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)

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

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

)

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

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