Vicor Corporation (NASDAQ: VICR) today reported financial results
for the fourth quarter and year ended December 31, 2021. 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 below.
Revenues for the fourth quarter ended December 31,
2021 totaled $90.3 million, a 7.1% increase from $84.3 million for
the corresponding period a year ago, and a 6.3% sequential increase
from $84.9 million in the third quarter of 2021.
Gross margin increased to $40.8 million for the
fourth quarter of 2021, compared to $40.5 million for the
corresponding period a year ago, but decreased sequentially from
$42.8 million for the third quarter of 2021. Gross margin, as a
percentage of revenue, decreased to 45.2% for the fourth quarter of
2021, compared to 48.0% for the corresponding period a year ago,
and from 50.4% for the third quarter of 2021.
Net income for the fourth quarter was $8.9 million,
or $0.20 per diluted share, compared to net income of $11.2 million
or $0.25 per diluted share, for the corresponding period a year ago
and net income of $13.3 million, or $0.29 per diluted share, for
the third quarter of 2021.
Cash flow from operations totaled $14.2 million for
the fourth quarter, compared to cash flow from operations of $19.3
million for the corresponding period a year ago, and cash flow from
operations of $10.1 million in the third quarter of 2021. Capital
expenditures for the fourth quarter totaled $16.8 million, compared
to $11.8 million for the corresponding period a year ago and $15.2
million for the third quarter of 2021. The sum of cash, cash
equivalents, and short-term investments as of December 31, 2021
decreased 0.5% sequentially to approximately $227.6 million
compared to approximately $228.9 million as of September 30,
2021.
Revenues for the year ended December 31, 2021
increased 21.2% to $359.4 million, from $296.6 million for the
prior year. Gross margin, as a percentage of revenue, increased to
49.6% for the year ended December 31, 2021, compared to 44.3% for
the prior year. Net income for 2021 was $56.6 million, or $1.26 per
diluted share and 15.8% of revenues, compared to $17.9 million, or
$0.41 per diluted share and 6.0% of revenue in the prior year. Cash
flows from operations totaled $54.4 million for the year ended
December 31, 2021, a 56.8% increase from cash flows from operations
of $34.7 million for the prior year.
Commenting on fourth quarter performance, Dr.
Patrizio Vinciarelli, Chief Executive Officer, stated, “Once again,
component shortages and capacity constraints caused Q4 revenues to
fall short of expectations with higher costs and manufacturing
inefficiencies having a negative impact on margins. Substantial
progress on production rates and margins awaits our vertically
integrated manufacturing facility which is nearing completion for
operations to start in Q3”.
“Advanced Products revenues, which grew 18%
sequentially, exceeded revenues from legacy bricks. The Q4
book-to-bill ratio came in well above 1, with one-year backlog
increasing 17% from the prior quarter and by a factor of 2.3 from
the prior year.”
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, Thursday, February 24, 2022 at 5:00 p.m. Eastern Time. Vicor
encourages investors and analysts who intend to ask questions via
the conference call to pre-register with BT Conferencing, the
service provider hosting the conference call, so that he or she, on
the day of the call, may avoid waiting for the BT
Conferencing operator to register callers individually. Those
pre-registering on BT Conferencing’s website will receive a
special dial-in number and PIN for call access. Pre-registration
may be completed at any time prior to 5:00
p.m. on February 24, 2022. Telephone participants who are
unable to pre-register should dial 800-230-3019 at approximately
4:45 p.m. and use the Passcode 88597864. 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 March 11, 2022. The replay dial-in number is
888-286-8010 and the Passcode is 63075291. 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, 2020, 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 F. Schmidt,
Chief Financial OfficerVoice: 978-470-2900Facsimile:
978-749-3439invrel@vicorpower.com
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VICOR CORPORATION |
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CONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS |
(Thousands except for per share amounts) |
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QUARTER ENDED |
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YEAR ENDED |
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(Unaudited) |
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(Unaudited) |
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DEC 31, |
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DEC 31, |
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DEC 31, |
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DEC 31, |
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2021 |
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2020 |
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2021 |
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2020 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Net revenues |
|
$ |
90,281 |
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$ |
84,302 |
|
$ |
359,364 |
|
$ |
296,576 |
Cost of revenues |
|
|
49,465 |
|
|
43,851 |
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|
181,164 |
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|
165,129 |
Gross margin |
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|
40,816 |
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|
40,451 |
|
|
178,200 |
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|
131,447 |
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Operating expenses: |
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Selling, general and administrative |
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18,619 |
|
|
16,127 |
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69,484 |
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|
63,163 |
Research and development |
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|
