 - Operating Leases
Note 7 - Operating Leases | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 7. OPERATING LEASES The Company has operating leases predominantly for operating facilities. As of September 30, 2021, one three not not no no The components of lease expense for the current and prior-year comparative periods were as follows: Three months ended Nine months ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Operating lease cost $ 188 $ 172 $ 564 $ 508 Variable lease cost 25 18 57 54 Total lease cost $ 213 $ 190 $ 621 $ 562 Supplemental cash flow information related to leases was as follows: Nine months ended September 30, 2021 September 30, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 550 $ 506 Right-of-use assets obtained in exchange for lease liabilities: $ - $ 875 Supplemental balance sheet information related to leases was as follows: Balance Sheet Classification September 30, 2021 December 31, 2020 Assets: Operating lease right-of-use asset Other noncurrent assets $ 1,711 $ 2,189 Liabilities: Current operating lease liability Accrued expenses and other current liabilities $ 657 $ 680 Operating lease liability, net of current portion Other noncurrent liabilities 1,086 1,524 Total operating lease liability $ 1,743 $ 2,204 Weighted-average remaining lease term (years) 2.6 3.3 Weighted-average discount rate 4.5 % 4.5 % Future minimum lease payments as of September 30, 2021 Maturity of Operating Lease Liabilities 2021 179 2022 700 2023 720 2024 279 Total lease payments 1,878 Less: Imputed interest (135 ) Present value of remaining lease payments $ 1,743 |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 8. COMMITMENTS AND CONTINGENCIES a. Purchase Commitments As of September 30, 2021, b. Product Warranties We estimate future warranty costs to be incurred for product failure rates, material usage and service costs in the development of our warranty obligations. Estimated future warranty costs are based on actual past experience and are generally estimated as a percentage of sales over the warranty period. Changes in our product warranty liability during the first nine 2021 2020 Nine-month period ended September 30, 2021 2020 Accrued warranty obligations – beginning $ 149 $ 195 Accruals for warranties issued 123 75 Settlements made (143 ) (103 ) Accrued warranty obligations – ending $ 129 $ 167 c. Contingencies and Legal Matters We are subject to legal proceedings and claims that arise from time to time in the ordinary course of business. We believe that the final disposition of any such matters of which we are currently aware will not not |
Note 9 - Revenue Recognition
Note 9 - Revenue Recognition | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 9. 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. For products shipped under vendor-managed inventory arrangements, revenue is recognized and billed when the product is consumed by the customer, at which point control has transferred and there are no not Revenues recognized from prior period performance obligations for the nine September 30, 2021 2020 not Deferred revenue, unbilled revenue and deferred contract costs recorded on our Consolidated Balance Sheets as of September 30, 2021 December 31, 2020 not September 30, 2021 December 31, 2020, no one 606, |
Note 10 - Business Segment Info
