Vicor Corporation Reports Results for the Third Quarter Ended September 30, 2018
Revenues for the third quarter ended
Gross margin increased to
Net income 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 2018 was
Commenting on third quarter performance, Dr.
Dr. Vinciarelli went on to state, “Confronted with customer adoption of 48V power systems, competitors with past accomplishments at 12V have recently made claims of better performance and cost at 48V predicated on the “intermediate bus” power distribution architecture (i.e., two-step conversion) getting a new lease on life using new components, such as GaN FETs. These initiatives cannot circumvent the multiplicity of fundamental obstacles to delivering hundreds of amperes at less than 1V. Advanced power conversion topologies, power distribution architectures and Power-on-Package technology are the necessary keys to high performance AI applications powered “directly” from 48V. With increasing peak current requirements, global competitors driving to win the AI race are adopting
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 as scheduled, on
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
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, | |||||||
2018 | 2017 | 2018 | 2017 | |||||||
Net revenues | $78,035 | $56,888 | $217,500 | $169,059 | ||||||
Cost of revenues | 39,031 | 31,745 | 112,402 | 94,334 | ||||||
Gross margin | 39,004 | 25,143 | 105,098 | 74,725 | ||||||
Operating expenses: | ||||||||||
Selling, general and administrative | 15,280 | 14,500 | 46,493 | 43,059 | ||||||
Research and development | 10,691 | 10,543 | 33,220 | 33,482 | ||||||
Severance and other charges | (10 | ) | - | 340 | - | |||||
Total operating expenses | 25,961 | 25,043 | 80,053 | 76,541 | ||||||
Income (loss) from operations | 13,043 | 100 | 25,045 | (1,816 | ) | |||||
Other income (expense), net | 232 | 309 | 618 | 994 | ||||||
Income (loss) before income taxes | 13,275 | 409 | 25,663 | (822 | ) | |||||
Less: Provision for income taxes | 227 | 371 | 724 | 539 | ||||||
Consolidated net income (loss) | 13,048 | 38 | 24,939 | (1,361 | ) | |||||
Less: Net income attributable to | ||||||||||
noncontrolling interest | 36 | 49 | 124 | 83 | ||||||
Net income (loss) attributable to | ||||||||||
Vicor Corporation | $13,012 | ($11 | ) | $24,815 | ($1,444 | ) | ||||
Net income (loss) per share attributable | ||||||||||
to Vicor Corporation: | ||||||||||
Basic | $0.32 | ($0.00 | ) | $0.62 | ($0.04 | ) | ||||
Diluted | $0.32 | ($0.00 | ) | $0.61 | ($0.04 | ) | ||||
Shares outstanding: | ||||||||||
Basic | 40,120 | 39,288 | 39,769 | 39,177 | ||||||
Diluted | 41,124 | 39,288 | 40,645 | 39,177 | ||||||
VICOR CORPORATION | |||||
CONDENSED CONSOLIDATED BALANCE SHEET | |||||
(Thousands) | |||||
SEPT 30, | DEC 31, | ||||
2018 | 2017 | ||||
(Unaudited) | (Unaudited) | ||||
Assets | |||||
Current assets: | |||||
Cash and cash equivalents | $68,206 | $44,230 | |||
Accounts receivable, net | 45,052 | 34,487 | |||
Inventories, net | 43,444 | 36,499 | |||
Other current assets | 3,900 | 3,616 | |||
Total current assets | 160,602 | 118,832 | |||
Long-term deferred tax assets | 184 | 210 | |||
Long-term investments, net | 2,613 | 2,525 | |||
Property, plant and equipment, net | 41,465 | 41,356 | |||
Other assets | 2,801 | 2,801 | |||
Total assets | $207,665 | $165,724 | |||
Liabilities and Equity | |||||
Current liabilities: | |||||
Accounts payable | $13,106 | $9,065 | |||
Accrued compensation and benefits | 9,159 | 9,891 | |||
Accrued expenses | 2,384 | 2,989 | |||
Sales allowances | 567 | - | |||
Accrued severance and other charges | 325 | - | |||
Income taxes payable | 708 | 300 | |||
Deferred revenue | 4,442 | 5,791 | |||
Total current liabilities | 30,691 | 28,036 | |||
Long-term deferred revenue | 249 | 303 | |||
Contingent consideration obligations | 470 | 678 | |||
Long-term income taxes payable | 195 | 195 | |||
Other long-term liabilities | 100 | 93 | |||
Total liabilities | 31,705 | 29,305 | |||
Equity: | |||||
Vicor Corporation stockholders' equity: | |||||
Capital stock | 192,893 | 181,914 | |||
Retained earnings | 122,090 | 93,605 | |||
Accumulated other comprehensive loss | (516 | ) | (478 | ) | |
Treasury stock | (138,927 | ) | (138,927 | ) | |
Total Vicor Corporation stockholders' equity | 175,540 | 136,114 | |||
Noncontrolling interest | 420 | 305 | |||
Total equity | 175,960 | 136,419 | |||
Total liabilities and equity | $207,665 | $165,724 | |||
Source: Vicor Corporation