• Vicor Corporation Reports Results for the Third Quarter Ended September 30, 2023

    Источник: Nasdaq GlobeNewswire / 24 окт 2023 15:05:00   America/Chicago

    ANDOVER, Mass., Oct. 24, 2023 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) today reported financial results for the third quarter ended September 30, 2023. 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 below.

    Revenues for the third quarter ended September 30, 2023 totaled $107.8 million, a 4.6% increase from $103.1 million for the corresponding period a year ago, and a 1.0% sequential increase from $106.7 million in the second quarter of 2023.

    Gross margin increased to $55.9 million for the third quarter of 2023, compared to $47.0 million for the corresponding period a year ago, and increased sequentially from $55.2 million for the second quarter of 2023. Gross margin, as a percentage of revenue, increased to 51.8% for the third quarter of 2023, compared to 45.5% for the corresponding period a year ago, and from 51.7% for the second quarter of 2023.

    Net income for the third quarter was $16.6 million, or $0.37 per diluted share, compared to net income of $1.8 million or $0.04 per diluted share, for the corresponding period a year ago and net income of $17.1 million, or $0.38 per diluted share, for the second quarter of 2023.

    Cash flow from operations totaled $23.8 million for the third quarter, compared to cash flow from operations of $6.6 million for the corresponding period a year ago, and cash flow from operations of $19.0 million in the second quarter of 2023. Capital expenditures for the third quarter totaled $7.7 million, compared to $14.4 million for the corresponding period a year ago and $8.5 million for the second quarter of 2023. Cash and cash equivalents as of September 30, 2023 increased 11.8% sequentially to approximately $227.8 million compared to approximately $203.8 million as of June 30, 2023.

    Backlog for the third quarter ended September 30, 2023 totaled $174.7 million, a 53.0% decrease from $371.6 million for the corresponding period a year ago, and 19.6% sequential decrease from $217.3 million at the end of the second quarter of 2023.

    Commenting on third quarter performance, Chief Executive Officer Dr. Patrizio Vinciarelli stated: “While Q3 bookings remained weak, I am pleased with progress made with our ChiP foundry and our 5G product line.”

    “Competitive AI platforms will soon require higher current density and Vertical Power Delivery (“VPD”). Our investment in the world’s first ChiP foundry and 5G power system capability anticipated the evolving requirements of AI power systems, as reflected in recent customer engagements. With its intellectual property and ChiP capacity, Vicor is uniquely positioned to diversify and expand its share of the AI power system market.”

    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, Tuesday, October 24, 2023 at 5:00 p.m. Eastern Time. Vicor encourages investors and analysts who intend to ask questions via the conference call to register with BT Conferencing, the service provider hosting the conference call. Those registering on BT Conferencing’s website will receive a webinar link and dial-in numbers. Registration may be completed at any time prior to 5:00 p.m. on October 24, 2023. Telephone participants who are unable to register should dial 833-954-8887, followed by access code 26335689205 and passcode 64954586, before 5:00 p.m. (Eastern) on October 24, 2023. For those parties interested in listen-only mode, the conference call will be webcast via a link that will be posted on the Investor Relations page of Vicor's website prior to the conference call. Please access the website at least 15 minutes prior to the conference call to register and, if necessary, download and install any required software. For those who cannot participate in the live conference call, a webcast replay of the conference call will also be available on the Investor Relations page of Vicor's website.

    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, 2022, 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 to the power systems market, including enterprise and high performance computing, industrial equipment and automation, telecommunications and network infrastructure, vehicles and transportation, and aerospace and defense electronics.

    For further information contact:

    James F. Schmidt, Chief Financial Officer
    Office: (978) 470-2900
    Email: 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,
      2023   2022   2023   2022 
            
            
    Net revenues$107,844  $103,118  $312,407  $293,586 
    Cost of revenues 51,966   56,148   154,822   162,166 
    Gross margin 55,878   46,970   157,585   131,420 
            
    Operating expenses:       
    Selling, general and administrative 22,422   22,719   63,020   61,322 
    Research and development 17,752   14,747   50,556   44,516 
    Litigation-related -   6,500   -   6,500 
    Total operating expenses 40,174   43,966   113,576   112,338 
            
    Income from operations 15,704   3,004   44,009   19,082 
            
    Other income (expense), net 1,917   (568)  5,643   (322)
            
    Income before income taxes 17,621   2,436   49,652   18,760 
            
    Less: Provision for income taxes 1,038   641   4,716   1,395 
            
    Consolidated net income 16,583   1,795   44,936   17,365 
            
    Less: Net income (loss) attributable to       
    noncontrolling interest 1   3   9   (19)
            
    Net income attributable to       
    Vicor Corporation$16,582  $1,792  $44,927  $17,384 
            
            
    Net income per share attributable       
    to Vicor Corporation:       
    Basic$0.37  $0.04  $1.01  $0.40 
    Diluted$0.37  $0.04  $1.00  $0.39 
            
    Shares outstanding:       
    Basic 44,433   44,031   44,275   43,986 
    Diluted 45,187   44,898   45,000   44,906 
            



    VICOR CORPORATION   
        
    CONDENSED CONSOLIDATED BALANCE SHEET  
    (Thousands)   
        
     SEPT 30, DEC 31,
      2023   2022 
     (Unaudited) (Unaudited)
    Assets   
        
    Current assets:   
    Cash and cash equivalents$227,784  $190,611 
    Accounts receivable, net 62,638   65,429 
    Inventories 104,570   101,410 
    Other current assets 3,975   5,154 
    Total current assets 398,967   362,604 
        
    Long-term deferred tax assets 341   280 
    Long-term investment, net 2,611   2,622 
    Property, plant and equipment, net 170,596   166,009 
    Other assets 11,620   5,386 
        
    Total assets$584,135  $536,901 
        
    Liabilities and Equity   
        
    Current liabilities:   
    Accounts payable$14,146  $22,207 
    Accrued compensation and benefits 11,534   10,849 
    Accrued expenses 5,438   8,613 
    Accrued litigation 6,500   6,500 
    Sales allowances 2,553   1,661 
    Short-term lease liabilities 1,698   1,450 
    Income taxes payable 1,046   72 
    Short-term deferred revenue and customer prepayments 3,618   13,197 
        
    Total current liabilities 46,533   64,549 
        
    Long-term deferred revenue 1,380   145 
    Long-term income taxes payable 848   862 
    Long-term lease liabilities 6,590   7,009 
    Total liabilities 55,351   72,565 
        
    Equity:   
    Vicor Corporation stockholders' equity:   
    Capital stock 380,714   360,924 
    Retained earnings 288,006   243,079 
    Accumulated other comprehensive loss (1,245)  (988)
    Treasury stock (138,927)  (138,927)
    Total Vicor Corporation stockholders' equity 528,548   464,088 
    Noncontrolling interest 236   248 
    Total equity 528,784   464,336 
        
    Total liabilities and equity$584,135  $536,901 
        

     


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