Note 10 - Business Segment Information | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 10. BUSINESS SEGMENT INFORMATION We report our results in two operating segments: Battery & Energy Products and Communications Systems. The Battery & Energy Products segment includes: Lithium 9 The components of segment performance were as follows: Three-month period ended September 30, 2021: Battery & Energy Products Communications Systems Corporate Total Revenues $ 20,008 $ 1,753 $ - $ 21,761 Segment contribution 4,792 316 (5,887 ) (779 ) Other income 1 1 Income tax benefit 175 175 Non-controlling interest 18 18 Net loss attributable to Ultralife $ (585 ) Three-month period ended September 30, 2020: Battery & Energy Products Communications Systems Corporate Total Revenues $ 21,819 $ 2,543 $ - $ 24,362 Segment contribution 5,677 834 (5,804 ) 707 Other expense (53 ) (53 ) Tax provision (192 ) (192 ) Non-controlling interest (55 ) (55 ) Net income attributable to Ultralife $ 407 Nine-month period ended September 30, 2021: Battery & Energy Products Communications Systems Corporate Total Revenues $ 64,994 $ 9,510 $ - $ 74,504 Segment contribution 16,244 3,109 (18,089 ) 1,264 Other expense (76 ) (76 ) Income tax provision (290 ) (290 ) Non-controlling interest (1 ) (1 ) Net income attributable to Ultralife $ 897 Nine-month period ended September 30, 2020: Battery & Energy Products Communications Systems Corporate Total Revenues $ 66,616 $ 12,120 $ - $ 78,736 Segment contribution 17,019 4,789 (17,322 ) 4,486 Other expense (262 ) (262 ) Tax provision (1,010 ) (1,010 ) Non-controlling interest (90 ) (90 ) Net income attributable to Ultralife $ 3,124 The following tables disaggregate our business segment revenues by major source and geography. Commercial and Government/Defense Revenue Information: Three-month period ended September 30, 2021: Total Revenue Commercial Government/ Defense Battery & Energy Products $ 20,008 $ 16,579 $ 3,429 Communications Systems 1,753 - 1,753 Total $ 21,761 $ 16,579 $ 5,182 76 % 24 % Three-month period ended September 30, 2020: Total Revenue Commercial Government/ Defense Battery & Energy Products $ 21,819 $ 15,772 $ 6,047 Communications Systems 2,543 - 2,543 Total $ 24,362 $ 15,772 $ 8,590 65 % 35 % Nine-month period ended September 30, 2021: Total Revenue Commercial Government/ Defense Battery & Energy Products $ 64,994 $ 46,935 $ 18,059 Communications Systems 9,510 - 9,510 Total $ 74,504 $ 46,935 $ 27,569 63 % 37 % Nine-month period ended September 30, 2020: Total Revenue Commercial Government/ Defense Battery & Energy Products $ 66,616 $ 46,746 $ 19,870 Communications Systems 12,120 - 12,120 Total $ 78,736 $ 46,746 $ 31,990 59 % 41 % U.S. and Non-U.S. Revenue Information 1 Three-month period ended September 30, 2021: Total Revenue United States Non-United States Battery & Energy Products $ 20,008 $ 7,941 $ 12,067 Communications Systems 1,753 1,249 504 Total $ 21,761 $ 9,190 $ 12,571 42 % 58 % Three-month period ended September 30, 2020: Total Revenue United States Non-United States Battery & Energy Products $ 21,819 $ 10,820 $ 10,999 Communications Systems 2,543 2,263 280 Total $ 24,362 $ 13,083 $ 11,279 54 % 46 % Nine-month period ended September 30, 2021: Total Revenue United States Non-United States Battery & Energy Products $ 64,994 $ 32,344 $ 32,650 Communications Systems 9,510 4,670 4,840 Total $ 74,504 $ 37,014 $ 37,490 50 % 50 % Nine-month period ended September 30, 2020: Total Revenue United States Non-United States Battery & Energy Products $ 66,616 $ 36,299 $ 30,317 Communications Systems 12,120 10,840 1,280 Total $ 78,736 $ 47,139 $ 31,597 60 % 40 % 1 may |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Guidance Effective January 1, 2021, 2019 12, 740 2019 12 740 not Recent Accounting Guidance Not In June 2016, 2016 13, 326 December 15, 2022. |
Note 4 - Supplemental Balance_2
Note 4 - Supplemental Balance Sheet Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Cash, Cash Equivalents and Investments [Table Text Block] | September 30, December 31, 2021 2020 Cash $ 15,766 $ 10,562 Restricted cash 87 91 Total $ 15,853 $ 10,653 |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, 2021 2020 Raw materials $ 16,955 $ 17,277 Work in process 3,485 3,411 Finished goods 7,739 7,505 Total $ 28,179 $ 28,193 |
