ULBI - Earnings call transcript Q2 2019

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Operator

Good day, and welcome to this Ultralife Corporation's Second Quarter 2019 Earnings Release Conference Call.

At this time, I'll like to turn the conference over to Jody Burfening. Please go ahead.

Jody Burfening

Thank you, Audra, and good morning everyone. And thank you for joining us this morning for Ultralife Corporation's earnings conference call for the second quarter of 2019. call Phil Mike Officer. Fain, the and Ultralife's on and CEO Ultralife's us today Popielec, are President With Chief Financial earnings issued was press morning. The earlier this release you yet you'll where the release the copy, If website in find received News Relations has the company's not I anyone invite Investor to under visit www.ultralifecorporation.com, a section.

from Actual the as remind call These economic statements expectations. some basis. this products projected conference could everyone customers revenues will on a call forward-looking results made to based I those new management, risks over result global global and include from of uncertainties. turning materially conditions uncertain in that of Before a various and acceptance would to potential reduction statements contain like on differ key during current

investors update to statements, circumstances. events to of today's or reliance on cautions the analysis no company undertakes forward-looking publicly company undue not obligation only forward-looking company's place to statements date. as reflect which subsequent The reflect The

information is included and Further results and filings Form the with latest Report Ultralife's company's Exchange on other could Securities affect Annual on XX-K. factors including in financial the that factors Commission these

non-GAAP today's be These on addition, be non-GAAP to that financial from certain management to will management should considers In to useful measures differ corresponding refer supplemental that considered and call GAAP. figures. measures GAAP

call Mike. Good to over morning, would the I turn that, to With like now Mike.

Mike Popielec

the it progress our we Southwest Energy start provide will including call and revenue call. results. the After Good an making you I'll XXXX open as financial up When Phil, which I'll performance. finished, everyone the detailed Phil QX for brief joining to who Today, questions. acquisition about which, morning, Jody over update our on to overall operating through Corporation, then I'll XXXX thank the for against you SWE the some by of refer take comments turn Electronic initiatives is

revenue to pleased and we partner leveraged first million revenue increase driven of increase mounted on shipments Communication deliver second increase power the was in an under in initiatives quarter The were Looking the organic amplifiers and results at by contracts a delivery profit. an primarily the our for in basis, for as XX% our Army's Vehicle monetization X% as June. operating order well to Adapter shipments IDIQ $XX U.S. network Universal under announced existing Systems channel

Our revenues business X-volt shipments boosted manufactured China Battery tariff were quarter large from from our by increased line Products Due a on SWE in & months core DOA recurring company year and to reported product year-over-year to impacted XX% prior XXXXs a two down softness ago. not this basis. year Energy of revenue continued total contribution

revenue Phil few of take our In details Phil? you minutes, to to initiatives. second the ask But like Fain I'll a I'd further additional first, Ultralife's growth give CFO, XXXX through you quarter on information performance. financial

Phil Fain

Mike second June you, good released morning this XXXX. for everyone. XX, Earlier and we Thank ended quarter quarter results the morning, our

and presentation updated the We X-K Form filed XX-Q the Form also have Ultralife and our with investor in SEC website. our

those all thank possible. helped make to like who would this I

and with Our second adjustments along costs for the quarter direct results accounting acquisition. to includes May and SWE's the related operating June purchase

line remarks, of will the on share. point through acquisition the earnings I prepared go I out various per As my impact and items

over XXXX representing and XX.X% second XX.X% increased For period. Overall, commercial totaled quarter or over the the a million XXXX. $X.X $XX.X million and defense of the second for consolidated quarter, increase the reported million sales $XX.X revenues government XX.X% increased sales

and higher contribution large the increase and lower which million associated revenue government order second was Energy the quarter attributable $X.X & were sales Battery of offset $XX.X The revenue our from $X.X of increase million, from X-volt over Products in last year. with segment an million, more XX.X% defense to SWE, Revenues or than the XXXX battery XXXX. year-over-year

period the commercial products. demand domestic XX%-XX% sales our segment reflecting XX%-XX% SWE, government Revenues second $X.X of XX%-XX% was defense XX%-XX%, higher last XXXX from for medical $X.X compared Communication million the XXXX compared to increase for Including to and quarter Systems to over split for million, international international the and an XX.X% the between split was or year. our were

amplifiers of Adapters delivery of the This Naval to an is U.S. Air shipments orders IDIQ under under XXXX the in contract other Center announced XXXX. attributable Army's shipments network the increase in primarily June, initiatives Universal power mounted Vehicle to and modernization October, with Warfare announced support and

