VICOR CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(Thousands except for per share amounts)
QUARTER ENDED NINE MONTHS ENDED
(Unaudited) (Unaudited)
-------------------- --------------------
SEPT 30, SEPT 30, SEPT 30, SEPT 30,
2010 2009 2010 2009
--------- --------- --------- ---------
Net revenues $ 68,672 $ 47,746 $ 177,758 $ 148,821
Cost of revenues 36,199 27,078 96,222 83,724
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Gross margin 32,473 20,668 81,536 65,097
Operating expenses:
Sales & administration 12,166 11,625 36,107 36,467
Research & development 8,925 7,831 26,830 23,193
Severance charges 0 126 0 4,083
Gain from litigation-related
and other settlements, net 0 (846) 0 (846)
--------- --------- --------- ---------
Total operating expenses 21,091 18,736 62,937 62,897
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Income from operations 11,382 1,932 18,599 2,200
Other income, net 87 251 579 562
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Income before income taxes 11,469 2,183 19,178 2,762
(Benefit) provision for income
taxes (4,400) 193 (3,443) 1,165
--------- --------- --------- ---------
Consolidated net income 15,869 1,990 22,621 1,597
Less: Net income attributable
to noncontrolling interest 50 299 103 1,108
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Net income attributable to
Vicor Corporation $ 15,819 $ 1,691 $ 22,518 $ 489
========= ========= ========= =========
Net income per share attributable
to Vicor Corporation:
Basic $ 0.38 $ 0.04 $ 0.54 $ 0.01
Diluted $ 0.38 $ 0.04 $ 0.54 $ 0.01
Shares outstanding:
Basic 41,693 41,665 41,682 41,665
Diluted 41,774 41,675 41,742 41,668
VICOR CORPORATION
CONSOLIDATED BALANCE SHEET
(Thousands)
SEPT 30, DEC 31,
2010 2009
(Unaudited) (Unaudited)
----------- -----------
Assets
Current assets:
Cash and cash equivalents $ 46,749 $ 40,224
Restricted cash equivalents 0 192
Short-term investments 0 2,583
Accounts receivable, net 39,440 26,565
Inventories, net 29,878 21,357
Deferred tax assets 3,678 181
Other current assets 5,624 4,345
----------- -----------
Total current assets 125,369 95,447
Restricted cash and cash equivalents 0 223
Long-term investments 18,984 30,957
Property and equipment, net 49,104 49,009
Long-term deferred tax assets, net 222 0
Other assets 4,754 4,941
----------- -----------
$ 198,433 $ 180,577
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Liabilities and Equity
Current liabilities:
Accounts payable $ 12,879 $ 9,458
Accrued compensation and benefits 7,188 5,740
Accrued severance charge 0 259
Other accrued liabilities 3,369 2,678
Deferred revenue 4,575 2,521
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Total current liabilities 28,011 20,656
Long-term deferred revenue 2,291 2,196
Long-term income taxes payable 953 384
Deferred income taxes, net 0 1,275
Equity:
Vicor Corporation stockholders' equity:
Capital stock 163,002 162,248
Retained earnings 122,984 112,972
Accumulated other comprehensive loss (1,100) (1,608)
Treasury stock (121,827) (121,827)
----------- -----------
Total Vicor Corporation stockholders'
equity 163,059 151,785
Noncontrolling interest 4,119 4,281
----------- -----------
Total equity 167,178 156,066
----------- -----------
$ 198,433 $ 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