Vicor Corporation First Quarter Results.ANDOVER, Mass. -- Vicor Corporation Vicor Corporation NYSE: VICR designs, manufactures and markets modular power components and complete power systems used primarily by original equipment manufacturers (OEMs) in the communications, data processing, industrial controls, test equipment, medical and defense (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : VICR VICR Virgin Islands Coral Reef National Monument (US National Park Service) ) today reported its financial results for the first quarter ended March 31, 2005. Revenues for the quarter were $43,180,000 compared to $42,521,000 for the corresponding period a year ago. Net income for Q1 was $39,000, or $.00 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to a net loss of $1,190,000, or ($.03) per diluted share, in Q1 2004. The book-to-bill ratio Book-to-Bill Ratio The technology industry's demand-to-supply ratio for orders on a "firm's book" to number of orders filled. Notes: This ratio tells whether the company has more orders than it can deliver (if greater than 1), has the same amount of orders that it can for Q1 was 1.09:1 compared to .94:1 in Q4 2004. The backlog at the end of Q1 was $40.4 million compared to $36.3 million at the end of 2004. Gross margin improved to 39.5%, compared to 36.1% in Q4 2004. Commenting on the quarter and 2005, Vicor's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Patrizio Vinciarelli noted: "Increasing demand and manufacturing efficiencies in our legacy 1st and 2nd generation products led to improvements in our top and bottom line. While gross margins are 15 points higher than at the bottom after the telecom bubble, we still have 15 points to go to operate within the boundaries of our business model. During 2005, we expect to continue our progress toward restoring significant profitability." Vinciarelli went on to say: "In the first quarter we incurred over $6 million in aggregate startup and development costs relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the V-I Chip and Picor business units. While these costs have been a burden to margins and operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , they represent an important investment. By expanding V-I Chip product lines, we believe that Factorized Power will provide unprecedented flexibility and cost-effective performance to OEMs in Consumer Electronics, Communications, Information Technology and Automotive markets." Commenting on industry trends as they relate to Vicor's competitive position, Vinciarelli said: "Within the Power Management and Power Supply industries, players are converging con·verge v. con·verged, con·verg·ing, con·verg·es v.intr. 1. a. To tend toward or approach an intersecting point: lines that converge. b. on open standards Specifications for hardware and software that are developed by a standards organization or a consortium involved in supporting a standard. Available to the public for developing compliant products, open standards imply "open systems;" that an existing component in a system can be replaced using IBA IBA abbr. International Bar Association IBA (in Britain) Independent Broadcasting Authority IBA n abbr (Brit) (= Independent Broadcasting Authority and Point Of Load ("POL") "buck" regulators. The buck regulator regulator, n the mechanical part of a gas delivery system that controls gas pressure that allows a manageable flow of drug vapor to escape. regulator see reducing valve. is an old power conversion "engine" whose cost is driven by silicon for which Asian suppliers with silicon fabs will hold the cost advantage. Being confined con·fine v. con·fined, con·fin·ing, con·fines v.tr. 1. To keep within bounds; restrict: Please confine your remarks to the issues at hand. See Synonyms at limit. to the POL, buck regulators (analog or digital) have limited applicability. Looking past the limitations of IBA and buck regulators, FPA 1. (hardware) FPA - floating-point accelerator. 2. (programming) FPA - Function Point Analysis. and V-I Chips will span power system requirements To be used efficiently, all computer software needs certain hardware components or other software resources to be present on a computer system. These pre-requisites are known as (computer) system requirements and are often used as a guideline as opposed to an absolute rule. from the wall plug to the POL. The performance, flexibility, breadth of applicability and expected cost of VICs have the promise of providing a sustainable competitive advantage for Vicor, its licensees and partners." Depreciation and amortization in the quarter was $4.5 million and capital additions were $1.4 million. Inventories decreased by approximately $1.5 million to $24.7 million as compared with $26.2 million at the end of 2004. Cash and short-term investments were $112.8 million, a decrease of $0.8 million from the end of 2004. During the quarter, Vicor repurchased 178,400 shares of its Common Stock for a total of $1.9 million. Approximately $23.0 million remains available in the authorized stock Authorized Stock The maximum number of shares that a corporation is legally permitted to issue, as specified in its articles of incorporation. This figure is usually listed in the capital accounts section of the balance sheet. buy-back plan. 