UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact Name of Registrant as Specified in its Charter)
| (State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
(Address of Principal Executive Offices) (Zip Code)
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading |
Name of each exchange | ||
| Common Stock, par value $0.01 per share |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition
On July 22, 2021, Vicor Corporation issued a press release announcing its financial results for the three and six months ended June 30, 2021. The full text of that press release is attached as Exhibit 99.1 hereto and incorporated by reference herein. The information furnished under this Item 2.02, including the Exhibit attached hereto, shall not be deemed “filed” for any purpose, including for purposes of Section 18 of the Securities and Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.
Item 9.01. Financial Statements and Exhibits
(a) Financial statements:
None
(b) Pro forma financial information:
None
(c) Shell company transactions:
None
(d) Exhibits
99.1 Press Release of Vicor Corporation dated July 22, 2021
Exhibit Index
| Exhibit No. | Description | |
| 99.1 | Press Release of Vicor Corporation dated July 22, 2021 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| VICOR CORPORATION | ||||||
| Date: July 22, 2021 | By: | /s/ James F. Schmidt | ||||
| James F. Schmidt | ||||||
| Chief Financial Officer | ||||||
Exhibit 99.1
NEWS RELEASE
FINANCIAL NEWS BRIEF
July 22, 2021
For Immediate Release
Vicor Corporation Reports Results for the Second Quarter Ended June 30, 2021
Andover, MA, July 22, 2021 (GLOBE NEWSWIRE) — Vicor Corporation (NASDAQ: VICR) today reported financial results for the second quarter ended June 30, 2021. 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 presented below.
Revenues for the second quarter ended June 30, 2021 totaled $95.4 million, a 34.8% increase from $70.8 million for the corresponding period a year ago, and a 7.4% sequential increase from $88.8 million in the first quarter of 2021.
Gross margin increased to $49.9 million for the second quarter of 2021, compared to $30.3 million for the corresponding period a year ago, and increased sequentially from $44.7 million for the first quarter of 2021. Gross margin, as a percentage of revenue, increased to 52.3% for the second quarter of 2021, compared to 42.8% for the corresponding period a year ago, and increased from 50.3% for the first quarter of 2021.
Net income for the second quarter was $19.4 million, or $0.43 per diluted share, compared to net income of $2.7 million or $0.06 per share, for the corresponding period a year ago and net income of $15.1 million, or $0.34 per diluted share, for the first quarter of 2021.
Cash flow from operations totaled $12.3 million for the second quarter, compared to cash flow from operations of $4.7 million for the corresponding period a year ago, and cash flow from operations of $17.8 million in the first quarter of 2021. Capital expenditures for the second quarter totaled $15.0 million, compared to $5.7 million for the corresponding period a year ago and $9.3 million for the first quarter of 2021. The sum of cash, cash equivalents, and short-term investments as of June 30, 2021 sequentially rose 3.2% to approximately $230.2 million compared to March 31, 2021.
Commenting on second quarter performance, Dr. Patrizio Vinciarelli, Chief Executive Officer, stated, “Q2 revenues and gross margins reflected strong demand and improved manufacturing efficiencies. Vertical integration of power packaging processes and increased capacity in expanded facilities are on track for completion by Q1 ‘22, setting the stage for reduced factory cycle time, greater operational efficiency and significant margin expansion in 2022.”
Dr. Vinciarelli concluded, “Anticipating the need for even higher levels of performance in 48V power systems for AI and automotive applications, we are completing development of next generation components and processes that will enable considerably higher power density, scalability and bandwidth.”
