$VICR
VICOR CORP

2014 Q1 Form 10-Q Financial Statement

#000119312514169926 Filed on April 30, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $53.23M $41.95M
YoY Change 26.91% -29.7%
Cost Of Revenue $30.44M $25.34M
YoY Change 20.13% -28.01%
Gross Profit $22.79M $16.61M
YoY Change 37.24% -32.12%
Gross Profit Margin 42.82% 39.59%
Selling, General & Admin $17.98M $13.89M
YoY Change 29.47% -1.93%
% of Gross Profit 78.89% 83.62%
Research & Development $10.25M $9.855M
YoY Change 4.02% 0.15%
% of Gross Profit 44.98% 59.34%
Depreciation & Amortization $2.443M $2.494M
YoY Change -2.04% -5.17%
% of Gross Profit 10.72% 15.02%
Operating Expenses $28.23M $25.10M
YoY Change 12.46% 4.6%
Operating Profit -$5.439M -$8.496M
YoY Change -35.98% -1919.27%
Interest Expense $40.00K $50.00K
YoY Change -20.0% -78.26%
% of Operating Profit
Other Income/Expense, Net $30.00K $15.00K
YoY Change 100.0% -107.14%
Pretax Income -$5.409M -$8.481M
YoY Change -36.22% -1730.96%
Income Tax $17.00K -$3.495M
% Of Pretax Income
Net Earnings -$5.378M -$4.990M
YoY Change 7.78% -1630.67%
Net Earnings / Revenue -10.1% -11.9%
Basic Earnings Per Share -$0.14 -$0.12
Diluted Earnings Per Share -$0.14 -$0.12
COMMON SHARES
Basic Shares Outstanding 38.54M shares 41.17M shares
Diluted Shares Outstanding 38.54M shares 41.17M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $51.00M $71.40M
YoY Change -28.57% -8.81%
Cash & Equivalents $50.31M $71.40M
Short-Term Investments $600.0K
Other Short-Term Assets $4.666M $4.200M
YoY Change 11.1% -10.64%
Inventory $29.52M $29.90M
Prepaid Expenses
Receivables $31.77M $23.70M
Other Receivables $0.00 $0.00
Total Short-Term Assets $117.0M $129.2M
YoY Change -9.41% -11.51%
LONG-TERM ASSETS
Property, Plant & Equipment $39.18M $42.70M
YoY Change -8.25% -6.77%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.000M $6.600M
YoY Change -24.24% -31.96%
Other Assets $1.830M $9.300M
YoY Change -80.32% 34.78%
Total Long-Term Assets $46.05M $58.64M
YoY Change -21.47% -6.02%
TOTAL ASSETS
Total Short-Term Assets $117.0M $129.2M
Total Long-Term Assets $46.05M $58.64M
Total Assets $163.1M $187.8M
YoY Change -13.18% -9.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.148M $6.500M
YoY Change 25.35% -15.58%
Accrued Expenses $4.890M $11.10M
YoY Change -55.95% 1.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $23.28M $18.30M
YoY Change 27.23% -7.11%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.200M $2.900M
YoY Change -24.14% -12.12%
Total Long-Term Liabilities $2.200M $2.900M
YoY Change -24.14% -12.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.28M $18.30M
Total Long-Term Liabilities $2.200M $2.900M
Total Liabilities $25.82M $24.80M
YoY Change 4.13% -7.46%
SHAREHOLDERS EQUITY
Retained Earnings $103.3M
YoY Change
Common Stock $170.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $138.9M
YoY Change
Treasury Stock Shares
Shareholders Equity $134.1M $163.0M
YoY Change
Total Liabilities & Shareholders Equity $163.1M $187.8M
YoY Change -13.16% -9.88%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$5.378M -$4.990M
YoY Change 7.78% -1630.67%
Depreciation, Depletion And Amortization $2.443M $2.494M
YoY Change -2.04% -5.17%
Cash From Operating Activities -$4.480M -$1.681M
YoY Change 166.51% -122.35%
INVESTING ACTIVITIES
Capital Expenditures $1.554M $1.171M
YoY Change 32.71% -192.94%
Acquisitions
YoY Change
Other Investing Activities $34.00K -$47.00K
YoY Change -172.34% -133.57%
Cash From Investing Activities -$1.584M -$887.0K
YoY Change 78.58% -20.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.000K $10.35M
YoY Change -99.95%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.000K -10.30M
YoY Change -100.05% -17271.67%
NET CHANGE
Cash From Operating Activities -4.480M -1.681M
Cash From Investing Activities -1.584M -887.0K
Cash From Financing Activities 5.000K -10.30M
Net Change In Cash -6.059M -12.87M
YoY Change -52.93% -299.24%
FREE CASH FLOW
Cash From Operating Activities -$4.480M -$1.681M
Capital Expenditures $1.554M $1.171M
Free Cash Flow -$6.034M -$2.852M
YoY Change 111.57% -132.48%

