Vicor Corp. reported its financial results for the first quarter ended March 31, 2010. Revenues for the first fiscal quarter ended March 31, 2010, increased to $51,709,000, compared to $50,448,000 for the corresponding period a year ago, and increased from $49,138,000 for the fourth quarter of 2009.
Gross margin increased to $23,324,000 for the first quarter of 2010, compared to $21,831,000 for the corresponding period a year ago and $22,497,000 for the fourth quarter of 2009. Gross margin, as a percentage of revenue, increased to 45.1% for the first quarter of 2010 compared to 43.3% for the first quarter of 2009, but decreased on a sequential basis from 45.8% for the fourth quarter of 2009.
Net income for the first quarter was $1,952,000, or $0.05 per diluted share, compared to a net loss of $(2,543,000), or $(0.06) per diluted share, for the corresponding period a year ago and net income of $2,309,000, or $0.06 per diluted share, for the fourth quarter of 2009. Results for the first quarter of 2009 were negatively impacted by a pre-tax charge of $3,098,000 for severance and other employee-related costs in connection with a workforce reduction implemented during the quarter.
Commenting on the company’s performance, Patrizio Vinciarelli, Chairman of the Board, President and Chief Executive Officer, stated, "Each of our three primary business units experienced improved bookings and revenue. Consolidated revenue increased 5.2% sequentially, while the consolidated book-to-bill ratio for the first quarter was 1.39:1, as compared to 1.16:1 for the fourth quarter of 2009. Total backlog at the end of the first quarter of 2010 was $78,407,000, as compared to $58,489,000 at the end of 2009."
"Our brick components business grew sequentially, with particular strength in its configurable product lines. V-I Chip revenue for the first quarter grew 99% sequentially, while bookings grew at a faster pace as a large customer placed initial production orders for new programs. V-I Chip also received initial orders from other early adopters of Factorized Power. With increased volume, we expect to achieve improvement in product-level profitability, although we do not expect to reach our efficiency and margin targets in 2010. "
Dr. Vinciarelli concluded, "Picor also grew sequentially and experienced strong bookings. Picor is collaborating closely with V-I Chip in providing distinctive power management solutions and, in particular, is sharing in V-I Chip’s success with important early adopters."