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, April 14, 2005 at 5:00 p.m. Eastern Daylight Savings Time. Shareholders interested in participating in the call, should call 888-482-0024 at approximately 4:50 p.m. and use the Passcode 67275058. Internet users Internet user n → internauta m/f Internet user Internet n → internaute m/f can listen to a real-time audio broadcast of the conference call on the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of Vicor's website at www.vicorpower.com/irwebcast. Please go to the website at least 15 minutes prior to the call to register, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary software. For those who cannot participate a replay will be available, shortly after the conclusion of the call, through April 28, 2005. The replay dial-in number is 888-286-8010 and the Passcode is 21991049. 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/irwebcast beginning shortly after the conclusion of the call. This press release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. as that term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. You can identify these statements by our use of the words "may," "will," "would," "plans," "expects," "anticipates," "believes," "continue," "estimate," "prospective," "project," "intend," and similar expressions. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include our ability to develop and market new products and technologies cost-effectively, to leverage design wins into increased product sales, to decrease manufacturing costs, to enter into licensing agreements that amplify the market opportunity and accelerate market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" , to realize significant royalties under license agreements, to achieve a sustainable increased bookings rate over a longer period, and to successfully leverage the V-I Chips in standard products to promote market acceptance of Factorized Power, factors impacting the company's various end markets, including Consumer Electronics, Information Technology and Automotive, as well as those risks and uncertainties identified in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . The risk factors contained in the Annual Report on Form 10-K may not be exhaustive. Therefore, the information contained in that Form 10-K should be read together with other reports and documents that the Company files with the SEC from time to time, which may supplement, modify, supersede To obliterate, replace, make void, or useless. Supersede means to take the place of, as by reason of superior worth or right. A recently enacted statute that repeals an older law is said to supersede the prior legislation. or update those risk factors. 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 the communications, information technology, industrial control and military electronics markets.
VICOR CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(Thousands except for per share amounts)
QUARTER ENDED
(Unaudited)
MAR 31, MAR 31,
2005 2004
-------------------------
Net revenues $43,180 $42,521
Cost of revenues 26,135 27,521
--------- --------
Gross margin 17,045 15,000
Operating expenses:
Sales & administration 10,104 10,178
Research & development 7,096 5,943
--------- --------
Total operating
expenses 17,200 16,121
--------- --------
Loss from operations (155) (1,121)
--------- --------
Other income (expense), net 494 215
--------- --------
Income (loss) before income taxes 339 (906)
Provision for income taxes (300) (284)
--------- --------
Net income (loss) $39 ($ 1,190)
========= ========
Net income (loss) per share:
Basic $0.00 ($ 0.03)
Diluted $0.00 ($ 0.03)
Shares outstanding:
Basic 41,980 41,917
Diluted 42,115 41,917
VICOR CORPORATION
CONSOLIDATED BALANCE SHEET
(Thousands)
MAR 31, DEC 31,
2005 2004
(Unaudited) (Unaudited)
----------- -----------
Assets
Current assets:
Cash and cash equivalents $36,695 $36,277
Short-term investments 76,128 77,371
Accounts receivable, net 26,818 23,359
Inventories, net 24,704 26,229
Deferred tax assets 2,497 2,497
Other current assets 3,038 2,245
----------- -----------
Total current assets 169,880 167,978
Property and equipment, net 63,988 67,001
Other assets 9,995 9,903
----------- -----------
$243,863 $244,882
=========== ===========
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $6,916 $5,806
Accrued compensation and
benefits 3,759 4,265
Other accrued liabilities 9,727 9,488
----------- -----------
Total current liabilities 20,402 19,559
Deferred income taxes 3,081 3,173
Minority interests 1,617 1,527
Stockholders' equity:
Capital stock 149,305 149,302
Retained earnings 176,808 176,769
Treasury stock (107,350) (105,448)
----------- -----------
Total stockholders' equity 218,763 220,623
----------- -----------
$243,863 $244,882
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