Facts In Submission

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39000
CY2014Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.14
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38541000 shares
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1554000
CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1981028 shares
CY2014Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-5269000
CY2014Q1 us-gaap Gross Profit
GrossProfit
22792000
CY2014Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-5312000
CY2014Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
4000
CY2014Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
34000
CY2014Q1 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
39000
CY2014Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
30000
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-5409000
CY2014Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
77000
CY2014Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
30000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-5378000
CY2014Q1 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
1744000
CY2014Q1 us-gaap Profit Loss
ProfitLoss
-5426000
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-5439000
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-39000
CY2014Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.14
CY2014Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.003 pure
CY2014Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
shares
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4480000
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38541000 shares
CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
114000
CY2014Q1 us-gaap Sales Revenue Net
SalesRevenueNet
53233000
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
37000
CY2014Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-48000
CY2014Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-43000
CY2014Q1 us-gaap Variable Interest Entity Activity Between Vie And Entity Purchases
VariableInterestEntityActivityBetweenVIEAndEntityPurchases
942000
CY2014Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5000
CY2014Q1 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
0
CY2014Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
30441000
CY2014Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
55000
CY2014Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-34000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
234000
CY2014Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
53000
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-6032000
CY2014Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions Additional Credit Losses
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsAdditionsAdditionalCreditLosses
CY2014Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5000
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
CY2014Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
4000
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1584000
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
10251000
CY2014Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2443000
CY2014Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
234000
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
28231000
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
17980000
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
17000
CY2014Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
27000
CY2014Q1 vicr Revisions Of Estimated Obligations
RevisionsOfEstimatedObligations
3000
CY2014Q1 vicr Increase Decrease In Long Term Income Taxes Payable
IncreaseDecreaseInLongTermIncomeTaxesPayable
-2000
CY2014Q1 vicr Rate Of Return Required
RateOfReturnRequired
0.050 pure
CY2014Q1 vicr Auction Failed Securities Unrealized Loss Position Minimum Period
AuctionFailedSecuritiesUnrealizedLossPositionMinimumPeriod
P12M
CY2014Q1 vicr Estimated Timeframe For Auctions Of Securities Maximum
EstimatedTimeframeForAuctionsOfSecuritiesMaximum
P5Y
CY2014Q1 vicr Percentage Of Credit Loss
PercentageOfCreditLoss
0.066 pure
CY2014Q1 vicr Increase Or Decrease In Liquidity Risk Premium
IncreaseOrDecreaseInLiquidityRiskPremium
0.010 pure
CY2014Q1 vicr Percentage Of Liquidity Risk Premium
PercentageOfLiquidityRiskPremium
0.050 pure
CY2014Q1 vicr Warranty Period
WarrantyPeriod
P2Y
CY2014Q1 vicr Estimated Timeframe For Auctions Of Securities Minimum
EstimatedTimeframeForAuctionsOfSecuritiesMinimum
P3Y
CY2014Q1 vicr Increase Or Decrease Fair Value Of Failed Auction Securities
IncreaseOrDecreaseFairValueOfFailedAuctionSecurities
400000
CY2014Q1 vicr Number Of Entities Comprising Operating Segment
NumberOfEntitiesComprisingOperatingSegment
6 Entity

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