13,296 |
|
|
12,719 |
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|
53,114 |
|
|
50,916 |
Total operating expenses |
|
|
31,915 |
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|
28,846 |
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|
122,598 |
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|
114,079 |
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Income from operations |
|
|
8,901 |
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|
11,605 |
|
|
55,602 |
|
|
17,368 |
|
|
|
|
|
|
|
|
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Other income (expense), net |
|
|
204 |
|
|
378 |
|
|
1,203 |
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|
1,093 |
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|
|
|
|
|
|
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Income before income taxes |
|
|
9,105 |
|
|
11,983 |
|
|
56,805 |
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|
18,461 |
|
|
|
|
|
|
|
|
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Less: Provision for income taxes |
|
|
206 |
|
|
788 |
|
|
176 |
|
|
539 |
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|
|
|
|
|
|
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Consolidated net income |
|
|
8,899 |
|
|
11,195 |
|
|
56,629 |
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|
17,922 |
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Less: Net income attributable to |
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noncontrolling interest |
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19 |
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2 |
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4 |
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12 |
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Net income attributable to |
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Vicor Corporation |
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$ |
8,880 |
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$ |
11,193 |
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$ |
56,625 |
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$ |
17,910 |
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Net income per share attributable |
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to Vicor Corporation: |
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Basic |
|
$ |
0.20 |
|
$ |
0.26 |
|
$ |
1.30 |
|
$ |
0.42 |
Diluted |
|
$ |
0.20 |
|
$ |
0.25 |
|
$ |
1.26 |
|
$ |
0.41 |
|
|
|
|
|
|
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Shares outstanding: |
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Basic |
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43,887 |
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|
43,301 |
|
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43,651 |
|
|
42,186 |
Diluted |
|
|
45,148 |
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|
44,772 |
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|
44,966 |
|
|
43,869 |
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VICOR CORPORATION |
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CONDENSED CONSOLIDATED BALANCE SHEET |
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(Thousands) |
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DEC 31, |
|
DEC 31, |
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|
2021 |
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2020 |
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|
(Unaudited) |
|
(Unaudited) |
Assets |
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Current assets: |
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Cash and cash equivalents |
$ |
182,418 |
|
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$ |
161,742 |
|
Short-term investments |
|
45,215 |
|
|
|
50,166 |
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Accounts receivable, net |
|
55,097 |
|
|
|
40,999 |
|
Inventories, net |
|
67,322 |
|
|
|
57,269 |
|
Other current assets |
|
6,708 |
|
|
|
6,756 |
|
Total current assets |
|
356,760 |
|
|
|
316,932 |
|
|
|
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Long-term deferred tax assets |
|
208 |
|
|
|
226 |
|
Long-term investment, net |
|
2,639 |
|
|
|
2,517 |
|
Property, plant and equipment, net |
|
115,975 |
|
|
|
74,843 |
|
Other assets |
|
1,623 |
|
|
|
1,721 |
|
|
|
|
|
Total assets |
$ |
477,205 |
|
|
$ |
396,239 |
|
|
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Liabilities and Equity |
|
|
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Current liabilities: |
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|
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Accounts payable |
$ |
21,189 |
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|
$ |
14,121 |
|
Accrued compensation and benefits |
|
12,753 |
|
|
|
14,094 |
|
Accrued expenses |
|
4,158 |
|
|
|
2,624 |
|
Sales allowances |
|
1,464 |
|
|
|
597 |
|
Short-term lease liabilities |
|
1,551 |
|
|
|
1,629 |
|
Income taxes payable |
|
66 |
|
|
|
139 |
|
Short-term deferred revenue and customer
prepayments |
|
7,912 |
|
|
|
7,309 |
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|
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Total current liabilities |
|
49,093 |
|
|
|
40,513 |
|
|
|
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Long-term deferred revenue |
|
413 |
|
|
|
733 |
|
Contingent consideration obligations |
|
- |
|
|
|
227 |
|
Long-term income taxes payable |
|
569 |
|
|
|
643 |
|
Long-term lease liabilities |
|
3,225 |
|
|
|
2,968 |
|
Total liabilities |
|
53,300 |
|
|
|
45,084 |
|
|
|
|
|
Equity: |
|
|
|
Vicor Corporation stockholders' equity: |
|
|
|
Capital stock |
|
346,221 |
|
|
|
328,943 |
|
Retained earnings |
|
217,633 |
|
|
|
161,008 |
|
Accumulated other comprehensive loss |
|
(1,328 |
) |
|
|
(204 |
) |
Treasury stock |
|
(138,927 |
) |
|
|
(138,927 |
) |
Total Vicor Corporation stockholders' equity |
|
423,599 |
|
|
|
350,820 |
|
Noncontrolling interest |
|
306 |
|
|
|
335 |
|
Total equity |
|
423,905 |
|
|
|
351,155 |
|
|
|
|
|
Total liabilities and
equity |
$ |
477,205 |
|
|
$ |
396,239 |
|
|
|
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