Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 29, 2019 | Oct. 29, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | Ultralife Corp | |
Entity Central Index Key | 0000875657 | |
Trading Symbol | ulbi | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 15,856,907 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 29, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, $0.10 par value per share |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 29, 2019 | Dec. 31, 2018 | ||
Current assets: | ||||
Cash | [1] | $ 7,089 | $ 25,934 | |
Trade accounts receivable, net of allowance for doubtful accounts of $322 and $296, respectively | 26,573 | 16,015 | ||
Inventories, net | 32,396 | 22,843 | [1] | |
Prepaid expenses and other current assets | 2,949 | 2,368 | [1] | |
Total current assets | 69,007 | 67,160 | [1] | |
Property, equipment and improvements, net | 22,599 | 10,744 | [1] | |
Goodwill | 26,373 | 20,109 | [1] | |
Other intangible assets, net | 9,683 | 6,504 | [1] | |
Deferred income taxes, net | 13,556 | 15,444 | [1] | |
Other noncurrent assets | 2,086 | 887 | [1] | |
Total Assets | 143,304 | 120,848 | [1] | |
Current Liabilities: | ||||
Accounts payable | 10,451 | 9,919 | [1] | |
Current portion of long-term debt | 1,326 | [1] | ||
Accrued compensation and related benefits | 1,534 | 1,494 | [1] | |
Accrued expenses and other current liabilities | 4,962 | 3,973 | [1] | |
Total current liabilities | 18,273 | 15,386 | [1] | |
Long-term debt | 16,257 | [1] | ||
Deferred income taxes | 504 | 591 | [1] | |
Other noncurrent liabilities | 1,419 | 408 | [1] | |
Total liabilities | 36,453 | 16,385 | [1] | |
Commitments and contingencies (Note 10) | ||||
Shareholders' equity: | ||||
Preferred stock – par value $.10 per share; authorized 1,000,000 shares; none issued | [1] | |||
Common stock – par value $.10 per share; authorized 40,000,000 shares; issued – 20,253,889 shares at September 29, 2019 and 20,053,335 shares at December 31, 2018; outstanding – 15,852,707 shares at September 29, 2019 and 15,920,585 shares at December 31, 2018 | 2,025 | 2,005 | ||
Capital in excess of par value | 183,995 | 182,630 | [1] | |
Accumulated deficit | (54,456) | (58,035) | [1] | |
Accumulated other comprehensive loss | (3,471) | (2,786) | [1] | |
Treasury stock - at cost; 4,401,182 shares at September 29, 2019 and 4,132,750 shares at December 31, 2018 | (21,231) | (19,266) | [1] | |
Total Ultralife Corporation equity | 106,862 | 104,548 | [1] | |
Non-controlling interest | (11) | (85) | [1] | |
Total shareholders’ equity | 106,851 | 104,463 | [1],[2] | |
Total liabilities and shareholders' equity | $ 143,304 | $ 120,848 | [1] | |
[1] | Effective January 1, 2019, the Company adopted Accounting Standards Codification Topic 842 (ASC 842), Leases. Prior period balances have been adjusted for the effects of the new standard. See Note 1 for further information. | |||
[2] | Effective January 1, 2019, the Company adopted Accounting Standards Codification Topic 842 (ASC 842), Leases. Prior period balances have been adjusted for the effects of the new standard. See Note 1 for further information. |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 29, 2019 | Dec. 31, 2018 | |
Trade accounts receivable, allowance for doubtful accounts | $ 322 | $ 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) | 20,053,889 | 20,053,335 | |
Common stock, shares outstanding (in shares) | 15,852,707 | 15,920,585 | |
Treasury stock, shares (in shares) | 4,401,182 | 4,132,750 | [1] |
[1] | Effective January 1, 2019, the Company adopted Accounting Standards Codification Topic 842 (ASC 842), Leases. Prior period balances have been adjusted for the effects of the new standard. See Note 1 for further information. |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | ||
Revenues | [1] | $ 27,493 | $ 20,330 | $ 75,772 | $ 66,263 |
Cost of products sold | 19,632 | 14,289 | 53,962 | 46,390 | |
Gross profit | 7,861 | 6,041 | 21,810 | 19,873 | |
Operating expenses: | |||||
Research and development | 2,029 | 1,099 | 4,652 | 3,417 | |
Selling, general and administrative | 4,526 | 3,442 | 12,262 | 10,968 | |
Total operating expenses | 6,555 | 4,541 | 16,914 | 14,385 | |
Operating income | 1,306 | 1,500 | 4,896 | 5,488 | |
Other expense (income): | |||||
Interest and financing expense | 220 | 13 | 339 | 67 | |
Miscellaneous | (60) | (34) | (38) | (40) | |
Total other expense (income) | 160 | (21) | 301 | 27 | |
Income before income tax provision | 1,146 | 1,521 | 4,595 | 5,461 | |
Income tax provision | 225 | 86 | 942 | 219 | |
Net income | 921 | 1,435 | 3,653 | 5,242 | |
Net income attributable to non-controlling interest | 23 | 27 | 74 | 57 | |
Net income attributable to Ultralife Corporation | 898 | 1,408 | 3,579 | 5,185 | |
Other comprehensive loss: | |||||
Foreign currency translation adjustments | (668) | (436) | (685) | (862) | |
Comprehensive income attributable to Ultralife Corporation | $ 230 | $ 972 | $ 2,894 | $ 4,323 | |
Net income per share attributable to Ultralife common shareholders – basic (in dollars per share) | $ 0.06 | $ 0.09 | $ 0.23 | $ 0.33 | |
Net income per share attributable to Ultralife common shareholders – diluted (in dollars per share) | $ 0.06 | $ 0.09 | $ 0.22 | $ 0.32 | |
Weighted average shares outstanding – basic (in shares) | 15,785 | 15,952 | 15,756 | 15,859 | |
Potential common shares (in shares) | 377 | 571 | 382 | 548 | |
Weighted average shares outstanding - diluted (in shares) | 16,162 | 16,523 | 16,138 | 16,407 | |
[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. 29, 2019 | Sep. 30, 2018 | |
OPERATING ACTIVITIES: | ||
Net income | $ 3,653 | $ 5,242 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation | 1,548 | 1,476 |
Amortization of intangible assets | 372 | 300 |
Amortization of financing fees | 32 | 27 |
Stock-based compensation | 519 | 707 |
Deferred income taxes | 801 | 54 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (7,022) | (8) |
Inventories | (5,021) | 2,947 |
Prepaid expenses and other assets | (1,547) | (338) |
Accounts payable and other liabilities | 1,818 | (2,876) |
Net cash (used in) provided by operating activities | (4,847) | 7,531 |
INVESTING ACTIVITIES: | ||
Purchase of SWE, net of cash acquired | (25,248) | |
Purchases of property, equipment and improvements | (4,846) | (1,994) |
Net cash used in investing activities | (30,094) | (1,994) |
FINANCING ACTIVITIES: | ||
Proceeds from revolving credit facility | 10,182 | |
Proceeds from term loan facility | 8,000 | |
Payment of term loan facility | (423) | |
Repurchase of common stock | (1,957) | |
Payment of debt issuance costs | (157) | |
Proceeds from exercise of stock options | 866 | 1,357 |
Tax withholdings on stock-based awards | (8) | |
Proceeds from government grant | 397 | |
Net cash provided by financing activities | 16,503 | 1,754 |
Effect of exchange rate changes on cash | (407) | (167) |
(DECREASE) INCREASE IN CASH | (18,845) | 7,124 |
Cash, Beginning of period | 25,934 | 18,330 |
Cash, End of period | $ 7,089 | $ 25,454 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] | Total | ||
Balance (in shares) at Dec. 31, 2017 | 19,670,928 | ||||||||
Balance at Dec. 31, 2017 | $ 1,966 | $ 180,211 | $ (1,611) | $ (82,894) | $ (18,469) | $ (154) | $ 79,049 | ||
Cumulative effect adjustment (1) at Dec. 31, 2017 | [1] | (71) | (71) | ||||||
Net income | 5,185 | 57 | 5,242 | ||||||
Stock option exercises (in shares) | 305,460 | ||||||||
Stock option exercises | $ 32 | 1,358 | 1,390 | ||||||
