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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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FORM 10-Q
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
--- EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1999
--------------------------------------------
--- TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from
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Commission File Number 0-18277
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VICOR CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 04-2742817
(State of Incorporation) (IRS Employer Identification Number)
25 Frontage Road, Andover, Massachusetts 01810
(Address of registrant's principal executive office)
(978) 470-2900
(Registrant's telephone number)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
-- --
Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of September 30, 1999.
Common Stock, $.01 par value ----------------29,169,635
Class B Common Stock, $.01 par value -----------12,074,235
VICOR CORPORATION
INDEX TO FORM 10-Q
Page
----
Part I - Financial Information:
Item 1 - Financial Statements (Unaudited)
Condensed Consolidated Balance Sheet at 1
September 30, 1999 and December 31, 1998
Condensed Consolidated Statement of Income 2
for the quarters ended September 30, 1999 and 1998 and
for the nine months ended September 30, 1999 and 1998
Condensed Consolidated Statement of Cash Flows 3
for the nine months ended September 30, 1999 and 1998
Notes to Condensed Consolidated Financial 4-5
Statements
Item 2 - Management's Discussion and Analysis of
6-10
Financial Condition and Results of Operations
Part II - Other Information:
Item 1 - Legal Proceedings 11
Item 2 - Changes in Securities 11
Item 3 - Defaults Upon Senior Securities 11
Item 4 - Submission of Matters to a Vote of 11
Security Holders
Item 5 - Other Information 11
Item 6 - Exhibits and Reports on Form 8-K 11
Signature(s) 12
FORM 10-Q
PART 1
ITEM 1
PAGE 1
VICOR CORPORATION
Condensed Consolidated Balance Sheet
(In thousands)
(Unaudited)
September 30, 1999 December 31, 1998
------------------ -----------------
Assets
Current assets:
Cash and cash equivalents $ 55,247 $ 58,897
Accounts receivable, net 30,270 28,245
Inventories, net 29,468 29,470
Other current assets 5,138 5,071
------- -------
Total current assets 120,123 121,683
Property, plant and equipment, net 109,409 111,074
Notes receivable 9,115 9,091
Other assets 9,759 7,703
---------- ---------
$ 248,406 $ 249,551
========= =========
Liabilities and Stockholders' Equity
Current liabilities:
Amounts due for assets acquired $ 5,333 $ 16,000
Accounts payable 10,259 9,919
Accrued liabilities 13,685 11,170
------ ------
Total current liabilities 29,277 37,089
Deferred income taxes 3,203 3,203
Stockholders' equity:
Preferred Stock -- --
Class B Common Stock 121 121
Common Stock 344 342
Additional paid-in capital 101,825 100,255
Retained earnings 180,282 166,891
Accumulated other comprehensive income 617 349
Treasury stock, at cost (67,263) (58,699)
---------- ----------
Total stockholders' equity 215,926 209,259
---------- ----------
$ 248,406 $ 249,551
========== =========
Note: The balance sheet at December 31, 1998 has been derived from the audited
financial statements at that date but does not include all of the information
and footnotes required by generally accepted accounting principles for complete
financial statements.
See accompanying notes.
FORM 10-Q
PART I
ITEM 1
PAGE 2
VICOR CORPORATION
Condensed Consolidated Statement of Income
(In thousands except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
------------------ -----------------
September 30, September 30,
1999 1998 1999 1998
---- ---- ---- ----
Net revenues:
Product $ 45,660 $ 37,816 $122,502 $119,808
License 3,713 1,502 13,643 4,420
------- ------ ------- -------
49,373 39,318 136,145 124,228
Costs and expenses:
Cost of revenue 28,002 22,085 77,285 67,408
Selling, general and administrative 9,052 9,057 26,495 25,950
Research and development 4,933 4,901 14,953 15,595
------ ------ ------- -------
41,987 36,043 118,733 108,953
------ ------ ------- -------
Income from operations 7,386 3,275 17,412 15,275
Other income 788 1,070 2,282 3,792
------ ----- ------ ------
Income before income taxes 8,174 4,345 19,694 19,067
Provision for income taxes 2,616 1,303 6,303 6,455
------- ------ ------ ------
Net income $ 5,558 $ 3,042 $ 13,391 $ 12,612
======== ======== ======== ========
Net income per common share:
Basic $ 0.13 $ 0.07 $ 0.32 $ 0.30
Diluted $ 0.13 $ 0.07 $ 0.32 $ 0.29
Shares used to compute net income per share:
Basic 41,318 41,999 41,392 42,480
Diluted 42,372 42,358 42,151 43,025
See accompanying notes.