XX%-XX% defense Systems governments sales. sales On and versus basis, year SWE increase of commercial, and consolidated the earlier both our year-over-year Communication XX%-XX% split the acquisition was the for in a the XX% reflecting period,

consolidated gross compared the million, $X.X XXXX for was to million Our $X.X period. profit

accounting SWE. percentage of basis gross second points XX.X% a This revenues, margin of year's an As of XXX points. XX.X% versus adjustments total the to is increase relating purchase last was consolidated acquisition quarter, net of basis for of XX increase

generally up thereby, In principles, we SWE's of value, of gross from second a portion to profit market sale the inventory inventory quarter. accordance this fair with beginning the the wrote accepted significant accounting eliminating in

basis our & XX.X% last year Products favorable margin points to from sales Energy Gross business Gross Battery million. from was XX.X%, increase increased $X.X an to of due XX.X% for $X.X profit million mix. XX reported

been of accounting quarter. impact second would margin adjustments, the gross have for XXXX purchase the XX.X% Excluding the the

of segment, period. compared XX.X%, mix. for an XX.X% Systems due Communication gross million $X.X million compared was of our profit XX.X%, was Gross increase $X.X year favorable the XXX points to to million, sales For $X.X or margin earlier basis an to increase

one-time last compared million, to or SWE's Operating The million, attributable million of of fully million costs, was operating acquisition $X.X $X.X legal and increase of $X.X direct including expenses customary expenses. million expenses $X.X due increase XX.X%. totaled year, diligence $X.X reflecting to an audit

to expenses million operating expenses. $X.X corporate Excluding X.X% or primarily decreased SWE, due lower

of year-earlier As revenue, period. compared XX.X%, to for a were XX.X% expenses percentage operating the

for representing accounting an million, adjustments of direct the costs and versus period income Operating million XX.X%. $X.X was And purchase million of period, for year. of XX.X% for was to XXXX, second $X.X inclusive XXXX $X.X X.X% increase XXXX operating last the margin quarter acquisition the of compared

expense as XX% non-cash including the was million the stock-based sales, of compensation XX.X% of EBITDA defined increase second or for over XX.X% EBITDA quarter Adjusted or $X.X XXXX. of million an $X.X

was million, provision second for for $X.X compared to tax the the $X.X quarter million Our XXXX period.

the in This a year-earlier quarter. a in an tax compared of result rate for effective utilized our determine tax XX.X% tax year accepted of on the portion of overall X.X% As for the net accounting tax XXXX deferred income, resulting of with quarter XXXX. the principles, rate to valuation of an our tax allowance end generally U.S. reversing assets we at second to provision on rate U.S. XX% accordance

share, per net SWE million adjustments Net XX.X% $X.XX share. and million, assets effective of We rate, deferred tax non-recurring acquisition tax rate, adjustments $X.XX the that share for or $X.X and that for per by expect net to tax for quarter a our utilizing per offset second cash $X.X rate XXXX the $X.XX the quarter share effective income based compared U.S. statutory amounting was approximately the was would $X.XX of be accretive Including second foreseeable expenses U.S. future equivalent the or the and to taxes approximately XXXX. the $X.X will and income per million X.X%. to of

proper to EPS the an on present comparison. be reflect During I stated ensuring taxes a while call, adjusted XXXX that actual basis paid year-over-year QX investors I XXXX to would

non-cash of offset $X.XX $X.X second per of expected net other XXXX, the per for credits solid over carryforwards provision of increase year. a company's ratio representing our the was share comparable million of share $X.XX adjusted working XX% million, X.X. the The capital by remains operating liquidity to an on reported cash Excluding $XX.X hand taxes and last current and with quarter U.S. be tax loss EPS fully for

strategic fulfill continue X-volt availability SWE and repurchases. backlog projects to in manage financing our acquisition balanced cash carefully will We balanced thionyl The fashion. and increasing inventory to approach share continue. a our to our CapEx This support and of chloride

remain actions summary, drive are growth to highest In priority. we our the profitable taking

driving potential intent business M&A of sales volume the on and our initiatives release accretive model. organic synergistic full through Our further to leverage supplemented with remains and

will now back it turn I Mike. to

Mike Popielec

you Phil. Thank

continue accretive strategic markets development sales For focused on of XXXX, product and we expansion and and new revenue be and through CapEx, acquisitions. diversification to reach,

initial Regarding plans with integration earnings. acquisition execution so SWE, the far. no acquisition to XXX-day the mode negative The are functional in full surprises of was QX recent slightly accretive

the on-track earning to remain accretive first we XX acquisition's for EPS the contribution So for be months.

