<SEC-DOCUMENT>0001171843-13-002363.txt : 20130531
<SEC-HEADER>0001171843-13-002363.hdr.sgml : 20130531
<ACCEPTANCE-DATETIME>20130531144740
ACCESSION NUMBER:		0001171843-13-002363
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20130524
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130531
DATE AS OF CHANGE:		20130531

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:		13884697

	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>document.htm
<DESCRIPTION>FORM 8-K FILING DOCUMENT
<TEXT>
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	<head>
		<title>Form 8-K Filing</title>
	</head>

	<body>
		<p align="center">UNITED STATES<br>
			SECURITIES AND EXCHANGE COMMISSION<br>
			Washington, D.C. 20549<br>
		</p>
		<p align="center">FORM 8-K</p>
		<p align="center"><font size="2">CURRENT REPORT<br>
				Pursuant to Section 13 OR 15(d) of<br>
					The Securities Exchange Act of 1934</font></p>
		<p align="center"><font size="2">Date of Report (Date of earliest event reported) <br><b>May 24, 2013</b></font></p>
		<p align="center"><font size="4"><u><b>Ultralife Corporation</b></u></font><br>
			<font size="2">(Exact name of registrant as specified in its charter)</font></p>
		<!-- Registrant's State of Inc, File and IRS Number -->
		<table cellpadding="0" border="0" width="100%" cellspacing="0">
			<tr valign="top">
				<td align="center" colspan="2"><font size="2"><u><b>Delaware</b></u></font></td>
			</tr>
			<tr valign="top">
				<td align="center" colspan="2"><font size="2">(State or other jurisdiction<br>

						of incorporation) </font></td>
			</tr>
			<tr valign="top">
				<td width="50%" align="center"></td>
				<td width="50%" align="center"></td>
			</tr>
			<tr valign="top">
				<td width="50%" align="center"><font size="2"><u><b>000-20852</b></u></font></td>
				<td width="50%" align="center"><font size="2"><u><b>16-1387013</b></u></font></td>
			</tr>
			<tr valign="top">
				<td width="50%" align="center"><font size="2">(Commission File Number) </font></td>
				<td width="50%" align="center"><font size="2">(IRS Employer<br>
						Identification No.) </font></td>
			</tr>
		</table>
		<!-- Registrant's Postal Addess and Zip Code --><br>
		<table cellpadding="0" border="0" width="100%" cellspacing="0">
			<tr valign="bottom">
				<td width="50%" align="center"><font size="2"><u><b>2000 Technology Parkway, Newark, New York</b></u></font></td>
				<td width="50%" align="center"><font size="2"><u><b>14513</b></u></font></td>
			</tr>
			<tr valign="top">
				<td width="50%" align="center"><font size="2">(Address of principal executive offices)</font></td>
				<td width="50%" align="center"><font size="2">(Zip Code)</font></td>
			</tr>
		</table>
		<p align="center"><font size="2"><u><b>(315) 332-7100</b></u><br>
			Registrant's telephone number, including area code</font></p>
		<!--<p align="center"><br>
			<font size="2"><u>________________________________________________________________________________</u><br>
			(Former name or former address, if changed since last report)</font></p>-->
		<!-- Simultaneous filing obligation checkboxes --><br>
		<table cellpadding="0" border="0" width="100%" cellspacing="0">
			<tr valign="top">
				<td colspan="3"><font size="2">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 (see General Instruction A.2. below):<br>
						<br>
					</font></td>
			</tr>
			<tr valign="top">
				<td width="21"><font size="2">&nbsp;</font></td>
				<td width="40"><font size="2">[ &nbsp;&nbsp;]</font></td>
				<td nowrap><font size="2">&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </font></td>
			</tr>
			<tr valign="top">
				<td width="21"><font size="2">&nbsp;</font></td>
				<td width="40"><font size="2">[ &nbsp;&nbsp;]</font></td>
				<td nowrap><font size="2">&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </font></td>
			</tr>
			<tr valign="top">
				<td width="21"><font size="2">&nbsp;</font></td>
				<td width="40"><font size="2">[ &nbsp;&nbsp;]</font></td>
				<td nowrap><font size="2">&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </font></td>
			</tr>
			<tr valign="top">
				<td width="21"><font size="2">&nbsp;</font></td>
				<td width="40"><font size="2">[ &nbsp;&nbsp;]</font></td>
				<td nowrap><font size="2">&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </font></td>
			</tr>
		</table>
		<br>
		<hr noshade="1">
		<font size="2"></font>
		<p><font size="3"><b><p><font size="3"><b>Item 1.01. Entry into a Material Definitive Agreement.</b></font></p></b></font></p>
		<p><font size="2"><p>
	<font size="2">On May 24, 2013, Ultralife Corporation (the &quot;Company&quot;) entered into a Revolving Credit, Guaranty and Security Agreement (the &quot;Credit Agreement&quot;) and related security agreements with PNC Bank, National Association (&quot;PNC&quot; or the &quot;Bank&quot;) to establish a $20 million secured asset-based revolving credit facility that includes a $1 million letter of credit subfacility (the &quot;Credit Facility&quot;). The Credit Agreement provides that the Credit Facility may be increased with the Bank&#39;s concurrence to $35 million prior to the last six months of the term and expires on May 24, 2017. The Credit Facility replaces the Company&#39;s prior credit facility with RBS Business Capital, a division of RBS Asset Finance, Inc., which expired in accordance with its terms on May 15, 2013 (the &quot;Prior Credit Facility&quot;). Additional information regarding the Credit Agreement and Credit Facility is included below under Item 2.03.</font></p>
</font></p>
		<font size="2">

