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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>February 12, 2015</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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    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 3pt ridge">&nbsp;</TD></TR>
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<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>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">NEWARK, N.Y. &ndash; February 12,
2015 -- Ultralife Corporation (NASDAQ: ULBI)<B> </B>reported operating income of $1.0 million on revenue of $19.9 million for
the quarter ended December 31, 2014. For the fourth quarter of 2013, the Company reported operating income of $0.2 million on
revenue of $20.2 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">&ldquo;Consistent with our objectives,
in 2014 we realized initial returns on the new product development investments made in power systems designed for medical devices
and carts, portable power solutions, and integrated communications systems, while we expanded our global sales footprint. Battery
&amp; Energy Products contributed profitable growth with sales of commercial products increasing 32% and representing 62% of the
segment&rsquo;s sales mix for the year, further diversifying its non-government/defense revenue base,&rdquo; said Michael D. Popielec,
Ultralife&rsquo;s President and Chief Executive Officer.</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">&ldquo;Financially, our fourth quarter
results reflect successful execution and demonstrate the operating leverage of our business model. We generated a consolidated
gross margin of 31.7%, up 400 basis points over last year, and an operating income of $1.0 million. Having brought 2014 to a close
on a strong note, the elements of our long-term strategic and operational plans are coalescing, and we are heading in the right
direction to generate organic top-line growth and profitability in 2015,&rdquo; concluded Popielec.</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"><B><U>Fourth Quarter 2014 Financial
Results</U></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: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Revenue was $19.9 million, compared
to $20.2 million for the fourth quarter of 2013, a $0.2 million or 1% decline reflecting an increase of $0.9 million in Battery
&amp; Energy Products sales, offset by a $1.1 million decrease in Communications Systems sales. Battery &amp; Energy Products
sales were $16.8 million, compared to $15.9 million last year, a 6% increase, with sales to commercial customers increasing 47%
and Government/Defense sales decreasing 24%. Communications Systems sales were $3.2 million, compared to $4.3 million for the
same period last year, a decrease of 26% reflecting ongoing soft order flow for amplifiers for U.S. Government/Defense tactical
radios. On a consolidated basis, sales to commercial customers accounted for 49% of total revenue, up from 33% 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 $6.3 million, or
31.7% of revenue, compared to $5.6 million or 27.7% of revenue for the same quarter a year ago. The 400 basis point increase primarily
reflects the increased sales of higher margin commercial products, favorable mix of new products and increased production volumes
leading to Lean productivity gains and overhead leverage. Battery &amp; Energy Products gross margin was 30.0%, 390 basis points
higher than the 26.1% reported last year, and Communications Systems gross margin was 40.6%, a 710 basis point improvement from
the 33.5% reported last year.</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 $5.3 million
compared to $5.4 million last year reflecting ongoing discretionary spending discipline while investing in new product development.
Operating expenses were 26.5% of revenue, compared to 26.6% 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">As a result of the increase in gross
profit and lower operating expenses, the Company reported operating income of $1.0 million compared to $0.2 million last year
and a 410 basis point improvement in the operating margin to 5.2% from 1.1% last year. Adjusted EBITDA, defined as EBITDA including
non-cash, stock based compensation, was $2.1 million, or 10.4% of revenue, compared to $1.4 million, or 6.9% of revenue for the
same quarter a year ago. And, net income was $0.9 million, or $0.05 per share, compared to $0.1 million, or $0.01 per share for
the fourth 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="margin: 0"><FONT STYLE="font-size: 10pt">During the fourth quarter, Ultralife repurchased 56,197 shares under its 1.8
million share repurchase program.</FONT></P>

<P STYLE="margin: 0">&nbsp;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></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>



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<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 February 12, 2015</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"><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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<TR STYLE="vertical-align: bottom">
    <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:
February 12, 2015</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 February 12,
2015</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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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)
February 12, 2015
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 2.02	Results of Operations
and Financial Condition
NEWARK, N.Y. – February 12,
2015 -- Ultralife Corporation (NASDAQ: ULBI)
reported operating income of $1.0 million on revenue of $19.9 million for
the quarter ended December 31, 2014. For the fourth quarter of 2013, the Company reported operating income of $0.2 million on
revenue of $20.2 million.
"Consistent with our objectives,
in 2014 we realized initial returns on the new product development investments made in power systems designed for medical devices
and carts, portable power solutions, and integrated communications systems, while we expanded our global sales footprint. Battery
& Energy Products contributed profitable growth with sales of commercial products increasing 32% and representing 62% of the
segment's sales mix for the year, further diversifying its non-government/defense revenue base," said Michael D. Popielec,
Ultralife's President and Chief Executive Officer.
"Financially, our fourth quarter
results reflect successful execution and demonstrate the operating leverage of our business model. We generated a consolidated
gross margin of 31.7%, up 400 basis points over last year, and an operating income of $1.0 million. Having brought 2014 to a close
on a strong note, the elements of our long-term strategic and operational plans are coalescing, and we are heading in the right
direction to generate organic top-line growth and profitability in 2015," concluded Popielec.
Fourth Quarter 2014 Financial
Results
Revenue was $19.9 million, compared
to $20.2 million for the fourth quarter of 2013, a $0.2 million or 1% decline reflecting an increase of $0.9 million in Battery
& Energy Products sales, offset by a $1.1 million decrease in Communications Systems sales. Battery & Energy Products
sales were $16.8 million, compared to $15.9 million last year, a 6% increase, with sales to commercial customers increasing 47%
and Government/Defense sales decreasing 24%. Communications Systems sales were $3.2 million, compared to $4.3 million for the
same period last year, a decrease of 26% reflecting ongoing soft order flow for amplifiers for U.S. Government/Defense tactical
radios. On a consolidated basis, sales to commercial customers accounted for 49% of total revenue, up from 33% last year.
Gross profit was $6.3 million, or
31.7% of revenue, compared to $5.6 million or 27.7% of revenue for the same quarter a year ago. The 400 basis point increase primarily
reflects the increased sales of higher margin commercial products, favorable mix of new products and increased production volumes
leading to Lean productivity gains and overhead leverage. Battery & Energy Products gross margin was 30.0%, 390 basis points
higher than the 26.1% reported last year, and Communications Systems gross margin was 40.6%, a 710 basis point improvement from
the 33.5% reported last year.
Operating expenses were $5.3 million
compared to $5.4 million last year reflecting ongoing discretionary spending discipline while investing in new product development.
Operating expenses were 26.5% of revenue, compared to 26.6% for the year earlier period.
As a result of the increase in gross
profit and lower operating expenses, the Company reported operating income of $1.0 million compared to $0.2 million last year
and a 410 basis point improvement in the operating margin to 5.2% from 1.1% last year. Adjusted EBITDA, defined as EBITDA including
non-cash, stock based compensation, was $2.1 million, or 10.4% of revenue, compared to $1.4 million, or 6.9% of revenue for the
same quarter a year ago. And, net income was $0.9 million, or $0.05 per share, compared to $0.1 million, or $0.01 per share for
the fourth quarter of 2013.
During the fourth quarter, Ultralife repurchased 56,197 shares under its 1.8
million share repurchase program.
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 February 12, 2015
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:
February 12, 2015
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 February 12,
2015