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 22, 2021 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 22, 2021. Telephone participants who are unable to pre-register should dial 800-230-3019 at approximately 4:45 p.m. and use the Passcode 55293440. 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 6, 2021. The replay dial-in number is 888-286-8010 and the Passcode is 18601464. 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, 2020, 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 (Unaudited) |
SIX MONTHS ENDED (Unaudited) |
|||||||||||||||
| JUNE 30, 2021 |
JUNE 30, 2020 |
JUNE 30, 2021 |
JUNE 30, 2020 |
|||||||||||||
| Net revenues |
$ | 95,376 | $ | 70,761 | $ | 184,172 | $ | 134,162 | ||||||||
| Cost of revenues |
45,505 | 40,443 | 89,601 | 76,513 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Gross margin |
49,871 | 30,318 | 94,571 | 57,649 | ||||||||||||
| Operating expenses: |
||||||||||||||||
| Selling, general and administrative |
16,589 | 15,455 | 33,543 | 31,824 | ||||||||||||
| Research and development |
13,273 | 12,830 | 26,299 | 26,165 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total operating expenses |
29,862 | 28,285 | 59,842 | 57,989 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income (loss) from operations |
20,009 | 2,033 | 34,729 | (340 | ) | |||||||||||
| Other income (expense), net |
373 | 233 | 605 | 381 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income before income taxes |
20,382 | 2,266 | 35,334 | 41 | ||||||||||||
| Less: Provision (benefit) for income taxes |
999 | (406 | ) | 856 | (900 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Consolidated net income |
19,383 | 2,672 | 34,478 | 941 | ||||||||||||
| Less: Net income (loss) attributable to noncontrolling interest |
(11 | ) | 5 | (8 | ) | 9 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income attributable to Vicor Corporation |
$ | 19,394 | $ | 2,667 | $ | 34,486 | $ | 932 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income per share attributable to Vicor Corporation: |
||||||||||||||||
| Basic |
$ | 0.45 | $ | 0.06 | $ | 0.79 | $ | 0.02 | ||||||||
| Diluted |
$ | 0.43 | $ | 0.06 | $ | 0.77 | $ | 0.02 | ||||||||
| Shares outstanding: |
||||||||||||||||
| Basic |
43,553 | 41,643 | 43,504 | 41,140 | ||||||||||||
| Diluted |
44,841 | 43,385 | 44,841 | 42,980 | ||||||||||||
VICOR CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(Thousands)
| JUNE 30, 2021 (Unaudited) |
DEC 31, 2020 (Unaudited) |
|||||||
| Assets |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ | 159,763 | $ | 161,742 | ||||
| Short-term investments |
70,469 | 50,166 | ||||||
| Accounts receivable, net |
55,012 | 40,999 | ||||||
| Inventories, net |
57,129 | 57,269 | ||||||
| Other current assets |
6,657 | 6,756 | ||||||
|
|
|
|
|
|||||
| Total current assets |
349,030 | 316,932 | ||||||
| Long-term deferred tax assets |
221 | 226 | ||||||
| Long-term investment, net |
2,561 | 2,517 | ||||||
| Property, plant and equipment, net |
92,956 | 74,843 | ||||||
| Other assets |
1,608 | 1,721 | ||||||
|
|
|
|
|
|||||
| Total assets |
$ | 446,376 | $ | 396,239 | ||||
|
|
|
|
|
|||||
| Liabilities and Equity |
||||||||
| Current liabilities: |
||||||||
| Accounts payable |
$ | 22,081 | $ | 14,121 | ||||
| Accrued compensation and benefits |
15,794 | 14,094 | ||||||
| Accrued expenses |
3,618 | 2,624 | ||||||
| Sales allowances |
1,919 | 597 | ||||||
| Short-term lease liabilities |
1,559 | 1,629 | ||||||
| Income taxes payable |
890 | 139 | ||||||
| Short-term deferred revenue and customer prepayments |
3,916 | 7,309 | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
49,777 | 40,513 | ||||||
| Long-term deferred revenue |
573 | 733 | ||||||
| Contingent consideration obligations |
46 | 227 | ||||||
| Long-term income taxes payable |
649 | 643 | ||||||
| Long-term lease liabilities |
2,439 | 2,968 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
53,484 | 45,084 | ||||||
| Equity: |
||||||||
| Vicor Corporation stockholders’ equity: |
||||||||
| Capital stock |
336,832 | 328,943 | ||||||
| Retained earnings |
195,494 | 161,008 | ||||||
| Accumulated other comprehensive loss |
(813 | ) | (204 | ) | ||||
| Treasury stock |
(138,927 | ) | (138,927 | ) | ||||
|
|
|
|
|
|||||
| Total Vicor Corporation stockholders’ equity |
392,586 | 350,820 | ||||||
| Noncontrolling interest |
306 | 335 | ||||||
|
|
|
|
|
|||||
| Total equity |
392,892 | 351,155 | ||||||
|
|
|
|
|
|||||
| Total liabilities and equity |
$ | 446,376 | $ | 396,239 | ||||
|
|
|
|
|
|||||
Document and Entity Information |
Jul. 22, 2021 |
|---|---|
| Cover [Abstract] | |
| Entity Registrant Name | VICOR CORP |
| Amendment Flag | false |
| Entity Central Index Key | 0000751978 |
| Document Type | 8-K |
| Document Period End Date | Jul. 22, 2021 |
| Entity Incorporation State Country Code | DE |
| Entity File Number | 0-18277 |
| Entity Tax Identification Number | 04-2742817 |
| Entity Address, Address Line One | 25 Frontage Road |
| Entity Address, City or Town | Andover |
| Entity Address, State or Province | MA |
| Entity Address, Postal Zip Code | 01810 |
| City Area Code | (978) |
| Local Phone Number | 470-2900 |
| Written Communications | false |
| Entity Emerging Growth Company | false |
| Soliciting Material | false |
| Pre Commencement Tender Offer | false |
| Pre Commencement Issuer Tender Offer | false |
| Security 12b Title | Common Stock, par value $0.01 per share |
| Trading Symbol | VICR |
| Security Exchange Name | NASDAQ |