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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 managements 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 Companys website at www.vicorpower.com.
The following information was filed by Vicor Corp (VICR) on Tuesday, April 24, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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