<p>
<font size="3">
<b>Item 2.03. Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.</b>
</font>
</p>

<p>
<font size="2">
<p>
	<font size="2">On May 24, 2013, the Company entered into the Credit Agreement to establish the Credit Facility. The Credit Facility provides the Company with an aggregate of up to $20 million of loan and letter of credit availability determined based on a borrowing base formula equal to the sum of up to 85% of eligible accounts receivable plus the least of (a) up to 65% of the eligible inventory and eligible foreign in-transit inventory, (b) up to 85% of the appraised net orderly liquidation value of eligible inventory and eligible foreign in-transit inventory, and (c) $7.5 million, in each case subject to the definitions in the Credit Agreement and reserves required by PNC. </font></p>
<p>
	 </p>
<p>
	<font size="2">The Company may use advances under the Credit Facility for general working capital purposes, to reimburse drawings under letters of credit and to fund capital expenditures and acquisitions, all subject to the terms of the Credit Agreement. The Company had no amounts drawn under the Prior Credit Facility at the time of its expiration and has not borrowed under the Credit Facility. Interest will accrue on outstanding indebtedness under the Credit Agreement at the alternate base rate, plus the applicable margin, or at the one-, two- or three-month LIBOR rate, plus the applicable margin, as selected by the Company. The applicable margin that will apply until the first quarterly reports are submitted is 1.0% for alternate base rate loans and 2.0% for LIBOR rate loans. Thereafter the following margins will apply: </font></p>
<p>
	 </p>
<table cellpadding="0" cellspacing="0" style="" width="100%">

