Ultralife Corporation

Thank you for standing by and welcome to Ultra Life Corporation's fourth quarter 2023 results conference call. At this time, all participants are on a listen-only mode. After the speaker's presentations, there will be a question and answer session. To ask a question at that time, please press star 11 on your telephone. Please be advised that today's call is being recorded. At this time, I'm going to turn the call over to your host, Jody Burkiney. Please go ahead.

Thank you, Valerie, and good morning, everyone, and thank you for joining us this morning for Ultralife Corporation's earnings conference call for the fourth quarter of fiscal 2023. With us on today's call are Mike Manna, Ultralife's president and CEO, and Phil Fane, Ultralife's chief financial officer. The earnings press release was issued earlier this morning, and if anyone has not yet received a copy, I invite you to visit the company's website, www.ultralifecore.com, where you'll find the release under investor news in the investor relations section. Before turning the call over to management, I would like to remind everyone that some statements made during this conference call contain forward-looking statements based on current expectations. Actual results could differ materially from those projected as a result of various risks and uncertainties. The potential risks and uncertainties that could cause actual results to differ materially include the impact of COVID-19 related supply chain disruptions, potential reductions in revenue from key customers, acceptance of new products on a global basis, and uncertain global economic conditions. The company cautions investors not to place undue reliance on forward-looking statements which reflect the company's analysis only as of today's date. The company undertakes no obligation to publicly update forward-looking statements to reflect subsequent events or circumstances. Further information on these factors and other factors that could affect Ultralife's financial results is included in the company's filings with the Securities and Exchange Commission, including the latest annual report on Form 10-K. In addition, on today's call, management will refer to certain non-GAAP financial measures that management considers to be useful and differ from GAAP. These non-GAAP measures should be considered supplemental to corresponding GAAP figures. With that, I would now like to turn the call over to Mike. Good morning, Mike.

Thank you. Good morning, everyone. Welcome to our call on Ultralife's Q4 and full year 2023 operating results. Earlier this morning, we reported Q4 sales of 44.5 million and operating income of 3.6 million, delivering 18 cents EPS, which concluded a great end to a tumultuous year. We started the 2023 year with a cyber attack that shut down operations for weeks in two of our sites, then rallied throughout the year to post the highest full year revenue and profit level in over 10 years. a result of great teamwork throughout the business and supply chain. For the full year, we reported 158.6 million in sales with an operating income of 9.5 million, resulting in 44 cents of gap and 52 cents adjusted EPS for the year. We improved gross margin for the business throughout the year, which was a key priority as we started 2023. I am pleased to say we were able to finish out the year with an initial pay down on our acquisition debt and increased our overall backlog sequentially from Q3. I will turn it over to Phil to talk through the detailed numbers.