Risk Management Assignment

Ultralife Corporation (ULBI)
Company Background
Ultralife Corporation, incorporated on December 14, 1990, offers products and services
ranging from power solutions to communications and electronics systems to customers across
the globe in the government, defense and commercial sectors. The Company designs and
manufactures power and communications systems, including rechargeable and non-
rechargeable batteries, charging systems, communications and electronics systems and
accessories, and custom engineered systems. The Company's segments include Battery &
Energy Products, Communications Systems and Corporate. The Battery & Energy Products
segment includes lithium 9-volt, cylindrical, thin cell and other non-rechargeable batteries, in
addition to rechargeable batteries, uninterruptable power supplies, charging systems and
accessories. The Communications Systems segment includes radio frequency (RF) amplifiers,
power supplies, cable and connector assemblies, amplified speakers, equipment mounts, case
equipment, man-portable systems, integrated communication systems for fixed or vehicle
applications, and communications and electronics systems design. It markets products under
its Ultralife Batteries, Lithium Power, McDowell Research, AMTI, ABLE, ACCUTRONICS,
ACCUPRO and ENTELLION brands.
Board of Director
Micheal D. Popielec is appointed as the Chief Executive Officer (CEO) of the company. He
currently aged 57 and served as President and Chief Executive Officer and as a director of the
Company since December 30, 2010. Mr. Popielec has 30 years’ experience in growing
domestic and international industrial businesses. Prior to joining Ultralife, Mr. Popielec
operated his own management consulting business in 2009 to 2010 and was Group President,
Applied Technologies in 2008 and 2009 and Group President, Diversified Components from
2005 to 2007 at Carlisle Companies, Inc., a $2.5 billion diversified global manufacturer. Prior
to that, from 2003 to 2005, he held various positions, including Chief Operating Officer,
Americas, for Danka Business Systems, PLC. From 1985 to 2002, Mr. Popielec held positions
of increasing responsibility at General Electric Company, culminating in his serving as a GE
corporate officer and as President and Chief Executive Officer of GE Power Controls, the
European arm of GE Industrial Systems. Mr. Popielec has a B.S. in Mechanical Engineering
from Michigan State University. Mr. Popielec has been nominated for re-election to our Board
of Directors because of his operations expertise and his experience in growing domestic and
international industrial businesses. From what we mentioned above, we known that how rich
experience he had in this industry and now he is taking a salary of around 5% of net profit of
the company. Due to his contribution and served for nearly 10 years, the risk of changing CEO
is likely low. However, few more years will reach his best retirement age like others and it is
the time to having new blood to lead the company to a better development. Besides, he also
not linking in the politic so the risk also quite low.
Another executive officer, Philip A. Fain. Mr. Fain who age 64 was named Chief Financial
Officer in November 2009, Treasurer in December 2009 and Corporate Secretary in April 2013.
He previously served as Vice President of Business Development, having joined us in February
2008. Prior to joining Ultralife, he was Managing Partner of CXO on the GO, LLC, a
management-consulting firm, which he co-founded in November 2003 and which we retained
in connection with our acquisition activity. Prior to founding CXO on the GO, LLC, Mr. Fain
served as Vice President of Finance - RayBan Sunoptics for Luxottica, SpA. Mr. Fain served
as an important role in the company due to having 3 positions in the company.
Auditor Analysis
Rochester have served as the company’s auditor since 2016. The analysis shows that Rochester
have audited the accompanying consolidated balance sheets of Ultralife Corporation (the
Company) and its subsidiaries as of December 31, 2017 and 2016, the related consolidated
statements of income and comprehensive income, changes in shareholders’ equity and cash
flows for the years then ended, and the related notes to the consolidated financial statements
(collectively, the financial statements). In opinion, the financial statements present fairly, in
all material respects, the financial position of the Company as of December 31, 2017 and 2016,
and the results of its operations and its cash flows for the years then ended, in conformity with
accounting principles generally accepted in the United States of America.
b)
Business risk
Ultralife have a major customer, a large defense primary contractor which comprised 18% and
12% of their revenues in 2017 and 2016, respectively. During the year ended December 31,
2016, another large defense contractor comprised 13% of their sales; however, sales to this
customer in 2017 comprised 3% of the sales. There were no other customers that comprised
greater than 10% of total revenues during these years. While the company considers the
relationship with their major customers to be good, the reduction, delay or cancellation of
orders from this customer or this customer’s insolvency / inability to pay, for any reason, would
reduce revenue and operating income and could materially and adversely affect their business,
operating results and financial condition in other ways.
Legal risk
The U.S. and foreign government can audit the company’s contracts with their respective
defense and government agencies and, under circumstances, can adjust the economic terms of
those contracts. A portion of business comes from sales of products and services to the U.S.
and foreign governments through various contracts. These contracts are subject to procurement
laws and regulations that lay out policies and procedures for acquiring goods and services. The
regulations also contain guidelines for managing contracts after they are awarded, including
conditions under which contracts may be terminated, in whole or in part, at the government’s
convenience or for default. Failure to comply with the procurement laws or regulations can
result in civil, criminal or administrative proceedings involving fines, penalties, suspension of
payments, or suspension or disbarment from government contracting or subcontracting for a
period of time.
Development risk
Ultralife still developing certain products for new commercial applications, but not all these
products can be accepted due to the highly competitive nature of the industry. There are many
new products and technology entrants in the market where they sell products, so the company
have to constantly re-evaluating the markets in which their products can be successful and
seeking to attract customers who will adopt their products for use in their products. In addition,
these customers must be successful with their products in their markets for the company to gain
increased business. Increased competition, failure to gain customer acceptance of products, the
introduction of competitive technologies or failure of the customers in their markets could have
a further adverse effect on our business and reduce our revenue and operating income.
Liability risk
Due to the high energy inherent in Lithium batteries, the batteries can pose certain safety risks,
including the risk of fire and the customers may ask for claim. Ultalife incorporate procedures
in research, development, product design, manufacturing processes and the transportation of
Lithium batteries that are intended to minimize safety risks, but they cannot assure that
accidents will not occur or that the products will not be subject to recall for safety concerns.
Although currently carry insurance policies which cover loss of the plant and machinery,
leasehold improvements, inventory and business interruption, any accident, whether at the
manufacturing facilities or from the use of the products, may result in significant production
delays or claims for damages resulting from injuries or death. While the company maintain
what they believe to be sufficient casualty liability coverage to protect against such occurrences,
these types of losses could reduce their available cash and operating and net income and have
other material adverse effect on their business, financial condition and results of operations.
Reputation risk
Ultralife are unable to predict the impact, severity or duration of negative publicity related to
fire / mishandling of Lithium ion batteries or the environmental impact of their disposal, and
how it may impact the industries or markets served. Ongoing negative attention being given to
Lithium ion batteries that are used in certain cellular phones or are integrated into the power
systems of new commercial aircraft and electric motor vehicles may have an impact on the
Lithium ion battery industry as a whole, regardless of the design or usage of those batteries.
The residual effects of such events could have an adverse effect on their business, financial
condition, and results of operations.
c) Evaluation of financial risk by using ratios
Z-score
Z-Score
12
10 9.649506678
8
6
4
2.661086343 2.608356201 3.102579532
2 2.247568624
2.153552555 2.509975588 2.566606137
2.030940505
1.290485682
0
1 2 3 4 5 6 7 8 9 10
A Z-score is a numerical measurement used in statistics of a value's relationship to the mean

