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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
__________________________________
Date of Report (Date of earliest event reported): April 14, 2005
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VICOR CORPORATION
(Exact name of Registrant as specified in charter)
Delaware 0-18277 04-2742817
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(State or other jurisdiction (Commission file number) (IRS employer
of incorporation) identification no.)
25 Frontage Road, Andover, Massachusetts 01810
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(Address of principal executive offices) (Zip Code)
(978) 470-2900
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(Registrant's telephone number, including area code)
N/A
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(Former name, former address and former fiscal year, 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 (see General Instruction A.2. below):
|_| Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
On April 14, 2005, Vicor Corporation issued a press release announcing its
financial results for the first quarter of 2005. 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.
(c) Exhibits. The following exhibit is being furnished herewith:
Exhibit
Number Title
- ------ -----
99.1 Vicor Corporation's press release dated April 14, 2005.
[Remainder of page left blank intentionally]
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 hereunto duly authorized.
VICOR CORPORATION
Dated: April 14, 2005 By: /s/ Mark A. Glazer
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Name: Mark A. Glazer
Title: Chief Financial Officer
EXHIBIT INDEX
Exhibit
Number Title
- ------ -----
99.1 Vicor Corporation's press release dated April 14, 2005.
Exhibit 99.1
Vicor Corporation First Quarter Results
ANDOVER, Mass.--(BUSINESS WIRE)--April 14, 2005--Vicor Corporation (NASDAQ:
VICR) today reported its financial results for the first quarter ended March 31,
2005. Revenues for the quarter were $43,180,000 compared to $42,521,000 for the
corresponding period a year ago. Net income for Q1 was $39,000, or $.00 per
diluted share, compared to a net loss of $1,190,000, or ($.03) per diluted
share, in Q1 2004.
The book-to-bill ratio for Q1 was 1.09:1 compared to .94:1 in Q4 2004. The
backlog at the end of Q1 was $40.4 million compared to $36.3 million at the end
of 2004. Gross margin improved to 39.5%, compared to 36.1% in Q4 2004.
Commenting on the quarter and 2005, Vicor's CEO Patrizio Vinciarelli noted:
"Increasing demand and manufacturing efficiencies in our legacy 1st and 2nd
generation products led to improvements in our top and bottom line. While gross
margins are 15 points higher than at the bottom after the telecom bubble, we
still have 15 points to go to operate within the boundaries of our business
model. During 2005, we expect to continue our progress toward restoring
significant profitability."
Vinciarelli went on to say: "In the first quarter we incurred over $6
million in aggregate startup and development costs relating to the V-I Chip and
Picor business units. While these costs have been a burden to margins and
operating expenses, they represent an important investment. By expanding V-I
Chip product lines, we believe that Factorized Power will provide unprecedented
flexibility and cost-effective performance to OEMs in Consumer Electronics,
Communications, Information Technology and Automotive markets."
Commenting on industry trends as they relate to Vicor's competitive
position, Vinciarelli said: "Within the Power Management and Power Supply
industries, players are converging on open standards using IBA and Point Of Load
("POL") "buck" regulators. The buck regulator is an old power conversion
"engine" whose cost is driven by silicon for which Asian suppliers with silicon
fabs will hold the cost advantage. Being confined to the POL, buck regulators
(analog or digital) have limited applicability. Looking past the limitations of
IBA and buck regulators, FPA and V-I Chips will span power system requirements
from the wall plug to the POL. The performance, flexibility, breadth of
applicability and expected cost of VICs have the promise of providing a
sustainable competitive advantage for Vicor, its licensees and partners."
Depreciation and amortization in the quarter was $4.5 million and capital
additions were $1.4 million. Inventories decreased by approximately $1.5 million
to $24.7 million as compared with $26.2 million at the end of 2004. Cash and
short-term investments were $112.8 million, a decrease of $0.8 million from the
end of 2004. During the quarter, Vicor repurchased 178,400 shares of its Common
Stock for a total of $1.9 million. Approximately $23.0 million remains available
in the authorized stock buy-back plan.