FORM 10-Q
PART I
ITEM 1
PAGE 3
VICOR CORPORATION
Condensed Consolidated Statement of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended
-----------------
September 30, 1999 September 30, 1998
------------------ ------------------
Operating activities:
Net income $ 13,391 $ 12,612
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 11,266 8,362
(Gain)loss on disposal of equipment 101 (22)
Change in current assets and
liabilities, net (9,796) 3,116
Net cash provided by operating activities 14,962 24,068
Investing activities:
Additions to property, plant and equipment (10,572) (29,101)
Proceeds from sale of equipment 17 41
Increase in notes receivable (24) (13)
Assets acquired -- 1,850
Increase in other assets (1,183) (4,778)
-------- --------
Net cash used in investing activities (11,762) (32,001)
Financing activities:
Tax benefit relating to stock option plans 330 683
Proceeds from issuance of Common Stock 1,242 1,523
Acquisitions of treasury stock (8,564) (15,887)
------- -------
Net cash used in financing activities (6,992) (13,681)
Effect of foreign exchange rates on cash 142 (4)
------ --------
Net decrease in cash and cash equivalents (3,650) (21,618)
Cash and cash equivalents at beginning of period 58,897 84,859
-------- ------
Cash and cash equivalents at end of period $ 55,247 $ 63,241
======== ========
Supplemental disclosure
Liabilities assumed related to acquisition -- 16,000
See accompanying notes.
FORM 10-Q
PART I
ITEM 1
PAGE 4
VICOR CORPORATION
Notes to Condensed Consolidated Financial Statements
September 30, 1999
(Unaudited)
1. BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and pursuant to the rules and regulations of the
Securities and Exchange Commission. Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting principles
for complete financial statements.
In the opinion of management, all adjustments (consisting of only normal
recurring adjustments) considered necessary for a fair presentation have been
included. Operating results for the three- and nine- months periods ended
September 30, 1999 are not necessarily indicative of the results that may be
expected for the year ended December 31, 1999. For further information, refer to
the consolidated financial statements and notes thereto included in the
Company's audited financial statements for the year ended December 31, 1998,
contained in the Company's annual report filed on Form 10-K (File No. 0-18277)
with the Securities and Exchange Commission.
2. NET INCOME PER SHARE
The following table sets forth the computation of basic and diluted income per
share for the three and nine months ended September 30 (in thousands, except per
share amounts):
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
1999 1998 1999 1998
---- ---- ---- ----
Numerator:
Net Income $ 5,558 $ 3,042 $13,391 $12,612
======= ======= ======= =======
Denominator:
Denominator for basic income
per share-weighted average shares 41,318 41,999 41,392 42,480
Effect of dilutive securities:
Employee stock options 1,054 359 759 545
------- ----- ----- -----
Denominator for diluted income per share-
adjusted weighted-average shares and
assumed conversions 42,372 42,358 42,151 43,025
====== ====== ====== ======
Basic income per share $ 0.13 $ 0.07 $ 0.32 $ 0.30
======= ======= ======= =======
Diluted income per share $ 0.13 $ 0.07 $ 0.32 $ 0.29
======= ======= ======= =======
FORM 10-Q
PART I
ITEM 2
PAGE 5
VICOR CORPORATION
Notes to Condensed Consolidated Financial Statements
September 30, 1999
(Continued)
3. INVENTORIES
Inventories are valued at the lower of cost (determined using the first-in,
first-out method) or market. Inventories were as follows as of September 30,
1999 and December 31, 1998 (in thousands):
September 30, 1999 December 31, 1998
------------------ -----------------
Raw materials .................. $17,764 $19,084
Work-in-process ................ 6,261 4,334
Finished goods ................. 5,443 6,052
-------- -------
$29,468 $29,470
======= =======
4. COMPREHENSIVE INCOME
Total comprehensive income was $6,336,000 and $13,659,000 for the three and nine
months ended September 30, 1999 and $3,038,000 and $12,608,000 for the three and
nine months ended September 30, 1998. Other comprehensive income consisted of
adjustments for foreign currency translation gains in the amounts of $778,000
and $268,000 for the three and nine months ended September 30, 1999.