Stock-based compensation - stock options | 653 | 653 | |||||||
Stock-based compensation - restricted stock | 54 | 54 | |||||||
Foreign currency translation adjustments | (862) | (862) | |||||||
Cash settlement of outstanding options | (33) | (33) | |||||||
Other | 3 | 3 | |||||||
Balance (in shares) at Sep. 30, 2018 | 19,976,388 | ||||||||
Balance at Sep. 30, 2018 | [1] | $ 1,998 | 182,246 | (2,473) | (77,780) | (18,469) | (97) | 85,425 | |
Balance (in shares) at Jul. 01, 2018 | 19,961,404 | ||||||||
Balance at Jul. 01, 2018 | [1] | $ 1,996 | 181,818 | (2,036) | (79,188) | (18,469) | (124) | 83,997 | |
Net income | 1,408 | 27 | 1,435 | ||||||
Stock option exercises (in shares) | 14,984 | ||||||||
Stock option exercises | $ 2 | 62 | 64 | ||||||
Stock-based compensation - stock options | 344 | 344 | |||||||
Stock-based compensation - restricted stock | 19 | 19 | |||||||
Foreign currency translation adjustments | (437) | (437) | |||||||
Other | 3 | 3 | |||||||
Balance (in shares) at Sep. 30, 2018 | 19,976,388 | ||||||||
Balance at Sep. 30, 2018 | [1] | $ 1,998 | 182,246 | (2,473) | (77,780) | (18,469) | (97) | $ 85,425 | |
Balance (in shares) at Dec. 31, 2018 | 20,053,335 | 15,920,585 | |||||||
Balance at Dec. 31, 2018 | [1] | $ 2,005 | 182,630 | (2,786) | (58,035) | (19,266) | (85) | $ 104,463 | [2] |
Net income | 3,579 | 74 | $ 3,653 | ||||||
Stock option exercises (in shares) | 194,720 | 194,720 | |||||||
Stock option exercises | $ 20 | 846 | $ 866 | ||||||
Stock-based compensation - stock options | 433 | 433 | |||||||
Stock-based compensation - restricted stock | 86 | 86 | |||||||
Foreign currency translation adjustments | (685) | (685) | |||||||
Share repurchases | (1,957) | (1,957) | |||||||
Stock-based compensation - restricted stock (in shares) | 5,834 | ||||||||
Tax withholdings on restricted stock | (8) | $ (8) | |||||||
Balance (in shares) at Sep. 29, 2019 | 20,253,889 | 15,852,707 | |||||||
Balance at Sep. 29, 2019 | $ 2,025 | 183,995 | (3,471) | (54,456) | (21,231) | (11) | $ 106,851 | ||
Balance (in shares) at Jun. 30, 2019 | 20,163,756 | ||||||||
Balance at Jun. 30, 2019 | $ 2,016 | 183,457 | (2,803) | (55,354) | (21,231) | (34) | 106,051 | ||
Net income | 898 | 23 | 921 | ||||||
Stock option exercises (in shares) | 90,133 | ||||||||
Stock option exercises | $ 9 | 379 | 388 | ||||||
Stock-based compensation - stock options | 117 | 117 | |||||||
Stock-based compensation - restricted stock | 42 | 42 | |||||||
Foreign currency translation adjustments | (668) | $ (668) | |||||||
Balance (in shares) at Sep. 29, 2019 | 20,253,889 | 15,852,707 | |||||||
Balance at Sep. 29, 2019 | $ 2,025 | $ 183,995 | $ (3,471) | $ (54,456) | $ (21,231) | $ (11) | $ 106,851 | ||
[1] | Effective January 1, 2019, the Company adopted Accounting Standards Codification Topic 842 (ASC 842), Leases. Prior period balances have been adjusted for the effects of the new standard. See Note 1 for further information. | ||||||||
[2] | Effective January 1, 2019, the Company adopted Accounting Standards Codification Topic 842 (ASC 842), Leases. Prior period balances have been adjusted for the effects of the new standard. See Note 1 for further information. |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 29, 2019 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | 1. BASIS OF PRESENTATION The accompanying unaudited Consolidated Financial Statements of Ultralife Corporation (the “Company” or “Ultralife”) and its subsidiaries have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Rule 8 03 X. not not 10 December 31, 2018. The December 31, 2018 not Certain items previously reported in specific financial statement captions have been reclassified to conform to the current presentation. Our monthly closing schedule is a 4/4/5 not Recently Adopted Accounting Guidance Leases Effective January 1, 2019, 2016 02 Leases 842 not December 31, 2018 The Company adopted the new standard applying the modified retrospective approach. The Company measured and recognized leases upon adoption which had commenced as of the beginning or during the prior year. The package of practical expedients permitted under the transition guidance of the new standard was elected which allowed us to carry forward the historical lease classification and determination of whether an arrangement is or contains a lease on existing leases. The use-of-hindsight transition practical expedient was applied to determine the lease term for existing leases, which resulted in the lengthening of the lease term at commencement for one At contract inception, the Company determines whether the arrangement is or contains a lease and determines the lease classification. The lease term is determined based on the 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 P reviously R eported Lease Standard Adjustment As Adjusted Other noncurrent assets $ 82 $ 805 $ 887 Prepaid expenses and other current assets 2,429 (61 ) 2,368 Accrued expenses and other current liabilities 3,534 439 3,973 Other noncurrent liabilities 32 376 408 Accumulated deficit (57,964 ) (71 ) (58,035 ) See Note 9 Recent Accounting Guidance Not There have been no 2018 10 |
Note 2 - Acquisition
Note 2 - Acquisition | 9 Months Ended |
Sep. 29, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 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 (see 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 may Cash $ 942 Accounts receivable 3,621 Inventories 4,685 Prepaid expenses and other current assets 431 Property, equipment and improvements 9,177 Goodwill 6,474 Other intangible assets 3,649 Accounts payable (1,060 ) Other current liabilities (718 ) 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. For the nine September 29, 2019, $11,993 $740, $264 $165 $289 $101 $55 $49 During the nine September 29, 2019, $322 $157, 4.6 $165, one nine no three September 29, 2019. 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 nine September 29, 2019 September 30, 2018 January 1, 2018. Nine Months Ended September 30, 2018 September 29, 2019 Revenue $ 86,506 $ 84,567 Operating income 4,397 5,536 Net Income attributable to Ultralife Corporation 4,009 3,900 Net income per share attributable to Ultralife Corporation: Basic $ .25 $ .25 Diluted $ .25 $ .24 |
Note 3 - Credit Facility
Note 3 - Credit Facility | 9 Months Ended |
Sep. 29, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 3. CREDIT FACILITY On May 1, 2019, May 31, 2017 ( The Amended Credit Agreement, among other things, provides for a five $8,000 $30,000 May 31, 2022. six May 31, 2022, may $50,000 Upon closing of the SWE acquisition on May 1, 2019, $6,782 September 29, 2019, $7,577 $1,326 $10,182 September 29, 2019, $176 The Company is required to repay the borrowings under the Term Loan Facility in sixty 60 May 31, 2019, April 30, 2024. May 31, 2022. may In addition to the customary affirmative and negative covenants, the Company must maintain a consolidated fixed charge coverage ratio of equal to or greater than 1.15 1.0, 2.5 1.0, September 29, 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 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 | 9 Months Ended |
Sep. 29, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 4. SHARE REPURCHASE PROGRAM On October 31, 2018, November 1, 2018, 2.5 not twelve Under the Share Repurchase Program, shares may may 10b5 1 1934. may not 10b 18, For the nine September 29, 2019, 267,300 $1,957. no three September 29, 2019. From the inception of the Share Repurchase Program on November 1, 2018, 372,974 $2,699. |
