UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
FORM 8-K CURRENT REPORT
Pursuant to Section 13 or 15(d) of the |
Date of Report: February 25, 2016
(Date of earliest event reported)
Vicor Corporation
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction
of incorporation)
0-18277
(Commission File Number)
04-2742817
(IRS Employer
Identification Number)
25 Frontage Road, Andover, Massachusetts
(Address of principal executive offices)
01810
(Zip Code)
(978) 470-2900
(Registrant's telephone number, including area code)
Not Applicable
(Former Name or Former Address, if changed since last report)
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Item 2.02. Results of Operations and Financial Condition On February 25, 2016, Vicor Corporation issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2015. The full text of that press release is attached as Exhibit 99.1 hereto and incorporated by reference herein. The information furnished under this Item 2.02, including the Exhibit attached hereto, shall not be deemed "filed" for any purpose, including for purposes of Section 18 of the Securities and Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.
Item 9.01. Financial Statements and Exhibits
(a) Financial statements:
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Dated: February 25, 2016 |
VICOR CORPORATION
By: /s/ James A. Simms |
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| Exhibit No. | Description |
| 99.1 | Press Release of Vicor Corporation dated February 25, 2016 |
Exhibit 99.1
Vicor Corporation Reports Results for the Fourth Quarter and Year Ended December 31, 2015ANDOVER, MA -- (Marketwired - February 25, 2016) - Vicor Corporation (NASDAQ: VICR) today reported financial results for the fourth quarter and year ended December 31, 2015. These results will be discussed later today at 5:00 p.m. Eastern Time, during management's quarterly investor conference call. The details for the call are presented below.
Revenues for the fourth quarter ended December 31, 2015 decreased to $51,394,000, compared to $60,735,000 for the corresponding period a year ago, but increased from $48,664,000 for the third quarter of 2015. Fourth quarter bookings decreased to $46,636,000 from $62,336,000 for the corresponding period a year ago, and decreased from $50,368,000 for the third quarter of 2015.
Gross margin decreased to $22,831,000 for the fourth quarter of 2015, compared to $26,116,000 for the corresponding period a year ago, but increased from $21,286,000 for the third quarter of 2015. Gross margin, as a percentage of revenue, increased to 44.4% for the fourth quarter of 2015, compared to 43.0% for the fourth quarter of 2014, and 43.7% for the third quarter of 2015.
Net loss for the fourth quarter was ($1,752,000), or ($0.05) per share, compared to a net loss of nil, or ($0.00) per share, for the corresponding period a year ago and net income of $2,503,000, or $0.06 per diluted share, for the third quarter of 2015.
Revenues for the year ended December 31, 2015, decreased by 2.5% to $220,194,000 from $225,731,000 for the corresponding period a year ago. Net income for the current year was $4,927,000, or $0.13 per diluted share, compared to a net loss of ($13,887,000), or ($0.36) per share, for the corresponding period a year ago. Included in net income for the third quarter of 2015 was a gain from equity method investment of $5,000,000, net of taxes, representing cash consideration received for the Company's investment in Great Wall Semiconductor Corporation ("GWS"), following the acquisition of GWS by Intersil Corporation in September 2015.
Cash used for operating activities totaled $164,000 for the fourth quarter of 2015, after adjusting for the deconsolidation of a noncontrolling interest, compared to cash provided by operations of $740,000 for the corresponding period a year ago. Cash and cash equivalents decreased by $5,591,000 to approximately $62,980,000 at the end of the fourth quarter of 2015 from $68,571,000 at the end of the third quarter of 2015.
Total backlog at the end of 2015 was $39,073,000, compared to $43,344,000 at the end of the third quarter, and $54,249,000 at the end of 2014.
Regarding the fourth quarter and full year, Dr. Patrizio Vinciarelli, Chief Executive Officer, commented, "Vicor revenue and profitability came in short of our expectations for 2015. As indicated before, Vicor revenue should be approaching an inflection point with expanding penetration of next generation datacenter servers and supercomputers by our 48V Factorized Power Architecture solutions. However, delays in the delivery of Intel's VR13 processors have deferred our anticipated revenue ramp. Vicor's power system business remained a steady contributor throughout 2015, despite challenging market conditions. New solutions, enabled by our high efficiency, high density ChiP modules and VIA packages, are beginning to penetrate legacy and emerging markets and should also contribute to improved performance. Vicor introduced an unprecedented number of new products during 2015, with broadening families of ChiP modules, ChiPs in VIAs, and SiPs. These unique modules, reflecting our Power Component Design Methodology, enable the most advanced, highest performance source-to-load power conversion solutions available. New product introductions will occur at an accelerating pace throughout 2016. I am confident that customer enthusiasm for our state-of-the-art power component and systems capability will give rise to sustained revenue growth."
For more information on Vicor and its products, please visit the Company's website at www.vicorpower.com.
