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FINANCIAL NEWS BRIEF
February 26, 2019
For Immediate Release
Vicor Corporation Reports Results for the Fourth Quarter Ended December 31, 2018
Andover, MA, February 26, 2019 (GLOBE NEWSWIRE) Vicor Corporation (NASDAQ: VICR) today reported financial results for the fourth quarter and year ended December 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 accessing the call are presented below.
Revenues for the fourth quarter ended December 31, 2018 totaled $73.7 million, a 25.4% increase from $58.8 million for the corresponding period a year ago, and a 5.5% sequential decrease from $78.0 million for the third quarter of 2018. Revenues for the year ended December 31, 2018 were $291.2 million, an increase of 27.8% from $227.8 million the prior year.
Gross margin increased to $33.9 million for the fourth quarter of 2018, compared to $26.9 million for the corresponding period a year ago, and decreased sequentially from $39.0 million for the third quarter of 2018. Gross margin, as a percentage of revenue, increased to 45.9% for the fourth quarter of 2018, compared to 45.8% for the corresponding period a year ago and decreased from 50.0% for the third quarter of 2018.
Net income for the fourth quarter was $6.9 million, or $0.17 per diluted share, compared to net income of $1.6 million, or $0.04 per share, for the corresponding period a year ago, and net income of $13.0 million, or $0.32 per diluted share, for the third quarter of 2018. Net income for 2018 was $31.7 million, or $0.78 per diluted share, compared to net income of $167,000, or $0.00 per diluted share, for the prior year.
Cash and cash equivalents sequentially increased by $2.4 million to approximately $70.6 million at the end of the fourth quarter of 2018, from $68.2 million at the end of the third quarter of 2018. Capital expenditures for the fourth quarter totaled $11.3 million, up from $3.3 million for the third quarter and $2.4 million for the corresponding period a year ago.
Fourth quarter bookings decreased 15.2% to $60.5 million, from $71.3 million for the corresponding period a year ago, and decreased sequentially 33.6% from $91.1 million for the third quarter of 2018. Total backlog at the end of the fourth quarter of 2018 was $103.0 million, up 41% from $73.1 million at the end of 2017.
Commenting on the fourth quarter, Dr. Patrizio Vinciarelli, Chief Executive Officer, stated: Our Q4 results reflect sudden headwinds including temporary softness in data center spending and the impact of tariffs on imports by China. Our revenue was lower than forecast as orders were delayed and deliveries rescheduled. Lower production volumes and inefficiency caused by shifting mix caused a sequential decline in gross margins. Nevertheless, year-over-year Vicor recorded a 28% increase in revenue and a 41% increase in backlog.
Dr. Vinciarelli continued: AI ASICs and GPUs drawing hundreds of Amperes below 1 Volt are adopting Vicors Power-on-Package (PoP) solutions. PoP design-in activity using MCMs recently took on a new dimension with design wins leveraging Geared MCMs, or GCMs. By providing efficient Vertical Power Delivery, GCMs support peak currents in the thousands of Amperes fueling the computational power necessary to make AI even smarter. Advanced solutions are extending Vicors lead over competition anchored by legacy 12V infrastructure or confused by misinformed claims about GaN.
In automotive, Vicor is getting significant traction with OEMs and Tier 1 suppliers challenged by electrification and the advent of the 48V bus. Our value proposition importantly includes the high density and modular flexibility needed by advanced autonomous driving systems. Based on the trajectory of early engagements, we expect that within a few years our growth in the automotive segment will be comparable to the growth we are now experiencing powering AI and servers in datacenters.
The following information was filed by Vicor Corp (VICR) on Tuesday, February 26, 2019 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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