Note 5 - Earnings Per Share
Note 5 - Earnings Per Share | 9 Months Ended |
Sep. 29, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 5. EARNINGS PER SHARE Basic earnings per share (“EPS”) is computed by dividing earnings attributable to the Company’s common shareholders by the weighted-average shares outstanding during the period. Diluted EPS includes the dilutive effect of securities, if any, and is calculated using the treasury stock method. For the three September 29, 2019, 914,535 31,666 377,200 three September 30, 2018, 1,252,502 17,500 571,829 nine September 29, 2019 September 30, 2018, 914,535 1,252,502 31,666 17,500 382,711 548,004 There were 266,000 502,250 three September 29, 2019 September 30, 2018, not 266,000 502,250 nine September 29, 2019 September 30, 2018, not |
Note 6 - Supplemental Balance S
Note 6 - Supplemental Balance Sheet Information | 9 Months Ended |
Sep. 29, 2019 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 6. SUPPLEMENTAL BALANCE SHEET INFORMATION Cash The composition of the Company’s cash was as follows: September 29 , December 31, 2019 2018 Cash $ 6,824 $ 25,583 Restricted cash 265 351 Total $ 7,089 $ 25,934 As of September 29, 2019 December 31, 2018, $184 $266, nine September 29, 2019, $72 September 29, 2019 December 31, 2018, $81 $85, third Inventories Inventories are stated at the lower of cost or market, net of obsolescence reserves, with cost determined under the first first September 29, December 31, 2019 2018 Raw materials $ 19,004 $ 13,274 Work in process 2,998 2,016 Finished goods 10,394 7,553 Total $ 32,396 $ 22,843 Property, Equipment and Improvements, Net Major classes of property, equipment and improvements consisted of the following: September 29, December 31, 2019 2018 Land $ 1,273 $ 123 Buildings and leasehold improvements 15,257 8,267 Machinery and equipment 54,530 51,261 Furniture and fixtures 2,176 2,058 Computer hardware and software 6,672 5,590 Construction in process 4,757 4,302 84,665 71,601 Less: Accumulated depreciation (62,066 ) (60,857 ) Property, equipment and improvements, net $ 22,599 $ 10,744 Depreciation expense for property, equipment and improvements was as follows: Three-month period ended Nine -month period ended September 29 , September 30 , September 29 , September 30 , 2019 2018 2019 2018 Depreciation expense $ 586 $ 496 $ 1,548 $ 1,476 Goodwill The following table summarizes the goodwill activity by segment for the nine September 29, 2019 September 30, 2018: Battery & Energy Communications Products Systems Total Balance – December 31, 2017 $ 8,965 $ 11,493 $ 20,458 Effect of foreign currency translation (257 ) - (257 ) Balance – September 30, 2018 8,708 11,493 20,201 Effect of foreign currency translation (92 ) - (92 ) Balance – December 31, 2018 8,616 11,493 20,109 Acquisition of SWE 6,474 - 6,474 Effect of foreign currency translation (210 ) - (210 ) Balance – September 29, 2019 $ 14,880 $ 11,493 $ 26,373 Other Intangible Assets, Net The composition of other intangible assets was: at September 29 , 2019 Accumulated Cost Amortization Net Trademarks $ 3,401 $ - $ 3,401 Customer relationships 8,907 4,586 4,321 Patents and technology 5,452 4,810 642 Distributor relationships 377 377 - Trade name 1,485 166 1,319 Total $ 19,622 $ 9,939 $ 9,683 at December 31, 201 8 Accumulated Cost Amortization Net Trademarks $ 3,405 $ - $ 3,405 Customer relationships 6,471 4,392 2,079 Patents and technology 5,486 4,725 761 Distributor relationships 377 377 - Trade name 370 111 259 Total $ 16,109 $ 9,605 $ 6,504 The increase in the carrying value of other intangible assets from December 31, 2018 September 29, 2019 Annual Estimated Estimated Estimated Fair Useful Lives Amortization Value in Years Expense Customer relationships $ 2,522 15 $ 168 Trade name 1,127 15 75 Total $ 3,649 $ 243 The remaining change in the carrying value of other intangible assets from December 31, 2018 September 29, 2019 Amortization expense for other intangible assets was as follows: Three-month period ended Nine -month period ended September 29 , September 30 , September 29 , September 30 , 2019 2018 2019 2018 Amortization included in: Research and development $ 32 $ 36 $ 98 $ 111 Selling, general and administrative 116 61 274 189 Total amortization expense $ 148 $ 97 $ 372 $ 300 |
Note 7 - Stock-based Compensati
Note 7 - Stock-based Compensation | 9 Months Ended |
Sep. 29, 2019 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | 7. STOCK-BASED COMPENSATION We recorded non-cash stock compensation expense in each period as follows: Three-month period ended Nine -month period ended September 29 , September 30 , September 29 , September 30 , 2019 2018 2019 2018 Stock options $ 117 $ 344 $ 433 $ 653 Restricted stock grants 42 19 86 54 Total $ 159 $ 363 $ 519 $ 707 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 29, 2019, $924 1.4 The following table summarizes stock option activity for the nine September 29, 2019: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding at January 1, 2019 1,576,087 $ 6.58 Granted 282,500 8.27 Exercised (194,720 ) 4.45 Forfeited or expired (46,082 ) 7.04 Outstanding at September 29, 2019 1,617,785 $ 7.12 3.38 $ 3,192 Vested and expected to vest at September 29, 2019 1,518,161 $ 7.05 3.21 $ 3,113 Exercisable at September 29, 2019 1,095,661 $ 6.29 2.31 $ 2,870 The following assumptions were used to value stock options granted during the nine September 29, 2019: Risk-Free Interest Rate 1.8 % Volatility Factor 48 % Weighted Average Expected Life (Years) 5.3 Dividends 0.0 % The weighted average grant date fair value of options granted during the nine September 29, 2019 $3.77. Cash received from stock option exercises under our stock-based compensation plans for the three September 29, 2019 September 30, 2018 $388 $64, nine September 29, 2019 September 30, 2018 $866 $1,357, In April 2019, 20,000 $11.12 January 2018, 17,500 $7.16 three $188 September 29, 2019. |
Note 8 - Income Taxes
Note 8 - Income Taxes | 9 Months Ended |
Sep. 29, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8. INCOME TAXES Our effective tax rate for the nine September 29, 2019 September 30, 2018 20.5% 4.0%, December 31, 2018. Our effective tax rate for the nine September 29, 2019 As of December 31, 2018, $63,388, 2019 2035, $1,817, 2028 2037, not As of September 29, 2019, $10,000, may As of September 29, 2019, not not. As of September 29, 2019, There were no September 29, 2019 December 31, 2018. As a result of our operations, we file income tax returns in various jurisdictions including U.S. federal, U.S. state and foreign jurisdictions. We are routinely subject to examination by taxing authorities in these various jurisdictions. Our U.S. tax matters for the years 2000 2018 2000 2018 2010 2018 |
Note 9 - Operating Leases
Note 9 - Operating Leases | 9 Months Ended |
