UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
FORM 8-K CURRENT REPORT
Pursuant to Section 13 or 15(d) of the |
Date of Report: April 28, 2015
(Date of earliest event reported)
Vicor Corporation
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction
of incorporation)
0-18277
(Commission File Number)
04-2742817
(IRS Employer
Identification Number)
25 Frontage Road, Andover, Massachusetts
(Address of principal executive offices)
01810
(Zip Code)
(978) 470-2900
(Registrant's telephone number, including area code)
Not Applicable
(Former Name or Former Address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
- o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
- o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
- o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
- o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
- o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Item 2.02. Results of Operations and Financial Condition On April 28, 2015, Vicor Corporation issued a press release announcing its financial results for the first quarter of 2015. The full text of that press release is attached as Exhibit 99.1 hereto and incorporated by reference herein. The information furnished under this Item 2.02, including the Exhibit attached hereto, shall not be deemed "filed" for any purpose, including for purposes of Section 18 of the Securities and Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.
Item 9.01. Financial Statements and Exhibits
(a) Financial statements:
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Dated: April 28, 2015 |
VICOR CORPORATION
By: /s/ James A. Simms |
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| Exhibit No. | Description |
| 99.1 | Press Release of Vicor Corporation dated April 28, 2015 |
Exhibit 99.1
Vicor Corporation Reports Results for the First Quarter Ended March 31, 2015ANDOVER, MA -- (Marketwired - April 28, 2015) - Vicor Corporation (NASDAQ: VICR) today reported financial results for the first quarter ended March 31, 2015. 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 first quarter ended March 31, 2015 increased to $64,017,000, compared to $53,233,000 for the corresponding period a year ago, and increased from $60,735,000 for the fourth quarter of 2014. First quarter bookings increased to $59,541,000 from $50,240,000 for the corresponding period a year ago, but decreased from $62,336,000 for the fourth quarter of 2014.
Gross margin increased to $28,891,000 for the first quarter of 2015, compared to $22,792,000 for the corresponding period a year ago, and increased from $26,116,000 for the fourth quarter of 2014. Gross margin, as a percentage of revenue, increased to 45.1% for the first quarter of 2015, compared to 42.8% for the first quarter of 2014, and increased from 43.0% for the fourth quarter of 2014.
Net income for the first quarter was $3,371,000, or $0.09 per diluted share, compared to a net loss of ($5,378,000), or ($0.14) per share, for the corresponding period a year ago and a net loss of nil, or $0.00 per share, for the fourth quarter of 2014.
Cash flow from operations totaled $5,070,000 for the first quarter of 2015 compared to cash used for operations of ($4,480,000) for the corresponding period a year ago. Cash and cash equivalents increased by $4,135,000 to approximately $59,322,000 at the end of the first quarter of 2015 from $55,187,000 at the end of the fourth quarter of 2014.
Total backlog at the end of the first quarter of 2015 was $49,838,000, compared to $54,249,000 at the end of 2014.
Dr. Patrizio Vinciarelli, Chief Executive Officer, stated, "Vicor's first quarter performance was driven by contributions from VI Chip and Picor which led to improvements in profitability indicative of the potential of our business model. With the introduction of distinctly superior power component and system products taking place at an accelerating rate, our targets for revenue growth and financial performance are drawing near, and these will ultimately validate our strategy of leading a revolution in the power system market. Enthusiastic as I am about our future, I reiterate the caution highlighted during our February earnings call that bookings and shipments of VI Chip and Picor products will be volatile prior to completing an expansion of our footprint with a diversified base of customers. As discussed when we addressed fourth quarter performance and our expectations for the first quarter, with a limited initial customer base we will continue to experience shifts in demand, driven in part by subsequent generations of Intel processors. These changes in demand will make sequential quarterly comparisons difficult to predict until VI Chip and Picor products achieve traction with a mix of applications driving a statistical revenue mix."
