Exhibit 99.1

NEWS RELEASE

FINANCIAL NEWS BRIEF

April 24, 2018

For Immediate Release

Vicor Corporation Reports Results for the First Quarter Ended March 31, 2018

Andover, MA, April 24, 2018 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) today reported financial results for the first quarter ended March 31, 2018. 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 first quarter ended March 31, 2018 increased to $65,269,000, compared to $54,462,000 for the corresponding period a year ago, and increased from $58,771,000 for the fourth quarter of 2017. First quarter bookings increased to $81,907,000 from $57,891,000 for the corresponding period a year ago, and increased from $71,343,000 for the fourth quarter of 2017.

Gross margin increased to $30,211,000 for the first quarter of 2018, compared to $23,652,000 for the corresponding period a year ago, and increased from $26,931,000 for the fourth quarter of 2017. Gross margin, as a percentage of revenue, increased to 46.3% for the first quarter of 2018, compared to 43.4% for the corresponding period a year ago, and increased from 45.8% for the fourth quarter of 2017.

Net income for the first quarter was $3,943,000, or $0.10 per diluted share, compared to a net loss of $(974,000), or $(0.02) per share, for the corresponding period a year ago and net income of $1,611,000, or $0.04 per diluted share, for the fourth quarter of 2017.

Cash used for operating activities totaled $812,000 for the first quarter of 2018, compared to cash used for operating activities of $1,347,000 for the corresponding period a year ago and cash used for operating activities of $3,752,000 for the preceding fourth quarter of 2017. Cash and cash equivalents sequentially decreased by $1,552,000 to approximately $42,678,000 at the end of the first quarter of 2018 from $44,230,000 at the end of the fourth quarter of 2017.

Total backlog at the end of the first quarter of 2018 was $89,975,000, compared to $73,054,000 at the end of 2017.

Commenting on recent developments, Dr. Patrizio Vinciarelli, Chief Executive Officer, stated, “The transition of XPUs (CPUs, GPUs and ASICs) to 48V is accelerating with the recent introduction of GPUs whose high performance is enabled by Power-on-Package (“PoP”) Modular Current Multipliers (“MCMs”). We believe data center and automotive applications of accelerated computing platforms will bring about broader conversion from 12V legacy infrastructure to 48V to efficiently power AI processors that draw more than 1000 Amperes at less than 1V while demanding greater I/O connectivity. This emerging trend is being reflected in our bookings and revenue growth.”

Dr. Vinciarelli continued, “With $90 million in backlog as of the end of Q1, Q2 revenues may increase nearly 10% sequentially. With rising volumes and economies of scale, gross margins are also expected to increase.”

 

 

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 24, 2018 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 77979059. 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 May 9, 2018. The replay dial-in number is 888-286-8010 and the Passcode is 74685691. 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,” “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 December 31, 2017, 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.

For further information contact:

James A. Simms, Chief Financial Officer

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
(Unaudited)
 
     MAR 31,
2018
     MAR 31,
2017
 

Net revenues (1)

   $ 65,269      $ 54,462  

Cost of revenues (1)

     35,058        30,810  
  

 

 

    

 

 

 

Gross margin

     30,211        23,652  

Operating expenses:

     

Selling, general and administrative

     15,399        14,023  

Research and development

     11,126        11,007  
  

 

 

    

 

 

 

Total operating expenses

     26,525        25,030  
  

 

 

    

 

 

 

Income (loss) from operations

     3,686        (1,378

Other income (expense), net

     430        325  
  

 

 

    

 

 

 

Income (loss) before income taxes

     4,116        (1,053

Less: Provision (benefit) for income taxes

     134        (99
  

 

 

    

 

 

 

Consolidated net income (loss)

     3,982        (954

Less: Net income attributable to noncontrolling interest

     39        20  
  

 

 

    

 

 

 

Net income (loss) attributable to Vicor Corporation

   $ 3,943      ($ 974
  

 

 

    

 

 

 

Net income (loss) per share attributable to Vicor Corporation:

     

Basic

   $ 0.10      ($ 0.02

Diluted

   $ 0.10      ($ 0.02

Shares outstanding:

     

Basic

     39,479        39,070  

Diluted

     40,167        39,070  

 

(1)- The Company adopted ASC 606, Revenue from Contracts with Customers, as of January 1, 2018 and therefore net revenues and cost of revenues for the three months ended March 31, 2017 are not stated under the same method. Net revenues and cost of revenues are higher by $804,000 and $584,000, respectively, for the three months ended March 31, 2018 than they would have been under the previous method.

 


VICOR CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEET

(Thousands)

 

     MAR 31,
2018
(Unaudited)
    DEC 31,
2017
(Unaudited)
 

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 42,678     $ 44,230  

Accounts receivable, net

     41,634       34,487  

Inventories, net

     38,959       36,499  

Other current assets

     3,733       3,616  
  

 

 

   

 

 

 

Total current assets

     127,004       118,832  

Long-term deferred tax assets

     213       210  

Long-term investments, net

     2,548       2,525  

Property, plant and equipment, net

     40,973       41,356  

Other assets

     2,892       2,801  
  

 

 

   

 

 

 

Total assets

   $ 173,630     $ 165,724  
  

 

 

   

 

 

 

Liabilities and Equity

    

Current liabilities:

    

Accounts payable

   $ 11,396     $ 9,065  

Accrued compensation and benefits

     9,002       9,891  

Accrued expenses

     2,262       2,989  

Income taxes payable

     298       300  

Deferred revenue

     2,769       5,791  

Sales allowances

     384       —    
  

 

 

   

 

 

 

Total current liabilities

     26,111       28,036  

Long-term deferred revenue

     285       303  

Contingent consideration obligations

     584       678  

Long-term income taxes payable

     200       195  

Other long-term liabilities

     95       93  
  

 

 

   

 

 

 

Total liabilities

     27,275       29,305  

Equity:

    

Vicor Corporation stockholders' equity:

    

Capital stock

     183,935       181,914  

Retained earnings

     101,218       93,605  

Accumulated other comprehensive loss

     (234     (478

Treasury stock

     (138,927     (138,927
  

 

 

   

 

 

 

Total Vicor Corporation stockholders' equity

     145,992       136,114  

Noncontrolling interest

     363       305  
  

 

 

   

 

 

 

Total equity

     146,355       136,419  
  

 

 

   

 

 

 

Total liabilities and equity

   $ 173,630     $ 165,724  
  

 

 

   

 

 

 

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