Company Quick10K Filing
Quick10K
Vicor
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$35.41 40 $1,430
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-25 Earnings, Exhibits
8-K 2019-06-28 Shareholder Vote
8-K 2019-04-23 Earnings, Exhibits
8-K 2018-10-16 Earnings, Exhibits
8-K 2018-07-24 Earnings, Exhibits
8-K 2018-06-15 Shareholder Vote
8-K 2018-05-30 Sale of Shares, Officers, Exhibits
8-K 2018-04-24 Earnings, Exhibits
8-K 2018-02-22 Earnings, Exhibits
IRM Iron Mountain 8,880
CBPO China Biologic Products Holdings 3,650
EVRI Everi Holdings 730
FTSV Forty Seven 585
CINAV Cole Real Estate Income Strategy 0
BRFH Barfresh 0
MFST Medifirst Solutions 0
ORIG Ocean Rig Udw 0
GPT Gramercy Property Trust 0
ACLZ Accelerize 0
VICR 2019-06-30
Part I - Financial Information
Item 1 - Financial Statements
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3 - Quantitative and Qualitative Disclosures About Market Risk
Item 4 - Controls and Procedures
Part II - Other Information
Item 1 - Legal Proceedings
Item 1A - Risk Factors
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
Item 6 - Exhibits
EX-31.1 d739191dex311.htm
EX-31.2 d739191dex312.htm
EX-32.1 d739191dex321.htm
EX-32.2 d739191dex322.htm

Vicor Earnings 2019-06-30

VICR 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q
false2019Q2VICOR CORP0000751978--12-31Denominator represents weighted average number of shares of Common Stock and Class B Common Stock outstanding.The deferred tax assets associated with cumulative foreign currency translation gains and cumulative unrealized gains on available-for-sale securities are completely offset by a tax valuation allowance as of June 30, 2019 and 2018. Therefore, there is no income tax benefit (provision) recognized for the three and six months ended June 30, 2019 and 2018.Options to purchase 142,817 and 128,018 shares of Common Stock for the three and six months ended June 30, 2019, respectively, and 44,793 and 79,857 shares of Common Stock for the three and six months ended June 30, 2018, respectively, were not included in the calculation of net income per share as the effect would have been antidilutive. 0000751978 2019-01-01 2019-06-30 0000751978 2019-06-30 0000751978 2018-12-31 0000751978 2019-04-01 2019-06-30 0000751978 2018-04-01 2018-06-30 0000751978 2018-01-01 2018-06-30 0000751978 2019-01-01 0000751978 2019-03-31 0000751978 2018-03-31 0000751978 2017-12-31 0000751978 2018-06-30 0000751978 us-gaap:CostOfSalesMember 2019-01-01 2019-06-30 0000751978 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2019-01-01 2019-06-30 0000751978 us-gaap:ResearchAndDevelopmentExpenseMember 2019-01-01 2019-06-30 0000751978 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Table of Contents
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM 
10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES 
EXCHANGE ACT OF 1934
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarterly period ended June 30, 2019
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES 
EXCHANGE ACT OF 1934
 
 
 
 
 
 
 
 
 
 
 
 
 
For the transition period from __________________________
Commission File Number
0-18277
 
VICOR CORPORATION
(Exact name of registrant as specified in its charter)
 
     
Delaware
 
04-2742817
(State of
Incorporation)
 
(I.R.S. Employer
Identification No.)
 
 
 
 
 
 
 
 
 
 
 
 
 
25 Frontage Road, Andover, Massachusetts 01810
(Address of Principal Executive Office)
(978)
470-2900
(Registrant’s telephone number)
 
Securities registered pursuant to Section 12(b) of the Act:
         
Title of each class
 
Trading
Symbol(s)
 
Name of each exchange
on which registered
Common Stock, par value 
$0.01 per share
 
VICR
 
The NASDAQ Stock Market LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  
    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  
    No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, a smaller reporting company, or an emerging growth company. See the definitions of “
large accelerated filer
,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
             
Large accelerated filer
 
 
Smaller reporting company
 
             
Accelerated filer
 
 
Emerging growth company
 
             
Non-accelerated
 filer
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act).    Yes  
    No  
The number of shares outstanding of each of the issuer’s classes of Common Stock as of
July
 23, 2019
was:
         
Common Stock, $.01 par value
   
28,519,626
 
Class B Common Stock, $.01 par value
   
11,758,218
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
Table of Contents
VICOR CORPORATION
INDEX
         
 
Page
 
   
 
   
 
