$VICR
VICOR CORP

2015 Q1 Form 10-Q Financial Statement

#000119312515161080 Filed on April 30, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $64.02M $53.23M
YoY Change 20.26% 26.91%
Cost Of Revenue $35.13M $30.44M
YoY Change 15.39% 20.13%
Gross Profit $28.89M $22.79M
YoY Change 26.76% 37.24%
Gross Profit Margin 45.13% 42.82%
Selling, General & Admin $14.86M $17.98M
YoY Change -17.34% 29.47%
% of Gross Profit 51.44% 78.89%
Research & Development $10.42M $10.25M
YoY Change 1.64% 4.02%
% of Gross Profit 36.06% 44.98%
Depreciation & Amortization $2.403M $2.443M
YoY Change -1.64% -2.04%
% of Gross Profit 8.32% 10.72%
Operating Expenses $25.28M $28.23M
YoY Change -10.45% 12.46%
Operating Profit $3.610M -$5.439M
YoY Change -166.37% -35.98%
Interest Expense -$90.00K $40.00K
YoY Change -325.0% -20.0%
% of Operating Profit -2.49%
Other Income/Expense, Net -$29.00K $30.00K
YoY Change -196.67% 100.0%
Pretax Income $3.581M -$5.409M
YoY Change -166.2% -36.22%
Income Tax $139.0K $17.00K
% Of Pretax Income 3.88%
Net Earnings $3.371M -$5.378M
YoY Change -162.68% 7.78%
Net Earnings / Revenue 5.27% -10.1%
Basic Earnings Per Share $0.09 -$0.14
Diluted Earnings Per Share $0.09 -$0.14
COMMON SHARES
Basic Shares Outstanding 38.69M shares 38.54M shares
Diluted Shares Outstanding 39.15M shares 38.54M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $59.40M $51.00M
YoY Change 16.47% -28.57%
Cash & Equivalents $59.32M $50.31M
Short-Term Investments $100.0K $600.0K
Other Short-Term Assets $3.180M $4.666M
YoY Change -31.85% 11.1%
Inventory $24.84M $29.52M
Prepaid Expenses
Receivables $32.68M $31.77M
Other Receivables $0.00 $0.00
Total Short-Term Assets $120.2M $117.0M
YoY Change 2.71% -9.41%
LONG-TERM ASSETS
Property, Plant & Equipment $36.46M $39.18M
YoY Change -6.93% -8.25%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.900M $5.000M
YoY Change -42.0% -24.24%
Other Assets $1.700M $1.830M
YoY Change -7.1% -80.32%
Total Long-Term Assets $41.06M $46.05M
YoY Change -10.83% -21.47%
TOTAL ASSETS
Total Short-Term Assets $120.2M $117.0M
Total Long-Term Assets $41.06M $46.05M
Total Assets $161.3M $163.1M
YoY Change -1.11% -13.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.11M $8.148M
YoY Change 24.09% 25.35%
Accrued Expenses $2.217M $4.890M
YoY Change -54.66% -55.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $24.68M $23.28M
YoY Change 6.01% 27.23%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.400M $2.200M
YoY Change -36.36% -24.14%
Total Long-Term Liabilities $1.400M $2.200M
YoY Change -36.36% -24.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.68M $23.28M
Total Long-Term Liabilities $1.400M $2.200M
Total Liabilities $26.46M $25.82M
YoY Change 2.46% 4.13%
SHAREHOLDERS EQUITY
Retained Earnings $98.13M $103.3M
YoY Change -4.98%
Common Stock $173.2M $170.1M
YoY Change 1.8%
Preferred Stock
YoY Change
Treasury Stock (at cost) $138.9M $138.9M
YoY Change 0.0%
Treasury Stock Shares
Shareholders Equity $132.0M $134.1M
YoY Change
Total Liabilities & Shareholders Equity $161.3M $163.1M
YoY Change -1.11% -13.16%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $3.371M -$5.378M
YoY Change -162.68% 7.78%
Depreciation, Depletion And Amortization $2.403M $2.443M
YoY Change -1.64% -2.04%
Cash From Operating Activities $5.070M -$4.480M
YoY Change -213.17% 166.51%
INVESTING ACTIVITIES
Capital Expenditures $1.469M $1.554M
YoY Change -5.47% 32.71%
Acquisitions
YoY Change
Other Investing Activities $65.00K $34.00K
YoY Change 91.18% -172.34%
Cash From Investing Activities -$1.230M -$1.584M
YoY Change -22.35% 78.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $310.0K $5.000K
YoY Change 6100.0% -99.95%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 310.0K 5.000K
YoY Change 6100.0% -100.05%
NET CHANGE
Cash From Operating Activities 5.070M -4.480M
Cash From Investing Activities -1.230M -1.584M
Cash From Financing Activities 310.0K 5.000K
Net Change In Cash 4.150M -6.059M
YoY Change -168.49% -52.93%
FREE CASH FLOW
Cash From Operating Activities $5.070M -$4.480M
Capital Expenditures $1.469M $1.554M
Free Cash Flow $3.601M -$6.034M
YoY Change -159.68% 111.57%

