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<SEC-DOCUMENT>0001157523-09-001234.txt : 20090213
<SEC-HEADER>0001157523-09-001234.hdr.sgml : 20090213
<ACCEPTANCE-DATETIME>20090213094228
ACCESSION NUMBER:		0001157523-09-001234
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090212
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090213
DATE AS OF CHANGE:		20090213

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ULTRALIFE CORP
		CENTRAL INDEX KEY:			0000875657
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
		IRS NUMBER:				161387013
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-20852
		FILM NUMBER:		09598452

	BUSINESS ADDRESS:	
		STREET 1:		2000 TECHNOLOGY PARKWAY
		CITY:			NEWARK
		STATE:			NY
		ZIP:			14513
		BUSINESS PHONE:		3153327100

	MAIL ADDRESS:	
		STREET 1:		2000 TECHNOLOGY PARKWAY
		CITY:			NEWARK
		STATE:			NY
		ZIP:			14513

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ULTRALIFE BATTERIES INC
		DATE OF NAME CHANGE:	19940224
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a5894495.htm
<DESCRIPTION>ULTRALIFE CORPORATION 8-K
<TEXT>
<html>
  <head>
    <title></title>
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  <body style="font-family: Times New Roman; font-size: 10pt">
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman">UNITED STATES</font><font style="font-size: 12pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 12pt"></font><font style="font-size: 12pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font><br><font style="font-size: 12pt; font-family: Times New Roman">Washington,
      D.C. 20549</font><br><br><font style="font-size: 12pt; font-family: Times New Roman">FORM
      8-K</font><br><br><font style="font-size: 12pt; font-family: Times New Roman">Current
      Report</font><br><font style="font-size: 12pt; font-family: Times New Roman">
      PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934</font><br><br><font style="font-size: 10pt">Date
      of Report </font><font style="font-size: 10pt; font-family: Times New Roman">(Date
      of earliest event reported):</font><br><br><font style="font-size: 10pt; font-family: Times New Roman">February
      12, 2009</font><br><br><br><u><font style="font-size: 12pt; font-family: Times New Roman">ULTRALIFE
      CORPORATION</font></u><br><font style="font-size: 10pt; font-family: Times New Roman">(Exact
      name of registrant as specified in its charter)</font><br><br><u><font style="font-size: 10pt; font-family: Times New Roman">Delaware</font></u><br>(State
      or other jurisdiction of incorporation or organization)<br><br>
    </p>
    <div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="text-align: center; width: 50%; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>0-20852</u>
          </p>
        </td>
        <td style="text-align: center; width: 50%; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>16-1387013</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; width: 50%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission File Number)
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: center; width: 50%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (I.R.S. Employer Identification No.)
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>

    </p>
    <div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>2000 Technology Parkway, Newark, New York&#160;&#160;&#160;&#160;&#160;&#160;&#160;14513</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">(Address
            of principal executive offices)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>&#160;&#160;(Zip
            Code)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <u><font style="font-size: 10pt; font-family: Times New Roman">(315)
      332-7100</font></u><br>(Registrant&#8217;s telephone number, including area
      code)<br><br><br>
    </p>
    <p style="text-align: left">
      <font style="font-size: 10pt; font-family: Times New Roman">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p>
      Item 2.02. Results of Operations and Financial Condition.
    </p>
    <p style="text-align: justify">
      Ultralife Corporation (the &#8220;Company&#8221;) reported revenue of $49.2 million
      for the quarter ended December 31, 2008, an increase of $12.4 million,
      or 34%, over the $36.8 million in revenue reported for the fourth
      quarter of 2007.&#160;&#160;The company reported an operating loss of $0.3 million
      in the fourth quarter of 2008, compared with an operating loss of $2.7
      million in the same period a year ago. &#160;&#160;The Company&#8217;s press release is
      attached as Exhibit 99.1 to this Form 8-K.
    </p>
    <p style="text-align: justify">
      In conjunction with its program to repurchase up to $10 million worth of
      its own common stock, the company has spent approximately $1.8 million
      through December 31, 2008 to acquire approximately 200,000 shares at an
      average price of roughly $8.50 per share.
    </p>
    <p style="text-align: justify">
      The information set forth in this Form 8-K and the attached exhibit is
      being furnished to and not filed with the Securities and Exchange
      Commission and shall not be deemed to be incorporated by reference in
      any filing under the Securities Exchange Act of 1934, as amended, or the
      Securities Act of 1933, as amended, except to the extent specifically
      provided in any such filing.
    </p>
    <p>
      Item 9.01. Financial Statements, Pro Forma Financials and Exhibits.
    </p>
    <p style="text-align: left; text-indent: 30.0px">
      (a)&#160;&#160;Exhibits.
    </p>
    <p style="text-align: left; text-indent: 60.0px">
      99.1&#160;&#160;&#160;&#160;&#160;&#160;Press Release dated February 12, 2009.
    </p>
    <p style="margin-left: 150.0px">
      <br>
      <br>
      <br>