FORM 10-Q
PART I
ITEM 2
PAGE 6
VICOR CORPORATION
Management's Discussion and Analysis of
Financial Condition and Results of Operations
September 30, 1999
Except for historical information contained herein, some matters discussed in
this report constitute 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. Actual results could differ materially from
those projected in the forward-looking statements as a result of the risk
factors set forth in this report and in the Company's Annual Report on Form 10-K
for the year ended December 31, 1998. Reference is made in particular to the
discussions set forth below in this Report under "Management's Discussion and
Analysis of Financial Condition and Results of Operations," and set forth in the
Annual Report on Form 10-K under Item 1 -- "Business -- Second-Generation
Automated Manufacturing Line," "--Competition," "--Patents," and "--Licensing,"
and under Item 7 -- "Management's Discussion and Analysis of Financial Condition
and Results of Operations."
RESULTS OF OPERATIONS
THREE MONTHS ENDED SEPTEMBER 30, 1999 COMPARED TO THREE MONTHS ENDED SEPTEMBER
30, 1998
Net revenues for the third quarter of 1999 were $49,373,000, an increase of
$10,055,000 (25.6%) as compared to $39,318,000 for the same period a year ago.
The growth in net revenues resulted primarily from a net increase of unit
shipments of standard and custom products of approximately $7,900,000 and an
increase in license revenue of approximately $2,200,000.
Gross margin increased $4,138,000 (24.0%) to $21,371,000 from $17,233,000, and
decreased as a percentage of net revenues from 43.8% to 43.3%. The primary
component of the increase in gross margin dollars was due to an increase in net
revenues. The primary components of the decrease in the gross margin percentage
were due to additional provisions for inventory reserves for potential
obsolescence of raw materials and an increase in the depreciation on the
second-generation automated production line, which were offset by the increase
in net revenues.
Selling, general and administrative expenses were $9,052,000 for the period, a
decrease of $5,000 (0.1%) over the same period in 1998. As a percentage of net
revenues, selling, general and administrative expenses decreased to 18.3% from
23.0%. The principal component of the $5,000 decrease was $1,067,000 (88.6%) of
decreased legal expense. The third quarter of 1998 included approximately
$700,000 of legal costs incurred in connection with intellectual property
litigation. The principal components offsetting the above decrease were $299,000
(51.9%) of increased expenses incurred by Vicor Japan Company Ltd. ("VJCL"),
$215,000 (20.3%) of increased sales commission costs, $210,000 (44.8%) of
increased depreciation and amortization expense, $158,000 (285.9%) of increased
costs related to tax studies and $132,000 (64.3%) of increased facility costs.
Research and development expenses increased $32,000 (0.7%) to $4,933,000 and
decreased as a percentage of net revenues to 10.0% from 12.5%. The principal
components of the $32,000 increase were $537,000 (179.6%) of increased project
materials costs and $95,000 (65.6%) of increased research and development costs
associated with the operations of the Vicor Integrated Architects (VIA). The
principal component offsetting the above increases was $598,000 (18.9%) of
decreased compensation expense in the research and development departments due
to these departments transitioning from research and development to
manufacturing cost centers. These cost centers are charged to cost of sales and
are primarily related to the second-generation automated production line.
FORM 10-Q
PART I
ITEM 2
PAGE 7
VICOR CORPORATION
Management's Discussion and Analysis of
Financial Condition and Results of Operations
September 30, 1999
(continued)
Other income decreased $282,000 (26.4%) from the same period a year ago to
$788,000. Other income is primarily comprised of interest income derived from
invested cash and cash equivalents, as well as a note receivable associated with
the Company's real estate transaction. Interest income decreased primarily due
to a decrease in cash and cash equivalent balances.
