Please wait while we load the requested 10-Q report or click the link below:
FINANCIAL NEWS BRIEF
July 25, 2019
For Immediate Release
Vicor Corporation Reports Results for the Second Quarter Ended June 30, 2019
Andover, MA, July 25, 2019 (GLOBE NEWSWIRE) Vicor Corporation (NASDAQ: VICR) today reported financial results for the second quarter and six months ended June 30, 2019. 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 second quarter ended June 30, 2019 totaled $63.4 million, a 14.6% decrease from $74.2 million for the corresponding period a year ago, and a 3.6% sequential decrease from $65.7 million the first quarter of 2019.
Gross margin decreased to $29.1 million for the second quarter of 2019, compared to $35.9 million for the corresponding period a year ago, and decreased sequentially from $31.1 million for the first quarter of 2019. Gross margin, as a percentage of revenue, decreased to 46.0% for the second quarter of 2019, compared to 48.4% for the corresponding period a year ago, and decreased from 47.3% for the first quarter of 2019.
Net income for the second quarter was $2.6 million, or $0.06 per diluted share, compared to net income of $7.9 million or $0.19 per diluted share, for the corresponding period a year ago and net income of $4.3 million, or $0.10 per diluted share, for the first quarter of 2019.
Revenues for the six months ended June 30, 2019, decreased 7.4% to $129.1 million from $139.5 million for the corresponding period a year ago. Net income for the six month period was $6.8 million, or $0.17 per diluted share, compared to net income of $11.8 million, or $0.29 per diluted share, for the corresponding period a year ago.
Cash and cash equivalents sequentially increased by $4.9 million to approximately $71.5 million at the end of the second quarter of 2019, from $66.6 million at the end of the first quarter of 2019. Capital expenditures for the second quarter of 2019 totaled $2.5 million, down from $3.3 million for the first quarter of 2019 and up from $1.7 million for the corresponding period a year ago.
Second quarter bookings decreased 31.1% to $60.2 million, from $87.4 million for the corresponding period a year ago, and decreased sequentially 9.6% from $66.7 million for the first quarter of 2019. Total backlog at the end of the second quarter of 2019 was $100.7 million, down 3.1 % from $103.8 million at the end of the first quarter of 2019, and down 2.2% from $103.0 million at the end of 2018.
Commenting on the second quarter, Dr. Patrizio Vinciarelli, Chief Executive Officer, stated: Second quarter financial performance reflected challenges similar to those experienced in the first quarter, as shipment delays requested by contract manufacturers limited revenue from the datacenter market. Growing hyperscale infrastructure spending and design wins for next generation 48V servers, AI accelerators, and supercomputers are keys to near term revenue growth from Advanced Products. Resolution of the Chinese trade dispute would reopen Chinese order flow which has slowed significantly and undo the impact of inbound tariffs on gross margins.
Dr. Vinciarelli continued, Despite challenging conditions, our outlook is bright. The 12V to 48V transition in datacenter and automotive applications is underway and we are winning every demanding AI ASIC application with lateral or vertical Power-on-Package solutions. Our domestic business is healthy, customer design activity with Advanced Products is robust, and our opportunity pipeline across major segments continues to expand. In coming weeks, we expect to close the purchase of land abutting our Andover manufacturing facility to facilitate capacity expansion. Our outlook for the second half reflects steady demand for Brick Products and a resumption of strong demand for Advanced Products from an expanding list of AI applications for which there is no viable competitive alternative.
The following information was filed by Vicor Corp (VICR) on Thursday, July 25, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Vicor Corp's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Vicor Corp.