Vicor Corporation today reported financial results for the third quarter and nine months ended September 30, 2017. Revenues for the third quarter ended September 30, 2017 increased to $56,888,000, compared to $53,227,000 for the corresponding period a year ago, but decreased from $57,709,000 for the second quarter of 2017.
Third quarter bookings increased to $64,280,000 from $53,846,000 for the corresponding period a year ago, and increased from $59,387,000 for the second quarter of 2017.
Gross margin decreased to $25,143,000 for the third quarter of 2017, compared to $25,923,000 for the corresponding period a year ago, and decreased from $25,930,000 for the second quarter of 2017. Gross margin, as a percentage of revenue, decreased to 44.2% for the third quarter of 2017, compared to 48.7% for the third quarter of 2016, and decreased from 44.9% for the second quarter of 2017.
Net loss for the third quarter was $(11,000), or $(0.00) per share, compared to net income of $2,336,000, or $0.06 per diluted share, for the corresponding period a year ago and a net loss of $(459,000), or $(0.01) per share, for the second quarter of 2017.
Revenues for the nine months ended September 30, 2017, increased 11.1% to $169,059,000 from $152,195,000 for the corresponding period a year ago. Net loss for the nine month period was $(1,444,000), or $(0.04) per share, compared to a net loss of $(3,559,000), or $(0.09) per share, for the corresponding period a year ago.
Cash provided by operating activities totaled $1,341,000 for the third quarter of 2017, compared to cash provided by operating activities of $2,421,000 for the corresponding period a year ago. Cash and cash equivalents sequentially decreased by $2,489,000 to approximately $48,936,000 at the end of the third quarter of 2017 from $51,425,000 at the end of the second quarter of 2017.
Total backlog at the end of the third quarter of 2017 was $60,074,000, compared to $53,157,000 at the end of the second quarter, and $48,371,000 at the end of 2016.
Regarding recent performance and trends, Dr. Patrizio Vinciarelli, Chief Executive Officer, stated, “Vicor’s third quarter bookings rose to $64.3 million and are reaching an inflection point as Factorized Power solutions achieve critical mass in high-growth applications ranging from hyperscale datacenters to Artificial Intelligence.”
Dr. Vinciarelli continued, “Third quarter revenue and profitability were negatively impacted by delays in new programs now expected to ramp in Q1 2018. Top line growth is expected to lift bottom line profitability going into 2018.”
