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Vicor Corporation Reports Results for the Third Quarter Ended September 30, 2021
Источник: Nasdaq GlobeNewswire / 21 окт 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.comVICOR 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