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman">SIGNATURE</font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <p style="text-indent: 30.0px">

    </p>
    <div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="text-align: left; width: 5%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; width: 50%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            ULTRALIFE CORPORATION
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; width: 5%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Dated:
          </p>
        </td>
        <td style="text-align: left; padding-bottom: 2.0px; width: 50%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            February 12, 2009.
          </p>
        </td>
        <td style="text-align: left; padding-bottom: 2.0px; width: 3%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            By:
          </p>
        </td>
        <td style="text-align: left; padding-bottom: 2.0px; width: 3%; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="text-align: left; width: 39%; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Robert W. Fishback
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="text-align: left; width: 39%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Vice President of Finance &amp; CFO
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="text-indent: 0pt; width: 100%; margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      INDEX TO EXHIBITS
    </p>
    <p style="text-align: left">
      (99)&#160;&#160;Additional Exhibits
    </p>
    <p style="text-align: left; text-indent: 30.0px">
      99.1&#160;&#160;Press Release dated February 12, 2009.
    </p>
    <p style="text-align: justify; text-indent: 30.0px; margin-left: 30.0px; white-space: nowrap">

    </p>
  </body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5894495ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Ultralife
      Corporation Reports Fourth Quarter Results</b></font>
    </p>
    <p>
      NEWARK, N.Y.--(BUSINESS WIRE)--February 12, 2009--Ultralife Corporation
      (NASDAQ: ULBI)<b> </b>reported revenue of $49.2 million for the quarter
      ended December 31, 2008, an increase of $12.4 million, or 34%, over the
      $36.8 million in revenue reported for the fourth quarter of 2007. The
      company reported an operating loss of $0.3 million in the fourth quarter
      of 2008, compared with an operating loss of $2.7 million in the same
      period a year ago.
    </p>
    <p>
      The $12.4 million increase in revenue was driven by strong sales of
      batteries and chargers in the Rechargeable Products segment and higher
      sales of BA-5390 batteries in the Non-Rechargeable Products segment.
      Revenue in the Communications Systems segment was lower as the company
      had substantially completed shipments of orders for advanced
      communications systems worth $126 million that it had begun to deliver
      in the fourth quarter of 2007. Consolidated gross margin for the fourth
      quarter was 20%, compared with 16% in the same quarter a year ago.
    </p>
    <p>
      Operating expenses for the fourth quarter of 2008 totaled $10.0 million
      compared to $8.4 million a year ago. The $1.6 million increase in
      operating expenses was mainly attributable to higher selling and
      marketing expenses pertaining to the development of new business
      opportunities, as well as increased investment in product development
      and higher administrative costs from operating a more diverse business.
      As a percentage of revenue, operating expenses declined from 23% in the
      fourth quarter of 2007 to 20% in the fourth quarter of 2008. During the
      fourth quarter of 2008, the company recorded miscellaneous non-operating
      income of $0.9 million, consisting primarily of a $0.3 million
      non-operating gain on the completion of commitments pertaining to a
      state government grant, and a $0.5 million foreign currency exchange
      gain related to the strength of the U.S. dollar against the British
      pound. Included in fourth quarter 2007 results was a $7.6 million
      non-operating gain related to the negotiated purchase price settlement
      with the sellers of McDowell Research. Net income for the fourth quarter
      of 2008 was $0.2 million, or $0.01 per share, compared with net income
      of $4.4 million, or $0.27 per share, for the same quarter in 2007.
    </p>
    <p>
      For the full year ended December 31, 2008, revenue totaled a record
      $254.7 million compared to $137.6 million for 2007. Operating income
      amounted to $17.3 million for the full twelve months of 2008 compared to
      an operating loss of $0.2 million for the prior year. The year-over-year
      improvement in operating income of $17.5 million primarily resulted from
      strong revenue growth and higher gross margins in the Communications
      Systems segment, as well as improved leverage of operating expenses. Net
      income for the full year of 2008 was $13.7 million, or $0.78 per share,
      compared to $5.6 million, or $0.36 per share, for the prior year.
    </p>
    <p>
      &#8220;During 2008 we accomplished our objective of capitalizing on high value
      market opportunities that leverage our superior engineering
      capabilities, particularly in the areas of advanced communications
      systems and standby power management services,&#8221; said John D.
      Kavazanjian, president and chief executive officer. &#8220;By focusing on
      higher level electronics, we transformed our communications accessories
      business into a provider of advanced communications systems. As a
      result, we produced a break-out year, establishing Ultralife as the
      standard for Satcom-on-the-Move systems and launching the first portable
      tactical repeater product for hand held radios. In the standby power
      market, we expanded our footprint, broadened our product offerings and
      grew revenue. In addition to delivering record top line growth, we