Income before income taxes was $8,174,000, an increase of $3,829,000 (88.1%)
compared to the same period in 1998. As a percentage of net revenues, income
before income taxes increased to 16.6% from 11.1% primarily due to an increase
in net revenues.
The effective tax rate for the third quarter of 1999 was 32%, compared to 30%
for the same period in 1998.
Net income per share (diluted) was $.13 for the third quarter of 1999, compared
to $.07 for the third quarter of 1998, an increase of $.06 (85.7%).
NINE MONTHS ENDED SEPTEMBER 30, 1999 COMPARED TO NINE MONTHS ENDED SEPTEMBER 30,
1998
Net revenues for the first nine months of 1999 were $136,145,000, an increase of
$11,917,000 (9.6%) as compared to $124,228,000 for the same period a year ago.
The growth in net revenues resulted primarily from an increase in license
revenue of approximately $9,200,000 and a net increase of unit shipments of
standard and custom products of approximately $3,100,000. The increase in
license revenue was primarily due to non-recurring payments from licensees for
past use of Vicor's intellectual property litigation.
Gross margin increased $2,040,000 (3.6%) to $58,860,000 from $56,820,000, and
decreased as a percentage of net revenues from 45.7% to 43.2%. The primary
components of the increase in gross margin dollars were attributable to an
increase in net revenues and changes in the revenue mix. The primary components
of the decrease in gross margin percentage were attributable to the increase in
depreciation on the second-generation automated production line for the first
nine months of 1999 of approximately $1,800,000 as compared to the same period a
year ago, changes in the revenue mix and to a non-recurring charge of $700,000
in the first quarter of 1999 for exit costs in connection with the relocation of
certain manufacturing operations from a leased facility to the Company's owned
manufacturing facility at Federal Street in Andover, Massachusetts. The gross
margins for the remainder of 1999 may be negatively impacted by the depreciation
of the second-generation automated production line until higher production
volumes and higher yield levels are attained.
Selling, general and administrative expenses were $26,495,000 for the period, an
increase of $545,000 (2.1%) over the same period in 1998. As a percentage of net
revenues, selling, general and administrative expenses decreased to 19.5% from
20.9%. The principal components of the $545,000 increase were $1,957,000
(339.2%) of expenses incurred by VJCL, which began operations in July 1998,
$549,000 (91.0%) of increased facility costs and $503,000 (37.4%) of increased
depreciation and amortization expense. The principal components offsetting the
above increases were a decrease of $945,000 (35.8%) in advertising costs,
$608,000 (37.7%) of decreased legal expense, $368,000 (3.8%) of decreased
compensation expense, $317,000 (23.8%) of decreased consulting fees for the
implementation of the Enterprise Resource Planning ("ERP") system and $244,000
(6.8%) of decreased sales commission costs.
FORM 10-Q
PART I
ITEM 2
PAGE 8
VICOR CORPORATION
Management's Discussion and Analysis of
Financial Condition and Results of Operations
September 30, 1999
(continued)
Research and development expenses decreased $642,000 (4.1%) to $14,953,000 and
decreased as a percentage of net revenues to 11.0% from 12.6%. The principal
component of the $642,000 decrease was $2,111,000 (22.1%) of decreased
compensation expense in the research and development departments due to these
departments transitioning from research and development to manufacturing cost
centers. These cost centers are charged to cost of sales and are primarily
related to the second generation automated production line. The principle
components offsetting the above decrease were $621,000 (212.8%) of increased
research and development expense associated with the operations of VJCL and
$583,000 (26.7%) of increased project material costs.
Other income decreased $1,510,000 (39.8%) from the same period a year ago, to
$2,282,000. Other income is primarily comprised of interest income derived from
invested cash and cash equivalents, as well as a note receivable associated with
the Company's real estate transaction. Interest income decreased primarily due
to a decrease in cash and cash equivalent balances and a decrease in average
interest rates.
Income before income taxes was $19,694,000, an increase of $627,000 (3.3%)
compared to the same period in 1998. As a percentage of net revenues, income
before income taxes decreased from 15.3.% to 14.5% primarily due to the decrease
in other income as discussed above partially offset by the increase in gross
margins.