Sep. 29, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 9. OPERATING LEASES The Company has operating leases predominantly for operating facilities. As of September 29, 2019, one 5 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 29, 2019 September 30, 2018 September 29, 2019 September 30, 2018 Operating lease cost $ 168 $ 145 $ 459 $ 445 Variable lease cost 21 21 63 69 Total lease cost $ 189 $ 166 $ 522 $ 514 Supplemental cash flow information related to leases was as follows: Nine Months Ended September 29 , 2019 September 30 , 2018 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 447 $ 457 Right-of-use assets obtained in exchange for lease liabilities: $ 1,586 $ - Supplemental balance sheet information related to leases was as follows: Balance Sheet Classification September 29 , 2019 December 31, 2018 Assets: Operating lease right-of-use asset Other noncurrent assets $ 1,989 $ 805 Liabilities: Current operating lease liability Accrued expenses and other current liabilities $ 600 $ 439 Operating lease liability, net of current portion Other noncurrent liabilities 1,387 376 Total operating lease liability $ 1,987 $ 815 Weighted-average remaining lease term (years) 3.9 2.1 Weighted-average discount rate 4.5 % 4.5 % Future minimum lease payments as of September 29, 2019 Maturity of Operating Lease Liabilities 2019 $ 163 2020 673 2021 459 2022 347 2023 356 Thereafter 178 Total lease payments 2,176 Less: Imputed interest (189 ) Present value of remaining lease payments $ 1,987 In July 2019, five |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 9 Months Ended |
Sep. 29, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. COMMITMENTS AND CONTINGENCIES a. Purchase Commitments As of September 29, 2019, $1,030 b. Product Warranties We estimate future warranty costs to be incurred for product failure rates, material usage and service costs in the development of our warranty obligations. Estimated future costs are based on actual past experience and are generally estimated as a percentage of sales over the warranty period. Changes in our product warranty liability during the first nine 2019 2018 Nine-Month Period Ended September 29, 2019 September 30, 2018 Accrued warranty obligations – beginning $ 95 $ 149 Assumed warranty obligations – SWE 145 - Accruals for warranties issued 152 (9 ) Settlements made (167 ) (54 ) Accrued warranty obligations – ending $ 225 $ 86 c. Contingencies and Legal Matters We are subject to legal proceedings and claims that arise from time to time in the normal course of business. We believe that the final disposition of any such matters will not not |
Note 11 - Business Segment Info
Note 11 - Business Segment Information | 9 Months Ended |
Sep. 29, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 11. BUSINESS SEGMENT INFORMATION We report our results in two 9 The components of segment performance were as follows: Three-Month Period Ended September 29 , 2019: Battery & Energy Products Communi cations Systems Corporate Total Revenues $ 22,578 $ 4,915 $ - $ 27,493 Segment contribution 6,117 1,744 (6,555 ) 1,306 Other expense (160 ) (160 ) Tax provision (225 ) (225 ) Non-controlling interest (23 ) (23 ) Net income attributable to Ultralife $ 898 Three-Month Period Ended September 30 , 2018: Battery & Energy Products Communi cati ons Systems Corporate Total Revenues $ 17,289 $ 3,041 $ - $ 20,330 Segment contribution 4,702 1,339 (4,541 ) 1,500 Other income 21 21 Tax provision (86 ) (86 ) Non-controlling interest (27 ) (27 ) Net income attributable to Ultralife $ 1,408 Nine -Month Period Ended September 29 , 2019: Battery & Energy Products Communi cat ions Systems Corporate Total Revenues $ 58,876 $ 16,896 $ - $ 75,772 Segment contribution 16,182 5,628 (16,914 ) 4,896 Other expense (301 ) (301 ) Tax provision (942 ) (942 ) Non-controlling interest (74 ) (74 ) Net income attributable to Ultralife $ 3,579 Nine -Month Period Ended September 30 , 2018: Battery & Energy Products Communi cations Systems Corporate Total Revenues $ 52,344 $ 13,919 $ - $ 66,263 Segment contribution 14,664 5,209 (14,385 ) 5,488 Other expense (27 ) (27 ) Tax provision (219 ) (219 ) Non-controlling interest (57 ) (57 ) Net income attributable to Ultralife $ 5,185 The following tables disaggregate our business segment revenues by major source and geography. Commercial and Government/Defense Revenue Information: Three-Month Period Ended September 29, 2019: Total Revenue Commercial Government/ Defense Battery & Energy Products $ 22,578 $ 17,677 $ 4,901 Communications Systems 4,915 - 4,915 Total $ 27,493 $ 17,677 $ 9,816 64 % 36 % Three-Month Period Ended September 30, 2018: Total Revenue Commercial Government/ Defense Battery & Energy Products $ 17,289 $ 10,127 $ 7,162 Communications Systems 3,041 - 3,041 Total $ 20,330 $ 10,127 $ 10,203 50 % 50 % Nine-Month Period Ended September 29, 2019: Total Revenue Commercial Government/ Defense Battery & Energy Products $ 58,876 $ 42,736 $ 16,140 Communications Systems 16,896 - 16,896 Total $ 75,772 $ 42,736 $ 33,036 56 % 44 % Nine-Month Period Ended September 30, 2018: Total Revenue Commercial Government/ Defense Battery & Energy Products $ 52,344 $ 30,007 $ 22,337 Communications Systems 13,919 - 13,919 Total $ 66,263 $ 30,007 $ 36,256 45 % 55 % U.S. and Non-U.S. Revenue Information 1 Three-Month Period Ended September 29, 2019: Total Revenue United States Non-United States Battery & Energy Products $ 22,578 $ 11,459 $ 11,119 Communications Systems 4,915 4,397 518 Total $ 27,493 $ 15,856 $ 11,637 58 % 42 % Three-Month Period Ended September 30, 2018: Total Revenue United States Non-United States Battery & Energy Products $ 17,289 $ 9,389 $ 7,900 Communications Systems 3,041 2,140 901 Total $ 20,330 $ 11,529 $ 8,801 57 % 43 % Nine-Month Period Ended September 29, 2019: Total Revenue United States Non-United States Battery & Energy Products $ 58,876 $ 29,869 $ 29,007 Communications Systems 16,896 15,748 1,148 Total $ 75,772 $ 45,617 $ 30,155 60 % 40 % Nine-Month Period Ended September 30, 2018: Total Revenue United States Non-United States Battery & Energy Products $ 52,344 $ 29,451 $ 22,893 Communications Systems 13,919 12,747 1,172 Total $ 66,263 $ 42,198 $ 24,065 64 % 36 % 1 may |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 29, 2019 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Guidance Leases Effective January 1, 2019, 2016 02 Leases 842 not December 31, 2018 The Company adopted the new standard applying the modified retrospective approach. The Company measured and recognized leases upon adoption which had commenced as of the beginning or during the prior year. The package of practical expedients permitted under the transition guidance of the new standard was elected which allowed us to carry forward the historical lease classification and determination of whether an arrangement is or contains a lease on existing leases. The use-of-hindsight transition practical expedient was applied to determine the lease term for existing leases, which resulted in the lengthening of the lease term at commencement for one At contract inception, the Company determines whether the arrangement is or contains a lease and determines the lease classification. The lease term is determined based on the 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 P reviously R eported Lease Standard Adjustment As Adjusted Other noncurrent assets $ 82 $ 805 $ 887 Prepaid expenses and other current assets 2,429 (61 ) 2,368 Accrued expenses and other current liabilities 3,534 439 3,973 Other noncurrent liabilities 32 376 408 Accumulated deficit (57,964 ) (71 ) (58,035 ) See Note 9 Recent Accounting Guidance Not There have been no 2018 10 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Tables) | 9 Months Ended |
Sep. 29, 2019 | |
Notes Tables | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | As P reviously R eported Lease Standard Adjustment As Adjusted Other noncurrent assets $ 82 $ 805 $ 887 Prepaid expenses and other current assets 2,429 (61 ) 2,368 Accrued expenses and other current liabilities 3,534 439 3,973 Other noncurrent liabilities 32 376 408 Accumulated deficit (57,964 ) (71 ) (58,035 ) |
Note 2 - Acquisition (Tables)
