ULTRALIFE CORP Annual report

Ultralife Corp Annual Report-Free PDF

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SECURITIES AND EXCHANGE COMMISSION,Washington D C 20549. X Annual report pursuant to Section 13 or 15 d of the Securities Exchange Act. of 1934 for the fiscal year ended June 30 2001,Commission file number 0 20852. ULTRALIFE BATTERIES INC, Exact name of registrant as specified in its charter. Delaware 16 1387013,State or other jurisdiction of I R S Employer. incorporation or organization Identification No,2000 Technology Parkway Newark New York 14513.
Address of principal executive offices Zip Code, Registrant s telephone number including area code 315 332 7100. Securities registered pursuant to Section 12 b of the Act None. Securities registered pursuant to Section 12 g of the Act. Title of Class,Common Stock par value 0 10 per share. Indicate by check mark whether the registrant 1 has filed all reports required to be filed by Section 13 or 15 d of the Securities Exchange Act. of 1934 during the preceding 12 months or for such shorter period that the registrant was required to file such reports and 2 has been. subject to such filing requirements for the past 90 days Yes X No. Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S K is not contained herein and will not be. contained to the best of registrant s knowledge in definitive proxy or information statements incorporated by reference in Part III of this Form. 10 K or any amendment to this Form 10 K, On August 31 2001 the aggregate market value of the Common Stock of Ultralife Batteries Inc held by non affiliates of the Registrant was. approximately 50 721 983 based upon the closing price for such Common Stock as reported on the NASDAQ National Market System on. August 31 2001, As of September 14 2001 the Registrant had 12 263 866 shares of Common Stock outstanding. Documents Incorporated by Reference, Part III Ultralife Batteries Inc Proxy Statement With the exception of the items of the Proxy Statement specifically incorporated by reference.
herein the Proxy Statement is not deemed to be filed as part of this Report on Form 10 K. TABLE OF CONTENTS,PART I 1 Business 3,2 Properties 14. 3 Legal Proceedings 14,4 Submission of Matters to a Vote of. Securities Holders 15, PART II 5 Market for Registrant s Common Equity and. Related Shareholder Matters 15,6 Selected Financial Data 17. 7 Management s Discussion and Analysis of,Financial Condition and Results of Operations 18.
7a Quantitative and Qualitative Disclosures About,Market Risks 26. 8 Financial Statements and Supplementary Data 26,9 Changes in and Disagreements with Accountants. on Accounting and Financial Disclosure 26, PART III 10 Directors and Executive Officers of the Registrant 26. 11 Executive Compensation 27,12 Security Ownership of Certain Beneficial. Owners and Management 27, 13 Certain Relationships and Related Transactions 27.
PART IV 14 Exhibits Financial Statement Schedules and. Reports on Form 8 K 27,Exhibit Index 28,Signatures 31. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward looking statements This report contains certain. forward looking statements and information that are based on the beliefs of management as well as assumptions made by and information. currently available to management The statements contained in this report relating to matters that are not historical facts are forward looking. statements that involve risks and uncertainties including but not limited to future demand for the Company s products and services the. successful commercialization of the Company s advanced rechargeable batteries general economic conditions government and environmental. regulation competition and customer strategies technological innovations in the primary and rechargeable battery industries changes in the. Company s business strategy or development plans capital deployment business disruptions including those caused by fire raw materials. supplies environmental regulations and other risks and uncertainties certain of which are beyond the Company s control Should one or more. of these risks or uncertainties materialize or should underlying assumptions prove incorrect actual results may differ materially from those. described herein as anticipated believed estimated or expected See Risk Factors in Item 7. ITEM 1 BUSINESS, Ultralife Batteries Inc the Company develops manufactures and markets a wide range of standard and customized primary lithium and. polymer rechargeable batteries for use in a wide array of applications The Company believes that its proprietary technologies allow the. Company to offer batteries that are ultra thin lightweight and generally achieve longer operating time than many competing batteries currently. available To date the Company has focused on manufacturing a family of lithium primary batteries for consumer industrial and military. applications which it believes is one of the most comprehensive lines of lithium manganese dioxide primary batteries commercially available. The Company has introduced its advanced polymer rechargeable batteries which are based on its proprietary technology for use in portable. electronic applications, The Company reports its results in four operating segments Primary Batteries Rechargeable Batteries Technology Contracts and Corporate. The Primary Batteries segment includes 9 volt cylindrical and various specialty batteries The Rechargeable Batteries segment consists of the. Company s polymer rechargeable batteries The Technology Contracts segment includes revenues and related costs associated with various. government and military development contracts The Corporate segment consists of all other items that do not specifically relate to the three. other segments and are not considered in the performance of the other segments. Primary Batteries, The Company manufactures and markets a family of lithium manganese dioxide Li MnO2 primary batteries including 9 volt 3 volt C 1 1 4. C and D configurations thin cell custom pouch batteries and magnesium silver chloride seawater activated batteries Some applications of the. Company s primary batteries include smoke detectors home security systems intensive care monitors and military portable communications. devices The Company s high rate lithium batteries are sold to OEMs primarily for the military and industrial markets for use in a variety of. applications including automotive telematics emergency radio beacons search and rescue transponders and other specialty instruments and. applications The Company also manufactures seawater activated batteries for specialty marine applications The Company believes that the. materials used in and the chemical reactions inherent to lithium batteries provide significant advantages over other currently available primary. battery technologies which advantages include lighter weight longer operating time longer shelf life and a wider operating temperature range. The Company s primary batteries also have relatively flat voltage profiles which provide stable power Conventional primary batteries such as. alkaline have sloping voltage profiles which result in decreasing power outage during discharge While the price for the Company s lithium. batteries is generally higher than, alkaline batteries the increased energy per unit of weight and volume of the Company s lithium batteries will allow longer operating time and.
