Vicor Announces Fourth-Quarter 2003 Results

Vicor Corp. (Andover, MA) announced its financial results for the quarter ended December 31, 2003. Revenues for the quarter decreased to $39,111,000 compared with $41,637,000 for the corresponding period a year ago. The company reported a loss before taxes of $4,985,000 for the quarter compared with a loss before taxes of $5,565,000 in the corresponding period of 2002.

The company reported net income for the quarter of $172,000 compared with a net loss of $3,534,000 in the corresponding period of 2002, and a diluted net income per share of $0.00 compared with a diluted loss per share of $0.08 in the corresponding period of 2002. For the year ended December 31, 2003, revenues decreased to $151,421,000 from $152,591,000 for the same period of 2002. The company reported a loss before taxes of $24,891,000 for the year compared with a loss before taxes of $25,106,000 in 2002. The Company reported a net loss for the period of $19,535,000 compared with a net loss of $15,942,000 in 2002, and a diluted loss per share of $0.47 compared with a diluted loss per share of $0.38 in 2002.

In the fourth quarter, revenues decreased by 6.1 percent from the fourth quarter of 2002, and increased by 9 percent on a sequential basis from the third quarter of 2003. The book-to-bill ratio for the fourth quarter was 1.09:1 as compared with 1.05:1 in the third quarter of 2003. The book-to-bill for the year ended December 31, 2003, was 1.03:1 compared with 0.98:1 for 2002. The company ended 2003 with approximately $37.0 million in backlog compared to $31.9 million at the end of 2002.