Vicor Corporation (NASDAQ:VICR) today reported financial results
for the second quarter and six months ended June 30, 2018.
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.
Revenues for the second quarter ended June 30,
2018 increased 28.6% to $74,196,000, from $57,709,000 for the
corresponding period a year ago, and increased 13.7% sequentially
from $65,269,000 for the first quarter of 2018. Second quarter
bookings increased 47.3% to $87,448,000, from $59,387,000 for the
corresponding period a year ago, and increased 6.8% sequentially
from $81,907,000 for the first quarter of 2018.
Gross margin increased to $35,883,000 for the
second quarter of 2018, compared to $25,930,000 for the
corresponding period a year ago, and increased from $30,211,000 for
the first quarter of 2018. Gross margin, as a percentage of
revenue, increased to 48.4% for the second quarter of 2018,
compared to 44.9% for the corresponding period a year ago, and
increased from 46.3% for the first quarter of 2018.
Net income for the second quarter was
$7,860,000, or $0.19 per diluted share, compared to a net loss of
$(459,000), or $(0.01) per share, for the corresponding period a
year ago, and net income of $3,943,000, or $0.10 per diluted share,
for the first quarter of 2018.
Revenues for the six months ended June 30, 2018,
increased 24.3% to $139,465,000 from $112,171,000 for the
corresponding period a year ago. Net income for the six month
period was $11,803,000, or $0.29 per diluted share, compared to a
net loss of $(1,433,000), or $(0.04) per share, for the
corresponding period a year ago.
Cash provided by operating activities totaled
$9,340,000 for the second quarter of 2018, compared to cash
provided by operating activities of $644,000 for the corresponding
period a year ago and cash used for operating activities of
$812,000 for the preceding first quarter of 2018. Cash and cash
equivalents sequentially increased by $11,242,000 to approximately
$53,920,000 at the end of the second quarter of 2018, from
$42,678,000 at the end of the first quarter of 2018.
Total backlog at the end of the second quarter
of 2018 was $103,100,000, compared to $89,975,000 at the end of the
first quarter of 2018 and $73,054,000 at the end of 2017.
Commenting on second quarter performance, Dr.
Patrizio Vinciarelli, Chief Executive Officer, stated, “Demand for
Factorized Power solutions, including PRM-VTM systems powering CPUs
directly from 48V in high efficiency datacenters, led to
sequentially higher bookings and shipments. Having made their debut
next to a high performance GPU, high density Power-on-Package
MCD-MCM systems are finding new homes next to 7nm, high current
ASICs for Artificial Intelligence (“AI”) applications extending
parallel computing beyond the limits of Moore’s Law.
With contributions from Power-on-Package and
other state-of-the-art power modules, backlog crossed the $100
million level. Sequential quarterly increases in shipments
should result in further improvements in profitability and cash
generation in anticipation of future expansions in manufacturing
capacity.”
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 24, 2018 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
91743505. 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 8,
2018. The replay dial-in number is 888-286-8010 and the
Passcode is 68688022. 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,” “intends,” “estimates,” “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, 2017, 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.
For further information
contact:
James A. Simms, Chief Financial OfficerVoice:
978-470-2900Facsimile:
978-749-3439invrel@vicorpower.com
|
VICOR
CORPORATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED 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, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues |
$ |
74,196 |
|
|
$ |
57,709 |
|
|
$ |
139,465 |
|
$ |
112,171 |
|
Cost of
revenues |
|
38,313 |