Property, Plant and Equipment [Table Text Block] | September 30, December 31, 2021 2020 Land $ 1,273 $ 1,273 Buildings and leasehold improvements 15,425 15,393 Machinery and equipment 62,449 61,048 Furniture and fixtures 2,503 2,235 Computer hardware and software 7,316 6,894 Construction in process 1,456 1,227 90,422 88,070 Less: Accumulated depreciation (67,387 ) (65,220 ) Property, plant and equipment, net $ 23,035 $ 22,850 Three-month period ended Nine-month period ended September 30, September 30, September 30, September 30, 2021 2020 2021 2020 Depreciation expense $ 700 $ 582 $ 2,160 $ 1,743 |
Schedule of Goodwill [Table Text Block] | Battery & Energy Communications Products Systems Total Balance – December 31, 2020 $ 15,525 $ 11,493 $ 27,018 Effect of foreign currency translation (20 ) - (20 ) Balance – September 30, 2021 $ 15,505 $ 11,493 $ 26,998 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | September 30, 2021 Accumulated Cost Amortization Net Trademarks $ 3,412 $ - $ 3,412 Customer relationships 9,133 5,377 3,756 Patents and technology 5,542 5,097 445 Distributor relationships 377 377 - Trade name 1,519 407 1,112 Total $ 19,983 $ 11,258 $ 8,725 December 31, 2020 Accumulated Cost Amortization Net Trademarks $ 3,410 $ - $ 3,410 Customer relationships 9,171 5,115 4,056 Patents and technology 5,557 5,014 543 Distributor relationships 377 377 - Trade name 1,524 324 1,200 Total $ 20,039 $ 10,830 $ 9,209 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Three-month period ended Nine-month period ended September 30, September 30, September 30, September 30, 2021 2020 2021 2020 Amortization included in: Research and development $ 27 $ 31 $ 93 $ 92 Selling, general and administrative 121 118 365 352 Total amortization expense $ 148 $ 149 $ 458 $ 444 |
Note 5 - Stock-based Compensa_2
Note 5 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Three-month period ended Nine-month period ended September 30, September 30, September 30, September 30, 2021 2020 2021 2020 Stock options $ 131 $ 204 $ 468 $ 674 Restricted stock grants 11 18 44 82 Total $ 142 $ 222 $ 512 $ 756 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding at January 1, 2021 1,217,163 $ 6.50 Granted 56,500 8.50 Exercised (184,429 ) 4.46 Forfeited or expired (24,578 ) 7.35 Outstanding at September 30, 2021 1,064,656 $ 6.94 3.83 $ 978 Vested and expected to vest at September 30, 2021 995,875 $ 6.91 3.71 $ 958 Exercisable at September 30, 2021 769,123 $ 6.77 3.14 $ 889 |
Note 7 - Operating Leases (Tabl
Note 7 - Operating Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three months ended Nine months ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Operating lease cost $ 188 $ 172 $ 564 $ 508 Variable lease cost 25 18 57 54 Total lease cost $ 213 $ 190 $ 621 $ 562 |
Lessee, Lease, Cash Flow Information [Table Text Block] | Nine months ended September 30, 2021 September 30, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 550 $ 506 Right-of-use assets obtained in exchange for lease liabilities: $ - $ 875 |
Lessee, Lease, Balance Sheet Information [Table Text Block] | Balance Sheet Classification September 30, 2021 December 31, 2020 Assets: Operating lease right-of-use asset Other noncurrent assets $ 1,711 $ 2,189 Liabilities: Current operating lease liability Accrued expenses and other current liabilities $ 657 $ 680 Operating lease liability, net of current portion Other noncurrent liabilities 1,086 1,524 Total operating lease liability $ 1,743 $ 2,204 Weighted-average remaining lease term (years) 2.6 3.3 Weighted-average discount rate 4.5 % 4.5 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturity of Operating Lease Liabilities 2021 179 2022 700 2023 720 2024 279 Total lease payments 1,878 Less: Imputed interest (135 ) Present value of remaining lease payments $ 1,743 |
