Vicor Announces Third-Quarter 2004 Results

Vicor Corp. (Andover, MA) announced its financial results for the quarter ended September 30, 2004. Revenues for the quarter increased to $43,048,000 compared with $35,877,000 for the corresponding period a year ago. The company reported a net loss for the quarter of $572,000 compared with a net loss of $7,120,000 in the corresponding period of 2003, and a diluted loss per share of $0.01 compared with a diluted loss per share of $0.17 in the corresponding period of 2003.

For the nine months ended September 30, 2004, revenues increased to $130,943,000 from $112,310,000 for the same period of 2003. The company reported a net loss for the period of $1,701,000 compared with a net loss of $19,707,000 in 2003, and a diluted loss per share of $0.04 compared with a diluted loss per share of $0.47 in 2003.

In the third quarter, revenues increased by 20% from the third quarter of 2003, but decreased by 5.1% on a sequential basis from the second quarter of 2004. The book-to-bill ratio for the third quarter was 0.94:1 as compared with 1.05:1 in the third quarter of 2003 and 0.97:1 in the second quarter of 2004. The company ended the third quarter with approximately $38.7 million in backlog compared to $41.2 million at the end of the second quarter and $37 million at the end of 2003.

In the third quarter, gross margin improved to 37.7%, compared with 23.9% in the third quarter of 2003.