		<tr>
			<td style="BORDER-BOTTOM: black 0.75pt solid; BORDER-LEFT: black 0.75pt solid; BORDER-TOP: black 0.75pt solid" valign="top" width="21%">
				<p align="center" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
					<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Quarterly Average Undrawn Borrowing Availability</font></p>
			</td>
			<td style="BORDER-BOTTOM: black 0.75pt solid; BORDER-LEFT: black 0.75pt solid; BORDER-TOP: black 0.75pt solid" valign="top" width="21%">
				<p align="center" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
					<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Applicable Margin for Alternate Base Rate Loans</font></p>
			</td>
			<td style="BORDER-BOTTOM: black 0.75pt solid; BORDER-LEFT: black 0.75pt solid; BORDER-TOP: black 0.75pt solid; BORDER-RIGHT: black 0.75pt solid" valign="top" width="21%">
				<p align="center" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
					<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Applicable Margin for LIBOR Rate Loans</font></p>
			</td>
		</tr>
		<tr>
			<td style="BORDER-BOTTOM: black 0.75pt solid; BORDER-LEFT: black 0.75pt solid" valign="top" width="21%">
				<p align="center" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
					<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&gt; $8,000,000</font></p>
			</td>
			<td style="BORDER-BOTTOM: black 0.75pt solid; BORDER-LEFT: black 0.75pt solid" valign="top" width="21%">
				<p align="center" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
					<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.00%</font></p>
			</td>
			<td style="BORDER-BOTTOM: black 0.75pt solid; BORDER-LEFT: black 0.75pt solid; BORDER-RIGHT: black 0.75pt solid" valign="top" width="21%">
				<p align="center" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
					<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.00%</font></p>
			</td>
		</tr>
		<tr>
			<td style="BORDER-BOTTOM: black 0.75pt solid; BORDER-LEFT: black 0.75pt solid" valign="top" width="21%">
				<p align="center" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
					<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&le;$8,000,000 but &gt; $5,000,000</font></p>
			</td>
			<td style="BORDER-BOTTOM: black 0.75pt solid; BORDER-LEFT: black 0.75pt solid" valign="top" width="21%">
				<p align="center" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
					<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.25%</font></p>
			</td>
			<td style="BORDER-BOTTOM: black 0.75pt solid; BORDER-LEFT: black 0.75pt solid; BORDER-RIGHT: black 0.75pt solid" valign="top" width="21%">
				<p align="center" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
					<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.25%</font></p>
			</td>
		</tr>
		<tr>
			<td style="BORDER-BOTTOM: black 0.75pt solid; BORDER-LEFT: black 0.75pt solid" valign="top" width="21%">
				<p align="center" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
					<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&le; $5,000,000</font></p>
			</td>
			<td style="BORDER-BOTTOM: black 0.75pt solid; BORDER-LEFT: black 0.75pt solid" valign="top" width="21%">
				<p align="center" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
					<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.50%</font></p>
			</td>
			<td style="BORDER-BOTTOM: black 0.75pt solid; BORDER-LEFT: black 0.75pt solid; BORDER-RIGHT: black 0.75pt solid" valign="top" width="21%">
				<p align="center" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
					<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.50%</font></p>
			</td>
		</tr>

</table>
<p>
	 </p>
<p>
	<font size="2">The Company must pay a fee on its unused availability of 0.375% per annum and customary letter of credit fees in addition to various collateral monitoring and related fees and expenses. </font></p>
<p>
	 </p>
<p>
	<font size="2">In addition to customary affirmative and negative covenants, the Company must maintain a fixed charge coverage ratio of 1:15 to 1:00 tested quarterly for the four-quarters then ended. The Credit Facility is secured by substantially all the assets of the Company.</font></p>
<p>
	 </p>
<p>
	<font size="2">Any outstanding advances must be repaid upon expiration of the term of the Credit Facility. Payments must be made during the term to the extent outstanding advances exceed the maximum amount then permitted to be drawn as advances under the Credit Facility and from the proceeds of certain transactions. Upon the occurrence of an event of default, the outstanding obligations may be accelerated and the Bank will have other customary remedies.</font></p>
<p>
	 </p>
<p>
	<font size="2">The information provided under Item 1.01 of this Current Report on Form 8-K regarding the Credit Agreement and Credit Facility is incorporated by reference into this Item 2.03.</font></p>

</font>
</p>

</font>
		<p><font size="3"><b><p><font size="3"><b>Item 9.01. Financial Statements and Exhibits.</b></font></p></b></font></p>
		<p><font size="2"><p>
	(d) Exhibits</p>
<table border="0" cellpadding="0" cellspacing="0">

		<tr>
			<td>
				<font size="2"><u>Exhibit No.</u></font></td>
			<td rowspan="3" width="15">
				 </td>
			<td>
				<font size="2"><u>Description</u></font></td>
		</tr>
		<tr>
			<td>
				 </td>
			<td>
				 </td>
		</tr>
		<tr>
			<td>
				<font size="2">99.1</font></td>
			<td>
				<font size="2">Press Release of Ultralife Corporation dated May 28, 2013</font></td>
		</tr>