Note 8 - Commitments and Cont_2
Note 8 - Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Nine-month period ended September 30, 2021 2020 Accrued warranty obligations – beginning $ 149 $ 195 Accruals for warranties issued 123 75 Settlements made (143 ) (103 ) Accrued warranty obligations – ending $ 129 $ 167 |
Note 10 - Business Segment In_2
Note 10 - Business Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Battery & Energy Products Communications Systems Corporate Total Revenues $ 20,008 $ 1,753 $ - $ 21,761 Segment contribution 4,792 316 (5,887 ) (779 ) Other income 1 1 Income tax benefit 175 175 Non-controlling interest 18 18 Net loss attributable to Ultralife $ (585 ) Battery & Energy Products Communications Systems Corporate Total Revenues $ 21,819 $ 2,543 $ - $ 24,362 Segment contribution 5,677 834 (5,804 ) 707 Other expense (53 ) (53 ) Tax provision (192 ) (192 ) Non-controlling interest (55 ) (55 ) Net income attributable to Ultralife $ 407 Battery & Energy Products Communications Systems Corporate Total Revenues $ 64,994 $ 9,510 $ - $ 74,504 Segment contribution 16,244 3,109 (18,089 ) 1,264 Other expense (76 ) (76 ) Income tax provision (290 ) (290 ) Non-controlling interest (1 ) (1 ) Net income attributable to Ultralife $ 897 Battery & Energy Products Communications Systems Corporate Total Revenues $ 66,616 $ 12,120 $ - $ 78,736 Segment contribution 17,019 4,789 (17,322 ) 4,486 Other expense (262 ) (262 ) Tax provision (1,010 ) (1,010 ) Non-controlling interest (90 ) (90 ) Net income attributable to Ultralife $ 3,124 |
Schedule of Revenues from External Customers by Business Segment Sector [Table Text Block] | Total Revenue Commercial Government/ Defense Battery & Energy Products $ 20,008 $ 16,579 $ 3,429 Communications Systems 1,753 - 1,753 Total $ 21,761 $ 16,579 $ 5,182 76 % 24 % Total Revenue Commercial Government/ Defense Battery & Energy Products $ 21,819 $ 15,772 $ 6,047 Communications Systems 2,543 - 2,543 Total $ 24,362 $ 15,772 $ 8,590 65 % 35 % Total Revenue Commercial Government/ Defense Battery & Energy Products $ 64,994 $ 46,935 $ 18,059 Communications Systems 9,510 - 9,510 Total $ 74,504 $ 46,935 $ 27,569 63 % 37 % Total Revenue Commercial Government/ Defense Battery & Energy Products $ 66,616 $ 46,746 $ 19,870 Communications Systems 12,120 - 12,120 Total $ 78,736 $ 46,746 $ 31,990 59 % 41 % |
Revenue from External Customers by Geographic Areas [Table Text Block] | Total Revenue United States Non-United States Battery & Energy Products $ 20,008 $ 7,941 $ 12,067 Communications Systems 1,753 1,249 504 Total $ 21,761 $ 9,190 $ 12,571 42 % 58 % Total Revenue United States Non-United States Battery & Energy Products $ 21,819 $ 10,820 $ 10,999 Communications Systems 2,543 2,263 280 Total $ 24,362 $ 13,083 $ 11,279 54 % 46 % Total Revenue United States Non-United States Battery & Energy Products $ 64,994 $ 32,344 $ 32,650 Communications Systems 9,510 4,670 4,840 Total $ 74,504 $ 37,014 $ 37,490 50 % 50 % Total Revenue United States Non-United States Battery & Energy Products $ 66,616 $ 36,299 $ 30,317 Communications Systems 12,120 10,840 1,280 Total $ 78,736 $ 47,139 $ 31,597 60 % 40 % |
Note 2 - Debt (Details Textual)
Note 2 - Debt (Details Textual) $ in Thousands | May 01, 2019USD ($) | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | May 31, 2019 |
Term Loan Facility [Member] | ||||
Debt Instrument, Number of Monthly Payment | 60 | |||
Amended Credit Agreement [Member] | ||||
Debt Issuance Costs, Gross | $ 35 | |||
Repayments of Long-term Debt, Total | 0 | $ 4,200 | ||
Amended Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||
Long-term Line of Credit, Total | 0 | |||