The effective tax rate for the nine months ended September 30, 1999 was 32%,
compared to 33.9% for the same period in 1998.
Net income per share (diluted) was $.32 for the nine months ended September 30,
1999, compared to $.29 for the same period in 1998, an increase of $.03 (10.3%).
LIQUIDITY AND CAPITAL RESOURCES
At September 30, 1999 the Company had $55,247,000 in cash and cash equivalents.
The ratio of current assets to current liabilities was 4.1:1 compared to 3.3:1
at December 31, 1998. Working capital increased $6,252,000, from $84,594,000 at
December 31, 1998 to $90,846,000 at September 30, 1999. The primary factors
affecting the working capital increase were a decrease in current liabilities of
$7,812,000 and an increase in accounts receivable of $2,025,000, offset by a
decrease in cash of $3,650,000. The primary uses of cash for the nine months of
1999 were for additions to property and equipment of $10,572,000 and the
acquisition of treasury stock of $8,564,000, offset by cash provided by
operating activities of $14,962,000.
The Company plans to make continuing investments in manufacturing equipment,
much of which is built internally. The internal construction of manufacturing
machinery, in order to provide for additional manufacturing capacity, is a
practice which the Company expects to continue over the next several years.
The Company has an unused line of credit with a bank under which the Company may
borrow up to $4,000,000 on a revolving credit basis. The Company believes that
cash generated from operations and the total of its cash and cash equivalents,
together with other sources of liquidity, will be sufficient to fund planned
operations and capital equipment purchases for the foreseeable future. At
September 30, 1999, the Company had approximately $470,000 of capital
expenditure commitments.
The Company does not consider the impact of inflation and changing prices on its
business activities or fluctuations in the exchange rates for foreign currency
transactions to have been significant during the last three fiscal years.
FORM 10-Q
PART I
ITEM 2
PAGE 9
VICOR CORPORATION
Management's Discussion and Analysis of
Financial Condition and Results of Operations
September 30, 1999
(continued)
YEAR 2000 READINESS DISCLOSURE
The statements in the following section include "Year 2000 readiness disclosure"
within the meaning of the Year 2000 Information and Readiness Disclosure Act of
1998.
Vicor has formed an internal Year 2000 compliance team to evaluate its internal
facilities, engineering and manufacturing processes, and business information
systems with respect to Year 2000 compliance. The evaluation has included both
Information Technology ("IT") systems and non-IT systems, and the products and
systems of the Company's significant suppliers. The Company has initiated formal
communications with all of its significant suppliers and large customers to
determine the extent to which the Company is vulnerable to those third parties'
failures to remediate their Year 2000 issues. The Company does not believe that
it has any exposure to contingencies related to the Year 2000 issue for the
products it has sold.
The compliance team is using the following phased approach to Year 2000
readiness: internal inventory, vendor questionnaires, assessment, planning
(which involves establishing timetables and cost estimates), remediation,
testing and implementation. The internal inventories for both IT and non-IT
systems have been completed. Vendor questionnaires for both IT and non-IT
systems have been circulated and responses have been received and reviewed.
Vicor is continuing to work closely with its critical vendors to ensure
compliance. The remediation, testing and implementation phases were completed
for Vicor's business systems during the second quarter of 1999 as planned. The
remediation, testing and implementation phases for non-IT systems were
substantially completed in the third quarter of 1999. Final implementation for
certain mission critical processes will be completed in the fourth quarter of
1999.
Vicor's current primary business information system was known to be
non-compliant and a vendor was selected to assist the Company in bringing this
system into compliance. The system was brought into compliance and tested during
the first quarter of 1999, and was placed into production in the second quarter,
as planned. In addition, the Company is proceeding with the phased installation
of a new Enterprise Resource Planning (ERP) system which will replace the
upgraded, Year 2000 compliant primary business information system. The
installation of the Year 2000 compliant ERP system is not necessary for the
Company to achieve Year 2000 compliance with respect to its business information
system and such ERP system will not be fully installed by December 31, 1999.
Phases of this installation have been delayed due to other Year 2000 compliance
efforts.