      strengthened our financial position, generating significant cash from
      operations during 2008 and ending the year with minimal debt on the
      balance sheet.&#8221;
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Kavazanjian added, &#8220;The steps we have taken to diversify our customer
      base, broaden our product and service offerings and extend our global
      reach have placed Ultralife in a solid position to take advantage of
      attractive growth prospects in 2009. The expectation for continued
      spending on advanced communications and electronics systems supports our
      goals of increasing our share of customers&#8217; budgets both in the United
      States and abroad.&#160;As we participate more frequently in major systems
      programs, we may see fluctuations in quarterly revenue from time to time
      caused by either contracting delays or expedited shipments of orders.
      Rising demand for back-up power and energy storage justifies continued
      investment in the standby power services business as we advance our goal
      of becoming a dominant player in the market.
    </p>
    <p>
      &#8220;Operationally, we plan to continue improving margins while managing
      costs conservatively. Our operational flexibility will enable us to
      adjust quickly should order flow not meet our expectations. Financially,
      we enter 2009 with a strong balance sheet and the flexibility to execute
      our growth plans, now enhanced by our new $35 million credit facility,&#8221;
      Kavazanjian concluded. &#8220;Through continued geographic expansion, further
      product development and new market penetration, we are building the
      platform for long-term growth.&#8221;
    </p>
    <p>
      <u><b>Outlook</b></u>
    </p>
    <p>
      Based on current visibility, management expects revenue for the full
      year of 2009 to be at least $250 million with operating income of
      approximately $20 million, based on the company&#8217;s outlook for order
      opportunities and strong demand for the company&#8217;s products and services.
      Management expects strong 2009 revenue growth in its Rechargeable
      Products segment, in addition to year-over-year increases in the
      Non-Rechargeable Products and Design and Installation Services segments.
      Management expects another strong year in 2009 for Communications
      Systems, though it expects less revenue as the large orders for advanced
      communications systems that were shipped in 2008 are not expected to
      reoccur at the same level.
    </p>
    <p>
      <u><b>About Ultralife Corporation</b></u>
    </p>
    <p>
      Ultralife Corporation, which began as a battery company, now serves its
      markets with products and services ranging from portable and standby
      power solutions to communications and electronics systems. Through its
      engineering and collaborative approach to problem solving, Ultralife
      serves government, defense and commercial customers across the globe.
    </p>
    <p>
      Ultralife&#8217;s family of brands includes: Ultralife Batteries, Stationary
      Power Services, RPS Power Systems, ABLE, McDowell Research and RedBlack
      Communications. Ultralife&#8217;s operations are in North America, Europe and
      Asia. For more information, visit <u>www.ultralifecorp.com</u>.
    </p>
    <p>
      This press release may contain forward-looking statements based on
      current expectations that involve a number of risks and uncertainties.
      The potential risks and uncertainties that could cause actual results to
      differ materially include: worsening global economic conditions,
      increased competitive environment and pricing pressures, disruptions
      related to restructuring actions and delays. The Company cautions
      investors not to place undue reliance on forward-looking statements,
      which reflect the Company&#8217;s analysis only as of today&#8217;s date. The
      Company undertakes no obligation to publicly update forward-looking
      statements to reflect subsequent events or circumstances. Further
      information on these factors and other factors that could affect
      Ultralife's financial results is included in Ultralife's Securities and
      Exchange Commission (SEC) filings, including the latest Annual Report on
      Form 10-K.
    </p>
    <p>
      <u><b>Conference Call Information</b></u>
    </p>
    <p>
      Investors are invited to listen to a live webcast of the conference call
      at 10:00 a.m. ET on February 12, 2009 at <u>http://investor.ultralifecorp.com</u>.
      To listen to the live call, please go to the web site at least fifteen
      minutes early to download and install any necessary audio software. For
      those who cannot listen to the live broadcast, a replay of the webcast
      will be available shortly after the call at the same location for 90
      days. Investors may also listen to a telephone replay of the conference
      call by dialing 888-203-1112, Reservation 4272157, during the period
      starting at 1:00 p.m. ET February 12 and ending at 1:00 p.m. ET February
      19, 2009.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="17" style="text-align: center; padding-left: 0.0px" valign="top">
          ULTRALIFE CORPORATION
        </td>
      </tr>
      <tr>
        <td colspan="17" style="text-align: center; padding-left: 0.0px" valign="top">
          CONSOLIDATED STATEMENTS OF OPERATIONS
        </td>
      </tr>
      <tr>
        <td colspan="17" style="text-align: center; padding-left: 0.0px" valign="top">
          (In Thousands, Except Per Share Amounts)
        </td>
      </tr>
      <tr>
        <td colspan="17" style="text-align: center; padding-left: 0.0px" valign="top">
          (Unaudited)
        </td>
      </tr>
      <tr>
        <td colspan="17" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" style="text-align: center; padding-left: 0.0px" valign="top">
          Three-Month Periods Ended
        </td>
        <td>