Minimum Fixed Charge Coverage Ratio | 1.15 | |||
Maximum Consolidated Senior Leverage Ratio | 2.5 | |||
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%) | |||
Term Loan Facility [Member] | Revolving Credit Facility [Member] | ||||
Secured Debt, Total | $ 288 | |||
KeyBank [Member] | Amended Credit Agreement [Member] | Term Loan Facility [Member] | ||||
Debt Instrument, Term (Year) | 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 3 - Earnings Per Share (De
Note 3 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Incremental Common Shares Attributable to Share-based Payment Arrangements, Total (in shares) | 0 | 181,270 | 179,951 | 213,574 |
Dilutive Securities Included in Computation of Earnings Per Share Amount Stock Option (in shares) | 831,244 | 598,489 | 831,244 | |
Dilutive Securities Included in Computation of Earnings Per Share Amount Restricted Stock (in shares) | 19,165 | 14,164 | 19,165 | |
Share-based Payment Arrangement, Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1,064,656 | 898,167 | 466,167 | 898,167 |
Restricted Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 14,164 |
Note 4 - Supplemental Balance_3
Note 4 - Supplemental Balance Sheet Information (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Restricted Cash and Cash Equivalents, Total | $ 87 | $ 91 |
NETHERLANDS | ||
Restricted Cash and Cash Equivalents, Total | $ 87 | $ 91 |
Note 4 - Supplemental Balance_4
Note 4 - Supplemental Balance Sheet Information - Cash and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Cash | $ 15,766 | $ 10,562 | ||
Restricted cash | 87 | 91 | ||
Total | $ 15,853 | $ 10,653 | $ 13,777 | $ 7,405 |
Note 4 - Supplemental Balance_5
Note 4 - Supplemental Balance Sheet Information - Components of Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Raw materials | $ 16,955 | $ 17,277 |
Work in process | 3,485 | 3,411 |
Finished goods | 7,739 | 7,505 |
Total | $ 28,179 | $ 28,193 |
Note 4 - Supplemental Balance_6
Note 4 - Supplemental Balance Sheet Information - Components of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Property, plant and equipment, gross | $ 90,422 | $ 90,422 | $ 88,070 | ||
Finished goods | 7,739 | 7,739 | 7,505 | ||
Less: Accumulated depreciation | (67,387) | (67,387) | (65,220) | ||
Property, plant and equipment, net | 23,035 | 23,035 | 22,850 | ||
Depreciation | 700 | $ 582 | 2,160 | $ 1,743 | |
Land [Member] | |||||
Property, plant and equipment, gross | 1,273 | 1,273 | 1,273 | ||
Building and Building Improvements [Member] | |||||
Property, plant and equipment, gross | 15,425 | 15,425 | 15,393 | ||
Machinery and Equipment [Member] | |||||
Property, plant and equipment, gross | 62,449 | 62,449 | 61,048 | ||
Furniture and Fixtures [Member] | |||||
Property, plant and equipment, gross | 2,503 | 2,503 | 2,235 | ||
Computer Equipment [Member] | |||||
Finished goods | 7,316 | 7,316 | 6,894 | ||
Construction in Progress [Member] | |||||
Finished goods | $ 1,456 | $ 1,456 | $ 1,227 |
Note 4 - Supplemental Balance_7
Note 4 - Supplemental Balance Sheet Information - Summary of Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Goodwill balance | $ 27,018 |
Effect of foreign currency translation | (20) |
Goodwill balance | 26,998 |
Battery & Energy Products Segment [Member] | |
Goodwill balance | 15,525 |
Effect of foreign currency translation | (20) |
Goodwill balance | 15,505 |
Communications Systems Segment [Member] | |
Goodwill balance | 11,493 |
Effect of foreign currency translation | 0 |
Goodwill balance | $ 11,493 |
Note 4 - Supplemental Balance_8
Note 4 - Supplemental Balance Sheet Information - Composition of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Cost | $ 19,983 | $ 20,039 |
Accumulated Amortization | 11,258 | 10,830 |
Net | 8,725 | 9,209 |
