• Vicor Corporation Reports Results for the First Quarter Ended March 31, 2023

    المصدر: Nasdaq GlobeNewswire / 25 أبريل 2023 16:05:00   America/New_York

    ANDOVER, Mass., April 25, 2023 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) today reported financial results for the first quarter ended March 31, 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 first quarter ended March 31, 2023 totaled $97.8 million, a 10.8% increase from $88.3 million for the corresponding period a year ago, and a 7.3% sequential decrease from $105.5 million in the fourth quarter of 2022.

    Gross margin increased to $46.5 million for the first quarter of 2023, compared to $37.6 million for the corresponding period a year ago, and decreased sequentially from $49.1 million for the fourth quarter of 2022. Gross margin, as a percentage of revenue, increased to 47.6% for the first quarter of 2023, compared to 42.6% for the corresponding period a year ago, and from 46.6% for the fourth quarter of 2022.

    Net income for the first quarter was $11.2 million, or $0.25 per diluted share, compared to net income of $5.0 million or $0.11 per diluted share, for the corresponding period a year ago and net income of $8.1 million, or $0.18 per diluted share, for the fourth quarter of 2022.

    Cash flow from operations totaled $10.1 million for the first quarter, compared to cash flow from operations of $4.6 million for the corresponding period a year ago, and cash flow from operations of $0.9 million in the fourth quarter of 2022. Capital expenditures for the first quarter totaled $10.1 million, compared to $22.7 million for the corresponding period a year ago and $12.7 million for the fourth quarter of 2022. Cash and cash equivalents as of March 31, 2023 increased 1.2% sequentially to approximately $192.9 million compared to approximately $190.6 million as of December 31, 2022.

    Backlog for the first quarter ended March 31, 2023 totaled $271.3 million, a 36.0% decrease from $423.7 million for the corresponding period a year ago, and 10.9% sequential decrease from $304.4 million at the end of the fourth quarter of 2022.

    Commenting on first quarter performance, Dr. Patrizio Vinciarelli, Chief Executive Officer, stated, “Bookings may remain weak until AI OEMs capture the benefits of advanced Power Distribution Networks (“PDNs”) with Lateral-Vertical PDNs using existing 4G FPA modules.”

    “Progress with automotive applications using 4G modular solutions at up to 150kW is paving the way for production ramps starting in 2025 which will complement our growth opportunity with AI in data centers.”

    “With the imminent completion of our first Converter-housed-in-Package (“ChiP”) foundry, 5G FPA enabling scalable, high efficiency Vertical PDNs on the critical path of advanced AI systems, and automotive electrification driving broad acceptance of ChiPs, I have high expectations about Vicor’s future growth and profitability.”

    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, April 25, 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 April 25, 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
    Voice: 978-470-2900
    Facsimile: 978-749-3407
    invrel@vicorpower.com

        
    VICOR CORPORATION   
        
    CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
    (Thousands except for per share amounts)   
        
     QUARTER ENDED
     (Unaudited)
        
     MAR 31, MAR 31,
      2023   2022 
        
        
    Net revenues$ 97,816  $ 88,282 
    Cost of revenues 51,282   50,681 
    Gross margin 46,534   37,601 
        
    Operating expenses:   
    Selling, general and administrative 20,223   18,568 
    Research and development 15,869   14,253 
    Total operating expenses 36,092   32,821 
        
    Income from operations 10,442   4,780 
        
    Other income (expense), net 1,950   162 
        
    Income before income taxes 12,392   4,942 
        
    Less: Provision (benefit) for income taxes 1,141   (48)
        
    Consolidated net income  11,251   4,990 
        
    Less: Net income (loss) attributable to  noncontrolling interest 7   (9)
        
    Net income attributable to Vicor Corporation$11,244  $4,999 
        
        
    Net income per share attributable to Vicor Corporation:   
    Basic$0.25  $0.11 
    Diluted$0.25  $0.11 
        
    Shares outstanding:   
    Basic 44,162   43,952 
    Diluted 44,907   44,954 
        


    VICOR CORPORATION   
        
    CONDENSED CONSOLIDATED BALANCE SHEET   
    (Thousands)   
        
        
     MAR 31, DEC 31,
      2023   2022 
     (Unaudited) (Unaudited)
    Assets   
        
    Current assets:   
    Cash and cash equivalents$ 192,897  $ 190,611 
    Accounts receivable, net 61,061   65,429 
    Inventories 107,382   101,410 
    Other current assets 5,030   5,154 
    Total current assets 366,370   362,604 
        
    Long-term deferred tax assets 280   280 
    Long-term investment, net 2,631   2,622 
    Property, plant and equipment, net 167,812   166,009 
    Other assets 7,162   5,386 
        
    Total assets$ 544,255  $ 536,901 
        
    Liabilities and Equity   
        
    Current liabilities:   
    Accounts payable$ 16,790  $ 22,207 
    Accrued compensation and benefits 11,324   10,849 
    Accrued expenses 4,782   8,613 
    Accrued litigation 6,500   6,500 
    Sales allowances 2,389   1,661 
    Short-term lease liabilities 1,459   1,450 
    Income taxes payable 663   72 
    Short-term deferred revenue and customer prepayments 9,765   13,197 
        
    Total current liabilities 53,672   64,549 
        
    Long-term deferred revenue 2,183   145 
    Long-term income taxes payable 869   862 
    Long-term lease liabilities  6,872   7,009 
    Total liabilities 63,596   72,565 
        
    Equity:   
     Vicor Corporation stockholders' equity:   
    Capital stock 366,002   360,924 
    Retained earnings 254,323   243,079 
    Accumulated other comprehensive loss (993)  (988)
    Treasury stock (138,927)  (138,927)
    Total Vicor Corporation stockholders' equity 480,405   464,088 
     Noncontrolling interest 254   248 
    Total equity 480,659   464,336 
        
    Total liabilities and equity$ 544,255  $ 536,901 
        

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