mitigate they as to provides but in us We're markets end new is to competitive on entry involve and very SWE exploration another unserved and possess oil revenue to applications currently reliability grow our lumpiness niche the high-value business attributes unpredictability SWE in critical core revenue, customer and it that proposition the step subsea These excited streams. similar differentiation production and about and by relationships. U.S. revenue opportunities electrification. of and Markets gas long-term Government/Defense mission our acquisition also based not diversifying to in quality with only our an markets largely Ultralife.

we're our charger technical their We and valuable growth to addition technicians. highly commercial battery system to and in to most unique of contributions product opportunities efforts SWE's And end pursue additional and of our markets. expanding capability by technical and revenue overall importantly, new development look existing pack the team our engineers forward

revenue historically market strongest global Stepping yet Products B&E Government/Defense the the expansion & indicator market. commercial XX% and of mix market revenues back available the progress, QX to total U.S. of Energy we've from Government/Defense using broadly now represented lumpiest SWE, our commercial an and international at including diversification as business Government/Defense look market international more diversification Battery been the We're XXXX sales. and

represented Accutronics sales, we're X-ray to XXXX, medical applications in our last robots. carts, sales shipments made global infusion our battery just offset breathing not fully the in XXXX in of business Reviewing including single-digit charger medical products under surgical softness XX% were high pumps, medical QX and B&E for year remainder Key growth QX by digital revenues of device medical devices, due total and in business. and medical

continue orders against in $X existing QX New agreements blanket over totaled and and/or million. delivery customer XXXX multi-year

also and commercial and we're industrial equipment, such medical, safety sensors asset and metering end other markets targeting tracking. as to addition In security,

XXXX transactions purchase million specific prime chloride under our market for a included pass the international $X.X Government/Defense PO batteries. thionyl just our for global for Land toll $X QX for for order and Warrior million our China legacy product in Some an

usual to and range In tactical batteries primes. B&E's XXXX, the of and for included QX communications orders U.S. DOD various business shipments key OEM Government/Defense in follow-on

non-military a the public contract currently are major global for We also by manufacturer. another received produced batteries which being market, a OEM from new for safety communications

the blend multiyear received new $XX approximately the in XXXX next batteries in finally, battery preparation the the and primary awards XXXX. IDIQ generation million first under with way XXXX cooperation And DOD, readiness production article of CFX process part lengthy testing and continue for as we the in DLA

activity and quarter, improvements next-generation energy continued numerous second global Regarding chloride projects saw ruggedized the format our a product large across B&E in new back-up China, IoT targeting communications military And industrial, line metering, battery. product our including battery, development, applications. during new thionyl modular storage

We to rapidly the manufacturing growing B&E wireless forward also asset continue two that and alarms, products X-volt focused strategic CapEx on serve projects next-generation tracking move of metering. smoke new market, development and will IoT devices the on devices,

product low our of York product. and facility, production our the with fine X-volt for proposition we performance, and proximity a provide underway is now second QX, Newark, will customers commissioning as and the in throughout tuning New new quarter. of well final continued to of equipment value supply manufactured customers, automated safety, volume products a providing These samples qualification testing as price product while chain the At new competitive began U.S. world-class the premium

production In testing supplied for customers we're continued manganese volumes. be lithium ramping and new dioxide to samples soft manufactured China, locally full to our to X-volt

customer thousands of and millions potential the early on the seeing from we're testing year units new the and anywhere X-volt by in interest customer qualification individual range we're depending annual and per Although, initial products the device in encouraged the are processes application. demand to

from approximately QX Regarding development new XX% than of years less represented communication revenues. systems comp in systems three or product old XXXX revenue to equal

the order for remainder at award vehicle with our quickly an million initial IDIQ for from to immediate end with Division Navy supported quarter Aircraft $X.X was of be Air delivery adaptors early in Center Warfare completed the shipments The the with universal QX. the

quarter the deliveries follow second commercial systems amplifier in of support included for kits. and U.S. power key Army's Network initiatives Other in the mounted non-standard vehicle on Modernization the communications shipments