|
|
|
31,779 |
|
|
|
73,371 |
|
|
62,589 |
|
Gross margin |
|
35,883 |
|
|
|
25,930 |
|
|
|
66,094 |
|
|
49,582 |
|
|
Operating
expenses: |
|
|
|
|
|
|
|
Selling, general and administrative |
|
15,814 |
|
|
|
14,536 |
|
|
|
31,213 |
|
|
28,559 |
|
Research and development |
|
11,403 |
|
|
|
11,932 |
|
|
|
22,529 |
|
|
22,939 |
|
Severance charge |
|
350 |
|
|
|
- |
|
|
|
350 |
|
|
- |
|
Total operating expenses |
|
27,567 |
|
|
|
26,468 |
|
|
|
54,092 |
|
|
51,498 |
|
|
|
|
|
|
|
|
|
Income (loss)
from operations |
|
8,316 |
|
|
|
(538 |
) |
|
|
12,002 |
|
|
(1,916 |
) |
|
|
|
|
|
|
|
|
Other income
(expense), net |
|
(44 |
) |
|
|
360 |
|
|
|
386 |
|
|
685 |
|
|
|
|
|
|
|
|
|
Income (loss)
before income taxes |
|
8,272 |
|
|
|
(178 |
) |
|
|
12,388 |
|
|
(1,231 |
) |
|
|
|
|
|
|
|
|
Less: Provision for
income taxes |
|
363 |
|
|
|
267 |
|
|
|
497 |
|
|
168 |
|
|
|
|
|
|
|
|
|
Consolidated
net income (loss) |
|
7,909 |
|
|
|
(445 |
) |
|
|
11,891 |
|
|
(1,399 |
) |
|
|
|
|
|
|
|
|
Less: Net income
attributable to |
|
|
|
|
|
|
|
noncontrolling interest |
|
49 |
|
|
|
14 |
|
|
|
88 |
|
|
34 |
|
|
|
|
|
|
|
|
|
Net income
(loss) attributable to |
|
|
|
|
|
|
|
Vicor Corporation |
$ |
7,860 |
|
|
$ |
(459 |
) |
|
$ |
11,803 |
|
$ |
(1,433 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) per share attributable |
|
|
|
|
|
|
|
to Vicor Corporation: |
|
|
|
|
|
|
|
Basic |
$ |
0.20 |
|
|
$ |
(0.01 |
) |
|
$ |
0.30 |
|
$ |
(0.04 |
) |
Diluted |
$ |
0.19 |
|
|
$ |
(0.01 |
) |
|
$ |
0.29 |
|
$ |
(0.04 |
) |
|
|
|
|
|
|
|
|
Shares
outstanding: |
|
|
|
|
|
|
|
Basic |
|
39,709 |
|
|
|
39,172 |
|
|
|
39,594 |
|
|
39,121 |
|
Diluted |
|
40,646 |
|
|
|
39,172 |
|
|
|
40,406 |
|
|
39,121 |
|
|
|
|
|
|
|
|
|
|
|
|
|
VICOR
CORPORATION |
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE
SHEET |
|
|
|
(Thousands) |
|
|
|
|
|
|
|
|
|
|
JUNE 30, |
|
DEC 31, |
|
|
2018 |
|
2017 |
|
|
(Unaudited) |
|
(Unaudited) |
|
Assets |
|
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
Cash and cash equivalents |
$ |
53,920 |
|
|
$ |
44,230 |
|
|
Accounts receivable, net |
|
45,056 |
|
|
|
34,487 |
|
|
Inventories, net |
|
41,753 |
|
|
|
36,499 |
|
|
Other current assets |
|
4,102 |
|
|
|
3,616 |
|
|
Total current assets |
|
144,831 |
|
|
|
118,832 |
|
|
|
|
|
|
|
Long-term
deferred tax assets |
|
185 |
|
|
|
210 |
|
|
Long-term
investments, net |
|
2,581 |
|
|
|
2,525 |
|
|
Property, plant
and equipment, net |
|
40,433 |
|
|
|
41,356 |
|
|
Other
assets |
|
2,813 |
|
|
|
2,801 |
|
|
|
|
|
|
|
Total assets |
$ |
190,843 |
|
|
$ |
165,724 |
|
|
|
|
|
|
|
Liabilities and
Equity |
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts payable |
$ |
11,219 |
|
|
$ |
9,065 |
|
|
Accrued compensation and benefits |
|
11,049 |
|
|
|
9,891 |
|
|
Accrued expenses |
|
2,535 |
|
|
|
2,989 |
|
|
Sales allowances |
|
550 |
|
|
|
- |
|
|
Accrued severance charge |
|
350 |
|
|
|
- |
|
|
Income taxes payable |
|
526 |
|
|
|
300 |
|
|
Deferred revenue |
|
4,610 |
|
|
|
5,791 |
|
|
|
|
|
|
|
Total current liabilities |
|
30,839 |
|
|
|
28,036 |
|
|
|
|
|
|
|
Long-term
deferred revenue |
|
267 |
|
|
|
303 |
|
|
Contingent
consideration obligations |
|
506 |
|
|
|
678 |
|
|
Long-term
income taxes payable |
|
195 |
|
|
|
195 |
|
|
Other long-term
liabilities |
|
98 |
|
|
|
93 |
|
|
Total liabilities |
|
31,905 |
|
|
|
29,305 |
|
|
|
|
|
|
|
Equity: |
|
|
|
|
Vicor Corporation stockholders' equity: |
|
|
|
|
Capital stock |
|
188,793 |
|
|
|
181,914 |
|
|
Retained earnings |
|
109,078 |
|
|
|
93,605 |
|
|
Accumulated other comprehensive loss |
|
(401 |
) |
|
|
(478 |
) |
|
Treasury stock |
|
(138,927 |
) |
|
|
(138,927 |
) |
|
Total Vicor Corporation stockholders' equity |
|
158,543 |
|
|
|
136,114 |
|
|
Noncontrolling interest |
|
395 |
|
|
|
305 |
|
|
Total equity |
|
158,938 |
|
|
|
136,419 |
|
|
|
|
|
|
|
Total liabilities and equity |
$ |
190,843 |
|
|
$ |
165,724 |
|
|
|
|
|
|
|
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