8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 22, 2021

VICOR CORPORATION

(Exact Name of Registrant as Specified in its Charter)

Delaware	0-18277	04-2742817
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

25 Frontage Road, Andover, Massachusetts 01810

(Address of Principal Executive Offices) (Zip Code)

(978) 470-2900

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	VICR	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02. Results of Operations and Financial Condition

On April 22, 2021, Vicor Corporation issued a press release announcing its financial results for the first quarter ended March 31, 2021. 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:

None

(b) Pro forma financial information:

None

(c) Shell company transactions:

None

(d) Exhibits

99.1 Press Release of Vicor Corporation dated April 22, 2021

Exhibit Index
Exhibit No.	Description
99.1	Press Release of Vicor Corporation dated April 22, 2021
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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.

	VICOR CORPORATION
Date: April 22, 2021	By:	/s/ Richard J. Nagel Jr.
		Richard J. Nagel Jr.
		Interim Principal Financial Officer

EX-99.1

Exhibit 99.1

NEWS RELEASE    

FINANCIAL NEWS BRIEF    

April 22, 2021

For Immediate Release

Vicor Corporation Reports Results for the First Quarter Ended March 31, 2021

Andover, MA, April 22, 2021 (GLOBE NEWSWIRE) — Vicor Corporation (NASDAQ: VICR) today reported financial results for the first quarter ended March 31, 2021. 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 first quarter ended March 31, 2021 totaled $88.8 million, a 40.1% increase from $63.4 million for the corresponding period a year ago, and a 5.3% sequential increase from $84.3 million the fourth quarter of 2020.

Gross margin increased to $44.7 million for the first quarter of 2021, compared to $27.3 million for the corresponding period a year ago, and increased sequentially from $40.5 million for the fourth quarter of 2020. Gross margin, as a percentage of revenue, increased to 50.3% for the first quarter of 2021, compared to 43.1% for the corresponding period a year ago, and increased from 48.0% for the fourth quarter of 2020.

Net income for the first quarter was $15.1 million, or $0.34 per diluted share, compared to a net loss of ($1.7) million or ($0.04) per share, for the corresponding period a year ago and net income of $11.2 million, or $0.25 per diluted share, for the fourth quarter of 2020.

Cash flow from operations totaled $17.6 million for the first quarter, compared to cash used for operations of $0.9 million for the corresponding period a year ago, and cash flow from operations of $19.3 million in the fourth quarter of 2020. Capital expenditures for the first quarter totaled $9.3 million, compared to $3.0 million for the corresponding period a year ago and $11.8 million for the fourth quarter of 2020. The sum of cash, cash equivalents, and short-term investments sequentially rose 5.3% to approximately $223.1 million compared to the fourth quarter of 2020.

First quarter bookings increased 41.2% to $98.9 million, from $70.1 million for the corresponding period a year ago, and increased sequentially 8.1% from $91.5 million for the fourth quarter of 2020. Total backlog at the end of the first quarter of 2021 was $157.1 million, up 6.5 % from $147.6 million at the end of 2020.

Commenting on first quarter performance, Dr. Patrizio Vinciarelli, Chief Executive Officer, stated, “Q1 revenues and gross margins reflected strong demand and improved manufacturing efficiencies. Vertical integration of power packaging processes and increased capacity in expanded facilities will enable greater revenue and margin growth starting in 2022. For the balance of 2021, sequential quarterly increases in revenue are capacity constrained to 7% while bookings and backlog are expected to grow at a faster pace.”

Dr. Vinciarelli concluded, “While 48V adoption in data centers is accelerating, current requirements for lower voltage rails feeding AI processors are stepping up nearly 2X every 2 years. Vicor’s power system modules are uniquely fit to support this trajectory, prompting OEMs seeking to advance their AI solutions to gain preferential access to Vicor’s enabling technology.”

