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Vicor Corporation Reports Results for the Second Quarter Ended June 30, 2022

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Vicor Corporation
Vicor Corporation

ANDOVER, Mass., July 21, 2022 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) today reported financial results for the second quarter ended June 30, 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 second quarter ended June 30, 2022 totaled $102.2 million, a 7.1% increase from $95.4 million for the corresponding period a year ago, and a 15.7% sequential increase from $88.3 million in the first quarter of 2022.

Gross margin decreased to $46.8 million for the second quarter of 2022, compared to $49.9 million for the corresponding period a year ago, and increased sequentially from $37.6 million for the first quarter of 2022. Gross margin, as a percentage of revenue, decreased to 45.8% for the second quarter of 2022, compared to 52.3% for the corresponding period a year ago, and increased from 42.6% for the first quarter of 2022.

Net income for the second quarter was $10.6 million, or $0.24 per diluted share, compared to net income of $19.4 million or $0.43 per diluted share, for the corresponding period a year ago and net income of $5.0 million, or $0.11 per diluted share, for the first quarter of 2022.     

Cash flow from operations totaled $10.8 million for the second quarter, compared to cash flow from operations of $12.3 million for the corresponding period a year ago, and cash flow from operations of $4.6 million in the first quarter of 2022. Capital expenditures for the second quarter totaled $14.2 million, compared to $6.5 million for the corresponding period a year ago and $22.7 million for the first quarter of 2022. The sum of cash, cash equivalents, and short-term investments as of June 30, 2022 decreased 1.6% sequentially to approximately $207.6 million compared to approximately $211.1 million as of March 31, 2022.

Commenting on second quarter performance, Dr. Patrizio Vinciarelli, Chief Executive Officer, stated, “Q2 revenues growth included 28% sequential growth in Advanced Products. To better serve our customers, our Operations team had to overcome component shortages and outsourced capacity bottlenecks, which precluded commensurate improvements in product margins. Vertically integrated capacity will enable revenue growth with substantially improved gross margins.”

“The Q2 book-to-bill ratio came in below 1, with one-year backlog standing at just over $400 million. We look forward to reducing production lead times and getting caught up with our backlog.”

“Capital investment into our first ChiP foundry continued in Q2 as our Andover fab, with its one million panels per year capacity, approaches completion. Scalable vertical integration of Advanced Products, including next generation current multipliers and converters, is key to increased market penetration in demanding AI and automotive applications.”

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, July 21, 2022 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 July 21, 2022. Telephone participants who are unable to pre-register should dial 800-230-3019 at approximately 4:45 p.m. and use the Passcode 43881772. 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 August 5, 2022. The replay dial-in number is 888-286-8010 and the Passcode is 64490033. 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

 

SIX MONTHS ENDED

 

(Unaudited)

 

(Unaudited)

 

 

 

 

 

 

 

 

 

JUNE 30,

 

JUNE 30,

 

JUNE 30,

 

JUNE 30,

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues

$102,186

 

 

$95,376

 

 

$190,468

 

 

$184,172

 

Cost of revenues

 

55,337

 

 

 

45,505

 

 

 

106,018

 

 

 

89,601

 

Gross margin

 

46,849

 

 

 

49,871

 

 

 

84,450

 

 

 

94,571

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Selling, general and administrative

 

20,035

 

 

 

16,589

 

 

 

38,603

 

 

 

33,543

 

Research and development

 

15,516

 

 

 

13,273

 

 

 

29,769

 

 

 

26,299

 

Total operating expenses

 

35,551

 

 

 

29,862

 

 

 

68,372

 

 

 

59,842

 

 

 

 

 

 

 

 

 

Income from operations

 

11,298

 

 

 

20,009

 

 

 

16,078

 

 

 

34,729

 

 

 

 

 

 

 

 

 

Other income (expense), net

 

84

 

 

 

373

 

 

 

246

 

 

 

605

 

 

 

 

 

 

 

 

 

Income before income taxes

 

