News

Mixed Results for Vicor in Q1 of FY 2014

April 21, 2014 by Jeff Shepard

Vicor Corporation reported revenues for the first quarter ended March 31, 2014 increased to $53,233,000, compared to $41,946,000 for the corresponding period a year ago, but decreased from $55,258,000 for the fourth quarter of 2013. Gross margin increased to $22,792,000 for the first quarter of 2014, compared to $16,607,000 for the corresponding period a year ago, but decreased from $23,431,000 for the fourth quarter of 2013. Gross margin, as a percentage of revenue increased to 42.8% for the first quarter of 2014 compared to 39.6% for the first quarter of 2013, and increased on a sequential basis from 42.4% for the fourth quarter of 2013.

Net loss for the first quarter was ($5,378,000), or ($0.14) per share, compared to a net loss of ($4,990,000), or ($0.12) per share, for the corresponding period a year ago and a net loss of ($13,102,000), or ($0.34) per share, for the fourth quarter of 2013. In the fourth quarter of 2013, the Company increased the reserve for all remaining federal net deferred tax assets on the balance sheet as of December 31, 2013 by approximately $10,200,000, which was recorded in the statement of operations as a corresponding increase in the fourth quarter tax provision. Total backlog at the end of the first quarter was $41,562,000, compared to $44,659,000 at the end of the fourth quarter of 2013.

Commenting on the first quarter of 2014, Patrizio Vinciarelli, Chief Executive Officer, stated, "First quarter results were as anticipated, with an improvement in the performance of the Brick Business Unit offset by a a reduction in VI Chip revenues due a major product transition underway with VI Chip's largest customer. Demand for new VI Chip and Picor products is rising and we look forward to revenue growth in the second half to absorb abnormally high operating expense levels projected through the end of the year."

Depreciation and amortization for the first quarter of 2014 was approximately $2,443,000, and capital additions totaled $1,554,000. For the same period of 2013, depreciation and amortization was $2,494,000 and capital additions totaled $1,171,000. Cash and cash equivalents decreased by $6,032,000 to approximately $50,307,000 at the end of the first quarter of 2014 from $56,339,000 at the end of 2013.