$VICR
VICOR CORP

2016 Q1 Form 10-Q Financial Statement

#000119312516567033 Filed on April 29, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $46.03M $64.02M
YoY Change -28.1% 20.26%
Cost Of Revenue $26.71M $35.13M
YoY Change -23.96% 15.39%
Gross Profit $19.32M $28.89M
YoY Change -33.14% 26.76%
Gross Profit Margin 41.97% 45.13%
Selling, General & Admin $14.02M $14.86M
YoY Change -5.69% -17.34%
% of Gross Profit 72.56% 51.44%
Research & Development $10.73M $10.42M
YoY Change 2.98% 1.64%
% of Gross Profit 55.54% 36.06%
Depreciation & Amortization $2.195M $2.403M
YoY Change -8.66% -1.64%
% of Gross Profit 11.36% 8.32%
Operating Expenses $24.75M $25.28M
YoY Change -2.12% -10.45%
Operating Profit -$5.429M $3.610M
YoY Change -250.39% -166.37%
Interest Expense $100.0K -$90.00K
YoY Change -211.11% -325.0%
% of Operating Profit -2.49%
Other Income/Expense, Net $75.00K -$29.00K
YoY Change -358.62% -196.67%
Pretax Income -$5.354M $3.581M
YoY Change -249.51% -166.2%
Income Tax $22.00K $139.0K
% Of Pretax Income 3.88%
Net Earnings -$5.351M $3.371M
YoY Change -258.74% -162.68%
Net Earnings / Revenue -11.63% 5.27%
Basic Earnings Per Share -$0.14 $0.09
Diluted Earnings Per Share -$0.14 $0.09
COMMON SHARES
Basic Shares Outstanding 38.79M shares 38.69M shares
Diluted Shares Outstanding 38.79M shares 39.15M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $59.70M $59.40M
YoY Change 0.51% 16.47%
Cash & Equivalents $59.71M $59.32M
Short-Term Investments $100.0K
Other Short-Term Assets $3.048M $3.180M
YoY Change -4.15% -31.85%
Inventory $24.15M $24.84M
Prepaid Expenses
Receivables $23.35M $32.68M
Other Receivables $0.00 $0.00
Total Short-Term Assets $110.3M $120.2M
YoY Change -8.28% 2.71%
LONG-TERM ASSETS
Property, Plant & Equipment $37.18M $36.46M
YoY Change 1.97% -6.93%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.600M $2.900M
YoY Change -10.34% -42.0%
Other Assets $1.908M $1.700M
YoY Change 12.24% -7.1%
Total Long-Term Assets $41.65M $41.06M
YoY Change 1.44% -10.83%
TOTAL ASSETS
Total Short-Term Assets $110.3M $120.2M
Total Long-Term Assets $41.65M $41.06M
Total Assets $151.9M $161.3M
YoY Change -5.81% -1.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.232M $10.11M
YoY Change -18.58% 24.09%
Accrued Expenses $2.220M $2.217M
YoY Change 0.14% -54.66%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $20.60M $24.68M
YoY Change -16.56% 6.01%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.000M $1.400M
YoY Change -28.57% -36.36%
Total Long-Term Liabilities $1.000M $1.400M
YoY Change -28.57% -36.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.60M $24.68M
Total Long-Term Liabilities $1.000M $1.400M
Total Liabilities $21.57M $26.46M
YoY Change -18.46% 2.46%
SHAREHOLDERS EQUITY
Retained Earnings $94.33M $98.13M
YoY Change -3.87% -4.98%
Common Stock $175.0M $173.2M
YoY Change 1.06% 1.8%
Preferred Stock
YoY Change
Treasury Stock (at cost) $138.9M $138.9M
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $130.1M $132.0M
YoY Change
Total Liabilities & Shareholders Equity $151.9M $161.3M
YoY Change -5.81% -1.11%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$5.351M $3.371M
YoY Change -258.74% -162.68%
Depreciation, Depletion And Amortization $2.195M $2.403M
YoY Change -8.66% -1.64%
Cash From Operating Activities -$830.0K $5.070M
YoY Change -116.37% -213.17%
INVESTING ACTIVITIES
Capital Expenditures $1.887M $1.469M
YoY Change 28.45% -5.47%
Acquisitions
YoY Change
Other Investing Activities $214.0K $65.00K
YoY Change 229.23% 91.18%
Cash From Investing Activities -$2.100M -$1.230M
YoY Change 70.73% -22.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $19.00K $310.0K
YoY Change -93.87% 6100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -350.0K 310.0K
YoY Change -212.9% 6100.0%
NET CHANGE
Cash From Operating Activities -830.0K 5.070M
Cash From Investing Activities -2.100M -1.230M
Cash From Financing Activities -350.0K 310.0K
Net Change In Cash -3.280M 4.150M
YoY Change -179.04% -168.49%
FREE CASH FLOW
Cash From Operating Activities -$830.0K $5.070M
Capital Expenditures $1.887M $1.469M
Free Cash Flow -$2.717M $3.601M
YoY Change -175.45% -159.68%