(average) of a group of values, measured in terms of standard deviations from the mean. If a
Z-score is 0, it indicates that the data point's score is identical to the mean score. A Z-score of
1.0 would indicate a value that is one standard deviation from the mean. Z-scores may be
positive or negative, with a positive value indicating the score is above the mean and a negative
score indicating it is below the mean. Ultralife is having a z-score of 9.6, 1.3, 2.2, 2.2, 2.0, 2.7,
2.5, 2.6, 2.5, 3.1. The results are shown in ascending year from year 2008 to year 2017.
maintaining a positive z-score value and usually between 1.8x to 3x and having an average of
3.01. It shows that the company is likely in a healthy sign.
Liquidity risk
Quick ratio
3
2.744090625
2.711660013 2.593528164
2.5 2.499473278
2.292019774
2
1.681681078
1.5
1.263753347
1.167753474
1 1.076684452
0.840466199
0.5
0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Current ratio
6
5.0709124974.78897391
4.878409847
4 4.362641243
4.348339069
3.208425498
2.77368512
2 2.331958059 2.079075526
1.578052936
0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Cash ratio
2
1.5 1.579787709
1.336161011 1.326910667 1.281059063
1 0.938294492
0.5 0.485421275
0.229726229
0.127692943
0.126604895
0 0.058257848
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Liquidity is the ability of a firm to pay its debts without suffering catastrophic losses.
Conversely, liquidity risk stems from the lack of marketability of an investment that can't be
bought or sold quickly enough to prevent or minimize a loss. From the ratio analysis, we know
that the quick ratio, current ratio and cash ratio of Ultralife is higher and higher over year from
2008 to 2017. Usually higher than 1,which show that the company having a lot of cash on hand
and current assets that enough to cover its current debt and it is a good sign that showing a
company is having high liquidity.
Debt ratio
Debt ratio
0.5
0.4 0.404464572
0.357382331
0.3 0.319738863
0.273659674
0.248285884
0.2 0.183482272
0.179468748 0.199235344
0.190206325 0.18662153
0.1
0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Debt-to-equity ratio
0.8
0.679161226
0.6
0.55613524
0.470023709
0.4 0.376765083
0.330292964
0.224713151
0.218722623 0.248806366
0.234882453 0.229439968
0.2
0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
The debt ratio is a financial ratio that measures the extent of a company’s leverage. The debt
ratio is defined as the ratio of total debt to total assets, expressed as a decimal or percentage. It
can be interpreted as the proportion of a company’s assets that are financed by debt. From the
debt ratio, Ultralife always maintained a low debt ratio, the highest was only 0.4x. The debt
ratio that lower than 1 indicates that the company having more assets than debt and shows a
greater portion of a company's assets is funded by equity. Besides, the debt-to-equity ratio and
capitalization ratio of Ultralife is showing a downward sign and the capitalization ratio usually
below than 0.1x. Which showing a good sign that the company is having lower company’s
financial leverage and shows how well the company manages its capital structure and
determine the debt capacity.
Credit risk
Capitalization ratio
0.1 0.094482851
0.059816537
0.059230176 0.057058604 0.057886657
0.056150901
0.05
0 0.000778113
0.00042396 0.000392008
0.000265182
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Solvency ratio
0.6
0.535976181
0.4 0.421779215
0.342577067
0.342099029
0.2
0.120671944
0.068254884
0.046467795 0.050034967
0
-0.055726121
2008 -0.097771997
2009 2010 2011 2012 2013 2014 2015 2016 2017
-0.2
Interest coverage ratio (ICR)
40
34.3989071
30
20 18.10134436
13.6121673
12.85714286
10 9.281810418
3.629695886
0 -1.304545455
-3.353217158 -3.567226891
2008 2009 2010 2011 2012 2013 -8.790243902
2014 2015 2016 2017
-10
-20
Credit risk is the possibility of a loss resulting from a borrower's failure to repay a loan or meet
contractual obligations. Traditionally, it refers to the risk that a lender may not receive the owed
principal and interest, which results in an interruption of cash flows and increased costs for
collection. Although it's impossible to know exactly who will default on obligations, properly
assessing and managing credit risk can lessen the severity of loss. Interest payments from the
borrower or issuer of a debt obligation are a lender's or investor's reward for assuming credit
risk. From the solvency and interest coverage ratio, Ultralife showing a unstable trend on the
ratio. Which mean that sometimes, the company earnings is not able to cover the interest or
loan. It is not a healthy sign for a company.
Interest rate risk