Facts In Submission

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EntityCentralIndexKey
0000751978
CY2015Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2015Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
112929 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38689000 shares
CY2015Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-37000
CY2015Q1 us-gaap Gross Profit
GrossProfit
28891000
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-52000
CY2015Q1 us-gaap Availableforsale Securities Gross Realized Gain Loss Excluding Other Than Temporary Impairments
AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments
4000
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
64017000
CY2015Q1 us-gaap Profit Loss
ProfitLoss
3442000
CY2015Q1 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
-15000
CY2015Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
3581000
CY2015Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
35000
CY2015Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
591000
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
3610000
CY2015Q1 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
1304000
CY2015Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
3319000
CY2015Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
-4000
CY2015Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
65000
CY2015Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-33000
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1469000
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
3371000
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-15000
CY2015Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
3390000
CY2015Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
563000
CY2015Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2403000
CY2015Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-16000
CY2015Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-34000
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
25281000
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
10419000
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14862000
CY2015Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
35126000
CY2015Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
33000
CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
4135000
CY2015Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
139000
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
310000
CY2015Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
310000
CY2015Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
35000
CY2015Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
32000
CY2015Q1 us-gaap Variable Interest Entity Activity Between Vie And Entity Purchases
VariableInterestEntityActivityBetweenVIEAndEntityPurchases
1057000
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1229000
CY2015Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
270000
CY2015Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
71000
CY2015Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
71000
CY2015Q1 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
0
CY2015Q1 vicr Percentage Of Liquidity Risk Premium
PercentageOfLiquidityRiskPremium
0.050 pure
CY2015Q1 vicr Estimated Timeframe For Auctions Of Securities Maximum
EstimatedTimeframeForAuctionsOfSecuritiesMaximum
P5Y
CY2015Q1 vicr Auction Failed Securities Unrealized Loss Position Minimum Period
AuctionFailedSecuritiesUnrealizedLossPositionMinimumPeriod
P12M
CY2015Q1 vicr Number Of Agreement
NumberOfAgreement
2 Agreement
CY2015Q1 vicr Percentage Of Credit Loss
PercentageOfCreditLoss
0.027 pure
CY2015Q1 vicr Estimated Timeframe For Auctions Of Securities Minimum
EstimatedTimeframeForAuctionsOfSecuritiesMinimum
P3Y
CY2015Q1 vicr Number Of Entities Comprising Operating Segment
NumberOfEntitiesComprisingOperatingSegment
6 Entity
CY2015Q1 vicr Increase Or Decrease Fair Value Of Failed Auction Securities
IncreaseOrDecreaseFairValueOfFailedAuctionSecurities
100000
CY2015Q1 vicr Increase Decrease In Long Term Income Taxes Payable
IncreaseDecreaseInLongTermIncomeTaxesPayable
6000
CY2015Q1 vicr Increase Or Decrease In Liquidity Risk Premium
IncreaseOrDecreaseInLiquidityRiskPremium
0.010 pure
CY2015Q1 vicr Fair Value Transfers Between Levels Amount
FairValueTransfersBetweenLevelsAmount
0
CY2015Q1 vicr Rate Of Return Required
RateOfReturnRequired
0.050 pure
CY2015Q1 vicr Product Warranty Periods
ProductWarrantyPeriods
P2Y
CY2015Q1 vicr Other Than Temporary Impairment Credit Losses Recognized In Earnings Change In Credit Losses
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsChangeInCreditLosses
4000
CY2014Q4 vicr Fair Value Available For Sale Of Securities Redemption
FairValueAvailableForSaleOfSecuritiesRedemption
3000000

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