   
1
 
   
2
 
   
3
 
   
4
 
   
5
 
   
6
 
   
21
 
   
34
 
   
34
 
   
 
   
36
 
   
36
 
   
36
 
   
36
 
   
37
 
EX-31.1 SECTION 302 CERTIFICATION OF CEO
   
 
EX-31.2 SECTION 302 CERTIFICATION OF CFO
   
 
EX-32.1 SECTION 906 CERTIFICATION OF CEO
   
 
EX-32.2 SECTION 906 CERTIFICATION OF CFO
 
 
 

 
Table of Contents
 
VICOR CORPORATION
Part I – Financial Information
Item 1 – Financial Statements
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
                 
 
June 30, 2019
   
December 31, 2018
 
Assets
   
     
 
Current assets:
   
     
 
Cash and cash equivalents
  $
71,482
    $
70,557
 
Accounts receivable, less allowance of $102 in 2019 and $224 in 2018
   
38,537
     
43,673
 
Inventories, net
   
54,572
     
47,370
 
Other current assets
   
5,054
     
3,460
 
                 
Total current assets
   
169,645
     
165,060
 
Long-term deferred tax assets, net
   
241
     
265
 
Long-term investments, net
   
2,565
     
2,526
 
Property, plant and equipment, net
   
55,285
     
50,432
 
Other assets
   
2,867
     
2,785
 
                 
Total assets
  $
  230,603
    $
  221,068
 
                 
Liabilities and Equity
   
     
 
Current liabilities:
   
     
 
Accounts payable
  $
10,819
    $
16,149
 
Accrued compensation and benefits
   
11,144
     
10,657
 
Accrued expenses
   
2,228
     
2,631
 
Operating lease liabilities
   
1,660
     
—  
 
Sales allowances
   
640
     
548
 
Accrued severance and other charges
   
—  
     
234
 
Income taxes payable
   
85
     
710
 
Deferred revenue
   
6,581
     
5,069
 
                 
Total current liabilities
   
33,157
     
35,998
 
Long-term deferred revenue
   
196
     
232
 
Contingent consideration obligations
   
306
     
408
 
Long-term income taxes payable
   
236
     
238
 
Long-term operating lease liabilities
   
2,392
     
102
 
                 
Total liabilities
   
36,287
     
36,978
 
Commitments and contingencies (Note 12)
 
 
 
 
 
 
Equity:
   
     
 
Vicor Corporation stockholders’ equity:
   
     
 
Class B Common Stock
   
118
     
118
 
Common Stock
   
403
     
402
 
Additional
paid-in
capital
   
196,698
     
193,457
 
Retained earnings
   
135,849
     
129,000
 
Accumulated other comprehensive loss
   
(278
)    
(394
)
Treasury stock, at cost
   
(138,927
)    
(138,927
)
                 
Total Vicor Corporation stockholders’ equity
   
193,863
     
183,656
 
Noncontrolling interest
   
453
     
434
 
                 
Total equity
   
194,316
     
184,090
 
                 
Total liabilities and equity
  $
  230,603
    $
  221,068
 
                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes.
 
-1-
 
 
  
Table of Contents
 
VICOR CORPORATION
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
                                 
 
Three Months Ended
June 30,
   
Six Months Ended
June 30,
 
 
2019
   
2018
   
2019
   
2018
 
Net revenues
  $
  63,355
    $
  74,196
    $
  129,080
    $
  139,465
 
Cost of revenues
   
34,238
     
38,313
     
68,877
     
73,371
 
                                 
Gross margin
   
29,117
     
35,883
     
60,203
     
66,094
 
Operating expenses:
   
     
     
     
 
Selling, general and administrative
   
15,030
     
15,814
     
30,403
     
31,213
 
Research and development
   
11,706
     
11,403
     
22,926
     
22,529
 
Severance and other charges
   
—  
     
350
     
—  
     
350
 
                                 
Total operating expenses
   
26,736
     
27,567
     
53,329
     
54,092
 
                                 
Income from operations
   
2,381
     
8,316
     
6,874
     
12,002
 
Other income (expense), net:
   
     
     
     
 
Total unrealized gains on
available-for-sale
securities, net
   
19
     
33
     
39
     
56
 
Less: portion of gains recognized in other comprehensive income
   
(18
)    
(31
)    
(37
)    
(52
)
                                 