Note 2 - Acquisition (Tables) | 9 Months Ended |
Sep. 29, 2019 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash $ 942 Accounts receivable 3,621 Inventories 4,685 Prepaid expenses and other current assets 431 Property, equipment and improvements 9,177 Goodwill 6,474 Other intangible assets 3,649 Accounts payable (1,060 ) Other current liabilities (718 ) Deferred tax liability, net (1,011 ) Net assets acquired $ 26,190 |
Business Acquisition, Pro Forma Information [Table Text Block] | Nine Months Ended September 30, 2018 September 29, 2019 Revenue $ 86,506 $ 84,567 Operating income 4,397 5,536 Net Income attributable to Ultralife Corporation 4,009 3,900 Net income per share attributable to Ultralife Corporation: Basic $ .25 $ .25 Diluted $ .25 $ .24 |
Note 6 - Supplemental Balance_2
Note 6 - Supplemental Balance Sheet Information (Tables) | 9 Months Ended |
Sep. 29, 2019 | |
Notes Tables | |
Cash, Cash Equivalents and Investments [Table Text Block] | September 29 , December 31, 2019 2018 Cash $ 6,824 $ 25,583 Restricted cash 265 351 Total $ 7,089 $ 25,934 |
Schedule of Inventory, Current [Table Text Block] | September 29, December 31, 2019 2018 Raw materials $ 19,004 $ 13,274 Work in process 2,998 2,016 Finished goods 10,394 7,553 Total $ 32,396 $ 22,843 |
Property, Plant and Equipment [Table Text Block] | September 29, December 31, 2019 2018 Land $ 1,273 $ 123 Buildings and leasehold improvements 15,257 8,267 Machinery and equipment 54,530 51,261 Furniture and fixtures 2,176 2,058 Computer hardware and software 6,672 5,590 Construction in process 4,757 4,302 84,665 71,601 Less: Accumulated depreciation (62,066 ) (60,857 ) Property, equipment and improvements, net $ 22,599 $ 10,744 Three-month period ended Nine -month period ended September 29 , September 30 , September 29 , September 30 , 2019 2018 2019 2018 Depreciation expense $ 586 $ 496 $ 1,548 $ 1,476 |
Schedule of Goodwill [Table Text Block] | Battery & Energy Communications Products Systems Total Balance – December 31, 2017 $ 8,965 $ 11,493 $ 20,458 Effect of foreign currency translation (257 ) - (257 ) Balance – September 30, 2018 8,708 11,493 20,201 Effect of foreign currency translation (92 ) - (92 ) Balance – December 31, 2018 8,616 11,493 20,109 Acquisition of SWE 6,474 - 6,474 Effect of foreign currency translation (210 ) - (210 ) Balance – September 29, 2019 $ 14,880 $ 11,493 $ 26,373 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | at September 29 , 2019 Accumulated Cost Amortization Net Trademarks $ 3,401 $ - $ 3,401 Customer relationships 8,907 4,586 4,321 Patents and technology 5,452 4,810 642 Distributor relationships 377 377 - Trade name 1,485 166 1,319 Total $ 19,622 $ 9,939 $ 9,683 at December 31, 201 8 Accumulated Cost Amortization Net Trademarks $ 3,405 $ - $ 3,405 Customer relationships 6,471 4,392 2,079 Patents and technology 5,486 4,725 761 Distributor relationships 377 377 - Trade name 370 111 259 Total $ 16,109 $ 9,605 $ 6,504 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Annual Estimated Estimated Estimated Fair Useful Lives Amortization Value in Years Expense Customer relationships $ 2,522 15 $ 168 Trade name 1,127 15 75 Total $ 3,649 $ 243 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Three-month period ended Nine -month period ended September 29 , September 30 , September 29 , September 30 , 2019 2018 2019 2018 Amortization included in: Research and development $ 32 $ 36 $ 98 $ 111 Selling, general and administrative 116 61 274 189 Total amortization expense $ 148 $ 97 $ 372 $ 300 |
Note 7 - Stock-based Compensa_2
Note 7 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 29, 2019 | |
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 29 , September 30 , September 29 , September 30 , 2019 2018 2019 2018 Stock options $ 117 $ 344 $ 433 $ 653 Restricted stock grants 42 19 86 54 Total $ 159 $ 363 $ 519 $ 707 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding at January 1, 2019 1,576,087 $ 6.58 Granted 282,500 8.27 Exercised (194,720 ) 4.45 Forfeited or expired (46,082 ) 7.04 Outstanding at September 29, 2019 1,617,785 $ 7.12 3.38 $ 3,192 Vested and expected to vest at September 29, 2019 1,518,161 $ 7.05 3.21 $ 3,113 Exercisable at September 29, 2019 1,095,661 $ 6.29 2.31 $ 2,870 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Risk-Free Interest Rate 1.8 % Volatility Factor 48 % Weighted Average Expected Life (Years) 5.3 Dividends 0.0 % |
Note 9 - Operating Leases (Tabl
Note 9 - Operating Leases (Tables) | 9 Months Ended |
Sep. 29, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Nine Months Ended September 29, 2019 September 30, 2018 September 29, 2019 September 30, 2018 Operating lease cost $ 168 $ 145 $ 459 $ 445 Variable lease cost 21 21 63 69 Total lease cost $ 189 $ 166 $ 522 $ 514 |
Lessee, Lease, Cash Flow Information [Table Text Block] | Nine Months Ended September 29 , 2019 September 30 , 2018 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 447 $ 457 Right-of-use assets obtained in exchange for lease liabilities: $ 1,586 $ - |
Lessee, Lease, Balance Sheet Information [Table Text Block] | Balance Sheet Classification September 29 , 2019 December 31, 2018 Assets: Operating lease right-of-use asset Other noncurrent assets $ 1,989 $ 805 Liabilities: Current operating lease liability Accrued expenses and other current liabilities $ 600 $ 439 Operating lease liability, net of current portion Other noncurrent liabilities 1,387 376 Total operating lease liability $ 1,987 $ 815 Weighted-average remaining lease term (years) 3.9 2.1 Weighted-average discount rate 4.5 % 4.5 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturity of Operating Lease Liabilities 2019 $ 163 2020 673 2021 459 2022 347 2023 356 Thereafter 178 Total lease payments 2,176 Less: Imputed interest (189 ) Present value of remaining lease payments $ 1,987 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 29, 2019 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Nine-Month Period Ended September 29, 2019 September 30, 2018 Accrued warranty obligations – beginning $ 95 $ 149 Assumed warranty obligations – SWE 145 - Accruals for warranties issued 152 (9 ) Settlements made (167 ) (54 ) Accrued warranty obligations – ending $ 225 $ 86 |
Note 11 - Business Segment In_2
Note 11 - Business Segment Information (Tables) | 9 Months Ended |
Sep. 29, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Battery & Energy Products Communi cations Systems Corporate Total Revenues $ 22,578 $ 4,915 $ - $ 27,493 Segment contribution 6,117 1,744 (6,555 ) 1,306 Other expense (160 ) (160 ) Tax provision (225 ) (225 ) Non-controlling interest (23 ) (23 ) Net income attributable to Ultralife $ 898 Battery & Energy Products Communi cati ons Systems Corporate Total Revenues $ 17,289 $ 3,041 $ - $ 20,330 Segment contribution 4,702 1,339 (4,541 ) 1,500 Other income 21 21 Tax provision (86 ) (86 ) Non-controlling interest (27 ) (27 ) Net income attributable to Ultralife $ 1,408 Battery & Energy Products Communi cat ions Systems Corporate Total Revenues $ 58,876 $ 16,896 $ - $ 75,772 Segment contribution 16,182 5,628 (16,914 ) 4,896 Other expense (301 ) (301 ) Tax provision (942 ) (942 ) Non-controlling interest (74 ) (74 ) Net income attributable to Ultralife $ 3,579 Battery & Energy Products Communi cations Systems Corporate Total Revenues $ 52,344 $ 13,919 $ - $ 66,263 Segment contribution 14,664 5,209 (14,385 ) 5,488 Other expense (27 ) (27 ) Tax provision (219 ) (219 ) Non-controlling interest (57 ) (57 ) Net income attributable to Ultralife $ 5,185 |