"During the first quarter, we significantly expanded our line of innovative ChiP (Converter housed in Package™) modules. These devices address applications in Data Centers, Telecom/Datacom, EV/HEV, Industrial and Aerospace/Defense. Consistently with our focus on product differentiation, ChiPs exhibit power density levels far greater than any competitive converters, enabling customers to optimize end systems for space and weight. With our FPA™ components and SiP ZVS regulators, power system architects are able to create complete, integrated power solutions offering far greater performance and ease of use with substantially lower total cost of ownership. ChiPs, as board mounted power components or in VIA systems, will be the primary drivers of future revenue and profit growth."
"During the first quarter, we started sampling VIA system products providing complete front end power solutions. Customers are responding enthusiastically, leading to initial design wins. While, given design cycles, substantial volumes of VIA shipments will not occur until 2016, it is becoming clear that VIA front ends and board mounted ChiPs and SiPs position Vicor as the unique provider of high performance, cost effective modular power solutions from the source to the Point-Of-Load."
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, April 28, 2015 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 25698363. 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 May 13, 2015. The replay dial-in number is 888-286-8010 and the Passcode is 93464591. 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," "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 December 31, 2014, 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.
VICOR CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(Thousands except for per share amounts)
QUARTER ENDED
(Unaudited)
----------- -----------
MAR 31, MAR 31,
2015 2014
----------- -----------
Net revenues $ 64,017 $ 53,233
Cost of revenues 35,126 30,441
----------- -----------
Gross margin 28,891 22,792
Operating expenses:
Sales & administration 14,862 17,980
Research & development 10,419 10,251
----------- -----------
Total operating expenses 25,281 28,231
----------- -----------
Income (loss) from operations 3,610 (5,439)
Other income (loss), net (29) 30
----------- -----------
Income (loss) before income taxes 3,581 (5,409)
Provision for income taxes 139 17
----------- -----------
Consolidated net income (loss) 3,442 (5,426)
Less: Net income (loss) attributable to
noncontrolling interest 71 (48)
----------- -----------
Net income (loss) attributable to Vicor
Corporation $ 3,371 $ (5,378)
=========== ===========
Net income (loss) per share attributable to Vicor
Corporation:
Basic $ 0.09 $ (0.14)
Diluted $ 0.09 $ (0.14)
Shares outstanding:
Basic 38,689 38,541
Diluted 39,149 38,541
VICOR CORPORATION
CONSOLIDATED BALANCE SHEET
(Thousands)
MAR 31, DEC 31,
2015 2014
(Unaudited) (Unaudited)
----------- -----------
Assets
Current assets:
Cash and cash equivalents $ 59,322 $ 55,187
Short-term investments 90 270
Accounts receivable, net 32,675 28,431
Inventories, net 24,837 26,328
Deferred tax assets 107 107
Other current assets 3,180 3,155
----------- -----------
Total current assets 120,211 113,478
Long-term investments 2,902 3,002
Property and equipment, net 36,460 37,387
Other assets 1,700 1,675
----------- -----------
$ 161,273 $ 155,542
=========== ===========
Liabilities and Equity
Current liabilities:
Accounts payable $ 10,111 $ 7,932
Accrued compensation and benefits 9,172 8,663
Accrued expenses 2,217 3,178
Accrued severance charges 1,313 1,904
Income taxes payable 17 41
Deferred revenue 1,854 1,439
----------- -----------
Total current liabilities 24,684 23,157
Long-term deferred revenue 572 637
Long-term income taxes payable 873 867
Deferred income taxes 329 329
Equity:
Vicor Corporation stockholders' equity:
Capital stock 173,285 172,412
Retained earnings 98,129 94,758
Accumulated other comprehensive loss (523) (471)
Treasury stock (138,927) (138,927)
----------- -----------
Total Vicor Corporation stockholders' equity 131,964 127,772
Noncontrolling interest 2,851 2,780
----------- -----------
Total equity 134,815 130,552
----------- -----------
$ 161,273 $ 155,542
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For further information contact: James A. Simms Chief Financial Officer Voice: 978-470-2900 Facsimile: 978-749-3439 invrel@vicorpower.com