VICOR CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(Thousands except for per share amounts)
QUARTER ENDED
(Unaudited)
---------------------
MAR 31, MAR 31,
2009 2008
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Net revenues $ 50,448 $ 53,469
Cost of revenues 28,617 31,009
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Gross margin 21,831 22,460
Operating expenses:
Sales & administration 12,823 14,052
Research & development 7,751 7,511
Severance charge 3,098 0
--------- ----------
Total operating expenses 23,672 21,563
Income (loss) from operations (1,841) 897
Other income (expense), net 118 1,200
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Income (loss) before income taxes (1,723) 2,097
Provision for income taxes 428 242
Loss from equity method investment
(net of tax) 0 790
--------- ----------
Consolidated net income (loss) (2,151) 1,065
Less: Net income attributable to
noncontrolling interest 392 445
--------- ----------
Net income (loss) attributable to
Vicor Corporation ($ 2,543) $ 620
========= ==========
Net income (loss) per share attributable
to Vicor Corporation:
Basic ($ 0.06) $ 0.01
Diluted ($ 0.06) $ 0.01
Shares outstanding:
Basic 41,665 41,636
Diluted 41,665 41,675
VICOR CORPORATION
CONSOLIDATED BALANCE SHEET
(Thousands)
MAR 31, DEC 31,
2009 2008
(Unaudited) (Unaudited)
----------- -----------
Assets
Current assets:
Cash and cash equivalents $ 25,136 $ 22,639
Restricted cash equivalents 168 176
Short-term investments 1,161 1,773
Accounts receivable, net 28,586 28,757
Inventories, net 25,631 26,681
Deferred tax assets 451 451
Other current assets 2,817 2,279
----------- -----------
Total current assets 83,950 82,756
Restricted cash and cash equivalents 534 561
Long-term investments 35,967 35,661
Property and equipment, net 46,713 48,254
Other assets 4,597 4,690
----------- -----------
$ 171,761 $ 171,922
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Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 6,577 $ 5,592
Accrued compensation and benefits 6,260 6,783
Accrued severance charge 1,990 0
Other accrued liabilities 3,387 4,422
Deferred revenue 1,201 662
----------- -----------
Total current liabilities 19,415 17,459
Long-term deferred revenue 1,331 1,118
Long-term income taxes payable 274 259
Deferred income taxes 1,577 1,660
Equity:
Vicor Corporation stockholders' equity:
Capital stock 161,791 161,591
Retained earnings 107,631 110,174
Accumulated other comprehensive
(loss) income (3,078) (2,767)
Treasury stock (121,827) (121,827)
----------- -----------
Total Vicor Corporation
stockholders' equity 144,517 147,171
Noncontrolling interest 4,647 4,255
----------- -----------
Total equity 149,164 151,426
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$ 171,761 $ 171,922
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Contact Information: For further information contact: James A. Simms Chief Financial Officer Tel: 978-470-2900 Fax: 978-749-3439