Schedule of Revenues from External Customers by Business Segment Sector [Table Text Block] | Three-Month Period Ended September 29, 2019: Total Revenue Commercial Government/ Defense Battery & Energy Products $ 22,578 $ 17,677 $ 4,901 Communications Systems 4,915 - 4,915 Total $ 27,493 $ 17,677 $ 9,816 64 % 36 % Three-Month Period Ended September 30, 2018: Total Revenue Commercial Government/ Defense Battery & Energy Products $ 17,289 $ 10,127 $ 7,162 Communications Systems 3,041 - 3,041 Total $ 20,330 $ 10,127 $ 10,203 50 % 50 % Nine-Month Period Ended September 29, 2019: Total Revenue Commercial Government/ Defense Battery & Energy Products $ 58,876 $ 42,736 $ 16,140 Communications Systems 16,896 - 16,896 Total $ 75,772 $ 42,736 $ 33,036 56 % 44 % Nine-Month Period Ended September 30, 2018: Total Revenue Commercial Government/ Defense Battery & Energy Products $ 52,344 $ 30,007 $ 22,337 Communications Systems 13,919 - 13,919 Total $ 66,263 $ 30,007 $ 36,256 45 % 55 % |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three-Month Period Ended September 29, 2019: Total Revenue United States Non-United States Battery & Energy Products $ 22,578 $ 11,459 $ 11,119 Communications Systems 4,915 4,397 518 Total $ 27,493 $ 15,856 $ 11,637 58 % 42 % Three-Month Period Ended September 30, 2018: Total Revenue United States Non-United States Battery & Energy Products $ 17,289 $ 9,389 $ 7,900 Communications Systems 3,041 2,140 901 Total $ 20,330 $ 11,529 $ 8,801 57 % 43 % Nine-Month Period Ended September 29, 2019: Total Revenue United States Non-United States Battery & Energy Products $ 58,876 $ 29,869 $ 29,007 Communications Systems 16,896 15,748 1,148 Total $ 75,772 $ 45,617 $ 30,155 60 % 40 % Nine-Month Period Ended September 30, 2018: Total Revenue United States Non-United States Battery & Energy Products $ 52,344 $ 29,451 $ 22,893 Communications Systems 13,919 12,747 1,172 Total $ 66,263 $ 42,198 $ 24,065 64 % 36 % |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation - Impact to Previously Reported Results (Details) - USD ($) $ in Thousands | Sep. 29, 2019 | Dec. 31, 2018 | |
Other noncurrent assets | $ 2,086 | $ 887 | [1] |
Prepaid expenses and other current assets | 2,949 | 2,368 | [1] |
Accrued expenses and other current liabilities | 3,973 | ||
Other noncurrent liabilities | 1,419 | 408 | [1] |
Accumulated deficit | $ (54,456) | (58,035) | [1] |
Previously Reported [Member] | |||
Other noncurrent assets | 82 | ||
Prepaid expenses and other current assets | 2,429 | ||
Accrued expenses and other current liabilities | 3,534 | ||
Other noncurrent liabilities | 32 | ||
Accumulated deficit | (57,964) | ||
Restatement Adjustment [Member] | Accounting Standards Update 2016-02 [Member] | |||
Other noncurrent assets | 805 | ||
Prepaid expenses and other current assets | (61) | ||
Accrued expenses and other current liabilities | 439 | ||
Other noncurrent liabilities | 376 | ||
Accumulated deficit | $ (71) | ||
[1] | Effective January 1, 2019, the Company adopted Accounting Standards Codification Topic 842 (ASC 842), Leases. Prior period balances have been adjusted for the effects of the new standard. See Note 1 for further information. |
Note 2 - Acquisition (Details T
Note 2 - Acquisition (Details Textual) - USD ($) $ in Thousands | May 01, 2019 | Sep. 29, 2019 | Sep. 30, 2018 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 25,248 | ||
Share-based Payment Arrangement, Noncash Expense, Total | 519 | 707 | |
Payments of Debt Issuance Costs | 157 | ||
Southwest Electronic Energy Corporation [Member] | |||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 11,993 | ||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 740 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | 264 | ||
Business Combination, Acquisition Related Costs | 165 | ||
Business Combination, Interest Expense, Financing | 289 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 101 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 55 | ||
Share-based Payment Arrangement, Noncash Expense, Total | 49 | ||
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 | ||
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 | Sep. 29, 2019 | Dec. 31, 2018 | [1] | Sep. 30, 2018 | Dec. 31, 2017 |
Goodwill | $ 26,373 | $ 20,109 | $ 20,201 | $ 20,458 | |
Southwest Electronic Energy Corporation [Member] | |||||
Cash | 942 | ||||
Accounts receivable | 3,621 | ||||
Inventories | 4,685 | ||||
Prepaid expenses and other current assets | 431 | ||||
Property, equipment and improvements | 9,177 | ||||
Goodwill | 6,474 | ||||
Other intangible assets | 3,649 | ||||
Accounts payable | (1,060) | ||||
Other current liabilities | (718) | ||||
Deferred tax liability, net | (1,011) | ||||
Net assets acquired | $ 26,190 | ||||
[1] | Effective January 1, 2019, the Company adopted Accounting Standards Codification Topic 842 (ASC 842), Leases. Prior period balances have been adjusted for the effects of the new standard. See Note 1 for further information. |
Note 2 - Acquisition - Pro Form
Note 2 - Acquisition - Pro Forma Information (Details) - Southwest Electronic Energy Corporation [Member] - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 29, 2019 | Sep. 30, 2018 | |
Revenue | $ 84,567 | $ 86,506 |
Operating income | 5,536 | 4,397 |
Net Income attributable to Ultralife Corporation | $ 3,900 | $ 4,009 |
Basic (in dollars per share) | $ 0.25 | $ 0.25 |
Diluted (in dollars per share) | $ 0.24 | $ 0.25 |
Note 3 - Credit Facility (Detai
Note 3 - Credit Facility (Details Textual) $ in Thousands | May 01, 2019USD ($) | Sep. 29, 2019USD ($)Rate | Sep. 30, 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] | Term Loan Facility [Member] | ||||
Secured Debt, Total | 7,577 | |||
Amended Credit Agreement [Member] | Term Loan Facility [Member] | Long-term Debt, Current Maturities [Member] | ||||
Secured Debt, Total | 1,326 | |||
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 | $ 176 | |||
Minimum Fixed Charge Coverage Ratio | 1.15 | |||
Maximum Consolidated Senior Leverage Ratio | Rate | 250.00% | |||
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 | 3 Months Ended | 9 Months Ended | 11 Months Ended | |
Sep. 29, 2019 | Sep. 29, 2019 | Sep. 29, 2019 | Nov. 01, 2018 | |
Treasury Stock, Shares, Acquired | 0 | 267,300 | 372,974 | |
Treasury Stock, Value, Acquired, Cost Method | $ 1,957 | $ 2,699 | ||
Maximum [Member] | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 2,500,000 |
Note 5 - Earnings Per Share (De
Note 5 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | |
Dilutive Securities Included in Computation of Earnings Per Share Amount Stock Option | 914,535 | 1,252,502 | 914,535 | 1,252,502 |
Dilutive Securities Included in Computation of Earnings Per Share Amount Restricted Stock | 31,666 | 17,500 | 31,666 | 17,500 |
Incremental Common Shares Attributable to Share-based Payment Arrangements, Total | 377,200 | 571,829 | 382,711 | 548,004 |
Share-based Payment Arrangement, Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 266,000 | 502,250 | 266,000 | 502,250 |
Note 6 - Supplemental Balance_3
Note 6 - Supplemental Balance Sheet Information (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 29, 2019 | Dec. 31, 2018 | |
Restricted Cash and Cash Equivalents, Total | $ 265 | $ 351 |
Grant [Member] | ||
Revenues, Total | 0 | |
CHINA | ||
Restricted Cash and Cash Equivalents, Total | 184 | 266 |
NETHERLANDS | ||
Restricted Cash and Cash Equivalents, Total | $ 81 | $ 85 |
Note 6 - Supplemental Balance_4
