Contact Information: For further information contact: James A. Simms Chief Financial Officer or Mark A. Glazer Treasurer Tel: 978-470-2900 Fax: 978-749-3439
Vicor Corporation Announces Work Force Reduction and Dividend Suspension
| Source: Vicor Corporation
ANDOVER, MA--(Marketwire - January 14, 2009) - Vicor Corporation (NASDAQ : VICR ) today
announced an indefinite suspension of its semi-annual dividend and a plan
to reduce its work force by approximately six percent.
Management expects the reduction of its work force will be completed by the
end of January 2009. An estimate of first quarter 2009 pre-tax charges for
severance costs will be included in the company's press release announcing
2008 fourth quarter and full year financial results.
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 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, the pace of new
design wins with early adopters and gaining broader product acceptance
within the company's target markets, and plans to expand capacity with
incremental investments in equipment. These statements are based upon the
company'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 Corporation's Annual Report
on Form 10-K for the year ended December 31, 2007, under Part I, Item I --
"Business," "--Competition," "--Patents," and "-- Licensing," 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 Annual Report on Form 10-K should be read together
with other reports and documents the company files 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. The
company 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 the electronic data processing, industrial control,
military electronics and telecommunications markets.