for Form-fit radio continues with small QX. radio the Manpack in evaluation and program systems program current on major handheld later awards ongoing XXXX programs for Army's of focused operational Handheld are in into Funding U.S. anticipated testing and a Follow-on the XXXX. leader and

would that is activity nearly product power both Manpack support radios. lightweight engineering a In complete planning addition on X-channel multigenerational supply X-channel and

a into well customers is military also equipment to diversification as in existing other opportunities Comm community. Systems and support positioned programs an pursuing is integrator future requirements new support the and these for CXISR

has we for investments capability Given test disciplines. last test again in opportunities equipment has that year. strong staff programs enabled with department current automated planned later growth engineering technical yielded test strategically on the focus made radio have Also this capacity within year multiple added demand CapEx high meet to additional volume in

air technically readiness driven and the that We ground radio solutions to dismounted operational globally. superior remain products the programs platforms mobility, field effectiveness enhance using operations, and soldiers' maritime, and latest supporting and

leveraged growth. the communication performance business of see to XXXX, bottom-line new closing, reflected quarter In back and the revenue second initial by the into solid strong our pleased for of bounce we're acquisition top expected in systems and

good the driven pursuing new the backlog hand product XXXX system XXXX. program Communications communication Systems innovative team our and revenue provides year by potential the of is the for and visibility actively of development opportunities throughout for present end in remainder ownership of other

Energy & full to we new complete integration Battery new our be the that serving sources can revenue winning customers and yet focus At base on Products, that brings comprehensively their and existing tactical SWE look to quickly leveraging plan talent the such ones. and forward

We're development streams the new revenue and start also current looking product new as capture year. completion in core throughout and assertively to reach projects the patiently business MGPP yet several to

on to development we're for company, better and to growing focus while revenue resources, maintaining and technical set selectively cost the a our discipline growth. prospect continue future to adding revenue As serve sales

with deliver We of expect year-over-year to earnings to increasing and leveraged profitable remain we of our target each quarter growth in revenue year fully committed a XXXX.

call we're happy Operator, and this open for to concludes the my remarks prepared questions.

Operator

Instructions] [Operator Eliot to you. first Management. Rose We Wealth Thank will Gary go Siperstein at

Gary Siperstein

Mike and on quarter. Phil. Congratulations strong morning Good another

Mike Popielec

Thank you.

Phil Fain

Gary. Thanks

Gary Siperstein

it China. that first and production into they X-volt are that? question due the until holding reason Is X-volt you just they so orders I the the my full goes economy into is guess because so X-volt, in weak are Chinese transitioning Mike to -- mentioned is for slowdown or X-volt off the the what's

Mike Popielec

is mostly into associated U.S. of X-volt import. China are by that What market I the product tariffs impacted are to referring was the with being the produced supply the is, that

Gary Siperstein

accretiveness, Okay, of XXXX. got necessarily we on last the also quarter's expect release based that to And of I didn't accretive news on be guess you. terms till spring in SWE's

due that in quarter? for and Did So organic? is actual that the was you're the first to do an to have quarter closed or fact penny with accretive months of in in various accretiveness, the it the with the quarter the business debits closing the adjustments credits couple that and

Mike Popielec

well mean Really very the the from of all a I I performed think perspective. team very above. revenue

slower. a quarter benefit got sometimes of little the months sort of a last -- quarter first the versus I the the a month of or first of think two can we be quarter

their I the acquisition also itself that well. The think I team beneficiaries with of the are inside third didn't a resources all making on and we we think associated typical quarter. in money. we had But transaction the just having outside the performed a month operating expense in -- deployed team second proper closing sure waste the discipline But deployed. of that that

initial the to go it's cost the overcome up inventory expense. and we So sort amortization the the increase of one elements the asset Obviously, interest market a need upfront. write the competition intangible that hurdles of in closing time into then that to

and in a that out elements of SWE revenue such the slight the delightful overcome we scratched was second strong it's to all able So accretion surprise, production quarter. profitability those

Gary Siperstein

Right.

maybe show here? not get QX could spring. that what will loss QX possible on slight in then said, from accretiveness show It's so just sequentially the and that breakeven So a accretiveness it's automatic based or we you

Mike Popielec

the Matter only time of fact us the I on in thing, real in the against it will really were depends quarter. all add And volume. is expenses one positive. here worked adjustments They

