|By Marketwired .||
|March 6, 2014 06:06 PM EST||
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
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.
James A. Simms
Chief Financial Officer
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Mar. 30, 2017 08:00 AM EDT Reads: 4,579
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost ...
Mar. 30, 2017 07:15 AM EDT Reads: 469
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Mar. 30, 2017 06:00 AM EDT Reads: 3,150
After more than five years of DevOps, definitions are evolving, boundaries are expanding, ‘unicorns’ are no longer rare, enterprises are on board, and pundits are moving on. Can we now look at an evolution of DevOps? Should we? Is the foundation of DevOps ‘done’, or is there still too much left to do? What is mature, and what is still missing? What does the next 5 years of DevOps look like? In this Power Panel at DevOps Summit, moderated by DevOps Summit Conference Chair Andi Mann, panelists l...
Mar. 30, 2017 05:00 AM EDT Reads: 10,105
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
Mar. 30, 2017 04:45 AM EDT Reads: 3,373
Virtualization over the past years has become a key strategy for IT to acquire multi-tenancy, increase utilization, develop elasticity and improve security. And virtual machines (VMs) are quickly becoming a main vehicle for developing and deploying applications. The introduction of containers seems to be bringing another and perhaps overlapped solution for achieving the same above-mentioned benefits. Are a container and a virtual machine fundamentally the same or different? And how? Is one techn...
Mar. 30, 2017 04:45 AM EDT Reads: 3,346
MongoDB Atlas leverages VPC peering for AWS, a service that allows multiple VPC networks to interact. This includes VPCs that belong to other AWS account holders. By performing cross account VPC peering, users ensure networks that host and communicate their data are secure. In his session at 20th Cloud Expo, Jay Gordon, a Developer Advocate at MongoDB, will explain how to properly architect your VPC using existing AWS tools and then peer with your MongoDB Atlas cluster. He'll discuss the secur...
Mar. 30, 2017 04:15 AM EDT Reads: 1,013
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Mar. 30, 2017 04:15 AM EDT Reads: 2,279
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service.
Mar. 30, 2017 04:00 AM EDT Reads: 3,322
Niagara Networks exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
Mar. 30, 2017 03:45 AM EDT Reads: 3,496
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex softw...
Mar. 30, 2017 02:15 AM EDT Reads: 4,167
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Mar. 30, 2017 01:30 AM EDT Reads: 2,667
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
Mar. 30, 2017 01:15 AM EDT Reads: 1,276
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.
Mar. 30, 2017 01:00 AM EDT Reads: 8,361
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, will present a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to max...
Mar. 30, 2017 12:45 AM EDT Reads: 778