Contact Information: For further information contact: Mark A. Glazer Chief Financial Officer Vicor Corporation Tel: 978-470-2900 Fax: 978-749-3439
Vicor Corporation Announces Delay in Filing Form 10-Q, Receives Decision From Nasdaq
| Source: Vicor Corporation
ANDOVER, MA--(Marketwire - November 8, 2007) - Vicor Corporation (NASDAQ : VICR ) today
announced that it will require an extension of time to file its Quarterly
Report on Form 10-Q for the quarter ended September 30, 2007.
During Q2 2007, the Company made an additional investment of $1 million in
a related party and agreed to a further investment of $1 million if certain
conditions are met. The additional investment made in Q2 2007 requires the
Company to account for the investment in the related party under the equity
method of accounting and to retroactively restate its previously issued
consolidated financial statements to reflect the equity method of
accounting in prior periods. Certain financial information for the years
ended December 31, 2003, 2004, 2005 and 2006 for the related party has been
recently received, but the Company needs to complete its review of this
information in order to record the appropriate adjustments for the equity
method of accounting in order to file the Quarterly Report on Form 10-Q for
the quarter ended September 30, 2007 timely. In addition, the Company is
performing additional valuation analyses to determine if any further
adjustment in its investment is required due to other than temporary
declines in value.
In addition, on November 2, 2007, the Nasdaq Listing Qualifications Panel
of The NASDAQ Stock Market LLC ("NASDAQ") issued its decision to give the
Company until January 31, 2008 to file its past due Form 10-Q for the
quarter ended June 30, 2007 and regain compliance with NASDAQ's listing
requirements. The Company had previously announced on August 17, 2007 that
it had requested a hearing before the Nasdaq Listing Qualifications Panel
in connection with this matter. The Company's shares will continue to be
listed on the NASDAQ during this period.
For more information on Vicor and its products, please visit the Company's
website at www.vicorpower.com.
This press release contains certain forward-looking statements as that term
is defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve risks and uncertainties that could cause
actual events or results to differ materially from those projected or
anticipated. These risks and uncertainties include the preliminary nature
of the financial information contained in the press release, statements
relating to the status of the preparation of financial statements, the
impact of any additional write-downs in the value of assets, the effects of
equity accounting with respect to certain affiliates, the continued listing
of the Company's shares on the NASDAQ, as well as those risks and
uncertainties identified in the Company's Annual Report on Form 10-K. The
risk factors contained in the Annual Report on Form 10-K may not be
exhaustive. Therefore, the information contained in that Form 10-K should
be read together with other reports and documents that the Company files
with the SEC from time to time, which may supplement, modify, supersede or
update those risk factors.
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 the communications, information technology,
industrial control and military electronics markets.