Welcome!

News Feed Item

Vicor Corporation Reports Results for the Second Quarter Ended June 30, 2014

ANDOVER, MA--(Marketwired - July 22, 2014) - Vicor Corporation (NASDAQ: VICR) today reported financial results for the second quarter and six months ended June 30, 2014. These results will be discussed later today at 5:00 p.m. Eastern Time, during management's quarterly investor conference call. The details for the call are presented below.

Regarding the second quarter's performance, Dr. Patrizio Vinciarelli, Chief Executive Officer, commented, "As expected, Vicor experienced mixed results for the period, as improvement across the Brick Business Unit was offset by the anticipated decline in VI Chip shipments associated with a major product transition underway by VI Chip's largest datacenter customer. Higher unit volumes and a positive shift in mix contributed to sequential strength for the BBU. Similarly, Picor saw growth driven by its new line of point of load regulators. However, the consequences of the product transition for VI Chip, along with ongoing litigation expenses, caused us to record a loss for the quarter, albeit smaller than the prior quarter's loss. We are encouraged by the recovery of bookings, which increased 14.6% sequentially, and by customer response to new VI Chip and Picor products targeting opportunities for which our solutions offer highly differentiated performance."

Revenues for the second quarter ended June 30, 2014 increased to $53,361,000, compared to $46,865,000 for the corresponding period a year ago, and increased from $53,233,000 for the first quarter of 2014. 

Gross margin increased to $22,662,000 for the second quarter of 2014, compared to $18,461,000 for the corresponding period a year ago, but decreased from $22,792,000 for the first quarter of 2014. Gross margin, as a percentage of revenue increased to 42.5% for the second quarter of 2014 compared to 39.4% for the second quarter of 2013, but decreased on a sequential basis from 42.8% for the first quarter of 2014. 

Net loss for the second quarter was ($4,835,000), or ($0.13) per share, compared to a net loss of ($4,616,000), or ($0.12) per share, for the corresponding period a year ago and a net loss of ($5,378,000), or ($0.14) per share, for the first quarter of 2014. 

Revenues for the six months ended June 30, 2014, increased by 20.0% to $106,594,000 from $88,811,000 for the corresponding period a year ago. Net loss for the six month period was ($10,213,000), or ($0.26) per share, compared to a net loss of ($9,606,000), or ($0.24) per diluted share, for the corresponding period a year ago. 

For the first six months ended 2014, no tax benefit can be recognized for the majority of the Company's losses due to a full valuation allowance against all domestic deferred tax assets. For the first six months of 2013, a net income tax benefit was recorded due to an increase in net federal deferred tax assets not covered by a valuation allowance at that time, a potential net operating loss carryback for federal income tax purposes and the recognition of the full federal research and development tax credit for 2012 during the first quarter. On January 2, 2013, Congress passed the American Taxpayer Relief Act of 2012, extending the research and development tax credit for both 2012 and 2013. 

Total backlog at the end of the second quarter was $45,648,000, compared to $41,562,000 at the end of the first quarter, and $44,659,000 at the end of 2013.

Depreciation and amortization for the second quarter of 2014 was approximately $2,411,000, and capital additions totaled $1,927,000. For the first six months of 2014, depreciation and amortization was $4,854,000 and capital additions totaled $3,481,000, compared to $5,028,000 and $2,543,000, respectively, for the first six months of 2013. Cash and cash equivalents increased by $498,000 to approximately $50,805,000 at the end of the second quarter of 2014 from $50,307,000 at the end of the first quarter of 2014.

For more information on Vicor and its products, please visit the Company's website at www.vicorpower.com.

Earnings Conference Call

Vicor will be holding its investor conference call today, Tuesday, July 22, 2014 at 5:00 p.m. Eastern Time. Shareholders interested in participating in the call should call 888-339-2688 at approximately 4:50 p.m. and use the Passcode 59133590. Internet users may listen to a real-time audio broadcast of the conference call on the Investor Relations section of Vicor's website at www.vicorpower.com. Please go to the website at least 15 minutes prior to the call to register, download and install any necessary software. For those who cannot participate in the conference call, a replay will be available, shortly after the conclusion of the call, through August 6, 2014. The replay dial-in number is 888-286-8010 and the Passcode is 49359584. In addition, a webcast replay of the conference call will also be available on the Investor Relations section of Vicor's website at www.vicorpower.com beginning shortly after the conclusion of the call.

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 as to 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, 2013, 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.

Vicor Corporation designs, develops, manufactures and markets modular power components 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.

                                                                            
VICOR CORPORATION                                                           
                                                                            
CONSOLIDATED STATEMENT OF OPERATIONS                                        
(Thousands except for per share amounts)                                    
                                                                            
                               QUARTER ENDED           SIX MONTHS ENDED     
                                (Unaudited)               (Unaudited)       
                                                                            
                         -----------  -----------  -----------  ----------- 
                           JUNE 30,     JUNE 30,     JUNE 30,     JUNE 30,  
                             2014         2013         2014         2013    
                         -----------  -----------  -----------  ----------- 
                                                                            
                                                                            
Net revenues             $    53,361  $    46,865  $   106,594  $    88,811 
Cost of revenues              30,699       28,404       61,140       53,743 
                         -----------  -----------  -----------  ----------- 
  Gross margin                22,662       18,461       45,454       35,068 
                                                                            