less frequent battery replacements for the Company s targeted applications. Revenues for this segment in fiscal year 2001 were 22 1 million and segment contribution was 0 4 million See Management s Discussion. and Analysis of Financial Condition and Results of Operations and the 2001 Consolidated Financial Statements and Notes thereto for. additional information,Rechargeable Batteries, The Company believes that its polymer rechargeable battery technology provides substantial benefits including the ability to design and. produce lightweight cells in a variety of custom sizes shapes and thickness as thin as 0 9 millimeter As a result of significantly increased. efforts to work closely with OEMs to get the Company s rechargeable batteries designed into new products the Company expects that sales of. rechargeable batteries will account for a substantially greater percentage of total revenue in the next few years. The global small cell rechargeable batteries market was approximately 5 5 billion in 2000 and is expected to grow to over 6 billion by 2003. The widespread use of a variety of portable consumer electronic products such as notebook computers and cellular telephones has resulted in. large and growing markets for rechargeable batteries These electronic products are placing increasing demands on existing battery. technologies to deliver greater amounts of energy through efficiently designed smaller and lighter batteries In some cases current battery. capabilities are a major limitation in the development of next generation electronic products The Company believes that its proprietary. technology can provide substantial benefits over other available rechargeable battery systems. Revenues for this segment in fiscal year 2001 were 0 4 million and segment contribution was a loss of 7 6 million See Management s. Discussion and Analysis of Financial Condition and Results of Operations and the 2001 Consolidated Financial Statements and Notes thereto. for additional information,Technology Contracts, On a continuing basis the Company seeks to fund part of its efforts to identify and develop new applications for its products and to advance its. technologies through contracts with both government agencies and third parties The government sponsors research and development programs. designed to improve the performance and safety of existing battery systems and to develop new battery systems The Company has been. successful in obtaining awards for such programs for both rechargeable and primary battery technologies. Revenues for this segment in fiscal year 2001 were 1 7 million and segment contribution was 0 2 million Revenues in this segment are. expected to continue to decline as certain non renewable government contracts wind down See Management s Discussion and Analysis of. Financial Condition and Results of Operations and the 2001 Consolidated Financial Statements and Notes thereto for additional information. The Company allocates revenues cost of sales research and development expenses and gains on fires from insurance proceeds across the. above business segments The balance of income and expense including selling general and administration expenses interest income and. expense gains on sale of securities and other net expenses and its minority interest in Ultralife Taiwan Inc are reported in the Corporate. There were no revenues for this segment in fiscal year 2001 and segment contribution was a loss of 8 0 million See Management s Discussion. and Analysis of Financial Condition and Results of Operations and the 2001 Consolidated Financial Statements and Notes thereto for. additional information, The Company was formed in December 1990 In March 1991 the Company acquired certain technology and assets from Eastman Kodak. Company Kodak relating to its 9 volt lithium manganese dioxide primary battery During the initial 12 months of operation the Company. directed its efforts towards reactivating the Kodak manufacturing facility and performing extensive tests on the Kodak 9 volt battery These. tests demonstrated a need for design modifications which once completed resulted in a battery with improved performance and shelf life In. June 1994 the Company s subsidiary Ultralife Batteries UK Ltd acquired certain assets of the Dowty Group PLC Dowty The Dowty. acquisition provided the Company with a presence in Europe manufacturing facilities for high rate lithium and seawater activated batteries and. a team of highly skilled scientists with significant lithium battery technology expertise Ultralife UK further expanded its operations through. its acquisition of certain assets and technologies of Accumulatorenwerke Hoppecke Carl Zoellner Sohn GmbH Co Hoppecke in July. 1994 In December 1998 the Company announced a venture with PGT Energy Corporation PGT together with a group of investors to. produce the Company s polymer rechargeable batteries in Taiwan During fiscal 2000 the Company provided the venture Ultralife Taiwan. Inc UTI with proprietary technology and other consideration in exchange for approximately a 46 interest in the joint venture Due to. stock grants to certain UTI employees in fiscal 2001 the equity interest was reduced to 41. Since its inception the Company has concentrated significant resources on research and development activities related to polymer rechargeable. batteries The Company has a segment that produces advanced rechargeable batteries using automated custom designed equipment Over the. past few years the Company expanded its product offering of lithium primary and polymer rechargeable batteries. As used in this Report unless otherwise indicated the terms Company and Ultralife include the Company s wholly owned subsidiary. Ultralife UK Ltd,Products and Technology, A battery is an electrochemical apparatus used to store and release energy in the form of electricity The main components of a conventional. battery are the anode cathode separator and an electrolyte which can be either a liquid or a solid The separator acts as an electrical insulator. preventing electrical contact between the anode and cathode inside the battery During discharge of the battery the anode supplies a flow of. On August 31 2001 the aggregate market value of t he Common Stock of Ultralife Batteries Inc held b y non affiliates of the Registrant was approximately 50 721 983 based upon the closing pr ice for such Common Stock as reported on the NASDAQ National Market System on August 31 2001

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