Net credit gains recognized in earnings
   
1
     
2
     
2
     
4
 
Other income (expense), net
   
287
     
(46
)    
525
     
382
 
                                 
Total other income (expense), net
   
288
     
(44
)    
527
     
386
 
                                 
Income before income taxes
   
2,669
     
8,272
     
7,401
     
12,388
 
Less: Provision for income taxes
   
113
     
363
     
539
     
497
 
                                 
Consolidated net income
   
2,556
     
7,909
     
6,862
     
11,891
 
Less: Net (loss) income attributable to noncontrolling interest
   
(7
)    
49
     
13
     
88
 
                                 
Net income attributable to Vicor Corporation
  $
2,563
    $
7,860
    $
6,849
    $
11,803
 
                                 
Net income per common share attributable to Vicor Corporation:
   
     
     
     
 
Basic
  $
0.06
    $
0.20
    $
0.17
    $
0.30
 
Diluted
  $
0.06
    $
0.19
    $
0.17
    $
0.29
 
Shares used to compute net income per common share attributable to Vicor Corporation:
   
     
     
     
 
Basic
   
40,275
     
39,709
     
40,252
     
39,594
 
Diluted
   
41,081
     
40,646
     
41,055
     
40,406
 
 
 
 
 
 
 
 
See accompanying notes.
 
-2-
 
 
 
Table of Contents
 
VICOR CORPORATION
Condensed Consolidated Statements of Comprehensive Income
(In thousands)
(Unaudited)
                                 
 
Three Months Ended
June 30,
   
Six Months Ended
June 30,
 
 
2019
   
2018
   
2019
   
2018
 
Consolidated net income
  $
  2,556
    $
  7,909
    $
  6,862
    $
  11,891
 
Foreign currency translation gains (losses) , net of tax (1)
   
151
     
(215
)    
85
     
27
 
Unrealized gains on
available-for-sale
securities, net of tax (1)
   
18
     
31
     
37
     
52
 
                                 
Other comprehensive income (loss)
   
169
     
(184
)    
122
     
79
 
                                 
Consolidated comprehensive income
   
2,725
     
7,725
     
6,984
     
11,970
 
Less: Comprehensive income attributable to noncontrolling interest
   
4
     
32
     
19
     
90
 
                                 
Comprehensive income attributable to Vicor Corporation
  $
  2,721
    $
  7,693
    $
  6,965
    $
  11,880
 
                                 
 
 
 
 
 
 
(1) The deferred tax assets associated with cumulative foreign currency translation gains and cumulative unrealized gains on
available-for-sale 
securities are completely offset by a tax valuation allowance as of June 30, 2019 and 2018. Therefore, there is no income tax benefit (provision) recognized for the three and six months ended June 30, 2019 and 2018.
 
 
 
 
 
 
See accompanying notes.
 
-3-
 
 
  
Table of Contents
 
VICOR CORPORATION
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
                 
 
Six Months Ended
June 30,
 
 
2019
   
2018
 
Operating activities:
     
     
 
Consolidated net income
  $
6,862
    $
  11,891
 
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
   
     
 
Depreciation and amortization
   
4,998
     
4,539
 
Stock-based compensation expense, net
   
1,539
     
1,916
 
(Benefit) provision for doubtful accounts
   
(117
)    
65
 
Decrease in long-term income taxes payable
   
(2
)    
—  
 
Increase in other long-term liabilities
   
—  
     
5
 
Decrease in long-term deferred revenue
   
(36
)    
(36
)
Gain on disposal of equipment
   
(22
)    
(16
)
Deferred income taxes
   
24
     
25
 
Credit gain on
available-for-sale
securities
   
(2
)    
(4
)
Change in current assets and liabilities, net
   
(8,005
)    
(9,857
)
                 
Net cash provided by operating activities
   
5,239
     
8,528
 
Investing activities:
   
     
 
Additions to property, plant and equipment
   
(5,864
)    
(3,558
)
Proceeds from sale of equipment
   
22
     
16
 
Decrease in other assets
   
(137
)    
(67
)
                 
Net cash used for investing activities
   
(5,979
)    
(3,609
)
Financing activities:
   
     
 
Proceeds from issuance of Common Stock
   
1,707
     
4,966
 
Payment of contingent consideration obligations
   
(102
)    
(172
)
                 
Net cash provided by financing activities
   
1,605
     
4,794
 
Effect of foreign exchange rates on cash
   
60
     
(23
)
                 
Net increase in cash and cash equivalents
   
925
     
9,690
 
Cash and cash equivalents at beginning of period
   
70,557
     
44,230
 
                 
Cash and cash equivalents at end of period
  $
  71,482
    $
  53,920
 
                 
 
 
 
 
 
 
See accompanying notes.
 
