ULTRALIFE CORP - Director's Dealing 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ULTRALIFE BATTERIES INC (ULBI)
CIK: 0000875657
Period of Report: 2006-10-03

Reporting Person: GRACE BROTHERS LTD (10% Owner)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-10-03	Common Stock	P	200	$10.34	Acquired	3736720	Direct
2006-10-03	Common Stock	P	1100	$10.35	Acquired	3737820	Direct
2006-10-03	Common Stock	P	1100	$10.37	Acquired	3738920	Direct
2006-10-03	Common Stock	P	1328	$10.39	Acquired	3740248	Direct
2006-10-03	Common Stock	P	1000	$10.398	Acquired	3741248	Direct
2006-10-03	Common Stock	P	7715	$10.4	Acquired	3748963	Direct
2006-10-03	Common Stock	P	700	$10.41	Acquired	3749663	Direct
2006-10-03	Common Stock	P	3900	$10.42	Acquired	3753563	Direct
2006-10-03	Common Stock	P	100	$10.43	Acquired	3753663	Direct
2006-10-03	Common Stock	P	100	$10.44	Acquired	3753763	Direct
2006-10-03	Common Stock	P	900	$10.45	Acquired	3754663	Direct
2006-10-03	Common Stock	P	1000	$10.469	Acquired	3755663	Direct
2006-10-03	Common Stock	P	300	$10.47	Acquired	3755963	Direct
2006-10-03	Common Stock	P	3164	$10.48	Acquired	3759127	Direct
2006-10-03	Common Stock	P	3600	$10.49	Acquired	3762727	Direct
2006-10-03	Common Stock	P	4600	$10.5	Acquired	3767327	Direct
2006-10-03	Common Stock	P	12600	$10.51	Acquired	3779927	Direct
2006-10-03	Common Stock	P	925	$10.55	Acquired	3780852	Direct