Vicor Corporation Reports Results for the Third Quarter Ended September 30, 2017
Revenues for the third quarter ended
Gross margin decreased to
Net loss for the third quarter was
Revenues for the nine months ended
Cash provided by operating activities totaled
Total backlog at the end of the third quarter of 2017 was
Regarding recent performance and trends, Dr.
Dr. Vinciarelli continued, “Third quarter revenue and profitability were negatively impacted by delays in new programs now expected to ramp in Q1 2018. Top line growth is expected to lift bottom line profitability going into 2018.”
Concluding his remarks, Dr. Vinciarelli stated, “In view of the expanding depth and breadth of customer applications leveraging 48V with our modular power system solutions, we are confidently approaching a major transition in our industry.”
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’s Annual Report on Form 10-K for the year ended
For further information contact:
Voice: 978-470-2900
Facsimile: 978-749-3439
invrel@vicorpower.com
VICOR CORPORATION | ||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||||||
(Thousands except for per share amounts) | ||||||||||||||
QUARTER ENDED | NINE MONTHS ENDED | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||
SEPT 30, | SEPT 30, | SEPT 30, | SEPT 30, | |||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||
Net revenues | $ | 56,888 | $ | 53,227 | $ | 169,059 | $ | 152,195 | ||||||
Cost of revenues | 31,745 | 27,304 | 94,334 | 82,485 | ||||||||||
Gross margin | 25,143 | 25,923 | 74,725 | 69,710 | ||||||||||
Operating expenses: | ||||||||||||||
Selling, general and administrative | 14,500 | 13,312 | 43,059 | 41,643 | ||||||||||
Research and development | 10,543 | 10,338 | 33,482 | 31,824 | ||||||||||
Total operating expenses | 25,043 | 23,650 | 76,541 | 73,467 | ||||||||||
Income (loss) from operations | 100 | 2,273 | (1,816 | ) | (3,757 | ) | ||||||||
Other income (expense), net | 309 | 211 | 994 | 350 | ||||||||||
Income (loss) before income taxes | 409 | 2,484 | (822 | ) | (3,407 | ) | ||||||||
Less: Provision for income taxes | 371 | 133 | 539 | 168 | ||||||||||
Consolidated net income (loss) | 38 | 2,351 | (1,361 | ) | (3,575 | ) | ||||||||
Less: Net income (loss) attributable to | ||||||||||||||
noncontrolling interest | 49 | 15 | 83 | (16 | ) | |||||||||
Net income (loss) attributable to | ||||||||||||||
Vicor Corporation | ($11 | ) | $2,336 | ($1,444 | ) | ($3,559 | ) | |||||||
Net income (loss) per share attributable | ||||||||||||||
to Vicor Corporation: | ||||||||||||||
Basic | ($0.00 | ) | $0.06 | ($0.04 | ) | ($0.09 | ) | |||||||
Diluted | ($0.00 | ) | $0.06 | ($0.04 | ) | ($0.09 | ) | |||||||
Shares outstanding: | ||||||||||||||
Basic | 39,288 | 38,837 | 39,177 | 38,811 | ||||||||||
Diluted | 39,288 | 39,184 | 39,177 | 38,811 | ||||||||||
VICOR CORPORATION | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEET | ||||||||
(Thousands) | ||||||||
SEPT 30, | DEC 31, | |||||||
2017 | 2016 | |||||||
(Unaudited) | (Unaudited) | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 48,936 | $ | 56,170 | ||||
Accounts receivable, net | 33,811 | 25,216 | ||||||
Inventories, net | 33,883 | 27,136 | ||||||
Other current assets | 3,470 | 3,250 | ||||||
Total current assets | 120,100 | 111,772 | ||||||
Long-term deferred tax assets | 21 | 38 | ||||||
Long-term investments, net | 2,599 | 2,508 | ||||||
Property, plant and equipment, net | 41,248 | 37,574 | ||||||
Other assets | 2,108 | 2,175 | ||||||
Total assets | $ | 166,076 | $ | 154,067 | ||||
Liabilities and Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 11,508 | $ | 7,588 | ||||
Accrued compensation and benefits | 8,939 | 8,965 | ||||||
Accrued expenses | 2,311 | 2,179 | ||||||
Income taxes payable | 252 | 92 | ||||||
Deferred revenue | 8,769 | 3,403 | ||||||
Total current liabilities | 31,779 | 22,227 | ||||||
Long-term deferred revenue | 321 | 374 | ||||||
Contingent consideration obligations | 78 | 253 | ||||||
Long-term income taxes payable | 191 | 196 | ||||||
Other long-term liabilities | 90 | - | ||||||
Total liabilities | 32,459 | 23,050 | ||||||
Equity: | ||||||||
Vicor Corporation stockholders' equity: | ||||||||
Capital stock | 180,650 | 176,859 | ||||||
Retained earnings | 91,994 | 93,438 | ||||||
Accumulated other comprehensive loss | (397 | ) | (561 | ) | ||||
Treasury stock | (138,927 | ) | (138,927 | ) | ||||
Total Vicor Corporation stockholders' equity | 133,320 | 130,809 | ||||||
Noncontrolling interest | 297 | 208 | ||||||
Total equity | 133,617 | 131,017 | ||||||
Total liabilities and equity | $ | 166,076 | $ | 154,067 | ||||
Source: Vicor Corporation