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, April 22, 2021 at 5:00 p.m. Eastern Time. Vicor encourages investors and analysts who intend to ask questions via the conference call to pre-register with BT Conferencing, the service provider hosting the conference call, so that he or she, on the day of the call, may avoid waiting for the BT Conferencing operator to register callers individually. Those pre-registering on BT Conferencing’s website will receive a special dial-in number and PIN for call access. Pre-registration may be completed at any time prior to 5:00 p.m. on April 22, 2021. Telephone participants who are unable to pre-register should dial 877-299-4502 at approximately 4:45 p.m. and use the Passcode 41638660. 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 May 7, 2021. The replay dial-in number is 888-286-8010 and the Passcode is 66693367. 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,” “intends,” “estimates,” “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, 2020, 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.

For further information contact:

Investor Relations

Vicor Corporation

Voice: 978-470-2900

invrel@vicorpower.com

VICOR CORPORATION    

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(Thousands except for per share amounts)    

	QUARTER ENDED
	(Unaudited)
	MAR 31,			MAR 31,
	2021			2020
Net revenues	$	88,796		$	63,401
Cost of revenues		44,096			36,070
Gross margin		44,700			27,331
Operating expenses:
Selling, general and administrative		16,954			16,369
Research and development		13,026			13,335
Total operating expenses		29,980			29,704
Income (loss) from operations		14,720			(2,373	)
Other income (expense), net		232			148
Income (loss) before income taxes		14,952			(2,225	)
Less: Benefit for income taxes		(143	)		(494	)
Consolidated net income (loss)		15,095			(1,731	)
Less: Net income attributable to noncontrolling interest		3			4
Net income (loss) attributable to Vicor Corporation	$	15,092		($	1,735	)
Net income (loss) per share attributable to Vicor Corporation:
Basic	$	0.35		($	0.04	)
Diluted	$	0.34		($	0.04	)
Shares outstanding:
Basic		43,455			40,635
Diluted		44,841			40,635

VICOR CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEET

(Thousands)

	MAR 31,			DEC 31,
	2021			2020
	(Unaudited)			(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	127,411		$	161,742
Short-term investments		95,719			50,166
Accounts receivable, net		47,697			40,999
Inventories, net		54,256			57,269
Other current assets		6,954			6,756
Total current assets		332,037			316,932
Long-term deferred tax assets		224			226
Long-term investment, net		2,541			2,517
Property, plant and equipment, net		81,124			74,843
Other assets		1,695			1,721
Total assets	$	417,621		$	396,239
Liabilities and Equity
Current liabilities:
Accounts payable	$	16,365		$	14,121
Accrued compensation and benefits		14,485			14,094
Accrued expenses		3,153			2,624
Sales allowances		1,253			597
Short-term lease liabilities		1,571			1,629
Income taxes payable		43			139
Short-term deferred revenue and customer prepayments		6,008			7,309
Total current liabilities		42,878			40,513
Long-term deferred revenue		653			733
Contingent consideration obligations		181			227
Long-term income taxes payable		648			643
Long-term lease liabilities		2,779			2,968
Total liabilities		47,139			45,084
Equity:
Vicor Corporation stockholders’ equity:
Capital stock		333,564			328,943
Retained earnings		176,100			161,008
Accumulated other comprehensive loss		(573	)		(204	)
Treasury stock		(138,927	)		(138,927	)
Total Vicor Corporation stockholders’ equity		370,164			350,820
Noncontrolling interest		318			335
Total equity		370,482			351,155
Total liabilities and equity	$	417,621		$	396,239

XML

Document and Entity Information	Apr. 22, 2021
Cover [Abstract]
Entity Registrant Name	VICOR CORP
Amendment Flag	false
Entity Central Index Key	0000751978
Document Type	8-K
Document Period End Date	Apr. 22, 2021
Entity Incorporation State Country Code	DE
Entity File Number	0-18277
Entity Tax Identification Number	04-2742817
Entity Address, Address Line One	25 Frontage Road
Entity Address, City or Town	Andover
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01810
City Area Code	(978)
Local Phone Number	470-2900
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock, par value $0.01 per share
Trading Symbol	VICR
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false