Exhibit 99.1

NEWS RELEASE

FINANCIAL NEWS BRIEF

July 24, 2018

For Immediate Release

Vicor Corporation Reports Results for the Second Quarter Ended June 30, 2018

Andover, MA, July 24, 2018 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) today reported financial results for the second quarter and six months ended June 30, 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 second quarter ended June 30, 2018 increased 28.6% to $74,196,000, from $57,709,000 for the corresponding period a year ago, and increased 13.7% sequentially from $65,269,000 for the first quarter of 2018. Second quarter bookings increased 47.3% to $87,448,000, from $59,387,000 for the corresponding period a year ago, and increased 6.8% sequentially from $81,907,000 for the first quarter of 2018.

Gross margin increased to $35,883,000 for the second quarter of 2018, compared to $25,930,000 for the corresponding period a year ago, and increased from $30,211,000 for the first quarter of 2018. Gross margin, as a percentage of revenue, increased to 48.4% for the second quarter of 2018, compared to 44.9% for the corresponding period a year ago, and increased from 46.3% for the first quarter of 2018.

Net income for the second quarter was $7,860,000, or $0.19 per diluted share, compared to a net loss of $(459,000), or $(0.01) per share, for the corresponding period a year ago, and net income of $3,943,000, or $0.10 per diluted share, for the first quarter of 2018.

Revenues for the six months ended June 30, 2018, increased 24.3% to $139,465,000 from $112,171,000 for the corresponding period a year ago. Net income for the six month period was $11,803,000, or $0.29 per diluted share, compared to a net loss of $(1,433,000), or $(0.04) per share, for the corresponding period a year ago.

Cash provided by operating activities totaled $9,340,000 for the second quarter of 2018, compared to cash provided by operating activities of $644,000 for the corresponding period a year ago and cash used for operating activities of $812,000 for the preceding first quarter of 2018. Cash and cash equivalents sequentially increased by $11,242,000 to approximately $53,920,000 at the end of the second quarter of 2018, from $42,678,000 at the end of the first quarter of 2018.

Total backlog at the end of the second quarter of 2018 was $103,100,000, compared to $89,975,000 at the end of the first quarter of 2018 and $73,054,000 at the end of 2017.

Commenting on second quarter performance, Dr. Patrizio Vinciarelli, Chief Executive Officer, stated, “Demand for Factorized Power solutions, including PRM-VTM systems powering CPUs directly from 48V in high efficiency datacenters, led to sequentially higher bookings and shipments. Having made their debut next to a high performance GPU, high density Power-on-Package MCD-MCM systems are finding new homes next to 7nm, high current ASICs for Artificial Intelligence (“AI”) applications extending parallel computing beyond the limits of Moore’s Law.

With contributions from Power-on-Package and other state-of-the-art power modules, backlog crossed the $100 million level. Sequential quarterly increases in shipments should result in further improvements in profitability and cash generation in anticipation of future expansions in manufacturing capacity.”

 

 

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, July 24, 2018 at 5:00 p.m. Eastern Time. Shareholders interested in participating in the call should call 888-339-2688 at approximately 4:50 p.m. and use the Passcode 91743505. 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 August 8, 2018. The replay dial-in number is 888-286-8010 and the Passcode is 68688022. 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)
    SIX MONTHS ENDED
(Unaudited)
 
     JUNE 30,
2018
    JUNE 30,
2017
    JUNE 30,
2018
     JUNE 30,
2017
 

Net revenues

   $ 74,196     $ 57,709     $ 139,465      $ 112,171  

Cost of revenues

     38,313       31,779       73,371        62,589  
  

 

 

   

 

 

   

 

 

    

 

 

 

Gross margin

     35,883       25,930       66,094        49,582  

Operating expenses:

         

Selling, general and administrative

     15,814       14,536       31,213        28,559  

Research and development

     11,403       11,932       22,529        22,939  

Severance charge

     350       —         350        —    
  

 

 

   

 

 

   

 

 

    

 

 

 

Total operating expenses

     27,567       26,468       54,092        51,498  
  

 

 

   

 

 

   

 

 

    

 

 

 

Income (loss) from operations

     8,316       (538     12,002        (1,916

Other income (expense), net

     (44     360       386        685  
  

 

 

   

 

 

   

 

 

    

 

 

 

Income (loss) before income taxes

     8,272       (178     12,388        (1,231

Less: Provision for income taxes

     363       267       497        168  
  

 

 

   

 

 

   

 

 

    

 

 

 

Consolidated net income (loss)

     7,909       (445     11,891        (1,399

Less: Net income attributable to noncontrolling interest

     49       14       88        34  
  

 

 

   

 

 

   

 

 

    

 

 

 

Net income (loss) attributable to Vicor Corporation

   $ 7,860     ($ 459   $ 11,803      ($ 1,433
  

 

 

   

 

 

   

 

 

    

 

 

 

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

         

Basic

   $ 0.20     ($ 0.01   $ 0.30      ($ 0.04

Diluted

   $ 0.19     ($ 0.01   $ 0.29      ($ 0.04

Shares outstanding:

         

Basic

     39,709       39,172       39,594        39,121  

Diluted

     40,646       39,172       40,406        39,121  


VICOR CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEET

(Thousands)

 

     JUNE 30,
2018
(Unaudited)
    DEC 31,
2017
(Unaudited)
 

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 53,920     $ 44,230  

Accounts receivable, net

     45,056       34,487  

Inventories, net

     41,753       36,499  

Other current assets

     4,102       3,616  
  

 

 

   

 

 

 

Total current assets

     144,831       118,832  

Long-term deferred tax assets

     185       210  

Long-term investments, net

     2,581       2,525  

Property, plant and equipment, net

     40,433       41,356  

Other assets

     2,813       2,801  
  

 

 

   

 

 

 

Total assets

   $ 190,843     $ 165,724  
  

 

 

   

 

 

 

Liabilities and Equity

    

Current liabilities:

    

Accounts payable

   $ 11,219     $ 9,065  

Accrued compensation and benefits

     11,049       9,891  

Accrued expenses

     2,535       2,989  

Sales allowances

     550       —    

Accrued severance charge

     350       —    

Income taxes payable

     526       300  

Deferred revenue

     4,610       5,791  
  

 

 

   

 

 

 

Total current liabilities

     30,839       28,036  

Long-term deferred revenue

     267       303  

Contingent consideration obligations

     506       678  

Long-term income taxes payable

     195       195  

Other long-term liabilities

     98       93  
  

 

 

   

 

 

 

Total liabilities

     31,905       29,305  

Equity:

    

Vicor Corporation stockholders' equity:

    

Capital stock

     188,793       181,914  

Retained earnings

     109,078       93,605  

Accumulated other comprehensive loss

     (401     (478

Treasury stock

     (138,927     (138,927
  

 

 

   

 

 

 

Total Vicor Corporation stockholders' equity

     158,543       136,114  

Noncontrolling interest

     395       305  
  

 

 

   

 

 

 

Total equity

     158,938       136,419  
  

 

 

   

 

 

 

Total liabilities and equity

   $ 190,843     $ 165,724  
  

 

 

   

 

 

 

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