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Industry News
July 25, 2012
Vicor Reports Results for the Second Quarter
Vicor Corp. reported its financial results for the second quarter and six months ended June 30, 2012. Revenues for the second fiscal quarter ended June 30, 2012, decreased to $55,467,000, compared to $65,402,000 for the corresponding period a year ago, and decreased from $59,668,000 for the first quarter of 2012.
Gross margin decreased to $24,106,000 for the second quarter of 2012, compared to $27,309,000 for the corresponding period a year ago, and decreased from $24,467,000 for the first quarter of 2012. Gross margin, as a percentage of revenue increased to 43.5% for the second quarter of 2012 compared to 41.8% for the second quarter of 2011, and increased on a sequential basis from 41.0% for the first quarter of 2012.
Net income for the second quarter was $220,000, or $0.01 per diluted share, compared to net income of $3,066,000, or $0.07 per diluted share, for the corresponding period a year ago and net income of $326,000, or $0.01 per diluted share, for the first quarter of 2012.
Revenues for the six months ended June 30, 2012, decreased by 15.3% to $115,135,000 from $135,857,000 for the corresponding period a year ago. Net income for the six month period was $546,000, or $0.01 per diluted share, compared to net income of $7,084,000 or $0.17 per diluted share, for the corresponding period a year ago.
The 2012 provision for income taxes, which is based on an estimated annual effective tax rate for 2012, is higher than a full statutory tax rate. This is primarily due to lower expected consolidated pre-tax income for 2012, high state tax expense from separate company calculations based off expected taxable income from Vicor-only operations that cannot be offset by operating losses in other business segments, and the inability to generate federal research and development credits as those credits have yet to be extended by Congress for 2012.
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Total backlog at the end of the second quarter was $42,219,000, compared to $54,234,000, at the end of 2011.
Commenting on the second quarter, Patrizio Vinciarelli, Chief Executive Officer, stated, "Trends discussed in prior investor communications continue to influence our consolidated performance. Many of the market segments and geographies we serve remain soft. A sharp decline in VI Chip unit shipments for the second quarter, reflecting lower than expected bookings in preceding quarters, underscores VI Chip’s dependence on a limited number of customers.
"We expect our new product initiatives and expanding market presence to contribute to both a diversification of our customer base and an improved outlook for 2013." Dr. Vinciarelli concluded, "We remain confident our strategic assumptions are sound and intend to stay the course, despite headwinds with specific programs and the economy at large."
Depreciation and amortization for the second quarter of 2012 was approximately $2,612,000, and capital additions totaled $1,524,000. For the first six months of 2012, depreciation and amortization was $5,244,000 and capital additions totaled $2,785,000, compared to $5,401,000 and $5,035,000, respectively, for the first six months of 2011. Cash and cash equivalents increased by $3,994,000 to approximately $82,244,000 at the end of the second quarter of 2012 from $78,250,000 at the end of first quarter of 2012. There were no share repurchases during the quarter, and approximately $8,500,000 remains authorized for additional purchases under the Company’s stock repurchase plan.
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