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CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-5429000
CY2016Q1 us-gaap Gross Profit
GrossProfit
19316000
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
71000
CY2016Q1 us-gaap Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
372000
CY2016Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
75000
CY2016Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
122000
CY2016Q1 us-gaap Availableforsale Securities Gross Realized Gain Loss Excluding Other Than Temporary Impairments
AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments
4000
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
23000
CY2016Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-5168000
CY2016Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
173000
CY2016Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-5354000
CY2016Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
214000
CY2016Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
158000
CY2016Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-5180000
CY2016Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
22000
CY2016Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
68000
CY2016Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
26711000
CY2016Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-35000
CY2016Q1 us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
346000
CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-3270000
CY2016Q1 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
0
CY2016Q1 us-gaap Operating Expenses
OperatingExpenses
24745000
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-2099000
CY2016Q1 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
55000
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-353000
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
10729000
CY2016Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-12000
CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
19000
CY2016Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2000
CY2016Q1 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
1000
CY2016Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
329000
CY2016Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
16000
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14016000
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
CY2016Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2195000
CY2016Q1 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-55000
CY2016Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-25000
CY2016Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0
CY2016Q1 vicr Percentage Of Liquidity Risk Premium
PercentageOfLiquidityRiskPremium
0.050 pure
CY2016Q1 vicr Provision Benefit For Doubtful Accounts
ProvisionBenefitForDoubtfulAccounts
-28000
CY2016Q1 vicr Auction Failed Securities Unrealized Loss Position Minimum Period
AuctionFailedSecuritiesUnrealizedLossPositionMinimumPeriod
P12M
CY2016Q1 vicr Estimated Timeframe For Auctions Of Securities Maximum
EstimatedTimeframeForAuctionsOfSecuritiesMaximum
P5Y
CY2016Q1 vicr Product Warranty Periods
ProductWarrantyPeriods
P2Y
CY2016Q1 vicr Revisions Of Estimated Obligations
RevisionsOfEstimatedObligations
50000
CY2016Q1 vicr Estimated Timeframe For Auctions Of Securities Minimum
EstimatedTimeframeForAuctionsOfSecuritiesMinimum
P3Y
CY2016Q1 vicr Increase Or Decrease In Liquidity Risk Premium
IncreaseOrDecreaseInLiquidityRiskPremium
0.010 pure
CY2016Q1 vicr Percentage Of Credit Loss
PercentageOfCreditLoss
0.023 pure
CY2016Q1 vicr Increase Or Decrease Fair Value Of Failed Auction Securities
IncreaseOrDecreaseFairValueOfFailedAuctionSecurities
100000
CY2016Q1 vicr Rate Of Return Required
RateOfReturnRequired
0.050 pure
CY2016Q1 vicr Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions And Deductions Additional Credit Gain Losses
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsAdditionsAndDeductionsAdditionalCreditGainLosses
-4000

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