• Vicor Corporation Reports Results for the Fourth Quarter and Year Ended December 31, 2022

    المصدر: Nasdaq GlobeNewswire / 23 فبراير 2023 16:05:01   America/New_York

    ANDOVER, Mass., Feb. 23, 2023 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) today reported financial results for the fourth quarter and year ended December 31, 2022. 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 fourth quarter ended December 31, 2022 totaled $105.5 million, a 16.8% increase from $90.3 million for the corresponding period a year ago, and a 2.3% sequential increase from $103.1 million in the third quarter of 2022.

    Gross margin increased to $49.1 million for the fourth quarter of 2022, compared to $40.8 million for the corresponding period a year ago, and increased sequentially from $47.0 million for the third quarter of 2022. Gross margin, as a percentage of revenue, increased to 46.6% for the fourth quarter of 2022, compared to 45.2% for the corresponding period a year ago, and from 45.5% for the third quarter of 2022.

    Net income for the fourth quarter was $8.1 million, or $0.18 per diluted share, compared to net income of $8.9 million or $0.20 per diluted share, for the corresponding period a year ago and net income of $1.8 million, or $0.04 per diluted share, for the third quarter of 2022.

    Cash flow from operations totaled $0.9 million for the fourth quarter, compared to cash flow from operations of $14.2 million for the corresponding period a year ago, and cash flow from operations of $6.6 million in the third quarter of 2022. Capital expenditures for the fourth quarter totaled $12.7 million, compared to $16.8 million for the corresponding period a year ago and $14.4 million for the third quarter of 2022. The sum of cash, cash equivalents, and short-term investments as of December 31, 2022 decreased 5.7% sequentially to approximately $190.6 million compared to approximately $202.0 million as of September 30, 2022.

    Revenues for the year ended December 31, 2022 increased 11.1% to $399.1 million, from $359.4 million for the prior year. Gross margin, as a percentage of revenue, decreased to 45.2% for the year ended December 31, 2022, compared to 49.6% for the prior year. Net income for 2022 was $25.5 million, or $0.57 per diluted share and 6.4% of revenues, compared to $56.6 million, or $1.26 per diluted share and 15.8% of revenue in the prior year. Cash flows from operations totaled $22.9 million for the year ended December 31, 2022, a 57.9% decrease from cash flows from operations of $54.4 million for the prior year.

    Commenting on fourth quarter performance, Dr. Patrizio Vinciarelli, Chief Executive Officer, stated, “Demand has fallen short of last year’s peak and is anticipated to stay subdued until new AI, datacenter and automotive applications using advanced Power Distribution Networks (PDNs) get to production ramps. The Q4 book-to-bill came in far below 1 while backlog, which declined to $304 million, can only support essentially flat quarterly revenue in the near term.”

    “Q4 profitability reflected manufacturing inefficiencies as Advanced Products have not yet fully transitioned to vertically integrated processes in our first ChiP foundry. We look forward to cutting manufacturing cycle times by nearly 2X soon after the balance of key outsourced processes are vertically integrated, which we anticipate to be Q2 2023.”

    “Capital investment continued in Q4 to provide approximately one billion dollars per year total capacity in our Andover fab. A 3X advance in current density by ChiPs leveraging advanced processes, components and next generation silicon bodes well for the future utilization of this capacity.”

    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, February 23, 2023 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 February 23, 2023. Telephone participants who are unable to pre-register should dial 800-230-3019 at approximately 4:45 p.m. and use the Passcode 51835082. 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 March 10, 2023. The replay dial-in number is 888-286-8010 and the Passcode is 99813947. 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, 2021, 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 YEAR ENDED
     (Unaudited) (Unaudited)
            
     DEC 31, DEC 31, DEC 31, DEC 31,
      2022   2021  2022   2021
            
            
    Net revenues$ 105,493  $ 90,281 $ 399,079  $ 359,364
    Cost of revenues 56,354   49,465  218,520   181,164
             Gross margin 49,139   40,816  180,559   178,200
            
    Operating expenses:       
              Selling, general and administrative 24,942   18,619  86,264   69,484
              Research and development 16,078   13,296  60,594   53,114
              Litigation-related                     -                       -  6,500                       -
                 Total operating expenses 41,020   31,915  153,358   122,598
            
    Income from operations 8,119   8,901  27,201   55,602
            
    Other income (expense), net 1,808   204  1,486   1,203
            
    Income before income taxes 9,927   9,105  28,687   56,805
            
    Less: Provision for income taxes 1,866   206  3,261   176
            
    Consolidated net income  8,061   8,899  25,426   56,629
            
    Less: Net (loss) income attributable to        
      noncontrolling interest (1)  19  (20)  4
            
    Net income attributable to       
      Vicor Corporation$8,062  $8,880 $25,446  $56,625
            
            
    Net income per share attributable       
      to Vicor Corporation:       
               Basic$0.18  $0.20 $0.58  $1.30
               Diluted$0.18  $0.20 $0.57  $1.26
            
    Shares outstanding:       
               Basic 44,062   43,887  44,005   43,651
               Diluted 44,859   45,148  44,894   44,966
            



    VICOR CORPORATION   
        
    CONDENSED CONSOLIDATED BALANCE SHEET   
    (Thousands)   
        
     DEC 31, DEC 31,
      2022   2021 
     (Unaudited) (Unaudited)
    Assets   
        
    Current assets:   
            Cash and cash equivalents$ 190,611  $ 182,418 
            Short-term investments -   45,215 
            Accounts receivable, net 65,429   55,097 
            Inventories 101,410   67,322 
            Other current assets 5,154   6,708 
                      Total current assets 362,604   356,760 
        
    Long-term deferred tax assets 280   208 
    Long-term investment, net 2,622   2,639 
    Property, plant and equipment, net  166,009   115,975 
    Other assets 5,386   1,623 
        
                      Total assets$ 536,901  $ 477,205 
        
    Liabilities and Equity   
        
    Current liabilities:   
            Accounts payable$ 22,207  $ 21,189 
            Accrued compensation and benefits 10,849   12,753 
            Accrued expenses 8,613   4,158 
            Accrued litigation 6,500                       - 
            Sales allowances 1,661   1,464 
            Short-term lease liabilities 1,450   1,551 
            Income taxes payable 72   66 
            Short-term deferred revenue and customer prepayments  13,197   7,912 
        
                     Total current liabilities 64,549   49,093 
        
    Long-term deferred revenue 145   413 
    Long-term income taxes payable 862   569 
    Long-term lease liabilities  7,009   3,225 
                     Total liabilities 72,565   53,300 
        
    Equity:   
      Vicor Corporation stockholders' equity:   
            Capital stock 360,924   346,221 
            Retained earnings 243,079   217,633 
            Accumulated other comprehensive loss (988)  (1,328)
            Treasury stock (138,927)  (138,927)
                 Total Vicor Corporation stockholders' equity 464,088   423,599 
      Noncontrolling interest 248   306 
            Total equity 464,336   423,905 
        
                      Total liabilities and equity$ 536,901  $ 477,205 


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