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
| Source: Vicor Corporation
ANDOVER, MA--(Marketwire - August 9, 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 June 30, 2007.
As noted in the Company's preliminary financial news brief dated July 30,
2007 and updated August 9, 2007, the Company's financial results for the
second quarter ended June 30, 2007 are considered preliminary and subject
to change based upon the final accounting for investments made by the
Company in a related party entity. During Q2 2007, the Company made an
additional investment of $1 million in the 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 is not currently available to allow the
Company 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 June 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.
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, 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.