The interest rate risk, or market risk, refers to the chance that investments in bonds – also
known as fixed-income securities – will suffer as the result of unexpected interest rate changes.
However, investors can somewhat mitigate interest rate risks by diversifying portfolios to
include a multitude of different bonds that have varying maturation schedules. Investors may
also thwart interest rate risk by hedging their fixed-income investments with interest rate swaps
and other instruments. Ultralife is having long-term labilities like others company and have to
pay interest on the long-term loan. When there is a fall in market interest rate, the company
will suffer in the fluctuation of interest rate because the company have to continue to pay a
higher interest charged that agreed before.
IEC Electronics Corporation (IEC)
Company Background
IEC Electronics Corp., incorporated on April 21, 1988, provides electronic manufacturing
services (EMS) to a range of technology companies that produce life-saving and mission
critical products for the medical, industrial, aerospace and defense sectors. The Company
specializes in delivering technical solutions for the custom manufacture of full system
assemblies by providing on-site analytical testing laboratories, custom design and test
engineering services combined with an array of manufacturing services encompassing
electronics, interconnect solutions and precision metalworking. It offers its customers a range
of manufacturing services, combined with scientific technical support. It operates at locations,
including Newark, New York; Rochester, New York, and Albuquerque, New Mexico. Its
subsidiaries include IEC Electronics Wire and Cable, Inc., IEC Electronics Corp-Albuquerque
and IEC Analysis & Testing Laboratory, LLC.
Board of Director
IEC corporation was appointed Jeffrey T. Schlarbaum, age 51 served as president and CEO.
On March 2015, Mr. Schlarbaum entered into a three-year employment agreement with Mr.
Schlarbaum in connection with his election to the office of President and Chief Executive
Officer. Mr. Schlarbaum’s employment agreement entitles him to an annual base salary of
$350,000 which is 2-5% of the company net profit. Based on his contribution, after he take his
position the company is perform than before. Due to there was only three years contract, so
there may existing risk if his performance is not satisfy by the directors. However, we believe
that Mr. Schlarbaum’s have professional experience to free from risk of mentioned just now
and his background as a senior executive of the Company provides him with extensive
knowledge of our operating history. We believe that this long-term institutional knowledge of
the Company, its customers and its executive team make Mr. Schlarbaum a significant asset to
our board. Mr. Schlarbaum also brings general management, marketing and operational
experience that is of value to the board. From February 2013 to June 2013 and from June 2014
to February 2015, Mr. Schlarbaum pursued personal interests. From June 2013 to June 2014,
Mr. Schlarbaum served as Chief Operations Officer for LaserMax, Inc., a manufacturer of laser
gun sights for law enforcement and the shooting sports community. From October 2010 to
February 2013, Mr. Schlarbaum served as our President. Prior to that, Mr. Schlarbaum served
as Executive Vice President and President of Contract Manufacturing from October 2008 to
October 2010, Executive Vice President from November 2006 to October 2008 and Vice
President, Sales and Marketing from May 2004 to November 2006. Prior to joining IEC, Mr.
Schlarbaum served in senior management roles with various contract manufacturing
companies. Since July 2017, Mr. Schlarbaum also serves as a director and member of the audit
committee of Lakeland Industries, Inc.
There was 2 executive officers in 2018, second is Thomas L. Barbato, age 50 which served as
senior vice president and CFO since 2018. Mr. Barbato has held various positions with Xerox
Corporation, an American global corporation that sells print and digital document solutions,
and document technology products, since 1995 most recently serving as Vice President of
Finance, North America Operations, Pricing and Contracting Center of Excellence, from
January 2017 to September 2018; Vice President of Finance and Chief Financial Officer, Xerox
Large Enterprise Operations (LEO) U.S., from March 2014 to December 2016; Vice President
of Finance Transformation and Director, Xerox Business Services, from April 2013 to March
2014; and Finance Director, Acquisition Operations Office from April 2010 to April 2013.
Prior to joining Xerox Corporation, Mr. Barbato was a senior auditor with Deloitte & Touche,
LLP in Rochester, New York. Mr. Barbato is a certified public accountant. Under his assisting,
we believe that he will significantly enhance the performance of company.
Auditor Analysis
Rochester have served as company’s auditor since 2017. Rochester have audited the
accompanying consolidated balance sheets of IEC Electronics Corp. and subsidiaries (the
"Company") as of September 30, 2018 and 2017, and the related consolidated statements of
