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Articles 

Vicor Corp. Reports Operating Results (10-Q)

August 03, 2010 | About:

Vicor Corp. (NASDAQ:VICR) filed Quarterly Report for the period ended 2010-06-30.

Vicor Corp. has a market cap of $662.1 million; its shares were traded at around $15.89 with a P/E ratio of 63.6 and P/S ratio of 3.3. The dividend yield of Vicor Corp. stocks is 3.8%.

Highlight of Business Operations:

Revenues for the second quarter increased by 13.3% to $57,377,000, compared to $50,627,000 for the corresponding period a year ago, and increased 11.0% on a sequential basis from $51,709,000 for the first quarter of 2010. Gross margin increased to $25,739,000 for the second quarter of 2010, compared to $22,598,000 for the corresponding period a year ago, and increased on a sequential basis from $23,324,000 for the first quarter of 2010. Gross margin, as a percentage of revenue, increased to 44.9% for the second quarter of 2010 compared to 44.6% for the second quarter of 2009, but decreased on a sequential basis from 45.1% for the first quarter of 2010. Net income (loss) attributable to Vicor Corporation for the second quarter was $4,747,000, or $0.11 per diluted share, compared to net income (loss) attributable to Vicor Corporation of $1,341,000, or $0.03 per diluted share, for the corresponding period a year ago and net income (loss) attributable to Vicor Corporation of $1,952,000, or $0.05 per diluted share, for the first quarter of 2010.

Revenues for the six months ended June 30, 2010 increased by 7.9% to $109,086,000, compared to $101,075,000 for the corresponding period a year ago. Gross margin increased to $49,063,000 for the six months ended June 30, 2010, compared to $44,429,000 for the corresponding period a year ago. Gross margin, as a percentage of revenue, increased to 45.0% for the six months ended June 30, 2010 compared to 44.0% for the corresponding period a year ago. Net income (loss) attributable to Vicor Corporation for the six months ended June 30, 2010 was $6,699,000, or $0.16 per diluted share, compared to net income (loss) attributable to Vicor Corporation of $(1,202,000), or $(0.03) per diluted share, for the corresponding period a year ago. The net loss for the six months ended June 30, 2009 was primarily due to an aggregate pre-tax charge of $3,957,000 for the cost of severance and other employee-related costs in connection with the Companys workforce reductions implemented in the first and second quarters of 2009.

Operating expenses for the three months ended June 30, 2010 increased $609,000, or 3.0%, to $21,098,000 from $20,489,000 in 2009, principally due to an increase in research and development expenses of $1,426,000, partially offset by a pre-tax charge of $859,000 recorded in the second quarter of 2009 for severance and other employee-related costs in connection with a workforce reduction implemented during that quarter. The key increases in research and development expenses were compensation expenses of $498,000, project materials of $294,000, deferred costs of $166,000 and outside services of $160,000.

Operating expenses for the six months ended June 30, 2010 decreased $2,315,000, or 5.2%, to $41,846,000 from $44,161,000 in 2009, principally due to a pre-tax charge of $3,957,000 recorded for the six months ended June 30, 2009 for severance and other employee-related costs in connection with workforce reduction implemented during the six months ended June 30, 2009 and a decrease in selling, general and administrative expenses of $901,000, partially offset by an increase in research and development expenses of $2,543,000. The key decreases in selling, general and administrative expenses were compensation expenses of $761,000, legal fees of $228,000, commission expense of $145,000 and depreciation and amortization of $131,000. The key increases in research and development expenses were compensation expenses of $962,000, project materials of $471,000, outside services of $402,000, and deferred costs of $324,000.

Other income (expense), net for the three months ended June 30, 2010 increased $232,000 to $425,000 from $193,000 in 2009. The primary reason for the increase was a decrease in credit losses on available-for-sale securities of $474,000 and an increase in gain on disposals of equipment of $227,000, partially offset by an increase in loss on trading securities of $345,000 and a decrease in interest income of $71,000.

Other income (expense), net for the six months ended June 30, 2010 increased $181,000 to $492,000 from $311,000 in 2009. The primary reason for the increase was a decrease in credit losses on available-for-sale securities of $431,000 and an increase in gain on disposals of equipment of $222,000, partially offset by an increase in loss on trading securities of $288,000 and a decrease in interest income of $189,000.

Read the The complete Report

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10qk
GuruFocus - Stock Picks and Market Insight of Gurus

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