Gary Siperstein

QX. there and won't be Right in those

help. will that So

SWE. last one one Just on

now they delved talking by within thus surprises to their as it talk expect? customers, is no as said I have did owned you as customers? larger mean, are anything more you you potential bigger you robust company So that a you a as far find with into

Mike Popielec

we yet, the we specifically of make sure lot think a Not spent mean speaking money prosper. want to I have with customers here, on I just investment generally they

in etcetera this management fully the with resources. development in interested investment that supporting that team our So opportunities the cycle for any and sense Board our very us are make strategic and plan we're and make those all sure of human to that

So good I prosper. above portion to think them the party think it's that what more its bring beyond of and help we it, customer can to I but

Gary Siperstein

on That’s question fair. SWE. last Okay. And one

So tell to purchase me price and land Phil, much of the was how their can you allocated building?

Phil Fain

break for Gary. Yes, down I it you will

$XX was per So assessed million $X.XX million, X-KA value the of approximately is filed, the that Form it's $XX.XXX building. million the

there over is just $X addition, In working capital of million.

you So million the you the is the going generation it have of $X.X forward. $X.X cash have the million, of truly flows rest

Gary Siperstein

current million do value you market as value feel well? And that $X.X is Okay. assessed

Phil Fain

because assessment very I know it year. end for a the done at last fact is the of was

Gary Siperstein

Thank you. okay. Super,

Okay. in in some to -- we the QX the $XX.X all much in And and be on balance going where million QX? or going Comm is Systems, to the moving with of contract stand to shipments shipped QX were how the

Phil Fain

question. Well with I second of the Gary, start will half your

I don't a indication. shipments across that and maybe number. likely will expect the give to We good a can QX starting good a exact go you give fair QX point I chunk want -- But

where started with know look year. fairly beginning basis. We year. that is the of it we was the But backlog on give the When backlog interim we just and the an of at you at backlog consistent you when backlog give don't

was a we us pleased pretty that. and will it forward going with the But QX. we that and progress solid I in QX leave at are have made schedule think that very we'll So, help

Gary Siperstein

Super.

So, shipments, remaining despite all the steady. backlog is

you're million the other to already is not in much So, how shipped going through words me of June out tell $XX.X XXth?

Phil Fain

Well, I'm in that specific dollar the majority $XX.X but front not give to in percentages. of million us of the tell I terms you a going you amount, will of lies

Gary Siperstein

And much all with $XX much million that in million that's balance increase to the How contract inventory million, just $XX Okay, related discussed much regular you. and how just I I how to of terms came is $XX in SWE? of we is needed. Thank think the of the business?

Phil Fain

great Yes, at over around came SWE question, Gary. just million. $X.X in

I we $X.X million the approximately the fulfill had build look the large businesses of I year. the million. that $XX.X inventory And of very, when of say core at pre-buys very from proportion to is inventory end So, a would

in consider increase we Products them. will would consider upon Battery an what & us addition In for I opportunities that Energy future be

Although you inventory, an would call show don't buys like I increase. were in that there some what increase associated smart to with

Gary Siperstein

should Okay. $XX.X completing year the land that inventory with Based where by at on Phil XX/XX, end? million

Phil Fain

inventory $XX be, ball as there using is Gary year are perfect the think I reason why God going that that be range. willing, next year I $XX in to going crystal good because I'm cash backlog in million the And my management range at expect solid will end to into the million some well.

Gary Siperstein

on interest in SWE of debt the And that rate debt? terms what's acquisition, for Super. on your the taken

Phil Fain

rate interest approximately The is X.XX%.

Gary Siperstein

to -- figures give in starting contractor if follow in color or And seven OEM. contract just over that? with or possibly you any with mentioned new a that as in public happy is safety it they're can us terms that Is more with of product a on the you more super. Okay, new Mike

Mike Popielec

to in certainly its but small mean range. be I Yes seven-figure it the initially potential has dollars,

Gary Siperstein

units. testing the China be could should but I But said the in of you of commercial one be with in terms ahead X-volt is both or know as there sort millions, the both in orders? U.S. should the the of And could it sampling they thousands And which in the concurrently? China, move or the first -- in U.S. launch of and Okay. and