11,382

 

 

 

20,382

 

 

 

16,324

 

 

 

35,334

 

 

 

 

 

 

 

 

 

Less: Provision for income taxes

 

802

 

 

 

999

 

 

 

754

 

 

 

856

 

 

 

 

 

 

 

 

 

Consolidated net income

 

10,580

 

 

 

19,383

 

 

 

15,570

 

 

 

34,478

 

 

 

 

 

 

 

 

 

Less: Net loss attributable to

 

 

 

 

 

 

 

noncontrolling interest

 

(13

)

 

 

(11

)

 

 

(22

)

 

 

(8

)

 

 

 

 

 

 

 

 

Net income attributable to

 

 

 

 

 

 

 

Vicor Corporation

$10,593

 

 

$19,394

 

 

$15,592

 

 

$34,486

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share attributable

 

 

 

 

 

 

 

to Vicor Corporation:

 

 

 

 

 

 

 

Basic

$0.24

 

 

$0.45

 

 

$0.35

 

 

$0.79

 

Diluted

$0.24

 

 

$0.43

 

 

$0.35

 

 

$0.77

 

 

 

 

 

 

 

 

 

Shares outstanding:

 

 

 

 

 

 

 

Basic

 

43,973

 

 

 

43,553

 

 

 

43,963

 

 

 

43,504

 

Diluted

 

44,866

 

 

 

44,841

 

 

 

44,910

 

 

 

44,841

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

VICOR CORPORATION

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED BALANCE SHEET

 

 

(Thousands)

 

 

 

 

 

 

 

 

 

 

 

 

JUNE 30,

 

DEC 31,

 

2022

 

2021

 

(Unaudited)

 

(Unaudited)

Assets

 

 

 

 

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

187,677

 

 

$

182,418

 

Short-term investments

 

19,921

 

 

 

45,215

 

Accounts receivable, net

 

54,536

 

 

 

55,097

 

Inventories, net

 

83,055

 

 

 

67,322

 

Other current assets

 

7,142

 

 

 

6,708

 

Total current assets

 

352,331

 

 

 

356,760

 

 

 

 

 

Long-term deferred tax assets

 

266

 

 

 

208

 

Long-term investment, net

 

2,552

 

 

 

2,639

 

Property, plant and equipment, net

 

156,815

 

 

 

115,975

 

Other assets

 

1,392

 

 

 

1,623

 

 

 

 

 

Total assets

$

513,356

 

 

$

477,205

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

32,032

 

 

$

21,189

 

Accrued compensation and benefits

 

13,128

 

 

 

12,753

 

Accrued expenses

 

4,011

 

 

 

4,158

 

Sales allowances

 

1,006

 

 

 

1,464

 

Short-term lease liabilities

 

1,572

 

 

 

1,551

 

Income taxes payable

 

2

 

 

 

66

 

Short-term deferred revenue and customer prepayments

 

7,702

 

 

 

7,912

 

 

 

 

 

Total current liabilities

 

59,453

 

 

 

49,093

 

 

 

 

 

Long-term deferred revenue

 

270

 

 

 

413

 

Long-term income taxes payable

 

577

 

 

 

569

 

Long-term lease liabilities

 

7,952

 

 

 

3,225

 

Total liabilities

 

68,252

 

 

 

53,300

 

 

 

 

 

Equity:

 

 

 

Vicor Corporation stockholders' equity:

 

 

 

Capital stock

 

352,811

 

 

 

346,221

 

Retained earnings

 

233,225

 

 

 

217,633

 

Accumulated other comprehensive loss

 

(2,246

)

 

 

(1,328

)

Treasury stock

 

(138,927

)

 

 

(138,927

)

Total Vicor Corporation stockholders' equity

 

444,863

 

 

 

423,599

 

Noncontrolling interest

 

241

 

 

 

306

 

Total equity

 

445,104

 

 

 

423,905

 

 

 

 

 

Total liabilities and equity

$

513,356

 

 

$

477,205