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

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    <TD COLSPAN="4" STYLE="font: bold 12pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
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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 12pt 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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    <TD COLSPAN="4" STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
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    <TD COLSPAN="4">
        <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: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>July 31, 2014</U></P></TD></TR>
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    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</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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    <TD COLSPAN="4" STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</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: 10pt">(Exact name of registrant as specified in its charter)</FONT></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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    <TD COLSPAN="4" STYLE="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 STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><B><U>Delaware</U></B></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><B><U>000-20852</U></B></TD>
    <TD COLSPAN="2" STYLE="font: 12pt 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: 10pt">(State of incorporation)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(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 12pt Times New Roman, Times, Serif; text-align: center; text-decoration: underline"><B>2000
Technology Parkway, Newark, New York</B></TD>
    <TD STYLE="font: normal 12pt 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: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Address of principal executive offices)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code)</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="4" STYLE="font: 12pt 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: 10pt">(Registrant&rsquo;s telephone number, including area code)</FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</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>
<TR STYLE="vertical-align: top">
    <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>
<TR STYLE="vertical-align: top">
    <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"><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; July 31, 2014
-- Ultralife Corporation (NASDAQ: ULBI)<B> </B>reported an operating loss from continuing operations of $1.3 million on revenue
of $15.2 million for the quarter ended June 29, 2014. For the second quarter of 2013, the company reported an operating loss from
continuing operations of $1.9 million on revenue of $17.3 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">Discontinued operations for the second
quarter of 2013 included the final adjustments relating to the sale of RedBlack. All revenue, gross margin and operating expense
amounts presented below represent results from continuing operations.</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 $15.2 million, compared
to $17.3 million for the second quarter of 2013, a 12% decline, reflecting a decrease of $2.5 million in Battery &amp; Energy
Products sales partially offset by a $0.4 million increase in Communications Systems sales. Battery &amp; Energy Products sales
were $12.2 million, compared to $14.7 million last year, a 17% decrease, reflecting a 19% increase in commercial sales more than
offset by a 53% decline in Government/Defense sales. Communications Systems sales were $3.0 million, compared to $2.6 million
for the same period last year, an increase of 16%, driven by the fulfillment of a $1.9 million order for the recently introduced
Universal Vehicle Adaptors.</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 $4.2 million, or
27.7% of revenue, compared to $4.5 million, or 26.2% of revenue, for the same quarter a year ago. The 150 basis point improvement
reflects a higher mix of higher margin Communications Systems sales. Communications Systems&rsquo; gross margin was 44.0%, compared
to 39.3%, an increase of 470 basis points reflecting higher volumes and favorable product mix. Battery &amp; Energy Products&rsquo;
gross margin was 23.6%, compared to 23.8% last year, essentially flat.</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 decreased by 13%
to $5.5 million, compared to $6.4 million a year ago, primarily reflecting reductions in general and administrative expenses.
Operating expenses were 36.4% of revenue, compared to 37.0% 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 the reduction in operating expenses
and the improvement in gross margin offsetting the decline in volume, the operating loss was narrowed to $1.3 million for the
quarter from $1.9 million 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">As a result, the company reported
a net loss from continuing operations of $1.4 million, or $0.08 per share, compared to a net loss of $2.0 million, or $0.11 per
share, for the second quarter of 2013. Net income from discontinued operations was $0.0 million, or $0.00 per share, compared
to a net loss of $0.1 million, or $0.01 per share, for the second quarter of 2013.</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"></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 approximately 10% below last year given the reductions in global
government and defense spending to date that are likely to persist. As a result of the revised outlook for revenue, management
now expects a slight operating loss for the year in the range of 2 &ndash; 3% of sales.</FONT></P>

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

<P STYLE="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 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 July 31, 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;</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">&nbsp;</FONT></P>

<P STYLE="font: 11pt 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; 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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
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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:
    July 31, 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: 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 July 31, 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": "141004627"}, "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)
July 31, 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 2.02	Results of Operations
and Financial Condition
NEWARK, N.Y. – July 31, 2014
-- Ultralife Corporation (NASDAQ: ULBI)
reported an operating loss from continuing operations of $1.3 million on revenue
of $15.2 million for the quarter ended June 29, 2014. For the second quarter of 2013, the company reported an operating loss from
continuing operations of $1.9 million on revenue of $17.3 million.
Discontinued operations for the second
quarter of 2013 included the final adjustments relating to the sale of RedBlack. All revenue, gross margin and operating expense
amounts presented below represent results from continuing operations.
Revenue was $15.2 million, compared
to $17.3 million for the second quarter of 2013, a 12% decline, reflecting a decrease of $2.5 million in Battery & Energy
Products sales partially offset by a $0.4 million increase in Communications Systems sales. Battery & Energy Products sales
were $12.2 million, compared to $14.7 million last year, a 17% decrease, reflecting a 19% increase in commercial sales more than
offset by a 53% decline in Government/Defense sales. Communications Systems sales were $3.0 million, compared to $2.6 million
for the same period last year, an increase of 16%, driven by the fulfillment of a $1.9 million order for the recently introduced
Universal Vehicle Adaptors.
Gross profit was $4.2 million, or
27.7% of revenue, compared to $4.5 million, or 26.2% of revenue, for the same quarter a year ago. The 150 basis point improvement
reflects a higher mix of higher margin Communications Systems sales. Communications Systems' gross margin was 44.0%, compared
to 39.3%, an increase of 470 basis points reflecting higher volumes and favorable product mix. Battery & Energy Products'
gross margin was 23.6%, compared to 23.8% last year, essentially flat.
Operating expenses decreased by 13%
to $5.5 million, compared to $6.4 million a year ago, primarily reflecting reductions in general and administrative expenses.
Operating expenses were 36.4% of revenue, compared to 37.0% for the year earlier period.
With the reduction in operating expenses
and the improvement in gross margin offsetting the decline in volume, the operating loss was narrowed to $1.3 million for the
quarter from $1.9 million last year.
As a result, the company reported
a net loss from continuing operations of $1.4 million, or $0.08 per share, compared to a net loss of $2.0 million, or $0.11 per
share, for the second quarter of 2013. Net income from discontinued operations was $0.0 million, or $0.00 per share, compared
to a net loss of $0.1 million, or $0.01 per share, for the second quarter of 2013.
Despite the company's commercial
sales momentum, management now expects revenue for the year to be approximately 10% below last year given the reductions in global
government and defense spending to date that are likely to persist. As a result of the revised outlook for revenue, management
now expects a slight operating loss for the year in the range of 2 – 3% of sales.
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 July 31, 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:
    July 31, 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 July 31, 2014