        </td>
        <td colspan="7" style="text-align: center; padding-left: 0.0px" valign="top">
          Twelve-Month Periods Ended
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: center; padding-left: 0.0px" valign="top">
          December 31,
        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: center; padding-left: 0.0px" valign="top">
          December 31,
        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: center; padding-left: 0.0px" valign="top">
          December 31,
        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: center; padding-left: 0.0px" valign="top">
          December 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>2008</u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>2007</u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>2008</u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>2007</u>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Revenues:</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Non-rechargeable products
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          20,020
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          16,477
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          68,076
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          80,262
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Rechargeable products
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          15,443
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          3,414
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          34,691
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          16,756
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Communications systems
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          9,397
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          14,228
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          136,072
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          37,140
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px" valign="top">
          Design and installation services
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          4,362
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          2,670
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          15,861
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          3,438
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Total revenues</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          49,222
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          36,789
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          254,700
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          137,596
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Cost of products sold:</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Non-rechargeable products
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          16,442
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          13,839
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          57,285
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          62,515
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Rechargeable products
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          12,385
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          2,844
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          27,873
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          13,178
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Communications systems
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          6,825
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          12,143
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          99,267
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          30,447
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px" valign="top">
          Design and installation services
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          3,816
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          2,229
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          13,332
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          2,682
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          <b>Total cost of products sold</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          39,468
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          31,055
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          197,757
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          108,822
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Gross margin</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          9,754
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          5,734
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          56,943
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          28,774
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Operating expenses:</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Research and development
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          2,231
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          2,151
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          8,138
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          7,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px" valign="top">
          Selling, general, and administrative
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          7,816
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          6,288
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          31,500
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          21,973
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          <b>Total operating expenses</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          10,047
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          8,439
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          39,638
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          28,973
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Operating income (loss)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (293
        </td>
        <td style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (2,705
        </td>
        <td style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          17,305
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (199
        </td>
        <td style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Other income (expense):</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Interest income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          19
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          6
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          37
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          50
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Interest expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (150
        </td>
        <td style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (464
        </td>
        <td style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (967
        </td>
        <td style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (2,234
        </td>
        <td style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Gain on insurance settlement
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          39
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Gain on McDowell settlement
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          7,550
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          7,550
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Gain on debt conversion
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          313
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px" valign="top">
          Miscellaneous
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          863
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          139
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          815
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          493
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          <b>Income before income taxes</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          439
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          4,526
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          17,542
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          5,660
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Income tax provision-current
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          113
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          582
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Income tax provision-deferred
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          149
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          77
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          3,297
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          77
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px" valign="top">
          <b>Total income taxes</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          262
