Vicor Corp. reported its financial results for the first quarter ended March 31, 2012. Revenues for the first fiscal quarter ended March 31, 2012, decreased to $59,668,000, compared to $70,455,000 for the corresponding period a year ago, but increased from $58,551,000 for the fourth quarter of 2011.
Gross margin decreased to $24,467,000 for the first quarter of 2012, compared to $30,454,000 for the corresponding period a year ago, and decreased slightly from $24,491,000 for the fourth quarter of 2011. Gross margin, as a percentage of revenue, decreased to 41.0% for the first quarter of 2012 compared to 43.2% for the first quarter of 2011, and decreased on a sequential basis from 41.8% for the fourth quarter of 2011.
Net income for the first quarter was $326,000, or $0.01 per diluted share, compared to net income of $4,018,000, or $0.10 per diluted share, for the corresponding period a year ago and net income of $677,000, or $0.02 per diluted share, for the fourth quarter of 2011.
The 2012 provision for income taxes, which is based on an estimated annual effective tax rate for 2012, approximates a full statutory tax rate.
Total backlog at the end of the first quarter was $45,788,000, compared to $54,234,000, at the end of 2011.
Patrizio Vinciarelli, Chief Executive Officer, commented on the first quarter, stating, "Demand remained weak through the first quarter, as improved bookings and revenue in some businesses were offset by declines in others. We continue to progress with new product initiatives, having received early purchase orders from important new customers, but have yet to see the long-anticipated ramp in activity."
"Over the past year, we have increased headcount in marketing and sales as part of our long term investment in revenue growth and profitability. While we have established important relationships with global OEMs that are universally attracted to the performance attributes of our products and technology, bookings and shipments have fallen short of expectations. Global macroeconomic uncertainty has been a factor, but segment-specific issues, notably in defense electronics, have negatively influenced our top line. In addition, ongoing baseless legal threats against our Intermediate Bus Converters have inhibited customer uptake of these promising, highly differentiated products."
Dr. Vinciarelli concluded, "While large volume orders may, or may not, be forthcoming, I am confident we are pursuing the right strategy that will lead to long term growth and profitability. Vicor’s new product introductions will accelerate during the year, further broadening the opportunities for our company."
