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    <TD COLSPAN="4" STYLE="font: bold 12pt Times New Roman, Times, Serif; text-align: center">UNITED STATES</TD></TR>
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    <TD COLSPAN="4" STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></TD></TR>
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    <TD COLSPAN="4" STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><B>Washington, D.C. 20549</B></TD></TR>
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    <TD COLSPAN="4" STYLE="font: bold 18pt Times New Roman, Times, Serif; text-align: center">FORM 8-K</TD></TR>
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    <TD COLSPAN="4" STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
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        <P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">CURRENT REPORT</P>
        <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Pursuant to Section 13 or 15(d) of the
        Securities Exchange Act of 1934</P></TD></TR>
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    <TD COLSPAN="4" STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of the earliest event reported)</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>October 28, 2014</U></P></TD></TR>
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    <TD COLSPAN="4" STYLE="font: 18pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 18pt"><B><U>ULTRALIFE CORPORATION</U></B></FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">(Exact name of registrant as specified in its charter)</FONT></TD></TR>
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    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><B><U>Delaware</U></B></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><B><U>000-20852</U></B></TD>
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><B><U>16-1387013</U></B></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">(State of incorporation)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">(Commission File Number)</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">(IRS Employer Identification No.)</FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="font: normal 11pt Times New Roman, Times, Serif; text-align: center; text-decoration: underline"><B>2000
Technology Parkway, Newark, New York</B></TD>
    <TD STYLE="font: normal 11pt Times New Roman, Times, Serif; text-align: center; text-decoration: underline"><B>14513</B></TD></TR>
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    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">(Zip Code)</FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><B><U>(315) 332-7100</U></B></TD></TR>
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    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">(Registrant&rsquo;s telephone number, including area code)</FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
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    <TD COLSPAN="4" STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
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    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">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):</FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
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    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
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    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
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    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
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    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Item 1.01&#9;Entry into
a Material Definitive Agreement</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">On October 28, 2014, Ultralife
Corporation (&ldquo;Ultralife&rdquo; or &ldquo;the Company&rdquo;) and PNC Bank, National Association (&ldquo;PNC&rdquo;)
entered into a second amendment (the &ldquo;Second Amendment&rdquo;) to the Revolving Credit, Guaranty and Security Agreement
(the &ldquo;Credit Agreement&rdquo;) dated as of May 24, 2013, between the Company and PNC. The Second Amendment modifies the
definition of Earnings Before Interest, Taxes, Depreciation and Amortization (&ldquo;EBITDA&rdquo;) in the Credit Agreement
to also include non-cash stock-based compensation expense.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">The Company plans to file a copy
of the Amendment as an exhibit to its Form 10-Q for the quarter ended September 28, 2014.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Item 2.02&#9;Results of Operations
and Financial Condition</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT>
</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">NEWARK, N.Y. &ndash; October 30,
2014 -- Ultralife (NASDAQ: ULBI)<B> </B>reported breakeven operating results on revenue of $16.1 million for the quarter
ended September 28, 2014. For the third quarter of 2013, the Company reported an operating profit of $0.7 million on revenue of
$20.4 million.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Revenue was $16.1 million, compared
to $20.4 million for the third quarter of 2013, a $4.3 million, or 21%, decline reflecting an increase of $0.4 million in Battery
&amp; Energy Products sales offset by a $4.7 million decrease in Communications Systems sales. Battery &amp; Energy Products sales
were $13.9 million, compared to $13.5 million last year, a 3% increase, with sales to commercial customers increasing 36% and
Government/Defense sales decreasing 25%. Communications Systems sales were $2.1 million, compared to $6.9 million for the same
period last year, a decrease of 69% reflecting ongoing soft order flow from Government/Defense customers and continued delays
in approving U.S. Government orders. On a consolidated basis, sales to commercial customers accounted for 53% of total revenue,
up from 30% last year.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Gross profit was $4.5 million, or
27.9% of revenue, compared to $6.1 million, or 30.1% of revenue, for the same quarter a year ago. The 220 basis point decrease
reflects primarily the lower mix of Communications Systems sales. Battery &amp; Energy Products gross margin was 27.4%, 70 basis
points higher than the 26.7% reported last year reflecting increased sales of higher margin commercial products. Communications
Systems gross margin was 31.3% compared to 36.9% last year, a decrease of 560 basis points on lower volume and unfavorable product
mix.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Operating expenses were $4.5 million,
$.9 million or 17% lower than last year primarily due to continued reductions in discretionary spending, the timing of certain
expenses related to new product development and lower sales commissions. Operating expenses were 28.3% of revenue, compared to
26.9% for the year earlier period.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">With gross profit nearly equal to
operating expenses the Company reported a slight operating loss of $55,000 for the fiscal 2014 third quarter. For the comparable
period last year, the Company reported operating income of $0.7 million.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">The Company reported a net loss
of $.3 million, or $0.02 per share, compared to net income of $0.6 million, or $0.04 per share, for the third quarter of
2013.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">During the third quarter, Ultralife
repurchased 160,557 shares under its 1.8 million share repurchase program.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Despite the Company&rsquo;s commercial
sales momentum, management now expects revenue for the year to be up to 20% below last year given the reduction in global government
and defense spending exacerbated by the continued timing uncertainties of several Communications Systems projects. As a result,
management expects an operating loss of approximately 3% - 4% of sales for the year.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Management cautions
that the timing of orders and shipments may cause variability in quarterly results.&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">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.&nbsp;</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Item 9.01&#9;Financial Statements,
Pro Forma Financials and Exhibits.</B></FONT></P>