-4-
 
 
 
Table of Contents
 
VICOR CORPORATION
Condensed Consolidated Statements of Equity
(In thousands)
(Unaudited)
                                                                         
 
Class B
Common
Stock
   
Common
Stock
   
Additional
Paid-In

Capital
   
Retained
Earnings
   
Accumulated
Other
Comprehensive
Income (Loss)
   
Treasury
Stock
   
Total
Vicor
Corporation
Stockholders’
Equity
   
Noncontrolling
Interest
   
Total
Equity
 
Balance on March 31, 2019
   
118
    $
  403
    $
  195,799
    $
  133,286
    $
  (436
)   $
  (138,927
)   $
  190,243
    $
  449
    $
  190,692
 
Sales of Common Stock
   
 
     
 
     
137
     
 
     
 
     
 
     
137
     
 
     
137
 
Stock-based compensation expense
   
 
     
 
     
766
     
 
     
 
     
 
     
766
     
 
     
766
 
Other
   
 
     
 
     
(4
)    
 
     
 
     
 
     
(4
)    
 
     
(4
)
Components of comprehensive
income, net of tax:
   
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
 
Net income
   
 
     
 
     
 
     
2,563
     
 
     
 
     
2,563
     
(7
)    
2,556
 
Other comprehensive income
   
 
     
 
     
 
     
 
     
158
     
 
     
158
     
11
     
169
 
                                                                         
Total comprehensive income
   
 
     
 
     
 
     
 
     
 
     
 
     
2,721
     
4
     
2,725
 
                                                                         
Balance on June 30, 2019
   
118
    $
403
    $
196,698
    $
135,849
    $
  (278
)   $
  (138,927
)   $
193,863
    $
453
    $
194,316
 
                                                                         
Balance on December 31, 2018
 
 
118
 
 
$
402
 
 
$
193,457
 
 
$
129,000
 
 
$
(394
)
 
$
(138,927
)
 
$
183,656
 
 
$
434
 
 
$
184,090
 
Sales of Common Stock
   
 
     
 
     
428
     
 
     
 
     
 
     
428
     
 
     
428
 
Stock-based compensation expense
   
 
     
 
     
1,539
     
 
     
 
     
 
     
1,539
     
 
     
1,539
 
Issuances of stock through employee stock
purchase plan
   
 
     
1
     
1,278
     
 
     
 
     
 
     
1,279
     
 
     
1,279
 
Other
   
 
     
 
     
(4
)    
 
     
 
     
 
     
(4
)    
 
     
(4
)
Components of comprehensive
income, net of tax:
   
 
                                                                 
Net income
   
 
     
 
     
 
     
6,849
     
 
     
 
     
6,849
     
13
     
6,862
 
Other comprehensive income
   
 
     
 
     
 
     
 
     
116
     
 
     
116
     
6
     
122
 
 
                                                                       
Total comprehensive income
   
 
     
 
     
 
     
 
     
 
     
 
     
6,965
     
19
     
6,984
 
                                                                         
Balance on June 30, 2019
   
118
    $
403
    $
196,698
    $
135,849
    $
  (278
)   $
  (138,927
)   $
193,863
    $
453
    $
194,316
 
                                                                         
                                                       
 
Class B
Common
Stock
   
Common
Stock
   
Additional
Paid-In

Capital
   
Retained
Earnings
   
Accumulated
Other
Comprehensive
Income (Loss)
   
Treasury
Stock
   
Total
Vicor
Corporation
Stockholders’
Equity
   
Noncontrolling
Interest
   
Total
Equity
 
Balance on March 31, 2018
   
118
    $
402
    $
183,415
    $
101,218
    $
  (234
)   $
  (138,927
)   $
145,992
    $
363
    $
146,355
 
Sales of Common Stock
   
     
3
     
3,678
     
     
     
     
3,681
     
     
3,681
 
Stock-based compensation expense
   
     
     
1,180
     
     
     
     
1,180
     
     
1,180
 
Other
   
     
(6
)    
3
     
     
     
     
(3
)    
     
(3
)
Components of comprehensive
    income, net of tax:
   
     
     
     
     
     
     
     
     
 
Net income
   
     
     
     
7,860
     
     
     
7,860
     
49
     
7,909
 
Other comprehensive loss
   
     
     
     
     
(167
)    
     
(167
)    
(17
)    
(184
)
 
                                                                       
Total comprehensive income
   
     
     
     
     
     
     
7,693
     
32
     
7,725
 
                                                                         
Balance on June 30, 2018
   
118
    $
399
    $
188,276
    $
109,078
    $
  (401
)   $
  (138,927
)   $
158,543
    $
395
    $
158,938