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: July 27, 2017
(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)
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Item 2.02. Results of Operations and Financial Condition On July 27, 2017, Vicor Corporation issued a press release announcing its financial results for the second quarter of 2017. 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: July 27, 2017 |
VICOR CORPORATION
By: /s/ James A. Simms |
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| Exhibit No. | Description |
| 99.1 | Press Release of Vicor Corporation dated July 27, 2017 |
Exhibit 99.1
Vicor Corporation Reports Results for the Second Quarter Ended June 30, 2017ANDOVER, MA -- (Marketwired - July 27, 2017) - Vicor Corporation (NASDAQ: VICR) today reported financial results for the second quarter and six months ended June 30, 2017. 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 second quarter ended June 30, 2017 increased to $57,709,000, compared to $52,941,000 for the corresponding period a year ago, and increased from $54,462,000 for the first quarter of 2017. Second quarter bookings increased to $59,387,000 from $52,514,000 for the corresponding period a year ago, and increased from $57,891,000 for the first quarter of 2017.
Gross margin increased to $25,930,000 for the second quarter of 2017, compared to $24,471,000 for the corresponding period a year ago, and increased from $23,652,000 for the first quarter of 2017. Gross margin, as a percentage of revenue, decreased to 44.9% for the second quarter of 2017, compared to 46.2% for the second quarter of 2016, but increased from 43.4% for the first quarter of 2017.
Net loss for the second quarter was ($459,000), or ($0.01) per share, compared to a net loss of ($544,000), or ($0.01) per share, for the corresponding period a year ago and a net loss of ($974,000), or ($0.02) per share, for the first quarter of 2017.
Revenues for the six months ended June 30, 2017, increased 13.3% to $112,171,000 from $98,968,000 for the corresponding period a year ago. Net loss for the six month period was ($1,433,000), or ($0.04) per share, compared to a net loss of ($5,895,000), or ($0.15) per share, for the corresponding period a year ago.
Cash provided by operating activities totaled $644,000 for the second quarter of 2017, compared to cash used for operating activities of $3,171,000 for the corresponding period a year ago. Cash and cash equivalents sequentially decreased by $1,402,000 to approximately $51,425,000 at the end of the second quarter of 2017 from $52,827,000 at the end of the first quarter of 2017.
Total backlog at the end of the second quarter of 2017 was $53,157,000, compared to $51,732,000 at the end of the first quarter, and $48,371,000 at the end of 2016.
Commenting on the second quarter, Dr. Patrizio Vinciarelli, Chief Executive Officer, stated, "Vicor recorded incremental performance improvement with sequential increases in bookings and revenue. Consolidated gross profit dollars and margin percentage increased, reflecting higher production volumes. However, expenses associated with the initial production ramp of our Power-on-Package modules resulted in a small net loss."
Dr. Vinciarelli continued, "Vicor's 48 Volt direct-to-processor solutions using our PRM-VTM ChiP-sets are gaining traction on motherboards for hyperscale datacenters while our MCD-MCM Power-on-Package ChiP-sets are getting designed within advanced CPUs, GPUs and ASICs for Supercomputing and Artificial Intelligence applications. Recent design wins and purchase orders for applications ranging from UAVs, to autonomous vehicles, to wireless telecom reflect our drive to expand our customer base and diversify our revenue streams."
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, July 27, 2017 at 5:00 p.m. Eastern Time. Shareholders interested in participating in the call should call 888-419-5570 at approximately 4:50 p.m. and use the Passcode 34739242. 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 August 11, 2017. The replay dial-in number is 888-286-8010 and the Passcode is 98163065. 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, 2016, 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
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Thousands except for per
share amounts)
QUARTER ENDED SIX MONTHS ENDED
(Unaudited) (Unaudited)
---------- ---------- ---------- ----------
JUNE 30, JUNE 30, JUNE 30, JUNE 30,
2017 2016 2017 2016
---------- ---------- ---------- ----------
Net revenues $ 57,709 $ 52,941 $ 112,171 $ 98,968
Cost of revenues 31,779 28,470 62,589 55,181
---------- ---------- ---------- ----------
Gross margin 25,930 24,471 49,582 43,787
Operating expenses:
Selling, general and
administrative 14,536 14,315 28,559 28,331
Research and development 11,932 10,757 22,939 21,486
---------- ---------- ---------- ----------
Total operating expenses 26,468 25,072 51,498 49,817
---------- ---------- ---------- ----------
Loss from operations (538) (601) (1,916) (6,030)
Other income (expense), net 360 64 685 139
---------- ---------- ---------- ----------
Loss before income taxes (178) (537) (1,231) (5,891)
Less: Provision for income
taxes 267 13 168 35
---------- ---------- ---------- ----------
Consolidated net loss (445) (550) (1,399) (5,926)
Less: Net income (loss)
attributable to
noncontrolling interest 14 (6) 34 (31)
---------- ---------- ---------- ----------
Net loss attributable to
Vicor Corporation $ (459) $ (544) $ (1,433) $ (5,895)
========== ========== ========== ==========
Net loss per share
attributable to Vicor
Corporation:
Basic $ (0.01) $ (0.01) $ (0.04) $ (0.15)
Diluted $ (0.01) $ (0.01) $ (0.04) $ (0.15)
Shares outstanding:
Basic 39,172 38,801 39,121 38,798
Diluted 39,172 38,801 39,121 38,798
VICOR CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(Thousands)
JUNE 30, DEC 31,
2017 2016
(Unaudited) (Unaudited)
----------- -----------
Assets
Current assets:
Cash and cash equivalents $ 51,425 $ 56,170
Accounts receivable, net 34,092 25,216
Inventories, net 30,514 27,136
Other current assets 3,867 3,250
----------- -----------
Total current assets 119,898 111,772
Deferred tax assets 21 38
Long-term investments 2,565 2,508
Property, plant and equipment, net 38,927 37,574
Other assets 2,204 2,175
----------- -----------
$ 163,615 $ 154,067
=========== ===========
Liabilities and Equity
Current liabilities:
Accounts payable $ 10,542 $ 7,588
Accrued compensation and benefits 9,925 8,965
Accrued expenses 2,475 2,179
Income taxes payable 86 92
Deferred revenue 7,738 3,403
----------- -----------
Total current liabilities 30,766 22,227
Long-term deferred revenue 339 374
Contingent consideration obligations 142 253
Long-term income taxes payable 189 196
Other long-term liabilities 87 -
----------- -----------
Total liabilities 31,523 23,050
Equity:
Vicor Corporation stockholders' equity:
Capital stock 179,178 176,859
Retained earnings 92,005 93,438
Accumulated other comprehensive loss (414) (561)
Treasury stock (138,927) (138,927)
----------- -----------
Total Vicor Corporation stockholders' equity 131,842 130,809
Noncontrolling interest 250 208
----------- -----------
Total equity 132,092 131,017
----------- -----------
$ 163,615 $ 154,067
=========== ===========
For further information contact: James A. Simms Chief Financial Officer Voice: 978-470-2900 Facsimile: 978-749-3439 invrel@vicorpower.com