Click here to close now.




















Welcome!

News Feed Item

Vicor Corporation Schedules Earnings Conference Call and Provides Update Regarding Current Performance

ANDOVER, MA -- (Marketwired) -- 03/06/14 -- Vicor Corporation (NASDAQ: VICR) today released instructions for its quarterly earnings conference call for investors and provided an update regarding financial performance.

Fourth Quarter and Full Year Earnings Conference Call

The earnings conference call for the fourth quarter and full year will be held on Thursday, March 13, 2014, beginning promptly at 5:00 p.m. (Eastern). Patrizio Vinciarelli, Chairman of the Board, President and Chief Executive Officer, and James A. Simms, Vice President and Chief Financial Officer, will discuss Vicor's financial performance for the three and 12 months ended December 31, 2013.

Those interested in participating in the conference call should dial the following telephone number at approximately 4:50 p.m. (Eastern):

US Participants: 888-339-2688

Passcode: 24295376

Internet users can listen to a real-time audio broadcast of the conference call by following the appropriate link on the Investor Relations page of Vicor's website (www.Vicorpower.com). Please go to the website at least 15 minutes prior to the conference call to register and, if necessary, download and install any required software.

For those who cannot participate in the live conference call, a replay will be available shortly after the conference call through March 28, 2014. The replay dial-in number will be 888-286-8010 and the passcode will be 88759524. A webcast replay of the conference call will also be available on the Investor Relations page of Vicor's website.

Financial results for the three and 12 months ended December 31, 2013, will be released over Marketwired at the close of the NASDAQ Market Session on March 13, 2014. The press release setting forth these results as well as a summary of the company's financial statements will be available shortly thereafter on the Investor Relations page of Vicor's website.

Update Regarding Current Performance

The Company today also provided an update on its expected results for the fourth quarter of 2013.

Mr. Simms commented, "After updating our analysis at year-end, we concluded the Company should fully reserve the remaining federal deferred tax assets on our balance sheet. As such, the Company has increased the reserve, as of December 31, 2013, by approximately $10.2 million, which has been recorded on our income statement as a corresponding increase in our fourth quarter tax provision. While we have yet to finalize the figures we will report to investors on March 13, 2014, this $10.2 million, non-cash increase in our quarterly tax provision will reduce reported earnings (loss) per share for the fourth quarter by approximately $0.26. We currently anticipate the reported loss per share to be in the range of ($0.33) to ($0.35)."

In prepared remarks presented on October 22, 2013, during the third quarter conference call with investors, management highlighted the possibility the Company may need to increase the valuation allowance applied to federal deferred tax assets. Such an increase would be the result of management's ongoing assessment of all available evidence, both positive and negative, that would support a conclusion the Company would generate sufficient taxable income, within the carryback and carryforward periods, to allow for realization of the tax benefits represented by the carrying value of deferred tax assets on the balance sheet. Following well-established accounting guidance, management has recently reassessed projected future taxable income, any scheduled reversals of deferred tax liabilities, taxable income in the carry-back period, and the potential impact of tax planning strategies, concluding it was more likely than not that the Company would not generate sufficient taxable income, within the carryback and carryforward periods, to realize the unreserved deferred tax asset balance.

Dr. Vinciarelli added, "As of the third quarter of 2013, based on the balance of the evidence then available, management determined that no additional reserve against deferred tax assets was necessary, as we were forecasting an earlier return to robust profitability than we are at this time. Sustained weakness in important markets and the loss of bus converter business targeted in connection with ongoing litigation has caused us to take a more conservative view regarding the recovery of our brick business. Additionally, expenses associated with the litigation are expected to continue through the third quarter of this year, representing a drag on profitability. In accord with accounting standards, we have therefore decided to increase the reserves against our deferred tax assets. Keep in mind, however, that positive developments leading to sustained profitability in the future could lead management to conclude some or all of the valuation allowance should be released, thereby creating a non-cash tax benefit, which could be a material amount. Recall that during the third and fourth quarters of 2010, the Company recorded non-cash tax benefits of $5.2 million, or $0.12 per share, and $1.2 million, or $0.03 per share, respectively, due to the release of portions of our valuation allowance against deferred tax assets."

