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FINANCIAL NEWS BRIEF
October 22, 2020
For Immediate Release
Vicor Corporation Reports Results for the Third Quarter Ended September 30, 2020
Andover, MA, October 22, 2020 (GLOBE NEWSWIRE) Vicor Corporation (NASDAQ: VICR) today reported financial results for the third quarter ended September 30, 2020. 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 third quarter ended September 30, 2020 totaled $78.1 million, a 10.4% increase from $70.8 million for the corresponding period a year ago, and also a 10.4% sequential increase from $70.8 million for the second quarter of 2020.
Gross margin increased to $33.3 million for the third quarter of 2020, compared to $33.0 million for the corresponding period a year ago, and increased sequentially from $30.3 million for the second quarter of 2020. Gross margin, as a percentage of revenue, decreased to 42.7% for the third quarter of 2020, compared to 46.6% for the corresponding period a year ago, and decreased from 42.8% for the second quarter of 2020.
Net income for the third quarter was $5.8 million, or $0.13 per diluted share, compared to net income of $5.9 million or $0.14 per diluted share, for the corresponding period a year ago and net income of $2.7 million, or $0.06 per diluted share, for the second quarter of 2020.
Cash and cash equivalents sequentially increased by $6.9 million to approximately $203.6 million at the end of the third quarter of 2020, from $196.7 million at the end of the second quarter of 2020. Incremental capital expenditures for the third quarter of 2020 totaled $8.1 million, as compared with $3.3 million for the corresponding period a year ago and $5.7 million for the second quarter of 2020.
Third quarter bookings increased 49.5% to $90.5 million, from $60.5 million for the corresponding period a year ago, and increased sequentially from $87.5 million for the second quarter of 2020. Total backlog at the end of the third quarter of 2020 was $140.0 million, representing an increase of 9.8% from $127.5 million at the end of the second quarter of 2020 and 34.4 % from $104.2 million at the end of 2019.
Commenting on the third quarter, Dr. Patrizio Vinciarelli, Chief Executive Officer, stated, Despite supply-chain and product mix challenges, higher shipments of Advanced Products led to an increase in third quarter revenue. Bookings for Advanced Products grew across a multiplicity of applications and end markets. Our outlook for the fourth quarter is for a sequential increase in revenue and earnings per share. Capacity expansion is on schedule and vertical integration in our new manufacturing facility of all of the process steps required by Advanced Products should soon lead to shorter cycle times, greater efficiencies, and improved gross and net margins.
For more information on Vicor and its products, please visit the Companys website at www.vicorpower.com.
Earnings Conference Call
Vicor will be holding its investor conference call today, Thursday, October 22, 2020 at 5:00 p.m. Eastern Time. Shareholders interested in participating in the call who have not pre-registered should call 877-299-4502 at approximately 4:30 p.m. and use the Passcode 12469708. Internet users may listen to a real-time audio broadcast of the conference call on the Investor Relations section of Vicors website at www.vicorpower.com. Please go to the website at least 15 minutes prior to the call to register, download
The following information was filed by Vicor Corp (VICR) on Thursday, October 22, 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.
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