Earnings Conference Call
Vicor will be holding its investor conference call today, Thursday, February 25, 2016 at 5:00 p.m. Eastern Time. Shareholders interested in participating in the call should call 888-339-2688 at approximately 4:50 p.m. and use the Passcode 34463364. Internet users may listen to a real-time audio broadcast of the conference call on the Investor Relations section of Vicor's website at www.vicorpower.com. Please go to the website at least 15 minutes prior to the call to register, download and install any necessary software. For those who cannot participate in the conference call, a replay will be available, shortly after the conclusion of the call, through March 11, 2016. The replay dial-in number is 888-286-8010 and the Passcode is 84047926. In addition, a webcast replay of the conference call will also be available on the Investor Relations section of Vicor's website at www.vicorpower.com beginning shortly after the conclusion of the call.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement in this press release that is not a statement of historical fact is a forward-looking statement, and, the words "believes," "expects," "anticipates," "intend," "estimate," "plans," "assumes," "may," "will," "would," "should," "continue," "prospective," "project," and other similar expressions identify forward-looking statements. Forward-looking statements also include statements regarding bookings, shipments, revenue, profitability, targeted markets, increase in manufacturing capacity and utilization thereof, future products and capital resources. These statements are based upon management's current expectations and estimates as to the prospective events and circumstances that may or may not be within the company's control and as to which there can be no assurance. Actual results could differ materially from those projected in the forward-looking statements as a result of various factors, including those economic, business, operational and financial considerations set forth in Vicor's Annual Report on Form 10-K for the year ended December 31, 2014, under Part I, Item I - "Business," under Part I, Item 1A - "Risk Factors," under Part I, Item 3 - "Legal Proceedings," and under Part II, Item 7 - "Management's Discussion and Analysis of Financial Condition and Results of Operations." The risk factors set forth in the Annual Report on Form 10-K may not be exhaustive. Therefore, the information contained in the Annual Report on Form 10-K should be read together with other reports and documents filed with the Securities and Exchange Commission from time to time, including Forms 10-Q, 8-K and 10-K, which may supplement, modify, supersede or update those risk factors. Vicor does not undertake any obligation to update any forward-looking statements as a result of future events or developments.
Vicor Corporation designs, develops, manufactures and markets modular power components and complete power systems based upon a portfolio of patented technologies. Headquartered in Andover, Massachusetts, Vicor sells its products primarily to customers in the higher-performance, higher-power segments of the power systems market, including aerospace and defense electronics, enterprise and high performance computing, industrial equipment and automation, telecommunications and network infrastructure, and vehicles and transportation markets.
VICOR CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(Thousands except for per share amounts)
QUARTER ENDED YEAR ENDED
(Unaudited) (Unaudited)
--------- --------- --------- ---------
DEC 31, DEC 31, DEC 31, DEC 31,
2015 2014 2015 2014
--------- --------- --------- ---------
Net revenues $ 51,394 $ 60,735 $ 220,194 $ 225,731
Cost of revenues 28,563 34,619 120,676 128,611
--------- --------- --------- ---------
Gross margin 22,831 26,116 99,518 97,120
Operating expenses:
Selling, general and
administrative 14,982 15,830 58,313 68,197
Research and development 10,301 10,240 41,472 41,479
Severance and other charges - 224 - 2,207
--------- --------- --------- ---------
Total operating expenses 25,283 26,294 99,785 111,883
--------- --------- --------- ---------
Loss from operations (2,452) (178) (267) (14,763)
Other income (expense), net 14 220 25 268
--------- --------- --------- ---------
Income (loss) before income
taxes (2,438) 42 (242) (14,495)
Less: (Benefit) provision for
income taxes (775) 85 (401) (425)
Gain from equity method
investment, net of tax - - 5,000 -
--------- --------- --------- ---------
Consolidated net income (loss) (1,663) (43) 5,159 (14,070)
Less: Net income (loss)
attributable to noncontrolling
interest 89 (43) 232 (183)
--------- --------- --------- ---------
Net income (loss) attributable
to Vicor Corporation $ (1,752) $ 0 $ 4,927 $ (13,887)
========= ========= ========= =========
Net income (loss) per share
attributable
to Vicor Corporation:
Basic $ (0.05) $ 0.00 $ 0.13 $ (0.36)
Diluted $ (0.05) $ 0.00 $ 0.13 $ (0.36)
Shares outstanding:
Basic 38,792 38,641 38,754 38,569
Diluted 38,792 38,641 39,146 38,569
VICOR CORPORATION
CONSOLIDATED BALANCE SHEET
(Thousands)
DEC 31, DEC 31,
2015 2014
(Unaudited) (Unaudited)
------------- -------------
Assets
Current assets:
Cash and cash equivalents $ 62,980 $ 55,187
Short-term investments - 270
Accounts receivable, net 25,982 28,431
Inventories, net 23,442 26,328
Deferred tax assets - 107
Other current assets 3,102 3,155
------------- -------------
Total current assets 115,506 113,478
Deferred tax assets 15 -
Long-term investments 2,866 3,002
Property, plant and equipment, net 37,450 37,387
Other assets 1,708 1,675
------------- -------------
$ 157,545 $ 155,542
============= =============
Liabilities and Equity
Current liabilities:
Accounts payable $ 7,470 $ 7,932
Accrued compensation and benefits 8,349 8,663
Accrued expenses 2,568 3,178
Accrued severance charges 195 1,904
Income taxes payable 31 41
Deferred revenue 1,988 1,439
------------- -------------
Total current liabilities 20,601 23,157
Long-term deferred revenue 468 637
Long-term income taxes payable 192 867
Deferred income taxes 55 329
Contingent consideration obligation 144 -
Equity:
Vicor Corporation stockholders' equity:
Capital stock 174,850 172,412
Retained earnings 99,685 94,758
Accumulated other comprehensive loss (577) (471)
Treasury stock (138,927) (138,927)
------------- -------------
Total Vicor Corporation stockholders'
equity 135,031 127,772
Noncontrolling interest 1,054 2,780
------------- -------------
Total equity 136,085 130,552
------------- -------------
$ 157,545 $ 155,542
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For further information contact: James A. Simms Chief Financial Officer Voice: 978-470-2900 Facsimile: 978-749-3439 invrel@vicorpower.com