<P STYLE="text-align: justify; text-indent: 8pt; margin-right: 0; margin-left: 20pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(a)
Exhibits</FONT></P>

<P STYLE="text-align: justify; text-indent: 18pt; margin-right: 0; margin-left: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">99.1
Press Release of Ultralife Corporation dated October 30, 2014</FONT></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">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>

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    <TD STYLE="padding-bottom: 0pt; font: bold 11pt Arial, Helvetica, Sans-Serif; width: 48%; padding-top: 12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date:
    October 30, 2014</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 46%; font-size: 11pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>ULTRALIFE Corporation</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 10pt">/s/ Philip A. Fain</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">Philip A. Fain</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">Chief Financial Officer and Treasurer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; text-align: center"><FONT STYLE="font-size: 10pt">EXHIBIT
INDEX</FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><U>Exhibit No.
</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Description</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 20pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;99.1
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press Release of Ultralife Corporation dated October 30,
2014</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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{"company-data": {"conformed-name": "ULTRALIFE CORP", "cik": "0000875657", "assigned-sic": "3690", "irs-number": "161387013", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-20852", "film-number": "141181647"}, "business-address": {"street1": "2000 TECHNOLOGY PARKWAY", "city": "NEWARK", "state": "NY", "zip": "14513", "phone": "3153327100"}, "mail-address": {"street1": "2000 TECHNOLOGY PARKWAY", "city": "NEWARK", "state": "NY", "zip": "14513"}, "former-company": {"former-conformed-name": "ULTRALIFE BATTERIES INC", "date-changed": "19940224"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
        Securities Exchange Act of 1934
Date of Report (Date of the earliest event reported)
October 28, 2014
ULTRALIFE CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
000-20852
16-1387013
(State of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
2000
Technology Parkway, Newark, New York
14513
(Address of principal executive offices)
(Zip Code)
(315) 332-7100
(Registrant's telephone number, including area code)
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):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01	Entry into
a Material Definitive Agreement
On October 28, 2014, Ultralife
Corporation ("Ultralife" or "the Company") and PNC Bank, National Association ("PNC")
entered into a second amendment (the "Second Amendment") to the Revolving Credit, Guaranty and Security Agreement
(the "Credit Agreement") dated as of May 24, 2013, between the Company and PNC. The Second Amendment modifies the
definition of Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") in the Credit Agreement
to also include non-cash stock-based compensation expense.
The Company plans to file a copy
of the Amendment as an exhibit to its Form 10-Q for the quarter ended September 28, 2014.
Item 2.02	Results of Operations
and Financial Condition
NEWARK, N.Y. – October 30,
2014 -- Ultralife (NASDAQ: ULBI)
reported breakeven operating results on revenue of $16.1 million for the quarter
ended September 28, 2014. For the third quarter of 2013, the Company reported an operating profit of $0.7 million on revenue of
$20.4 million.
Revenue was $16.1 million, compared
to $20.4 million for the third quarter of 2013, a $4.3 million, or 21%, decline reflecting an increase of $0.4 million in Battery
& Energy Products sales offset by a $4.7 million decrease in Communications Systems sales. Battery & Energy Products sales
were $13.9 million, compared to $13.5 million last year, a 3% increase, with sales to commercial customers increasing 36% and
Government/Defense sales decreasing 25%. Communications Systems sales were $2.1 million, compared to $6.9 million for the same
period last year, a decrease of 69% reflecting ongoing soft order flow from Government/Defense customers and continued delays
in approving U.S. Government orders. On a consolidated basis, sales to commercial customers accounted for 53% of total revenue,
up from 30% last year.
Gross profit was $4.5 million, or
27.9% of revenue, compared to $6.1 million, or 30.1% of revenue, for the same quarter a year ago. The 220 basis point decrease
reflects primarily the lower mix of Communications Systems sales. Battery & Energy Products gross margin was 27.4%, 70 basis
points higher than the 26.7% reported last year reflecting increased sales of higher margin commercial products. Communications
Systems gross margin was 31.3% compared to 36.9% last year, a decrease of 560 basis points on lower volume and unfavorable product
mix.
Operating expenses were $4.5 million,
$.9 million or 17% lower than last year primarily due to continued reductions in discretionary spending, the timing of certain
expenses related to new product development and lower sales commissions. Operating expenses were 28.3% of revenue, compared to
26.9% for the year earlier period.
With gross profit nearly equal to
operating expenses the Company reported a slight operating loss of $55,000 for the fiscal 2014 third quarter. For the comparable
period last year, the Company reported operating income of $0.7 million.
The Company reported a net loss
of $.3 million, or $0.02 per share, compared to net income of $0.6 million, or $0.04 per share, for the third quarter of
2013.
During the third quarter, Ultralife
repurchased 160,557 shares under its 1.8 million share repurchase program.
Despite the Company's commercial
sales momentum, management now expects revenue for the year to be up to 20% below last year given the reduction in global government
and defense spending exacerbated by the continued timing uncertainties of several Communications Systems projects. As a result,
management expects an operating loss of approximately 3% - 4% of sales for the year.
Management cautions
that the timing of orders and shipments may cause variability in quarterly results.
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.
Item 9.01	Financial Statements,
Pro Forma Financials and Exhibits.
(a)
Exhibits
99.1
Press Release of Ultralife Corporation dated October 30, 2014
SIGNATURES
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.
Date:
    October 30, 2014
ULTRALIFE Corporation
By:
/s/ Philip A. Fain
Philip A. Fain
Chief Financial Officer and Treasurer
EXHIBIT
INDEX
Exhibit No.
Description
99.1
           Press Release of Ultralife Corporation dated October 30,
2014