Vicor Corporation Reports Results for the Third Quarter Ended September 30, 2020
Revenues for the third quarter ended
Gross margin increased to
Net income for the third quarter was
Cash and cash equivalents sequentially increased by
Third quarter bookings increased 49.5% to
Commenting on the third quarter, Dr.
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,
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
Vicor Corporation designs, develops, manufactures and markets modular power components and complete power systems based upon a portfolio of patented technologies. Headquartered in
For further information contact:
Voice: 978-470-2900
Facsimile: 978-749-3439
invrel@vicorpower.com
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | |||||||||||||||
(Thousands except for per share amounts) | |||||||||||||||
QUARTER ENDED | NINE MONTHS ENDED | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Net revenues | $ 78,112 | $ 70,772 | $ 212,274 | $ 199,852 | |||||||||||
Cost of revenues | 44,765 | 37,770 | 121,278 | 106,647 | |||||||||||
Gross margin | 33,347 | 33,002 | 90,996 | 93,205 | |||||||||||
Operating expenses: | |||||||||||||||
Selling, general and administrative | 15,212 | 15,443 | 47,036 | 45,846 | |||||||||||
Research and development | 12,032 | 11,507 | 38,197 | 34,433 | |||||||||||
Total operating expenses | 27,244 | 26,950 | 85,233 | 80,279 | |||||||||||
Income from operations | 6,103 | 6,052 | 5,763 | 12,926 | |||||||||||
Other income (expense), net | 334 | 146 | 715 | 673 | |||||||||||
Income before income taxes | 6,437 | 6,198 | 6,478 | 13,599 | |||||||||||
Less: Provision (benefit) for income taxes | 651 | 266 | (249 | ) | 805 | ||||||||||
Consolidated net income | 5,786 | 5,932 | 6,727 | 12,794 | |||||||||||
Less: Net income (loss) attributable to | |||||||||||||||
noncontrolling interest | 1 | (5 | ) | 10 | 8 | ||||||||||
Net income attributable to | |||||||||||||||
Vicor Corporation | $5,785 | $5,937 | $6,717 | $12,786 | |||||||||||
Net income per share attributable | |||||||||||||||
to |
|||||||||||||||
Basic | $0.13 | $0.15 | $0.16 | $0.32 | |||||||||||
Diluted | $0.13 | $0.14 | $0.15 | $0.31 | |||||||||||
Shares outstanding: | |||||||||||||||
Basic | 43,164 | 40,332 | 41,814 | 40,279 | |||||||||||
Diluted | 44,743 | 42,194 | 43,567 | 41,435 | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEET | |||||||
(Thousands) | |||||||
2020 | 2019 | ||||||
(Unaudited) | (Unaudited) | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 203,605 | $ | 84,668 | |||
Accounts receivable, net | 41,136 | 38,115 | |||||
Inventories, net | 58,169 | 49,187 | |||||
Other current assets | 6,872 | 7,096 | |||||
Total current assets | 309,782 | 179,066 | |||||
Long-term deferred tax assets | 189 | 205 | |||||
Long-term investment, net | 2,591 | 2,510 | |||||
Property, plant and equipment, net | 65,780 | 56,952 | |||||
Other assets | 1,777 | 1,994 | |||||
Total assets | $ | 380,119 | $ | 240,727 | |||
Liabilities and Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 11,911 | $ | 9,005 | |||
Accrued compensation and benefits | 13,248 | 10,410 | |||||
Accrued expenses | 2,417 | 2,690 | |||||
Sales allowances | 736 | 741 | |||||
Short-term lease liabilities | 1,563 | 1,520 | |||||
Income taxes payable | 62 | 57 | |||||
Short-term deferred revenue and customer prepayments | 8,061 | 5,507 | |||||
Total current liabilities | 37,998 | 29,930 | |||||
Long-term deferred revenue | 813 | 1,054 | |||||
Contingent consideration obligations | 265 | 451 | |||||
Long-term income taxes payable | 575 | 567 | |||||
Long-term lease liabilities | 2,880 | 2,855 | |||||
Total liabilities | 42,531 | 34,857 | |||||
Equity: | |||||||
Vicor Corporation stockholders' equity: | |||||||
Capital stock | 326,577 | 201,774 | |||||
Retained earnings | 149,815 | 143,098 | |||||
Accumulated other comprehensive loss | (203 | ) | (383 | ) | |||
Treasury stock | (138,927 | ) | (138,927 | ) | |||
Total Vicor Corporation stockholders' equity | 337,262 | 205,562 | |||||
Noncontrolling interest | 326 | 308 | |||||
Total equity | 337,588 | 205,870 | |||||
Total liabilities and equity | $ | 380,119 | $ | 240,727 | |||
Source: Vicor Corporation