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Vicor Corporation (NASDAQ: VICR) today reported financial results for the second quarter ended June 30, 2020. These results will be discussed later today at 5:00 p.m. Eastern Time, during managements quarterly investor conference call. The details for the call are presented below.


GlobeNewswire Inc | Jul 23, 2020 04:06PM EDT

July 23, 2020

ANDOVER, Mass., July 23, 2020 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) today reported financial results for the second quarter ended June 30, 2020. These results will be discussed later today at 5:00 p.m. Eastern Time, during managements quarterly investor conference call. The details for the call are presented below.

Revenues for the second quarter ended June 30, 2020 totaled $70.7 million, an 11.7% increase from $63.4 million for the corresponding period a year ago, and an 11.6% sequential increase from $63.4 million for the first quarter of 2020.

Gross margin increased to $30.3 million for the second quarter of 2020, compared to $29.1 million for the corresponding period a year ago, and increased sequentially from $27.3 million for the first quarter of 2020. Gross margin, as a percentage of revenue, decreased to 42.8% for the second quarter of 2020, compared to 46.0% for the corresponding period a year ago, and decreased from 43.1% for the first quarter of 2020.

Net income for the second quarter was $2.7 million, or $0.06 per diluted share, compared to net income of $2.6 million or $0.06 per diluted share, for the corresponding period a year ago and a net loss of ($1.7) million, or ($0.04) per basic share, for the first quarter of 2020.

Results for the second quarter of 2020 included a non-cash charge of $1.2 million associated with the accelerated recognition of equity-based compensation expenses resulting from stock option awards made during the period. Cash and cash equivalents sequentially increased by $114.0 million to approximately $196.7 million at the end of the second quarter of 2020, from $82.7 million at the end of the first quarter of 2020. The Company completed an underwritten public offering of its common stock in June, resulting in net proceeds of approximately $109.7 million. Incremental capital expenditures for the second quarter of 2020 totaled $5.7 million, as compared with $2.5 million for the corresponding period a year ago and $3.0 million for the first quarter of 2020.

Second quarter bookings increased 45.4% to $87.5 million, from $60.2 million for the corresponding period a year ago, and increased sequentially 24.9% from $70.1 million for the first quarter of 2020. Total backlog at the end of the second quarter of 2020 was $127.5 million, representing an increase of 15.1% from backlog of $110.8 million at the end of the first quarter of 2020 and 22.4 % from $104.2 million at the end of 2019.

Commenting on the second quarter, Dr. Patrizio Vinciarelli, Chief Executive Officer, stated, Second quarter bookings reflected accelerating demand for Advanced Products. Second quarter revenue recovered sequentially reflecting ramping shipments of lateral power system solutions for AI accelerators and recovery of Asian demand, which had been impacted during the first quarter by COVID-19. For the second quarter, the impact of the pandemic shifted from Asia to other regions, notably the United States, which experienced a 16% sequential decline in shipments, as non-essential manufacturing slowed considerably. COVID-19 continued to have an influence on our supply chain during the second quarter, causing production inefficiencies.

Dr. Vinciarelli concluded, Despite the continuing effects of COVID-19 on the global economy, Vicors outlook remains positive, and our confidence in our long-term opportunity is high. Expansion of our manufacturing facilities is underway, and we have placed substantial orders for additional equipment to expand manufacturing capacity and enable us to manufacture high volume products with high efficiency. Our outlook for the third quarter is for a sequential increase in revenue and earnings per share.

For more information on Vicor and its products, please visit the Companys website at www.vicorpower.com.

Earnings Conference Call

Vicor will be holding its investor conference call today, Thursday, July 23, 2020 at 5:00 p.m. Eastern Time. Shareholders interested in participating in the call who have not pre-registered should call 800-219-3192 at approximately 4:30 p.m. and use the Passcode 25071226. Internet users may listen to a real-time audio broadcast of the conference call on the Investor Relations section of Vicors 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 August 7, 2020. The replay dial-in number is 888-286-8010 and the Passcode is 41685203. In addition, a webcast replay of the conference call will also be available on the Investor Relations section of Vicors 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 managements current expectations and estimates as to the prospective events and circumstances that may or may not be within the companys 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 Vicors Annual Report on Form 10-K for the year ended December 31, 2019, under Part I, Item I Business, under Part I, Item 1A Risk Factors, under PartI, Item3 Legal Proceedings, and under PartII, Item7 Managements 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 A. Simms, Chief Financial OfficerVoice: 978-470-2900Facsimile: 978-749-3439invrel@vicorpower.com

VICOR CORPORATION CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Thousands except for per share amounts) QUARTER ENDED SIX MONTHS ENDED (Unaudited) (Unaudited) JUNE 30, JUNE 30, JUNE 30, JUNE 30, 2020 2019 2020 2019 Net revenues $ $ $ $ 70,761 63,355 134,162 129,080Cost of revenues 40,443 34,238 76,513 68,877Gross margin 30,318 29,117 57,649 60,203 Operating expenses: Selling, general and 15,455 15,030 31,824 30,403administrativeResearch and development 12,830 11,706 26,165 22,926Total operating expenses 28,285 26,736 57,989 53,329 Income (loss) from operations 2,033 2,381 (340 ) 6,874 Other income (expense), net 233 288 381 527 Income before income taxes 2,266 2,669 41 7,401 Less: (Benefit) provision for (406 ) 113 (900 ) 539income taxes Consolidated net income 2,672 2,556 941 6,862 Less: Net income (loss)attributable to noncontrolling 5 (7 ) 9 13interest Net income attributable to $2,667 $2,563 $932 $6,849Vicor Corporation Net income per shareattributable to Vicor Corporation: Basic $0.06 $0.06 $0.02 $0.17 Diluted $0.06 $0.06 $0.02 $0.17 Shares outstanding: Basic 41,643 40,275 41,140 40,252 Diluted 43,385 41,081 42,980 41,055

VICOR CORPORATION CONDENSED CONSOLIDATED BALANCE SHEET (Thousands) JUNE 30, DEC 31, 2020 2019 (Unaudited) (Unaudited) Assets Current assets: Cash and cash equivalents $ $ 84,668 196,704Accounts receivable, net 48,502 38,115 Inventories, net 55,630 49,187 Other current assets 7,842 7,096 Total current assets 308,678 179,066 Long-term deferred tax assets 188 205 Long-term investment, net 2,555 2,510 Property, plant and equipment, net 59,475 56,952 Other assets 1,838 1,994 Total assets $ $ 372,734 240,727 Liabilities and Equity Current liabilities: Accounts payable $ 15,647 $ 9,005 Accrued compensation and benefits 13,687 10,410 Accrued expenses 2,689 2,690 Sales allowances 867 741 Short-term lease liabilities 1,156 1,520 Income taxes payable 56 57 Short-term deferred revenue and customer 7,817 5,507 prepayments Total current liabilities 41,919 29,930 Long-term deferred revenue 894 1,054 Contingent consideration obligations 307 451 Long-term income taxes payable 571 567 Long-term lease liabilities 2,400 2,855 Total liabilities 46,091 34,857 Equity: Vicor Corporation stockholders' equity: Capital stock 321,537 201,774 Retained earnings 144,030 143,098 Accumulated other comprehensive loss (316 ) (383 ) Treasury stock (138,927 ) (138,927 ) Total Vicor Corporation stockholders' equity 326,324 205,562 Noncontrolling interest 319 308 Total equity 326,643 205,870 Total liabilities and equity $ $ 372,734 240,727







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