The total external cost of the Year 2000 project is estimated to be $6.0
million, of which a significant portion is for the new ERP system. Internal
costs are not considered to be incremental, and are therefore not included in
the amount. Of the total project cost, approximately $3.2 million will be
capitalized for the purchase of new software and hardware enhancements. The
balance of $2.8 million will be expensed as incurred through January 1, 2001 and
is not expected to have a material effect on the Company's results of
operations. All of these costs incurred after January 1, 2000 will be related
only to the new ERP system. Through September 30, 1999, the Company has incurred
approximately $3.1 million ($1.2 million expensed and $1.9 million capitalized),
of which approximately $506,000 was incurred in the first nine months of 1999
($174,000 expensed and $332,000 capitalized).
FORM 10-Q
PART I
ITEM 2
PAGE 10
VICOR CORPORATION
Management's Discussion and Analysis of
Financial Condition and Results of Operations
September 30, 1999
(continued)
The Company presently believes that the Year 2000 issue will not pose
significant operational problems. However, the future Year 2000 compliance
within Vicor is dependent on certain key personnel, and on vendors' equipment
and internal systems. Therefore, unresolved Year 2000 issues remain a
possibility. As a result, Year 2000 issues could have a significant impact on
the Company's operations and its financial results if modifications cannot be
completed on a timely basis, unforeseen needs or problems arise, or if systems
operated by third parties (including municipalities and utilities) are not Year
2000 compliant. The Company currently believes that its most reasonably likely
worst case Year 2000 scenario would relate to failures with external
infrastructures such as utilities, telecommunications and transportation
systems, over which the Company has limited or no control. The Company has not
analyzed the potential consequences to the results of operations, liquidity and
financial condition of such a scenario. At present, the Company believes that it
understands and has resources to remediate any remaining Year 2000 issues. While
the Company does not currently have a formal contingency plan, it will continue
to consider the need for such a plan as it evaluates the final implementation
phases scheduled to be completed during the fourth quarter of 1999.
The estimates and conclusions set forth herein regarding Year 2000 compliance
contain forward-looking statements and are based on management's estimates of
future events and information provided by third parties. There can be no
assurance that such estimates and information will prove to be accurate. All
forward-looking statements involve a number of risks and uncertainties that
could cause the actual results to differ materially from the projected results.
Risks to completing the Year 2000 project include the availability of resources,
certain key personnel, the Company's ability to discover and correct potential
Year 2000 problems and the ability of suppliers and other third parties to bring
their systems into Year 2000 compliance.
FORM 10-Q
PART II
ITEM 1-6
PAGE 11
VICOR CORPORATION
Part II - Other Information
September 30, 1999
ITEM 1 - LEGAL PROCEEDINGS
The Company is involved in certain litigation incidental to the conduct of its
business. While the outcome of lawsuits against the Company cannot be predicted
with certainty, management does not expect any current litigation to have a
material adverse impact on the Company.
ITEM 2 - CHANGES IN SECURITIES
Not applicable.
ITEM 3 - DEFAULTS UPON SENIOR SECURITIES
Not applicable.
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY-HOLDERS
Not applicable.
ITEM 5 - OTHER INFORMATION
Not applicable.
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K
a. Exhibits - 27.1 Financial Data Schedule
b. Reports on Form 8-K - none.
FORM 10-Q
PART II
PAGE 12
SIGNATURES
----------
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 thereunto duly authorized.
VICOR CORPORATION
Date: November 12, 1999 By: /s/ Patrizio Vinciarelli
----------------------------
Patrizio Vinciarelli
President and Chairman
of the Board
Date: November 12, 1999 By: /s/ Mark A. Glazer
----------------------------
Mark A. Glazer
Chief Financial Officer
5
0000751978
VICOR CORPORATION
1,000
U.S. DOLLARS
9-MOS
DEC-31-1999
JAN-01-1999
SEP-30-1999
1.0
55,247
0
30,270
0
29,468
120,123
172,468
63,059
248,406
29,277
0
0
0
465
215,461
248,406
136,145
136,145
77,285
77,285
0
0
0
19,694
6,303
13,391
0
0
0
13,391
.32
.32