Trademarks [Member] | ||
Cost | 3,412 | 3,410 |
Accumulated Amortization | 0 | 0 |
Net | 3,412 | 3,410 |
Customer Relationships [Member] | ||
Cost | 9,133 | 9,171 |
Accumulated Amortization | 5,377 | 5,115 |
Net | 3,756 | 4,056 |
Patented Technology [Member] | ||
Cost | 5,542 | 5,557 |
Accumulated Amortization | 5,097 | 5,014 |
Net | 445 | 543 |
Distributor Relationships [Member] | ||
Cost | 377 | 377 |
Accumulated Amortization | 377 | 377 |
Net | 0 | 0 |
Trade Names [Member] | ||
Cost | 1,519 | 1,524 |
Accumulated Amortization | 407 | 324 |
Net | $ 1,112 | $ 1,200 |
Note 4 - Supplemental Balance_9
Note 4 - Supplemental Balance Sheet Information - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Amortization of intangible assets | $ 148 | $ 149 | $ 458 | $ 444 |
Research and Development Expense [Member] | ||||
Amortization of intangible assets | 27 | 31 | 93 | 92 |
Selling, General and Administrative Expenses [Member] | ||||
Amortization of intangible assets | $ 121 | $ 118 | $ 365 | $ 352 |
Note 5 - Stock-based Compensa_3
Note 5 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Oct. 31, 2020 | Apr. 30, 2019 | Jan. 31, 2018 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Proceeds from Stock Options Exercised | $ 84 | $ 142 | $ 398 | $ 218 | |||
Share-based Payment Arrangement, Option [Member] | |||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 367 | $ 367 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 1 month 6 days | ||||||
Restricted Stock [Member] | |||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 26 | $ 26 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 3 months 18 days | ||||||
Restricted Stock [Member] | The 2014 Long-term Incentive Plan [Member] | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares) | 5,000 | 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 (in dollars per share) | $ 6.08 | $ 11.12 | $ 7.16 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years |
Note 5 - Stock-based Compensa_4
Note 5 - Stock-based Compensation - Non-cash Stock Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Stock-based comepensation expense | $ 142 | $ 222 | $ 512 | $ 756 |
Share-based Payment Arrangement, Option [Member] | ||||
Stock-based comepensation expense | 131 | 204 | 468 | 674 |
Restricted Stock [Member] | ||||
Stock-based comepensation expense | $ 11 | $ 18 | $ 44 | $ 82 |
Note 5 - Stock-based Compensa_5
Note 5 - Stock-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2021 | |
Outstanding at January 1, 2021 (in shares) | 1,217,163 |
Outstanding at January 1, 2021, weighted average exercise price (in dollars per share) | $ 6.50 |
Granted (in shares) | 56,500 |
Granted, weighted average exercise price (in dollars per share) | $ 8.50 |
Exercised (in shares) | (184,429) |
Exercised, weighted average exercise price (in dollars per share) | $ 4.46 |
Forfeited or expired (in shares) | (24,578) |
Forfeited or expired, weighted average exercise price (in dollars per share) | $ 7.35 |
Outstanding at September 30, 2021 (in shares) | 1,064,656 |
Outstanding at March 31, 2021, weighted average exercise price (in dollars per share) | $ 6.94 |
Outstanding at March 31, 2021, weighted average remaining contractual term (Year) | 3 years 9 months 29 days |
Outstanding at March 31, 2021, aggregate intrinsic value | $ 978 |
Vested and expected to vest at September 30, 2021 (in shares) | 995,875 |
Options vested and expected to vest, weighted average exercise price (in dollars per share) | $ 6.91 |
Options vested and expected to vest, weighted average remaining contractual term (Year) | 3 years 8 months 15 days |
Options vested and expected to vest, aggregate intrinsic value | $ 958 |
Exercisable at September 30, 2021 (in shares) | 769,123 |