Mike Popielec

a there's being focus They're that mutual the the position U.S. great in China. manufacturing mean we not. I launched. are of both think be market in any concurrently the one and sort if developing U.S. China to manufacturing capability type have OEMs of or really the serve that tariff We particular would

it's So, the basis. we ultimately, really they're it to build supply trying be serve wherever to happening product in want needs chain the best built And to to a fulfill. parallel

Gary Siperstein

Thank million. Okay, that's And just on you. $XX.X good color. follow-up another the

and with that contractor program of potential an is $XX.X general business the government modernization? them XXXX-XXXX? terms is in part And that million ongoing forever? for there in won once is done Or the for satisfies of So, additional the it

Mike Popielec

of have in But program larger -- as That's would for. contracts currently delivery is the additional we fulfillment the part and orders continue that that a our be expected transits future. of to have on a

Gary Siperstein

get for So, could come once more if -- they amplifiers. to government, from they can additional the us orders back they

Mike Popielec

correct. That's

Gary Siperstein

ongoing commentary part lines And one And I next then the of guess of for the regarding of you XXXX. on Okay. XXXX Leader so said Manpack these you and that's radio you two mentioned and modernization mentioned that some gen end later kind on and thing. testing And I think radios. this whole

think heard six year. in revenue in don't first terms we've of of Leader months I the this much

of So, just will -- the is part they other correctly, contract lagging move leader general that be $XX.X cadences? these contractor for well. But will as or different million go testings at assuming the the

Mike Popielec

-- not-Leader. really confusing One, was two The it's -- million Network $XX.X may little from channel of not under overall to you one of contracts. other quantities And partner, But those think, one be was carefully I to shipping we're that umbrella the a our Leader Because – consisted bit versus attributable the items. of initiatives. different to Leader. the treading both contracts Modernization products of designate we're of the which of

Gary Siperstein

Okay.

Mike Popielec

to on that highly Leader we're program we those still we're now. contracts we contracts both a under of right what $XX.X have is to try year. to And program looking ongoing for that best of publicized million The last very that making the our point ship is headroom received do

orders that to by accretive may any enhance our us. to channel best in partner So our be position future to extension get and more we're

Gary Siperstein

for Okay. clarity. my question one And last just Yes. own Understood.

So with that shipping Leader the the contractor? is say and for customer international name accurate? Manpack the but general is contract Is for or both million Manpack European -- are the the $XX.X was they're you when program a the the and Leader the U.S. U.S. contractor Whereas, stuff both program.

Mike Popielec

think, umbrella try was the and of it. just frankly simplify No, Modernization The done U.S. multi-national portion is overall to are was but a Leader into initiatives, these the OEM Network I global Radio. that which primes, Army's being through -- And the U.S. Army.

Gary Siperstein

I last Okay. you. a it. got give someone All right. Thank And chance. question, else I'll

additional movement back just know In come this terms of potentially anything with to talk and kind new that -- shown before in in But of any one. conference some has have the other or up guys since last anything -- maybe you pipeline rejected M&A I anything again, and you're there prospects has digesting the else is call?

Mike Popielec

did interested only acquisitions SWE the point equally were in we continue is before as pursuing the to we mean, that acquisition. at in be thing this the say we I I really can moment

Now, found a as we four ago. was SWE over acquisition first potential years target out about the

those acquisition So targets, -- developing continuing relationships. developing

a results out to our more combinations reach think them receptive. start and we're or that we get out and so us As people reach more they're attractive better, about acquirer, to to

a that result one we the it's And more do prospect So development this just bit changed future. that done. we've ongoing activity in hasn't already as of hope acquisition type an to

Gary Siperstein

was Phil, bought quarter? question, back in any last stock And you. Got there the Super. Yes.

Phil Fain

since program's you'll There reconciliation inception in repurchased, was the see was XX-Q. the of complete what a not. And

Gary Siperstein

on Okay. quarter. Super. the and Thanks, again, guys congratulations, strong

Phil Fain

Thank you, Gary.

Operator

we conference And this Instructions] no remarks. back management have [Operator further at turn questions. for over the I'll time, any to closing

Mike Popielec

sharing you call. note Well, us in once again as a joining XXXX earlier, you presentation look second it like the earnings quarter's quarterly progress investor our future. out. in please We our we've day. also forward each mentioned conference check our updated to Bill quarter for Everybody, so that website, on our have great call Great. for thank with I'd to

Operator

participation. does you your conference. for that thank And Again, today's conclude

Ultralife (ULBI) 2 Aug 192019 Q2 Earnings call transcript