Operating expenses:                                                         
  Sales & administration      17,033       15,455       35,013       29,342 
  Research & development      10,643        9,988       20,894       19,843 
  Severance charges                -            -            -        1,361 
                         -----------  -----------  -----------  ----------- 
    Total operating                                                         
     expenses                 27,676       25,443       55,907       50,546 
                         -----------  -----------  -----------  ----------- 
                                                                            
Loss from operations          (5,014)      (6,982)     (10,453)     (15,478)
                                                                            
Other income (loss), net          82          (54)         112          (39)
                         -----------  -----------  -----------  ----------- 
                                                                            
Loss before income taxes      (4,932)      (7,036)     (10,341)     (15,517)
                                                                            
Provision (benefit) for                                                     
 income taxes                      -       (2,436)          17       (5,931)
                         -----------  -----------  -----------  ----------- 
                                                                            
Consolidated net loss         (4,932)      (4,600)     (10,358)      (9,586)
                                                                            
Less: Net income (loss)                                                     
 attributable to                                                            
noncontrolling interest          (97)          16         (145)          20 
                         -----------  -----------  -----------  ----------- 
                                                                            
Net loss attributable to                                                    
Vicor Corporation            ($4,835)     ($4,616)    ($10,213)     ($9,606)
                         ===========  ===========  ===========  =========== 
                                                                            
                                                                            
Net loss per share                                                          
 attributable                                                               
to Vicor Corporation:                                                       
  Basic                       ($0.13)      ($0.12)      ($0.26)      ($0.24)
  Diluted                     ($0.13)      ($0.12)      ($0.26)      ($0.24)
                                                                            
Shares outstanding:                                                         
  Basic                       38,542       38,538       38,541       39,852 
  Diluted                     38,542       38,538       38,541       39,852 
                                                                            
                                                                            
                                                                            
VICOR CORPORATION                                                           
                                                                            
CONSOLIDATED BALANCE SHEET                                                  
(Thousands)                                                                 
                                                                            
                                                                            
                                                     JUNE 30,     DEC 31,   
                                                       2014         2013    
                                                   (Unaudited)  (Unaudited) 
                                                   -----------  ----------- 
Assets                                                                      
                                                                            
Current assets:                                                             
  Cash and cash equivalents                        $    50,805  $    56,339 
  Short-term investments                                   642          463 
  Accounts receivable, net                              27,069       27,683 
  Inventories, net                                      29,228       29,696 
  Deferred tax assets                                      131          131 
  Other current assets                                   4,948        4,212 
                                                   -----------  ----------- 
    Total current assets                               112,823      118,524 
                                                                            
Long-term investments                                    4,995        5,188 
Property and equipment, net                             38,670       40,092 
Other assets                                             1,786        1,836 
                                                   -----------  ----------- 
                                                                            
                                                   $   158,274  $   165,640 
                                                   ===========  =========== 
                                                                            
Liabilities and Equity                                                      
                                                                            
Current liabilities:                                                        
  Accounts payable                                 $     9,221  $     8,677 
  Accrued compensation and benefits                      8,780        8,104 
  Accrued expenses                                       3,586        2,841 
  Income taxes payable                                       5           15 
  Deferred revenue                                       1,259        1,018 
                                                   -----------  ----------- 
    Total current liabilities                           22,851       20,655 
                                                                            
Long-term deferred revenue                                 768          974 
Long-term income taxes payable                           1,346        1,339 
Deferred income taxes                                      335          335 
                                                                            
Equity:                                                                     
  Vicor Corporation stockholders' equity:                                   
    Capital stock                                      170,775      169,984 
    Retained earnings                                   98,432      108,645 
    Accumulated other comprehensive loss                  (332)        (526)
    Treasury stock                                    (138,927)    (138,927)
                                                   -----------  ----------- 
      Total Vicor Corporation stockholders' equity     129,948      139,176 
  Noncontrolling interest                                3,026        3,161 
                                                   -----------  ----------- 
    Total equity                                       132,974      142,337 
                                                   -----------  ----------- 
                                                                            
                                                   $   158,274  $   165,640 
                                                   ===========  =========== 

For further information contact:

James A. Simms
Chief Financial Officer
Voice: 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
With over 720 million Internet users and 40–50% CAGR, the Chinese Cloud Computing market has been booming. When talking about cloud computing, what are the Chinese users of cloud thinking about? What is the most powerful force that can push them to make the buying decision? How to tap into them? In his session at 18th Cloud Expo, Yu Hao, CEO and co-founder of SpeedyCloud, answered these questions and discussed the results of SpeedyCloud’s survey.
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
SYS-CON Events announced today that MangoApps will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
Redis is not only the fastest database, but it is the most popular among the new wave of databases running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 19th Cloud Expo, Dave Nielsen, Developer Advocate, Redis Labs, will share the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, discussed using predictive analytics to mon...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
In his session at @DevOpsSummit at 19th Cloud Expo, Yoseph Reuveni, Director of Software Engineering at Jet.com, will discuss Jet.com's journey into containerizing Microsoft-based technologies like C# and F# into Docker. He will talk about lessons learned and challenges faced, the Mono framework tryout and how they deployed everything into Azure cloud. Yoseph Reuveni is a technology leader with unique experience developing and running high throughput (over 1M tps) distributed systems with extre...
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
As companies gain momentum, the need to maintain high quality products can outstrip their development team’s bandwidth for QA. Building out a large QA team (whether in-house or outsourced) can slow down development and significantly increases costs. This eBook takes QA profiles from 5 companies who successfully scaled up production without building a large QA team and includes: What to consider when choosing CI/CD tools How culture and communication can make or break implementation
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.