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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): April 20, 2004
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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)
Item 7. Exhibits.
(c) Exhibits. The following exhibit is being furnished herewith:
Exhibit
Number Title
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99.1 Vicor Corporation's press release dated April 20, 2004.
Item 12. Results of Operations and Financial Condition.
On April 20, 2004, Vicor Corporation issued a press release announcing its
financial results for the first quarter of 2004. 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 12, 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.
[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 20, 2004 By: /s/ Mark A. Glazer
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Name: Mark A. Glazer
Title: Chief Financial Officer
EXHIBIT INDEX
Exhibit
Number Title
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99.1 Vicor Corporation's press release dated April 20, 2004.
Exhibit 99.1
Vicor Corporation Announces First Quarter Results
ANDOVER, Mass.--(BUSINESS WIRE)--April 20, 2004--Vicor Corporation
(NASDAQ: VICR) today announced its financial results for the quarter
ended March 31, 2004. Revenues for the quarter increased to
$42,521,000 compared with $37,740,000 for the corresponding period a
year ago. The Company reported a net loss for the quarter of
$1,190,000 compared with a net loss of $6,629,000 in the corresponding
period of 2003, and a diluted loss per share of $.03 compared with a
diluted loss per share of $.16 in the corresponding period of 2003.
In the first quarter, revenues increased by 12.7% from the first
quarter of 2003, and increased by 8.7% on a sequential basis from the
fourth quarter of 2003. The book to bill ratio for the first quarter
was 1.13:1 as compared with 1.02:1 in the first quarter of 2003 and
1.09:1 in the fourth quarter of 2003. In light of the fact that
bookings and sales can vary significantly from quarter to quarter, the
Company continues to believe that this increase in the book to bill
ratio is not indicative of a trend at this time. The Company ended the
first quarter of 2004 with approximately $42.7 million in backlog
compared to $37.0 million at the end of 2003.
In the first quarter, gross margin improved to 35.3%, compared
with 23.6% in the first quarter of 2003 and 28.1% in the fourth
quarter of 2003. These improvements in gross margin were due to the
higher level of shipments and increased productivity.
Depreciation and amortization in the quarter was $5.3 million and
capital additions were $1.0 million. Depreciation expense decreased
approximately $371,000 from the first quarter of 2003 and $251,000
from the fourth quarter of 2003.
The Company reported a loss before taxes of $906,000 for the
quarter compared with a loss before taxes of $6,374,000 in the
corresponding period of 2003. Tax provisions in 2004 and 2003 are
required as the Company operates in various state and international
taxing jurisdictions, subject to a variety of income and related
taxes, and due to federal and state taxes for certain minority-owned
subsidiaries that are not part of the Company's consolidated income
tax returns. Based on the Company's current estimate of its tax
provision for the year, we expect that the tax expense for each of the
remaining quarters in 2004 will approximate that of the first quarter.
Inventories increased by approximately $1.4 million to $23.5
million as compared with $22.1 million at the end of 2003. The
increase in inventories stems from the increase in backlog.
Cash and short-term investments were $114.1 million, an increase
of approximately $5.3 million from the end of 2003. During the
quarter, the Company made an additional $1.0 million investment in a
related entity, did not repurchase any shares and has $26.0 million
remaining on its authorized stock buy-back plan. After three years of
unprecedented challenges due to sharp declines in demand from major
end markets, the Company's balance sheet shows approximately $183
million in positive retained earnings and, importantly, the Company
has retained a highly motivated on shore work force.
During the first quarter, the Company announced that its V-I
Chip(TM) Bus Converter Module (BCM) had won EDN magazine's 2003
"Innovation of the Year" Award for Power Supplies. V-I Chip BCMs
provide breakthrough performance as bus converters for Intermediate
Bus Architecture applications.
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 20, 2004 at 5:00 p.m. (EDST). Shareholders interested
in participating in the call, should call 1-800-901-5226 at
approximately 4:50 p.m. and use the Passcode 97385750. 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 27,
2004. The replay dial-in number is 1-888-286-8010 and the Passcode is
32010070. 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 achieve an 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, 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
telecommunications, electronic data processing, industrial control and
military electronics markets.
VICOR CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(Thousands except for per share amounts)
QUARTER ENDED
(Unaudited)
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MAR 31, MAR 31,
2004 2003
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Net revenues $42,521 $37,740
Cost of sales 27,521 28,833
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Gross margin 15,000 8,907
Operating expenses:
Sales & administration 10,178 10,324
Research & development 5,943 5,334
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Total operating expenses 16,121 15,658
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Operating loss (1,121) (6,751)
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Other income (expense), net 215 377
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Loss before taxes (906) (6,374)
Provision for income taxes (284) (255)
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Net loss ($ 1,190) ($ 6,629)
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Net loss per share:
Basic ($ 0.03) ($ 0.16)
Diluted ($ 0.03) ($ 0.16)
Shares outstanding:
Basic 41,917 42,054
Diluted 41,917 42,054
VICOR CORPORATION
CONSOLIDATED BALANCE SHEET
(Thousands)
MAR 31, DEC 31,
2004 2003
(Unaudited) (Unaudited)
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Assets
Current Assets
Cash and cash equivalents $41,574 $41,723
Short-term investments 72,543 67,046
Accounts receivable 22,052 22,493
Inventories, net 23,488 22,080
Deferred tax assets 3,548 3,548
Other current assets 2,928 4,101
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Total current assets 166,133 160,991
Property and equipment, net 78,204 82,366
Other assets 9,076 8,107
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$253,413 $251,464
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Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable $6,498 $5,078
Accrued compensation and benefits 4,194 3,541
Other accrued liabilities 12,435 11,825
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Total current liabilities 23,127 20,444
Deferred income taxes - long-term 4,446 4,362
Stockholders' Equity
Capital stock 147,527 147,155
Retained earnings 182,673 183,863
Treasury stock (104,360) (104,360)
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Total stockholders'
equity 225,840 226,658
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$253,413 $251,464
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CONTACT: Vicor Corporation
Chief Financial Officer
Mark A. Glazer, 978-470-2900
Fax: 978-749-3439