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          77
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          3,879
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          77
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          <b>Net income</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          177
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          4,449
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          13,663
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          5,583
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          <b>Earnings per share - basic</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          0.01
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          0.28
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          0.79
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          0.36
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          <b>Earnings per share - diluted</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          0.01
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          0.27
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          0.78
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          0.36
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          <b>Weighted average shares outstanding - basic</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          17,293
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          15,771
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          17,230
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          15,316
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          <b>Weighted average shares outstanding - diluted</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          17,364
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          17,278
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          17,705
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          15,557
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; width: 100%; margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="9" style="text-align: center; padding-left: 0.0px" valign="top">
          ULTRALIFE CORPORATION
        </td>
      </tr>
      <tr>
        <td colspan="9" style="text-align: center; padding-left: 0.0px" valign="top">
          CONSOLIDATED BALANCE SHEETS
        </td>
      </tr>
      <tr>
        <td colspan="9" style="text-align: center; padding-left: 0.0px" valign="top">
          (In Thousands, Except Per Share Amounts)
        </td>
      </tr>
      <tr>
        <td colspan="9" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: center; padding-left: 0.0px" valign="top">
          December 31,
        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: center; padding-left: 0.0px" valign="top">
          December 31,
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <b>ASSETS</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>2008</u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>2007</u>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Current assets:</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Cash and investments
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          1,878
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          2,245
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Trade accounts receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          30,588
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          26,540
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          40,465
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          35,098
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px" valign="top">
          Prepaid expenses and other current assets
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          2,242
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          4,410
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="top">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          75,173
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          68,293
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Property and equipment</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          18,465
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          19,365
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Other assets</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px" valign="top">
          Goodwill, intangible and other assets
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          35,949
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          34,390
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          Total Assets
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          129,587
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          122,048
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <b>LIABILITIES AND SHAREHOLDERS' EQUITY</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Current liabilities:</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Short-term debt and current portion of long-term debt
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          1,425
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          13,423
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Accounts payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          20,255
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          18,326
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px" valign="top">
          Other current liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          10,556
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          10,083
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 30.0px" valign="top">
          Total current liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          32,236
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          41,832
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Long-term liabilities:</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Long-term debt and capital lease obligations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          4,670
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          16,224
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px" valign="top">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          4,528
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          985
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 30.0px" valign="top">
          Total long-term liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          9,198
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          17,209
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Minority interest in equity of subsidiaries</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          21
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Shareholders' equity:</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Common stock, par value $0.10 per share
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          1,815
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          1,712
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Capital in excess of par value
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          167,259
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          152,070
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Accumulated other comprehensive income (loss)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (1,930
        </td>
        <td style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          69
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px" valign="top">
          Accumulated deficit
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          (74,780
        </td>
        <td style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          (88,443
        </td>
        <td style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          92,364
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          65,408
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px" valign="top">
          Less -- Treasury stock, at cost
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          4,232
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          2,401
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 35.0px" valign="top">
          Total shareholders' equity
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          88,132
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          63,007
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          Total Liabilities and Shareholders' Equity
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          129,587
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          122,048
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br><b>Company:</b><br><u>Ultralife Corporation</u><br>Robert W.
      Fishback, 315-332-7100<br><u>bfishback@ulbi.com</u><br>or<br><b>Investor
      Relations:</b><br><u>Lippert/Heilshorn &amp; Associates, Inc.</u><br>Jody
      Burfening, 212-838-3777<br><u>jburfening@lhai.com</u>
    </p>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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