Vicor Corp. (VICR, Financial) filed Quarterly Report for the period ended 2010-03-31.
Vicor Corp. has a market cap of $638.3 million; its shares were traded at around $15.32 with a P/E ratio of 80.6 and P/S ratio of 3.3.
Operating expenses for the three months ended March 31, 2010, decreased $2,924,000, or 12.4%, to $20,748,000 from $23,672,000 for the same period in 2009, principally due to a pre-tax charge of $3,098,000 recorded in the first quarter of 2009 for severance and other employee-related costs in connection with a workforce reduction implemented during the quarter and a decrease in selling, general and administrative expenses of $943,000, partially offset by an increase in research and development expenses of $1,117,000. The key decreases in selling, general and administrative expenses were compensation expenses of $627,000, commission expense of $342,000 and legal fees of $134,000. The key increases in research and development expenses were compensation expenses of $465,000, outside services of $242,000 and project materials of $176,000.
Other income (expense), net for the three months ended March 31, 2010 decreased $51,000 to $67,000 from $118,000 in 2009. The primary reason for the decrease was a decrease in interest income of $75,000.
For the three months ended March 31, 2010, depreciation and amortization was $2,432,000, and capital additions were $2,429,000, compared to $2,625,000 and $1,029,000, respectively, for the first three months of 2009.
Inventories increased by approximately $353,000 or 1.7% to $21,710,000, as compared with $21,357,000 at December 31, 2009. The increase was primarily attributed to increases in BBU and Picor inventories of approximately $271,000 and $200,000, respectively, partially offset by a decrease in V*I Chips inventories of $118,000.
At March 31, 2010, the Company had $41,661,000 in unrestricted cash and cash equivalents. The ratio of current assets to current liabilities was 4.6:1 at March 31, 2010, and December 31, 2009. Working capital increased $3,621,000 to $78,412,000 at March 31, 2010, from $74,791,000 at December 31, 2009. The primary factors affecting the working capital increase were increases in accounts receivable of $4,570,000, cash and cash equivalents of $1,437,000, inventories of $353,000, other current assets of $239,000, as well as a decrease in accounts payable of $535,000, offset by decreases in short term investments of $2,011,000, as well as increases in accrued compensation and benefits of $817,000, deferred revenue of $608,000, and income taxes payable of $302,000. The primary source of cash for the three months ended March 31, 2010, was $3,386,000 in net sales of short-term and long-term investments and $461,000 from operating activities. The primary use of cash for the three months ended March 31, 2010 was $2,429,000 for the purchase of equipment.
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Vicor Corp. has a market cap of $638.3 million; its shares were traded at around $15.32 with a P/E ratio of 80.6 and P/S ratio of 3.3.
Highlight of Business Operations:
Revenues for the first quarter increased by 2.5% to $51,709,000, compared to $50,448,000 for the corresponding period a year ago, and increased 5.2% on a sequential basis 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 increased on a sequential basis from $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 (loss) attributable to Vicor Corporation for the first quarter was $1,952,000, or $0.05 per diluted share, compared to net income (loss) attributable to Vicor Corporation of $(2,543,000), or $(0.06) per diluted share, for the corresponding period a year ago and net income (loss) attributable to Vicor Corporation of $2,309,000, or $0.06 per diluted share, for the fourth quarter of 2009.Operating expenses for the three months ended March 31, 2010, decreased $2,924,000, or 12.4%, to $20,748,000 from $23,672,000 for the same period in 2009, principally due to a pre-tax charge of $3,098,000 recorded in the first quarter of 2009 for severance and other employee-related costs in connection with a workforce reduction implemented during the quarter and a decrease in selling, general and administrative expenses of $943,000, partially offset by an increase in research and development expenses of $1,117,000. The key decreases in selling, general and administrative expenses were compensation expenses of $627,000, commission expense of $342,000 and legal fees of $134,000. The key increases in research and development expenses were compensation expenses of $465,000, outside services of $242,000 and project materials of $176,000.
Other income (expense), net for the three months ended March 31, 2010 decreased $51,000 to $67,000 from $118,000 in 2009. The primary reason for the decrease was a decrease in interest income of $75,000.
For the three months ended March 31, 2010, depreciation and amortization was $2,432,000, and capital additions were $2,429,000, compared to $2,625,000 and $1,029,000, respectively, for the first three months of 2009.
Inventories increased by approximately $353,000 or 1.7% to $21,710,000, as compared with $21,357,000 at December 31, 2009. The increase was primarily attributed to increases in BBU and Picor inventories of approximately $271,000 and $200,000, respectively, partially offset by a decrease in V*I Chips inventories of $118,000.
At March 31, 2010, the Company had $41,661,000 in unrestricted cash and cash equivalents. The ratio of current assets to current liabilities was 4.6:1 at March 31, 2010, and December 31, 2009. Working capital increased $3,621,000 to $78,412,000 at March 31, 2010, from $74,791,000 at December 31, 2009. The primary factors affecting the working capital increase were increases in accounts receivable of $4,570,000, cash and cash equivalents of $1,437,000, inventories of $353,000, other current assets of $239,000, as well as a decrease in accounts payable of $535,000, offset by decreases in short term investments of $2,011,000, as well as increases in accrued compensation and benefits of $817,000, deferred revenue of $608,000, and income taxes payable of $302,000. The primary source of cash for the three months ended March 31, 2010, was $3,386,000 in net sales of short-term and long-term investments and $461,000 from operating activities. The primary use of cash for the three months ended March 31, 2010 was $2,429,000 for the purchase of equipment.
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