operations, changes in stockholders’ equity, and cash flows for each of the two years in the
period ended September 30, 2018, and the related notes (collectively referred to as the
"financial statements"). In opinion, the financial statements present fairly, in all material
respects, the financial position of the Company as of September 30, 2018 and 2017, and the
results of its operations and its cash flows for each of the two years in the period ended
September 30, 2018, in conformity with accounting principles generally accepted in the United
States of America.
b) Analysis of risk
Technology risk
IEC electronic participate in the electronics industry, which historically produces
technologically advanced product with short life cycles. Factors affecting the electronics
industry in general could seriously harm their customers and affect the company itself. These
factors may include, but may not be limited to the inability of customers to adapt to rapidly
changing technology and evolving industry standards, which result in short product life cycles;
the inability of customers to develop and market their products, some of which are new and
untested; increased competition among customers and their competitors, including downward
pressure on pricing; the potential that customers’ products may become obsolete, or the failure
of customers’ products to gain anticipated commercial acceptance; and periods of significantly
decreased demand in customers’ markets.
Legal risk
The customer of IEC electronic may have regulatory issues that adversely affect their
operating results. Some of the larger customers are in heavily regulated industries, such as
health care. If they encounter issues with their regulators related to products IEC company
manufacture for them, there may be long delays in resolving those issues or the issues may not
be resolved at all, which would adversely affect the company operating results.
Business risk
Increased competition may result in decreased demand or reduced prices for the products and
services. The Electronic Manufacturing Services (EMS) industry is highly fragmented and
characterized by intense competition. IEC company may be operating at a cost disadvantage
compared to larger EMS providers who have greater direct buying power from component
suppliers, distributors and raw material suppliers or who have lower cost structures as a result
of their geographic location. As a result, other EMS providers may have a competitive
advantage. IEC manufacturing processes are generally not subject to significant proprietary
protection, and companies with greater resources or a greater market presence may enter
market or increase their competition with the company. The competitors are expected to
continue to improve the performance of their current products or services, to reduce the prices
of their products or services and to introduce new products or services that may offer greater
performance and improved pricing. Any of these factors may cause a decline in IEC company
sales, loss of market acceptance for products or services, profit margin compression, or loss of
market share.
Liability risk
The products that IEC manufacture may contain defects in workmanship, which could result
in reduced demand on services and product liability claim against us. The company
manufacture highly complex products to customers’ specifications, often within tight tolerance
ranges, and such products may contain design or manufacturing errors or defects. Defects in
the products manufactured, whether caused by customer design, workmanship, component
failure or other error, may result in delayed shipments to customers or reduced or canceled
customer orders, adversely affecting company’s reputation and may result in product liability
claims against on it. Even if customers or component suppliers are responsible for the defects,
they may be unwilling or unable to assume responsibility for costs associated with product
failure.
Operational risk
If the customers choose to provide manufacturing services in-house or overseas, the results of
operations could suffer. The business has benefited from OEMs deciding to outsource their
EMS needs to the company. IEC company future revenue growth depends, in part, on new
outsourcing opportunities from OEMs. Current and prospective customers continuously
evaluate their performance against other providers, including off-shore procurement
opportunities. They also evaluate the potential benefits of manufacturing their products
themselves. To the extent that outsourcing opportunities are not available either due to OEM
decisions to produce these products themselves or to use other domestic or foreign providers,
this could have a material adverse effect on IEC company financial results and prospects.
c) Evaluation of financial risk by using ratios
Z-score
Z-score
3 2.894233329 2.79981065
2.676000043 2.672823357
2.433829881
2
1.666677139
1.623096915 1.642724813
1.541310757
1.415241451
1
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
A Z-score is a numerical measurement used in statistics of a value's relationship to the mean