Note 6 - Supplemental Balance Sheet Information - Cash and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 29, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Cash | $ 6,824 | $ 25,583 | ||
Restricted cash | 265 | 351 | ||
Total | $ 7,089 | $ 25,934 | $ 25,454 | $ 18,330 |
Note 6 - Supplemental Balance_5
Note 6 - Supplemental Balance Sheet Information - Components of Inventory (Details) - USD ($) $ in Thousands | Sep. 29, 2019 | Dec. 31, 2018 | |
Raw materials | $ 19,004 | $ 13,274 | |
Work in process | 2,998 | 2,016 | |
Finished goods | 10,394 | 7,553 | |
Total | $ 32,396 | $ 22,843 | [1] |
[1] | Effective January 1, 2019, the Company adopted Accounting Standards Codification Topic 842 (ASC 842), Leases. Prior period balances have been adjusted for the effects of the new standard. See Note 1 for further information. |
Note 6 - Supplemental Balance_6
Note 6 - Supplemental Balance Sheet Information - Components of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | ||
Property, plant and equipment, gross | $ 84,665 | $ 84,665 | $ 71,601 | |||
Less: Accumulated depreciation | (62,066) | (62,066) | (60,857) | |||
Property, equipment and improvements, net | 22,599 | 22,599 | 10,744 | [1] | ||
Depreciation | 586 | $ 496 | 1,548 | $ 1,476 | ||
Land [Member] | ||||||
Property, plant and equipment, gross | 1,273 | 1,273 | 123 | |||
Building and Building Improvements [Member] | ||||||
Property, plant and equipment, gross | 15,257 | 15,257 | 8,267 | |||
Machinery and Equipment [Member] | ||||||
Property, plant and equipment, gross | 54,530 | 54,530 | 51,261 | |||
Furniture and Fixtures [Member] | ||||||
Property, plant and equipment, gross | 2,176 | 2,176 | 2,058 | |||
Computer Equipment [Member] | ||||||
Property, plant and equipment, gross | 6,672 | 6,672 | 5,590 | |||
Construction in Progress [Member] | ||||||
Property, plant and equipment, gross | $ 4,757 | $ 4,757 | $ 4,302 | |||
[1] | Effective January 1, 2019, the Company adopted Accounting Standards Codification Topic 842 (ASC 842), Leases. Prior period balances have been adjusted for the effects of the new standard. See Note 1 for further information. |
Note 6 - Supplemental Balance_7
Note 6 - Supplemental Balance Sheet Information - Summary of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | |||
Goodwill balance | $ 20,201 | $ 20,109 | [1] | $ 20,458 | |
Effect of foreign currency translation | (92) | (210) | (257) | ||
Acquisition of SWE | 6,474 | ||||
Goodwill balance | 20,109 | [1] | 26,373 | 20,201 | |
Battery & Energy Products Segment [Member] | |||||
Goodwill balance | 8,708 | 8,616 | 8,965 | ||
Effect of foreign currency translation | (92) | (210) | (257) | ||
Acquisition of SWE | 6,474 | ||||
Goodwill balance | 8,616 | 14,880 | 8,708 | ||
Communications Systems Segment [Member] | |||||
Goodwill balance | 11,493 | 11,493 | 11,493 | ||
Effect of foreign currency translation | |||||
Acquisition of SWE | |||||
Goodwill balance | $ 11,493 | $ 11,493 | $ 11,493 | ||
[1] | Effective January 1, 2019, the Company adopted Accounting Standards Codification Topic 842 (ASC 842), Leases. Prior period balances have been adjusted for the effects of the new standard. See Note 1 for further information. |
Note 6 - Supplemental Balance_8
Note 6 - Supplemental Balance Sheet Information - Composition of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 29, 2019 | Dec. 31, 2018 |
Cost | $ 19,622 | $ 16,109 |
Accumulated Amortization | 9,939 | 9,605 |
Net | 9,683 | 6,504 |
Trademarks [Member] | ||
Cost | 3,401 | 3,405 |
Accumulated Amortization | 0 | 0 |
Net | 3,401 | 3,405 |
Customer Relationships [Member] | ||
Cost | 8,907 | 6,471 |
Accumulated Amortization | 4,586 | 4,392 |
Net | 4,321 | 2,079 |
Patented Technology [Member] | ||
Cost | 5,452 | 5,486 |
Accumulated Amortization | 4,810 | 4,725 |
Net | 642 | 761 |
Distributor Relationships [Member] | ||
Cost | 377 | 377 |
Accumulated Amortization | 377 | 377 |
Net | ||
Trade Names [Member] | ||
Cost | 1,485 | 370 |
Accumulated Amortization | 166 | 111 |
Net | $ 1,319 | $ 259 |
Note 6 - Supplemental Balance_9
Note 6 - Supplemental Balance Sheet Information - Acquisition (Details) $ in Thousands | 9 Months Ended |
Sep. 29, 2019USD ($) | |
Estimate Useful Lives (Year) | |
SWE [Member] | |
Estimated Fair Value | $ 3,649 |
Annual Estimated Amortization Expense | 243 |
Customer Relationships [Member] | SWE [Member] | |
Estimated Fair Value | 2,522 |
Annual Estimated Amortization Expense | 168 |
Trade Names [Member] | SWE [Member] | |
Estimated Fair Value | 1,127 |
Annual Estimated Amortization Expense | $ 75 |
Estimate Useful Lives (Year) | 15 years |
Note 6 - Supplemental Balanc_10
Note 6 - Supplemental Balance Sheet Information - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | |
Amortization of intangible assets | $ 148 | $ 97 | $ 372 | $ 300 |
Research and Development Expense [Member] | ||||
Amortization of intangible assets | 32 | 36 | 98 | 111 |
Selling, General and Administrative Expenses [Member] | ||||
Amortization of intangible assets | $ 116 | $ 61 | $ 274 | $ 189 |
Note 7 - Stock-based Compensa_3
Note 7 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Apr. 30, 2019 | Jan. 31, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 924 | $ 924 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 146 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 3.77 | |||||
Proceeds from Stock Options Exercised | 388 | $ 64 | $ 866 | $ 1,357 | ||
Restricted Stock [Member] | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 188 | $ 188 | ||||
Restricted Stock [Member] | The 2014 Long-term Incentive Plan [Member] | ||||||
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 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Note 7 - Stock-based Compensa_4
Note 7 - Stock-based Compensation - Non-cash Stock Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | |
Stock-based comepensation expense | $ 159 | $ 363 | $ 519 | $ 707 |
Share-based Payment Arrangement, Option [Member] | ||||
Stock-based comepensation expense | 117 | 344 | 433 | 653 |
Restricted Stock [Member] | ||||
Stock-based comepensation expense | $ 42 | $ 19 | $ 86 | $ 54 |
Note 7 - Stock-based Compensa_5
Note 7 - Stock-based Compensation - Stock Option Assumptions (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 29, 2019 | |
Outstanding (in shares) | 1,576,087 |
Outstanding - weighted average exercise price (in dollars per share) | $ 6.58 |
Granted (in shares) | 282,500 |
Granted - weighted average exercise price (in dollars per share) | $ 8.27 |
Exercised (in shares) | (194,720) |
Exercised - weighted average exercise price (in dollars per share) | $ 4.45 |
Forfeited or expired (in shares) | (46,082) |
Forfeited or Expired - weighted average exercise price (in dollars per share) | $ 7.04 |
Outstanding at September 29, 2019 (in shares) | 1,617,785 |
Outstanding at September 29, 2019 (in dollars per share) | $ 7.12 |
Outstanding at September 29, 2019 (Year) | 3 years 138 days |
Outstanding at September 29, 2019 | $ 3,192 |
Vested and expected to vest at September 29, 2019 (in shares) | 1,518,161 |
Vested and expected to vest at September 29, 2019 (in dollars per share) | $ 7.05 |
Vested and expected to vest at September 29, 2019 (Year) | 3 years 76 days |
Vested and expected to vest at September 29, 2019 | $ 3,113 |
Exercisable at September 29, 2019 (in shares) | 1,095,661 |
Exercisable at September 29, 2019 (in dollars per share) | $ 6.29 |
Exercisable at September 29, 2019 (Year) | 2 years 113 days |