Exercisable at March 31, 2021, weighted average exercise price (in dollars per share) | $ 6.77 |
Exercisable at March 31, 2021, weighted average remaining contractual term (Year) | 3 years 1 month 20 days |
Exercisable at March 31, 2021, aggregate intrinsic value | $ 889 |
Note 6 - Income Taxes (Details
Note 6 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 24.40% | 23.90% | |
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 | |
General Business Tax Credit Carryforward [Member] | |||
Tax Credit Carryforward, Amount | 2,070 | ||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Operating Loss Carryforwards, Total | $ 47,755 | ||
Open Tax Year | 2001 2002 2005 2006 2007 2011 2012 2013 2014 2015 | ||
Foreign Tax Authority [Member] | |||
Deferred Tax Assets, Valuation Allowance, Total | $ 0 | ||
Open Tax Year | 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 | ||
Foreign Tax Authority [Member] | Her Majesty's Revenue and Customs (HMRC) [Member] | |||
Operating Loss Carryforwards, Total | $ 11,000 | ||
State and Local Jurisdiction [Member] | |||
Open Tax Year | 2001 2002 2005 2006 2007 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 |
Note 7 - Operating Leases (Deta
Note 7 - Operating Leases (Details Textual) | Sep. 30, 2021 |
Minimum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year |
Maximum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 3 years |
Note 7 - Operating Leases - Lea
Note 7 - Operating Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating lease cost | $ 188 | $ 172 | $ 564 | $ 508 |
Variable lease cost | 25 | 18 | 57 | 54 |
Total lease cost | $ 213 | $ 190 | $ 621 | $ 562 |
Note 7 - Operating Leases - Sup
Note 7 - Operating Leases - Supplement Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating cash flows from operating leases | $ 550 | $ 506 |
Right-of-use assets obtained in exchange for lease liabilities: | $ 0 | $ 875 |
Note 7 - Operating Leases - S_2
Note 7 - Operating Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Weighted-average remaining lease term (years) (Year) | 2 years 7 months 6 days | 3 years 3 months 18 days |
Weighted-average discount rate | 4.50% | 4.50% |
Other Noncurrent Assets [Member] | ||
Operating lease right-of-use asset | $ 1,711 | $ 2,189 |
Accrued Expenses and Other Current Liabilities [Member] | ||
Current operating lease liability | 657 | 680 |
Other Noncurrent Liabilities [Member] | ||
Operating lease liability, net of current portion | 1,086 | 1,524 |
Accrued Expenses and Other Current Liabilites and Other Noncurrent Liabilities [Member] | ||
Total operating lease liability | $ 1,743 | $ 2,204 |
Note 7 - Operating Leases - Fut
Note 7 - Operating Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
2021 | $ 179 | |
2022 | 700 | |
2023 | 720 | |
2024 | 279 | |
Total lease payments | 1,878 | |
Less: Imputed interest | (135) | |
Accrued Expenses and Other Current Liabilites and Other Noncurrent Liabilities [Member] | ||
Present value of remaining lease payments | $ 1,743 | $ 2,204 |
Note 8 - Commitments and Cont_3
Note 8 - Commitments and Contingencies (Details Textual) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Long-term Purchase Commitment, Amount | $ 1.1 |
Note 8 - Commitments and Cont_4
Note 8 - Commitments and Contingencies - Changes in Produce Warranty Liability (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Accrued warranty obligations – beginning | $ 149 | $ 195 |
Accruals for warranties issued | 123 | 75 |
Settlements made | (143) | (103) |
Accrued warranty obligations – ending | $ 129 | $ 167 |
Note 10 - Business Segment In_3
Note 10 - Business Segment Information (Details Textual) | 9 Months Ended |
Sep. 30, 2021 | |
Number of Operating Segments | 2 |
Note 10 - Business Segment In_4