(average) of a group of values, measured in terms of standard deviations from the mean. If a
Z-score is 0, it indicates that the data point's score is identical to the mean score. A Z-score of
1.0 would indicate a value that is one standard deviation from the mean. Z-scores may be
positive or negative, with a positive value indicating the score is above the mean and a negative
score indicating it is below the mean. IEC is having a z-score of 2.9, 2.7, 2.4, 2.8, 1.6, 1.4, 2.7,
1.6 and 1.5. The results are shown in ascending year from year 2009 to year 2018. The Z-score
of IEC maintaining an average above 1.9x, it shows that above the mean and less likely to
experience bankruptcy.
Liquidity risk
Quick ratio
2
1.643335522
1.395681436 1.425883594
1.062427879 1.099757612 1.225929358
1.091764842
1 1.050123323
0.873226574
0.667982032
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Current ratio
3
2.495732108 2.388781431
2.241727426
2 1.980192395 2.018020801
1.992954493
1.806638972
1.722879478 1.713153517 1.514928151
1
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Cash ratio
0.15
0.1 0.109855811
0.102392492
0.074988638
0.05 0.043507363
0 0.013274192
0 0 0 0 0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Liquidity is the ability of a firm to pay its debts without suffering catastrophic losses.
Conversely, liquidity risk stems from the lack of marketability of an investment that can't be
bought or sold quickly enough to prevent or minimize a loss. The quick ratio, current ratio and
cash ratio is showing a downward trend. However it still having a good health for a company
since it still having a positive ratio.
Debt ratio
Debt ratio
1
0.872725675
0.8
0.726148619
0.724884169
0.719441005
0.6 0.607480774 0.6402541180.64659494
0.543497001 0.529450115
0.4 0.412399547
0.2
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Debt-to-equity ratio
8
6.857044199
6
4
3.193967251 2.651615695
2.634832629
2 2.564312736
1.547645906
1.190566112 1.779739951
0.701836674 1.154573978
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
The debt ratio is a financial ratio that measures the extent of a company’s leverage. The debt
ratio is defined as the ratio of total debt to total assets, expressed as a decimal or percentage. It
can be interpreted as the proportion of a company’s assets that are financed by debt. The debt
ratio of IEC company is increasing over year and it is a bad sign that showing a company is
having too much of debt. Besides, the debt-to-equity ratio and capitalization ratio of also
showing an upward trend and in the 2015 experienced a highest ratio than before it is a
dangerous sign that showing a company using too much of debt. Which show that the company
is not well in managing its capital structure and determine debt capacity.
Credit risk
Capitalization ratio
1
0.765258977
0.620673873 0.550235199
0.5 0.455790885 0.515389276 0.492865176
0.386281327 0.340936995 0.386727246
0.245773442
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Solvency ratio
0.4 0.368483996
0.2 0.194263622 0.233344656

