• Vicor Corporation Reports Results for the Third Quarter Ended September 30, 2021

    Source: Nasdaq GlobeNewswire / 21 Oct 2021 16:05:01   America/New_York

    ANDOVER, Mass., Oct. 21, 2021 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) today reported financial results for the third quarter ended September 30, 2021. 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 third quarter ended September 30, 2021 totaled $84.9 million, an 8.7% increase from $78.1 million for the corresponding period a year ago, but an 11.0% sequential decrease from $95.4 million in the second quarter of 2021.

    Gross margin increased to $42.8 million for the third quarter of 2021, compared to $33.3 million for the corresponding period a year ago, but decreased sequentially from $49.9 million for the second quarter of 2021. Gross margin, as a percentage of revenue, increased to 50.4% for the third quarter of 2021, compared to 42.7% for the corresponding period a year ago, but decreased from 52.3% for the second quarter of 2021.

    Net income for the third quarter was $13.3 million, or $0.29 per diluted share, compared to net income of $5.8 million or $0.13 per diluted share, for the corresponding period a year ago and net income of $19.4 million, or $0.43 per diluted share, for the second quarter of 2021.

    Cash flow from operations totaled $10.1 million for the third quarter, compared to cash flow from operations of $11.6 million for the corresponding period a year ago, and cash flow from operations of $12.3 million in the second quarter of 2021. Capital expenditures for the third quarter totaled $15.2 million, compared to $8.1 million for the corresponding period a year ago and $6.5 million for the second quarter of 2021. The sum of cash, cash equivalents, and short-term investments as of September 30, 2021 remained basically unchanged at $229.0 million, compared to June 30, 2021.

    Commenting on third quarter performance, Dr. Patrizio Vinciarelli, Chief Executive Officer, stated, “Semiconductor component shortages and capacity constraints caused Q3 revenues to fall short of expectations with a negative impact on margins. Improved semiconductor component availability and increased capacity should support a significant step up in Q4 revenues.”

    The Q3 book-to-bill ratio came in at 2.0 and Q3 ending backlog stood at $296 million, as compared with $140 million at the end of Q3, 2020.  Advanced Products shipments in Q4 are expected to significantly exceed legacy bricks. Our factory expansion is on track to be completed in Q4 with production equipment coming on line starting in Q1 ’22.” 

    Dr. Vinciarelli concluded, “In Q3, we executed our first OEM License Agreement and received initial license purchase orders from a major OEM wishing to secure access to systems utilizing power modules covered by Vicor IP.”

    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, Thursday, October 21, 2021 at 5:00 p.m. Eastern Time. Vicor encourages investors and analysts who intend to ask questions via the conference call to pre-register with BT Conferencing, the service provider hosting the conference call, so that he or she, on the day of the call, may avoid waiting for the BT Conferencing operator to register callers individually. Those pre-registering on BT Conferencing’s website will receive a special dial-in number and PIN for call access. Pre-registration may be completed at any time prior to 5:00 p.m. on October 21, 2021.  Telephone participants who are unable to pre-register should dial 800-230-3019 at approximately 4:45 p.m. and use the Passcode 94629394. 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 November 5, 2021. The replay dial-in number is 888-286-8010 and the Passcode is 33342563. 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, 2020, 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 F. Schmidt, 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
     NINE MONTHS ENDED
     (Unaudited)
     (Unaudited)
            
     SEPT 30, SEPT 30,
     SEPT 30, SEPT 30,
     2021 2020 2021 2020
             
             
    Net revenues$ 84,911  $ 78,112  $ 269,083  $ 212,274 
    Cost of revenues 42,098   44,765   131,699   121,278 
    Gross margin 42,813   33,347   137,384   90,996 
             
    Operating expenses:        
    Selling, general and administrative 17,322   15,212   50,865   47,036 
    Research and development 13,519   12,032   39,818   38,197 
    Total operating expenses 30,841   27,244   90,683   85,233 
             
    Income from operations 11,972   6,103   46,701   5,763 
             
    Other income (expense), net 394   334   999   715 
             
    Income before income taxes 12,366   6,437   47,700   6,478 
             
    Less: (Benefit) provision for income taxes (886)  651   (30)  (249)
             
    Consolidated net income  13,252   5,786   47,730   6,727 
             
    Less: Net income (loss) attributable to         
    noncontrolling interest (7)  1   (15)  10 
             
    Net income attributable to        
    Vicor Corporation$13,259  $5,785  $47,745  $6,717 
             
             
    Net income per share attributable        
    to Vicor Corporation:        
    Basic$0.30  $0.13  $1.10  $0.16 
    Diluted$0.29  $0.13  $1.06  $0.15 
             
    Shares outstanding:        
    Basic 43,710   43,164   43,573   41,814 
    Diluted 45,034   44,743   44,905   43,567 
             


    VICOR CORPORATION   
        
    CONDENSED CONSOLIDATED BALANCE SHEET
    (Thousands)
        
        
     SEPT 30, DEC 31,
     2021 2020
     (Unaudited) (Unaudited)
    Assets   
        
    Current assets:   
    Cash and cash equivalents$ 178,663  $ 161,742 
    Short-term investments 50,217   50,166 
    Accounts receivable, net 51,080   40,999 
    Inventories, net 63,409   57,269 
    Other current assets 6,633   6,756 
    Total current assets 350,002   316,932 
        
    Long-term deferred tax assets 221   226 
    Long-term investment, net 2,598   2,517 
    Property, plant and equipment, net  104,446   74,843 
    Other assets 1,563   1,721 
        
    Total assets$ 458,830  $ 396,239 
        
    Liabilities and Equity   
        
    Current liabilities:   
    Accounts payable$ 18,346  $ 14,121 
    Accrued compensation and benefits 13,994   14,094 
    Accrued expenses 3,589   2,624 
    Sales allowances 1,661   597 
    Short-term lease liabilities 1,625   1,629 
    Income taxes payable 10   139 
    Short-term deferred revenue and customer prepayments  3,390   7,309 
        
    Total current liabilities 42,615   40,513 
        
    Long-term deferred revenue 493   733 
    Contingent consideration obligations -   227 
    Long-term income taxes payable 564   643 
    Long-term lease liabilities  3,504   2,968 
    Total liabilities 47,176   45,084 
        
    Equity:   
    Vicor Corporation stockholders' equity:   
    Capital stock 342,569   328,943 
    Retained earnings 208,753   161,008 
    Accumulated other comprehensive loss (1,040)  (204)
    Treasury stock (138,927)  (138,927)
    Total Vicor Corporation stockholders' equity 411,355   350,820 
    Noncontrolling interest 299   335 
    Total equity 411,654   351,155 
        
    Total liabilities and equity$ 458,830  $ 396,239 
        

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