Dr. Vinciarelli concluded, "On Thursday, March 13, 2014, Jamie will discuss our financial position, as well as current and expected performance of our business units. I will provide a summary of our progress with new product initiatives, which continue to support our confidence for the long-term success for which we have planned. Despite this quarter's decision regarding our deferred tax assets, I am very enthusiastic about our future and look forward to speaking with investors."

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement in this press release that is not a statement of historical fact is a forward-looking statement, and, the words "believes," "expects," "anticipates," "intend," "estimate," "plans," "assumes," "may," "will," "would," "should," "continue," "prospective," "project," and other similar expressions identify forward-looking statements. Forward-looking statements also include statements regarding bookings, shipments, revenue, profitability, targeted markets, increase in manufacturing capacity and utilization thereof, future products, and capital resources. These statements are based upon management's current expectations and estimates as to the prospective events and circumstances that may or may not be within the company's control and for which there can be no assurance. Actual results could differ materially from those projected in the forward-looking statements as a result of various factors, including those economic, business, operational and financial considerations set forth in Vicor's Annual Report on Form 10-K for the year ended December 31, 2012, under Part I, Item I - "Business," under Part I, Item 1A - "Risk Factors," under Part I, Item 3 - "Legal Proceedings," and under Part II, Item 7 - "Management's Discussion and Analysis of Financial Condition and Results of Operations." The risk factors set forth in the Annual Report on Form 10-K may not be exhaustive. Therefore, the information contained in the Annual Report on Form 10-K should be read together with other reports and documents filed with the Securities and Exchange Commission from time to time, including Forms 10-Q, 8-K and 10-K, which may supplement, modify, supersede or update those risk factors. Vicor does not undertake any obligation to update any forward-looking statements as a result of future events or developments.

About Vicor Corporation

Vicor designs, develops, manufactures and markets modular power components, power management and complete power systems based upon a portfolio of patented technologies. Headquartered in Andover, Massachusetts, Vicor sells its products primarily to customers in the higher performance, higher power segments of the power systems market, including aerospace and defense electronics, enterprise and high performance computing, industrial equipment and automation, telecommunications and network infrastructure, and vehicles and transportation markets.

Contact:

James A. Simms
Chief Financial Officer
Telephone: 978-470-2900
Facsimile: 978-749-3439

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Learn how to solve the problem of keeping files in sync between multiple Docker containers. In his session at 16th Cloud Expo, Aaron Brongersma, Senior Infrastructure Engineer at Modulus, discussed using rsync, GlusterFS, EBS and Bit Torrent Sync. He broke down the tools that are needed to help create a seamless user experience. In the end, can we have an environment where we can easily move Docker containers, servers, and volumes without impacting our applications? He shared his results so yo...
Palerra, the cloud security automation company, announced enhanced support for Amazon AWS, allowing IT security and DevOps teams to automate activity and configuration monitoring, anomaly detection, and orchestrated remediation, thereby meeting compliance mandates within complex infrastructure deployments. "Monitoring and threat detection for AWS is a non-trivial task. While Amazon's flexible environment facilitates successful DevOps implementations, it adds another layer, which can become a ...
With SaaS use rampant across organizations, how can IT departments track company data and maintain security? More and more departments are commissioning their own solutions and bypassing IT. A cloud environment is amorphous and powerful, allowing you to set up solutions for all of your user needs: document sharing and collaboration, mobile access, e-mail, even industry-specific applications. In his session at 16th Cloud Expo, Shawn Mills, President and a founder of Green House Data, discussed h...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, analyzed a range of cloud offerings (IaaS, PaaS, SaaS) and discussed the benefits/challenges of migrating to each offe...
Chuck Piluso presented a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Prior to Secure Infrastructure and Services, Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Te...
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducte...
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...