Last10K.com

Vicor Corp (VICR) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

Vicor Corp

CIK: 751978 Ticker: VICR

Exhibit 99.1

NEWS RELEASE

FINANCIAL NEWS BRIEF

April 23, 2020

For Immediate Release

Vicor Corporation Reports Results for the First Quarter Ended March 31, 2020

Andover, MA, April 23, 2020 (GLOBE NEWSWIRE) — Vicor Corporation (NASDAQ: VICR) today reported financial results for the first quarter ended March 31, 2020. 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, 2020 totaled $63.4 million, a 3.5% decrease from $65.7 million for the corresponding period a year ago, and a 0.4% sequential increase from $63.1 million the fourth quarter of 2019.

Gross margin decreased to $27.3 million for the first quarter of 2020, compared to $31.1 million for the corresponding period a year ago, and decreased sequentially from $29.8 million for the fourth quarter of 2019. Gross margin, as a percentage of revenue, decreased to 43.1% for the first quarter of 2020, compared to 47.3% for the corresponding period a year ago, and decreased from 47.1% for the fourth quarter of 2019.

Net loss for the first quarter was ($1.7) million, or ($0.04) per share, compared to net income of $4.3 million or $0.10 per diluted share, for the corresponding period a year ago and net income of $1.3 million, or $0.03 per diluted share, for the fourth quarter of 2019.

Cash and cash equivalents sequentially decreased by $1.9 million to approximately $82.8 million at the end of the first quarter of 2020, from $84.7 million at the end of the fourth quarter of 2019. Incremental capital expenditures for the first quarter of 2020 totaled $3.0 million as compared with $3.3 million for the corresponding period a year ago and $3.4 million for the fourth quarter of 2019.

First quarter bookings increased 5.2% to $70.1 million, from $66.6 million for the corresponding period a year ago, but decreased sequentially 8.8% from $76.8 million for the fourth quarter of 2019. Total backlog at the end of the first quarter of 2020 was $110.8 million, up 6.4 % from $104.2 million at the end of 2019.

Commenting on first quarter performance, Dr. Patrizio Vinciarelli, Chief Executive Officer, stated, “Q1 revenues fell short of forecast as supply chain delays caused production inefficiencies. Sequentially lower gross margins reflected these circumstances and higher new product development expenses contributed to a net loss for the period.”

“Our outlook for Q2 is for a sequential increase in revenue and a return to net profitability. While protecting the health of employees and confronting the challenges of the COVID-19 pandemic, we continue to operate our manufacturing facilities as an essential business supplying customers that depend on us.”

Dr. Vinciarelli concluded, “Orders booked in Q1 and the pace of activity in early Q2 reflect strengthening demand for Advanced Products. Despite near-term uncertainties due to the pandemic, 48V adoption in AI, data center servers and vehicle electrification, is a precursor to accelerating demand. We are, therefore, adding a new wing to our Andover manufacturing facility. Ready for occupancy in Q1 2021, the new wing will enable us to essentially double capacity for Advanced Products and vertically integrate all of the process steps necessary to manufacture ChiPs (“Converters Housed in Package”) utilizing 3D power packaging technology pioneered by Vicor. Our comprehensive IP portfolio includes Vertical Power Delivery, a power system architecture necessary to supply the escalating current requirements of AI processors.”

 

 


The following information was filed by Vicor Corp (VICR) on Thursday, April 23, 2020 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 SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Vicor Corp.

Continue

Assess how Vicor Corp's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Vicor Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical)
Condensed Consolidated Statements Of Equity
Condensed Consolidated Statements Of Operations
Basis Of Presentation
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Detail)
Fair Value Measurements - Assets And Liabilities Measured At Fair Value On Recurring Basis (Detail)
Fair Value Measurements - Change In Estimated Fair Value Calculated For Liabilities Valued On Recurring Basis Utilizing Level 3 Inputs (Detail)
Fair Value Measurements - Change In Estimated Fair Values Calculated For Investment Valued On Recurring Basis Utilizing Level 3 Inputs (Detail)
Fair Value Measurements - Quantitative Information About Level 3 Fair Value Measurements (Detail)
Impact Of Recently Issued Accounting Standards
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Provision For Income Taxes And Effective Income Tax Rates (Detail)
Inventories
Inventories (Tables)
Inventories - Summary Of Inventories (Detail)
Long-Term Investments
Long-Term Investments (Tables)
Long-Term Investments - Additional Information (Detail)
Long-Term Investments - Amortized Cost And Estimated Fair Value Of Available-For-Sale Securities By Contractual Maturities (Detail)
Long-Term Investments - Rollforward Of Credit (Gain) Loss Recognized In Earnings On Available-For-Sale Auction Rate Securities (Detail)
Long-Term Investments - Summary Of Available-For-Sale Securities (Detail)
Net (Loss) Income Per Share
Net (Loss) Income Per Share (Tables)
Net (Loss) Income Per Share - Computation Of Basic And Diluted Net Income (Loss) Per Share (Detail)
Net (Loss) Income Per Share - Computation Of Basic And Diluted Net Income Per Share (Parenthetical) (Detail)
Rental Income
Rental Income - Additional Information (Detail)
Revenues
Revenues (Tables)
Revenues - Additional Information (Detail)
Revenues - Summary Of Changes In Certain Contract Assets And Liabilities (Detail)
Revenues - Summary Of Net Revenues Disaggregated By Category (Detail)
Revenues - Summary Of Net Revenues Disaggregated By Geography (Detail)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Stock-Based Compensation Expense (Detail)
Stock-Based Compensation - Summary Of Compensation Expense By Type Of Award (Detail)
Ticker: VICR
CIK: 751978
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-20-132231
Submitted to the SEC: Mon May 04 2020 2:33:04 PM EST
Accepted by the SEC: Mon May 04 2020
Period: Tuesday, March 31, 2020
Industry: Electronic Components

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/vicr/0001193125-20-132231.htm