0.192139487 0.215983896 0.196105852
0.070755958
0
2009 2010 2011 2012 -0.083156249
2013 2014 -0.106204049
2015 2016 2017 2018
-0.2 -0.183932651
-0.4
Interest coverage ratio (ICR)

20
10 12.12853478.667076167
6.131168028.446617767 3.488505747
0 -0.98718663 1.372600349
0.155943293
-1.786729858
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
-10
-12.86495726
-20
Credit risk is the possibility of a loss resulting from a borrower's failure to repay a loan or meet
contractual obligations. Traditionally, it refers to the risk that a lender may not receive the owed
principal and interest, which results in an interruption of cash flows and increased costs for
collection. Although it's impossible to know exactly who will default on obligations, properly
assessing and managing credit risk can lessen the severity of loss. Interest payments from the
borrower or issuer of a debt obligation are a lender's or investor's reward for assuming credit
risk. From the solvency and interest coverage ratio, IEC company is having an unstable ratio
over year. In the year 2014, the company still having negative ratio and shows that the
company’s earnings is unable to cover the interest or loan and may lead to insolvency. It is not
a healthy sign for company.
Interest rate risk

The interest rate risk, or market risk, refers to the chance that investments in bonds – also
known as fixed-income securities – will suffer as the result of unexpected interest rate changes.
However, investors can somewhat mitigate interest rate risks by diversifying portfolios to
include a multitude of different bonds that have varying maturation schedules. Investors may
also thwart interest rate risk by hedging their fixed-income investments with interest rate swaps
and other instruments. IEC is having a lot of long-term liabilities which mean the long-term
loan have to pay the interest charged. The company is having 20million of long-term debt in
average, when there is a fall in market interest rate, the company will suffer in the fluctuation
of interest rate because the company have to continue to pay a higher interest charged that
agreed before. It will be a loss for the company.
Reference
AnnualReport.com, Ultralife Corporation 2008 annual report, viewed at 22 July 2019,
<http://www.annualreports.com/HostedData/AnnualReports/PDF/NASDAQ_ULBI_2008.pd
f>
f>
f>
f>
f>
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AnnualReport.com, IEC Electronics Corp 2009 annual report, viewed at 22 July 2019,
<http://www.annualreports.com/HostedData/AnnualReportArchive/i/AMEX_IEC_2009.pdf>
Seeking alpha, proxy statement 2011, viewed at 22 July 2019,
<https://seekingalpha.com/filing/363090>
<https://seekingalpha.com/filing/636269

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Ultralife Corporation (ULBI)

A Z-score is a numerical measurement used in statistics of a value's relationship to the mean

Interest rate risk

A Z-score is a numerical measurement used in statistics of a value's relationship to the mean

0.2 0.194263622 0.233344656

Interest coverage ratio (ICR)

Interest rate risk

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