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, April
14, 2005 at 5:00 p.m. Eastern Daylight Savings Time. Shareholders interested in
participating in the call, should call 888-482-0024 at approximately 4:50 p.m.
and use the Passcode 67275058. Internet users can listen to a real-time audio
broadcast of the conference call on the Investor Relations section of Vicor's
website at www.vicorpower.com/irwebcast. 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 a replay will be available, shortly
after the conclusion of the call, through April 28, 2005. The replay dial-in
number is 888-286-8010 and the Passcode is 21991049. 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/irwebcast beginning shortly
after the conclusion of the call.
This press release contains certain forward-looking statements as that term
is defined in the Private Securities Litigation Reform Act of 1995. You can
identify these statements by our use of the words "may," "will," "would,"
"plans," "expects," "anticipates," "believes," "continue," "estimate,"
"prospective," "project," "intend," and similar expressions. These
forward-looking statements involve risks and uncertainties that could cause
actual results to differ materially from those projected or anticipated. These
risks and uncertainties include our ability to develop and market new products
and technologies cost-effectively, to leverage design wins into increased
product sales, to decrease manufacturing costs, to enter into licensing
agreements that amplify the market opportunity and accelerate market
penetration, to realize significant royalties under license agreements, to
achieve a sustainable increased bookings rate over a longer period, and to
successfully leverage the V-I Chips in standard products to promote market
acceptance of Factorized Power, factors impacting the company's various end
markets, including Consumer Electronics, Information Technology and Automotive,
as well as those risks and uncertainties identified in the Company's Annual
Report on Form 10-K. The risk factors contained in the Annual Report on Form
10-K may not be exhaustive. Therefore, the information contained in that Form
10-K should be read together with other reports and documents that the Company
files with the SEC from time to time, which may supplement, modify, supersede or
update those risk factors.
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 the communications, information technology, industrial control and
military electronics markets.
VICOR CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(Thousands except for per share amounts)
QUARTER ENDED
(Unaudited)
MAR 31, MAR 31,
2005 2004
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Net revenues $43,180 $42,521
Cost of revenues 26,135 27,521
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Gross margin 17,045 15,000
Operating expenses:
Sales & administration 10,104 10,178
Research & development 7,096 5,943
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Total operating
expenses 17,200 16,121
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Loss from operations (155) (1,121)
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Other income (expense), net 494 215
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Income (loss) before income taxes 339 (906)
Provision for income taxes (300) (284)
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Net income (loss) $39 ($ 1,190)
========= ========
Net income (loss) per share:
Basic $0.00 ($ 0.03)
Diluted $0.00 ($ 0.03)
Shares outstanding:
Basic 41,980 41,917
Diluted 42,115 41,917
VICOR CORPORATION
CONSOLIDATED BALANCE SHEET
(Thousands)
MAR 31, DEC 31,
2005 2004
(Unaudited) (Unaudited)
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Assets
Current assets:
Cash and cash equivalents $36,695 $36,277
Short-term investments 76,128 77,371
Accounts receivable, net 26,818 23,359
Inventories, net 24,704 26,229
Deferred tax assets 2,497 2,497
Other current assets 3,038 2,245
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Total current assets 169,880 167,978
Property and equipment, net 63,988 67,001
Other assets 9,995 9,903
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$243,863 $244,882
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Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $6,916 $5,806
Accrued compensation and
benefits 3,759 4,265
Other accrued liabilities 9,727 9,488
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Total current liabilities 20,402 19,559
Deferred income taxes 3,081 3,173
Minority interests 1,617 1,527
Stockholders' equity:
Capital stock 149,305 149,302
Retained earnings 176,808 176,769
Treasury stock (107,350) (105,448)
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Total stockholders' equity 218,763 220,623
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$243,863 $244,882
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CONTACT: Vicor Corporation
Mark A. Glazer, 978-470-2900