</table>
</font></p>
		<hr noshade="1">
		<!-- Registrant's Signature -->
		<p align="center"><font size="2">SIGNATURE</font></p>
		<p><font size="2">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
		<table cellpadding="0" border="0" width="100%" cellspacing="0">
			<tr valign="top">
				<td width="47%"><font size="2">&nbsp;</font></td>
				<td colspan="2">Ultralife Corporation<br>
					<br>
					</td>
			</tr>
			<tr valign="top">
				<td width="47%">
					<p><font size="2">Date: May 31, 2013</font></p>
				</td>
				<td width="5%"><font size="2">&nbsp;By: &nbsp;&nbsp;</font></td>
				<td width="47%"><font size="2"><u>/s/ PHILIP A. FAIN</u><br>
					Philip A. Fain<br>
					<i>CFO & Treasurer</i></font></td>
			</tr>
		</table>
		<font size="2"><hr />
<p>
	 </p>
<p align="center">
	<b>EXHIBIT INDEX</b></p>
<p>
	 </p>
<table border="0" cellpadding="0" cellspacing="0">

		<tr>
			<td>
				<font size="2"><u><b>Exhibit Number</b></u></font></td>
			<td rowspan="3" width="15">
				 </td>
			<td>
				<font size="2"><u><b>Description</b></u></font></td>
		</tr>
		<tr>
			<td>
				 </td>
			<td>
				 </td>
		</tr>
		<tr>
			<td>
				<font size="2">99.1</font></td>
			<td>
				<font size="2">Press Release of Ultralife Corporation dated May 28, 2013</font></td>
		</tr>

</table>
</font>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>newsrelease.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<html><head><title>Ultralife Corporation Closes New Revolving Credit Facility With PNC Bank</title></head><body><p align="right">EXHIBIT 99.1</p><h3 align="center">Ultralife Corporation Closes New Revolving Credit Facility With PNC Bank</h3><p>NEWARK, N.Y., May 28, 2013 (GLOBE NEWSWIRE) -- Ultralife Corporation (Nasdaq:ULBI) has closed on a four-year $20 million senior secured asset-based revolving credit facility with a $15 million accordion feature to expand the facility with PNC Bank, National Association ("PNC"). The company's previous revolving credit facility with RBS Business Capital had expired on May 15, 2013.</p><p>
	There is no opening balance under the facility as the company is in a positive cash position of over $10 million. Borrowings under the facility will bear interest based on LIBOR plus 200 basis points and may vary depending on the company meeting certain financial criteria.</p><p>
	"This new credit facility demonstrates the success of our efforts over the past two years to establish a profitable business model and significantly improve our liquidity. Indicative of our strengthened financial position, we reported almost $9 million in cash and no debt as of March 31, 2013," said Michael D. Popielec, Ultralife's president and chief executive officer. "We intend to use our cash generation plus this new facility to fund the acquisitions of technologies, products and expanded market reach that will supplement our expected organic top line growth and enable us to accelerate the operating leverage benefits of our now validated business model. PNC Bank is the ideal partner for us and we look forward to forging a strong relationship with them."</p><p>
	<strong>About Ultralife Corporation</strong></p><p>
	Ultralife Corporation serves its markets with products and services ranging from portable 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>
	Headquartered in Newark, New York, the company's business segments include: Battery &amp; Energy Products and Communications Systems. Ultralife has operations in North America, Europe and Asia. For more information, visit www.ultralifecorp.com.</p><pre>CONTACT: Company Contact:
         Ultralife Corporation
         Philip Fain
         (315) 210-6110
         pfain@ulbi.com

         Investor Relations Contact:
         Lippert/Heilshorn &amp; Associates
         Jody Burfening
         (212) 838-3777
         jburfening@lhai.com</pre></body></html>
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</DOCUMENT>
</SEC-DOCUMENT>