Exercisable at September 29, 2019 | $ 2,870 |
Note 7 - Stock-based Compensa_6
Note 7 - Stock-based Compensation - Stock Option Activity (Details) | 9 Months Ended |
Sep. 29, 2019 | |
Risk-Free Interest Rate | 1.80% |
Volatility Factor | 48.00% |
Weighted Average Expected Life (Year) | 5 years 109 days |
Dividends | 0.00% |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 29, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 20.50% | 4.00% | ||
Operating Loss Carryforwards, Valuation Allowance, Total | $ 10,000 | |||
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 | ||
General Business Tax Credit Carryforward [Member] | ||||
Tax Credit Carryforward, Amount | 1,817 | |||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||||
Operating Loss Carryforwards, Total | $ 63,388 | |||
Open Tax Year | 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 | |||
Foreign Tax Authority [Member] | ||||
Open Tax Year | 2010 2011 2012 2013 2014 2015 2016 2017 2018 | |||
Foreign Tax Authority [Member] | Her Majesty's Revenue and Customs (HMRC) [Member] | ||||
Operating Loss Carryforwards, Total | $ 0 | |||
State and Local Jurisdiction [Member] | ||||
Open Tax Year | 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 |
Note 9 - Operating Leases (Deta
Note 9 - Operating Leases (Details Textual) | 9 Months Ended | |
Sep. 29, 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 | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating lease cost | $ 168 | $ 145 | $ 459 | $ 445 |
Variable lease cost | 21 | 21 | 63 | 69 |
Total lease cost | $ 189 | $ 166 | $ 522 | $ 514 |
Note 9 - Operating Leases - Sup
Note 9 - Operating Leases - Supplement Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 29, 2019 | Sep. 30, 2018 | |
Operating cash flows from operating leases | $ 447 | $ 457 |
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 | Sep. 29, 2019 | Dec. 31, 2018 |
Operating lease right-of-use asset | $ 1,989 | $ 805 |
Current operating lease liability | 600 | 439 |
Operating lease liability, net of current portion | 1,387 | 376 |
Total operating lease liability | $ 1,987 | $ 815 |
Weighted-average remaining lease term (years) (Year) | 3 years 328 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 | Sep. 29, 2019 | Dec. 31, 2018 |
2019 | $ 163 | |
2020 | 673 | |
2021 | 459 | |
2022 | 347 | |
2023 | 356 | |
Thereafter | 178 | |
Total lease payments | 2,176 | |
Less: Imputed interest | (189) | |
Present value of remaining lease payments | $ 1,987 | $ 815 |
Note 10 - Commitments and Con_3
Note 10 - Commitments and Contingencies (Details Textual) | 9 Months Ended |
Sep. 29, 2019USD ($) | |
Long-term Purchase Commitment, Amount | $ 1,030 |
Note 10 - Commitments and Con_4
Note 10 - Commitments and Contingencies - Changes in Produce Warranty Liability (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 29, 2019 | Sep. 30, 2018 | |
Accrued warranty obligations – beginning | $ 95 | $ 149 |
Assumed warranty obligations – SWE | 145 | |
Accruals for warranties issued | 152 | (9) |
Settlements made | (167) | (54) |
Accrued warranty obligations – ending | $ 225 | $ 86 |
Note 11 - Business Segment In_3
Note 11 - Business Segment Information (Details Textual) | 9 Months Ended |
Sep. 29, 2019 | |
Number of Operating Segments | 2 |
Note 11 - Business Segment In_4
Note 11 - Business Segment Information - Segment Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | ||
Revenues | [1] | $ 27,493 | $ 20,330 | $ 75,772 | $ 66,263 |
Segment contribution | 1,306 | 1,500 | 4,896 | 5,488 | |
Other expense | (160) | 21 | (301) | (27) | |
Tax provision | (225) | (86) | (942) | (219) | |
Non-controlling interest | (23) | (27) | (74) | (57) | |
Net income attributable to Ultralife | 898 | 1,408 | 3,579 | 5,185 | |
Other income | (160) | 21 | (301) | (27) | |
Other expense | (160) | 21 | (301) | (27) | |
Battery & Energy Products Segment [Member] | |||||
Revenues | [1] | 22,578 | 17,289 | 58,876 | 52,344 |
Segment contribution | 6,117 | 4,702 | 16,182 | 14,664 | |
Other expense | |||||
Other income | |||||
Other expense | |||||
Communications Systems Segment [Member] | |||||
Revenues | [1] | 4,915 | 3,041 | 16,896 | 13,919 |
Segment contribution | 1,744 | 1,339 | 5,628 | 5,209 | |
Other expense | |||||
Other income | |||||
Other expense | |||||
Corporate Segment [Member] | |||||
Revenues | |||||
Segment contribution | (6,555) | (4,541) | (16,914) | (14,385) | |
Other expense | (160) | 21 | (301) | (27) | |
Tax provision | (225) | (86) | (942) | (219) | |
Non-controlling interest | (23) | (27) | (74) | (57) | |
Other income | (160) | 21 | (301) | (27) | |
Other expense | $ (160) | $ 21 | $ (301) | $ (27) | |
[1] | Sales classified to U.S. include shipments to U.S.-based prime contractors which in some cases may serve non-U.S. projects |
Note 11 - Business Segment In_5
Note 11 - Business Segment Information - Revenue by Business Segment Sector (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | ||
Revenue | [1] | $ 27,493 | $ 20,330 | $ 75,772 | $ 66,263 |
Revenue, percentage | [1] | ||||
Commercial [Member] | |||||
Revenue | $ 17,677 | $ 10,127 | $ 42,736 | $ 30,007 | |
Revenue, percentage | 64.00% | 50.00% | 56.00% | 45.00% | |
Government & Defense [Member] | |||||
Revenue | $ 9,816 | $ 10,203 | $ 33,036 | $ 36,256 | |
Revenue, percentage | 36.00% | 50.00% | 44.00% | 55.00% | |
Battery & Energy Products Segment [Member] | |||||
Revenue | [1] | $ 22,578 | $ 17,289 | $ 58,876 | $ 52,344 |
Battery & Energy Products Segment [Member] | Commercial [Member] | |||||
Revenue | 17,677 | 10,127 | 42,736 | 30,007 | |
Battery & Energy Products Segment [Member] | Government & Defense [Member] | |||||
Revenue | 4,901 | 7,162 | 16,140 | 22,337 | |
Communications Systems Segment [Member] | |||||
Revenue | [1] | 4,915 | 3,041 | 16,896 | 13,919 |
Communications Systems Segment [Member] | Commercial [Member] | |||||
Revenue | |||||
Communications Systems Segment [Member] | Government & Defense [Member] | |||||
Revenue | $ 4,915 | $ 3,041 | $ 16,896 | $ 13,919 | |
[1] | Sales classified to U.S. include shipments to U.S.-based prime contractors which in some cases may serve non-U.S. projects |
Note 11 - Business Segment In_6
Note 11 - Business Segment Information - Domestic and International Revenue by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | ||
Revenues | [1] | $ 27,493 | $ 20,330 | $ 75,772 | $ 66,263 |
Revenue, percentage | [1] | ||||
UNITED STATES | |||||
Revenues | [1] | $ 15,856 | $ 11,529 | $ 45,617 | $ 42,198 |
Revenue, percentage | [1] | 58.00% | 57.00% | 60.00% | 64.00% |
Non-US [Member] | |||||
Revenues | [1] | $ 11,637 | $ 8,801 | $ 30,155 | $ 24,065 |
Revenue, percentage | [1] | 42.00% | 43.00% | 40.00% | 36.00% |
Battery & Energy Products Segment [Member] | |||||
Revenues | [1] | $ 22,578 | $ 17,289 | $ 58,876 | $ 52,344 |
Battery & Energy Products Segment [Member] | UNITED STATES | |||||
Revenues | [1] | 11,459 | 9,389 | 29,869 | 29,451 |
Battery & Energy Products Segment [Member] | Non-US [Member] | |||||
Revenues | [1] | 11,119 | 7,900 | 29,007 | 22,893 |
Communications Systems Segment [Member] | |||||
Revenues | [1] | 4,915 | 3,041 | 16,896 | 13,919 |
Communications Systems Segment [Member] | UNITED STATES | |||||
Revenues | [1] | 4,397 | 2,140 | 15,748 | 12,747 |
Communications Systems Segment [Member] | Non-US [Member] | |||||
Revenues | [1] | $ 518 | $ 901 | $ 1,148 | $ 1,172 |
[1] | Sales classified to U.S. include shipments to U.S.-based prime contractors which in some cases may serve non-U.S. projects |