VICOR CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(Thousands except for per share amounts)
QUARTER ENDED YEAR ENDED
(Unaudited) (Unaudited)
---------------- ------------------
DEC 31, DEC 31, DEC 31, DEC 31,
2010 2009 2010 2009
------- ------- -------- --------
Net revenues $72,975 $49,138 $250,733 $197,959
Cost of revenues 39,991 26,641 136,213 110,365
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Gross margin 32,984 22,497 114,520 87,594
Operating expenses:
Sales & administration 13,310 11,465 49,417 47,932
Research & development 9,151 8,443 35,981 31,636
Severance charges 0 16 0 4,099
Gain from litigation-related
and other settlements, net 0 0 0 (846)
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Total operating expenses 22,461 19,924 85,398 82,821
------- ------- -------- --------
Income from operations 10,523 2,573 29,122 4,773
Other income (expense), net (82) 120 497 682
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Income before income taxes 10,441 2,693 29,619 5,455
(Benefit) provision for income taxes (477) 197 (3,920) 1,362
------- ------- -------- --------
Consolidated net income 10,918 2,496 33,539 4,093
Less: Net income attributable to
noncontrolling interest 111 187 214 1,295
------- ------- -------- --------
Net income attributable to Vicor
Corporation $10,807 $ 2,309 $ 33,325 $ 2,798
======= ======= ======== ========
Net income per share attributable to
Vicor Corporation:
Basic $ 0.26 $ 0.06 $ 0.80 $ 0.07
Diluted $ 0.26 $ 0.06 $ 0.80 $ 0.07
Shares outstanding:
Basic 41,753 41,665 41,700 41,665
Diluted 41,860 41,678 41,772 41,671
VICOR CORPORATION
CONSOLIDATED BALANCE SHEET
(Thousands)
DEC 31, DEC 31,
2010 2009
(Unaudited) (Unaudited)
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Assets
Current assets:
Cash and cash equivalents $ 49,279 $ 40,224
Restricted cash equivalents 0 192
Short-term investments 0 2,583
Accounts receivable, net 38,825 26,565
Inventories, net 35,489 21,357
Deferred tax assets 2,164 181
Other current assets 2,397 4,345
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Total current assets 128,154 95,447
Restricted cash and cash equivalents 0 223
Long-term investments 18,417 30,957
Property and equipment, net 50,848 49,009
Long-term deferred tax assets, net 2,805 0
Other assets 4,688 4,941
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$ 204,912 $ 180,577
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Liabilities and Equity
Current liabilities:
Accounts payable $ 11,999 $ 9,458
Accrued compensation and benefits 6,772 5,740
Accrued severance charge 0 259
Other accrued liabilities 3,240 2,678
Deferred revenue 689 2,521
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Total current liabilities 22,700 20,656
Long-term deferred revenue 2,178 2,196
Long-term income taxes payable 1,022 384
Deferred income taxes, net 0 1,275
Equity:
Vicor Corporation stockholders' equity:
Capital stock 164,436 162,248
Retained earnings 133,791 112,972
Accumulated other comprehensive loss (1,369) (1,608)
Treasury stock (121,827) (121,827)
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Total Vicor Corporation stockholders'
equity 175,031 151,785
Noncontrolling interest 3,981 4,281
---------- ----------
Total equity 179,012 156,066
---------- ----------
$ 204,912 $ 180,577
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Contact Information: For further information contact: James A. Simms Chief Financial Officer Tel: 978-470-2900 Fax: 978-749-3439