Vicor Corporation Reports Results for the First Quarter Ended March 31, 2017
Revenues for the first quarter ended
Gross margin increased to
Net loss for the first quarter was
Cash used for operating activities totaled
Total backlog at the end of the first quarter of 2017 was
Speaking to the first quarter's results, Dr.
Dr. Vinciarelli continued, "Design-in activity of advanced products in datacenter, supercomputing, artificial intelligence, machine learning, autonomous driving, and aerospace applications led to design wins for powering next generation GPUs, CPUs, and ASICs, whose escalating current requirements necessitate higher density power system solutions, on the motherboard or, preferably, within the ASIC package (PoP). Customers recognize that
For more information on
Earnings Conference 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 CORPORATION | ||||||||||
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||
(Thousands except for per share amounts) | ||||||||||
QUARTER ENDED | ||||||||||
(Unaudited) | ||||||||||
MAR 31, | MAR 31, | |||||||||
2017 | 2016 | |||||||||
Net revenues | $ | 54,462 | $ | 46,027 | ||||||
Cost of revenues | 30,810 | 26,711 | ||||||||
Gross margin | 23,652 | 19,316 | ||||||||
Operating expenses: | ||||||||||
Selling, general and administrative | 14,023 | 14,016 | ||||||||
Research and development | 11,007 | 10,729 | ||||||||
Total operating expenses | 25,030 | 24,745 | ||||||||
Loss from operations | (1,378 | ) | (5,429 | ) | ||||||
Other income (expense), net | 325 | 75 | ||||||||
Loss before income taxes | (1,053 | ) | (5,354 | ) | ||||||
Less: (Benefit) provision for income taxes | (99 | ) | 22 | |||||||
Consolidated net loss | (954 | ) | (5,376 | ) | ||||||
Less: Net income (loss) attributable to noncontrolling interest | 20 | (25 | ) | |||||||
Net loss attributable to Vicor Corporation | $ | (974 | ) | $ | (5,351 | ) | ||||
Net loss per share attributable to Vicor Corporation: | ||||||||||
Basic | $ | (0.02 | ) | $ | (0.14 | ) | ||||
Diluted | $ | (0.02 | ) | $ | (0.14 | ) | ||||
Shares outstanding: | ||||||||||
Basic | 39,070 | 38,794 | ||||||||
Diluted | 39,070 | 38,794 | ||||||||
VICOR CORPORATION | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEET | |||||||||||
(Thousands) | |||||||||||
MAR 31, | DEC 31, | ||||||||||
2017 | 2016 | ||||||||||
(Unaudited) | (Unaudited) | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 52,827 | $ | 56,170 | |||||||
Accounts receivable, net | 29,978 | 25,216 | |||||||||
Inventories, net | 27,429 | 27,136 | |||||||||
Other current assets | 3,446 | 3,250 | |||||||||
Total current assets | 113,680 | 111,772 | |||||||||
Deferred tax assets | 39 | 38 | |||||||||
Long-term investments | 2,526 | 2,508 | |||||||||
Property, plant and equipment, net | 38,100 | 37,574 | |||||||||
Other assets | 2,226 | 2,175 | |||||||||
$ | 156,571 | $ | 154,067 | ||||||||
Liabilities and Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 9,090 | $ | 7,588 | |||||||
Accrued compensation and benefits | 8,675 | 8,965 | |||||||||
Accrued expenses | 2,104 | 2,179 | |||||||||
Income taxes payable | 104 | 92 | |||||||||
Deferred revenue | 4,527 | 3,403 | |||||||||
Total current liabilities | 24,500 | 22,227 | |||||||||
Long-term deferred revenue | 356 | 374 | |||||||||
Contingent consideration obligations | 208 | 253 | |||||||||
Long-term income taxes payable | 198 | 196 | |||||||||
Other long-term liabilities | 64 | - | |||||||||
Total liabilities | 25,326 | 23,050 | |||||||||
Equity: | |||||||||||
Vicor Corporation stockholders' equity: | |||||||||||
Capital stock | 177,882 | 176,859 | |||||||||
Retained earnings | 92,464 | 93,438 | |||||||||
Accumulated other comprehensive loss | (413 | ) | (561 | ) | |||||||
Treasury stock | (138,927 | ) | (138,927 | ) | |||||||
Total Vicor Corporation stockholders' equity | 131,006 | 130,809 | |||||||||
Noncontrolling interest | 239 | 208 | |||||||||
Total equity | 131,245 | 131,017 | |||||||||
$ | 156,571 | $ | 154,067 |
For further information contact:
Chief Financial Officer
Voice: 978-470-2900
Facsimile: 978-749-3439
Email Contact
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