Note 10 - Business Segment Information - Segment Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Revenues | [1] | $ 21,761 | $ 24,362 | $ 74,504 | $ 78,736 |
Segment contribution | (779) | 707 | 1,264 | 4,486 | |
Other income | 1 | (53) | (76) | (262) | |
Income tax benefit | 175 | (192) | (290) | (1,010) | |
Non-controlling interest | 18 | (55) | (1) | (90) | |
Net loss attributable to Ultralife | (585) | 407 | 897 | 3,124 | |
Tax provision | 175 | (192) | (290) | (1,010) | |
Battery & Energy Products Segment [Member] | |||||
Revenues | [1] | 20,008 | 21,819 | 64,994 | 66,616 |
Segment contribution | 4,792 | 5,677 | 16,244 | 17,019 | |
Other income | |||||
Communications Systems Segment [Member] | |||||
Revenues | [1] | 1,753 | 2,543 | 9,510 | 12,120 |
Segment contribution | 316 | 834 | 3,109 | 4,789 | |
Corporate Segment [Member] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Segment contribution | (5,887) | (5,804) | (18,089) | (17,322) | |
Other income | 1 | (53) | (76) | (262) | |
Income tax benefit | 175 | (192) | (290) | (1,010) | |
Non-controlling interest | 18 | (55) | (1) | (90) | |
Tax provision | $ 175 | $ (192) | $ (290) | $ (1,010) | |
[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 10 - Business Segment In_5
Note 10 - Business Segment Information - Revenue by Business Segment Sector (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Revenues | [1] | $ 21,761 | $ 24,362 | $ 74,504 | $ 78,736 |
Commercial [Member] | |||||
Revenues | $ 16,579 | $ 15,772 | $ 46,935 | $ 46,746 | |
Revenue, percentage | 76.00% | 65.00% | 63.00% | 59.00% | |
Government & Defense [Member] | |||||
Revenues | $ 5,182 | $ 8,590 | $ 27,569 | $ 31,990 | |
Revenue, percentage | 24.00% | 35.00% | 37.00% | 41.00% | |
Battery & Energy Products Segment [Member] | |||||
Revenues | [1] | $ 20,008 | $ 21,819 | $ 64,994 | $ 66,616 |
Battery & Energy Products Segment [Member] | Commercial [Member] | |||||
Revenues | 16,579 | 15,772 | 46,935 | 46,746 | |
Battery & Energy Products Segment [Member] | Government & Defense [Member] | |||||
Revenues | 3,429 | 6,047 | 18,059 | 19,870 | |
Communications Systems Segment [Member] | |||||
Revenues | [1] | 1,753 | 2,543 | 9,510 | 12,120 |
Communications Systems Segment [Member] | Commercial [Member] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Communications Systems Segment [Member] | Government & Defense [Member] | |||||
Revenues | $ 1,753 | $ 2,543 | $ 9,510 | $ 12,120 | |
[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 10 - Business Segment In_6
Note 10 - Business Segment Information - Domestic and International Revenue by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Revenues | [1] | $ 21,761 | $ 24,362 | $ 74,504 | $ 78,736 |
UNITED STATES | |||||
Revenues | [1] | $ 9,190 | $ 13,083 | $ 37,014 | $ 47,139 |
Revenue, percentage | [1] | 42.00% | 54.00% | 50.00% | 60.00% |
Non-US [Member] | |||||
Revenues | [1] | $ 12,571 | $ 11,279 | $ 37,490 | $ 31,597 |
Revenue, percentage | [1] | 58.00% | 46.00% | 50.00% | 40.00% |
Battery & Energy Products Segment [Member] | |||||
Revenues | [1] | $ 20,008 | $ 21,819 | $ 64,994 | $ 66,616 |
Battery & Energy Products Segment [Member] | UNITED STATES | |||||
Revenues | [1] | 7,941 | 10,820 | 32,344 | 36,299 |
Battery & Energy Products Segment [Member] | Non-US [Member] | |||||
Revenues | [1] | 12,067 | 10,999 | 32,650 | 30,317 |
Communications Systems Segment [Member] | |||||
Revenues | [1] | 1,753 | 2,543 | 9,510 | 12,120 |
Communications Systems Segment [Member] | UNITED STATES | |||||
Revenues | [1] | 1,249 | 2,263 | 4,670 | 10,840 |
Communications Systems Segment [Member] | Non-US [Member] | |||||
Revenues | [1] | $ 504 | $ 280 | $ 4,840 | $ 1,280 |
[1] | Sales classified to U.S. include shipments to U.S.-based prime contractors which in some cases may serve non-U.S. projects. |