$VICR
VICOR CORP

2016 Q2 Form 10-Q Financial Statement

#000119312516663533 Filed on July 29, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $52.94M $56.12M
YoY Change -5.66% 5.17%
Cost Of Revenue $28.47M $29.61M
YoY Change -3.85% -3.55%
Gross Profit $24.47M $26.51M
YoY Change -7.69% 16.98%
Gross Profit Margin 46.22% 47.24%
Selling, General & Admin $14.32M $15.09M
YoY Change -5.11% -11.43%
% of Gross Profit 58.5% 56.91%
Research & Development $10.76M $10.63M
YoY Change 1.19% -0.11%
% of Gross Profit 43.96% 40.1%
Depreciation & Amortization $2.116M $2.320M
YoY Change -8.79% -3.77%
% of Gross Profit 8.65% 8.75%
Operating Expenses $25.07M $25.72M
YoY Change -2.51% -7.08%
Operating Profit -$601.0K $793.0K
YoY Change -175.79% -115.82%
Interest Expense $30.00K $70.00K
YoY Change -57.14% 75.0%
% of Operating Profit 8.83%
Other Income/Expense, Net $64.00K $39.00K
YoY Change 64.1% -52.44%
Pretax Income -$537.0K $832.0K
YoY Change -164.54% -116.87%
Income Tax $13.00K $61.00K
% Of Pretax Income 7.33%
Net Earnings -$544.0K $805.0K
YoY Change -167.58% -116.65%
Net Earnings / Revenue -1.03% 1.43%
Basic Earnings Per Share -$0.01 $0.02
Diluted Earnings Per Share -$0.01 $0.02
COMMON SHARES
Basic Shares Outstanding 38.80M shares 38.75M shares
Diluted Shares Outstanding 38.80M shares 39.29M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $54.20M $65.10M
YoY Change -16.74% 26.65%
Cash & Equivalents $54.15M $65.15M
Short-Term Investments $0.00
Other Short-Term Assets $3.288M $3.346M
YoY Change -1.73% -32.38%
Inventory $26.13M $25.46M
Prepaid Expenses
Receivables $28.01M $27.07M
Other Receivables $0.00 $0.00
Total Short-Term Assets $111.6M $121.1M
YoY Change -7.89% 7.36%
LONG-TERM ASSETS
Property, Plant & Equipment $37.85M $36.03M
YoY Change 5.06% -6.82%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.600M $3.000M
YoY Change -13.33% -40.0%
Other Assets $2.127M $1.670M
YoY Change 27.37% -6.49%
Total Long-Term Assets $42.57M $40.66M
YoY Change 4.71% -10.55%
TOTAL ASSETS
Total Short-Term Assets $111.6M $121.1M
Total Long-Term Assets $42.57M $40.66M
Total Assets $154.1M $161.8M
YoY Change -4.72% 2.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.858M $9.397M
YoY Change -5.74% 1.91%
Accrued Expenses $2.266M $2.240M
YoY Change 1.16% -37.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $22.73M $23.61M
YoY Change -3.74% 3.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $900.0K $1.400M
YoY Change -35.71% -33.33%
Total Long-Term Liabilities $900.0K $1.400M
YoY Change -35.71% -33.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.73M $23.61M
Total Long-Term Liabilities $900.0K $1.400M
Total Liabilities $23.65M $25.35M
YoY Change -6.71% 0.19%
SHAREHOLDERS EQUITY
Retained Earnings $93.79M $98.93M
YoY Change -5.2% 0.51%
Common Stock $175.5M $174.0M
YoY Change 0.81% 1.98%
Preferred Stock
YoY Change
Treasury Stock (at cost) $138.9M $138.9M
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $130.3M $133.6M
YoY Change
Total Liabilities & Shareholders Equity $154.1M $161.8M
YoY Change -4.72% 2.22%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$544.0K $805.0K
YoY Change -167.58% -116.65%
Depreciation, Depletion And Amortization $2.116M $2.320M
YoY Change -8.79% -3.77%
Cash From Operating Activities -$3.180M $7.210M
YoY Change -144.11% 219.03%
INVESTING ACTIVITIES
Capital Expenditures -$2.760M -$1.850M
YoY Change 49.19% -4.15%
Acquisitions
YoY Change
Other Investing Activities $270.0K $100.0K
YoY Change 170.0% 11.11%
Cash From Investing Activities -$2.490M -$1.760M
YoY Change 41.48% -4.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 80.00K 380.0K
YoY Change -78.95% 3700.0%
NET CHANGE
Cash From Operating Activities -3.180M 7.210M
Cash From Investing Activities -2.490M -1.760M
Cash From Financing Activities 80.00K 380.0K
Net Change In Cash -5.590M 5.830M
YoY Change -195.88% 1255.81%
FREE CASH FLOW
Cash From Operating Activities -$3.180M $7.210M
Capital Expenditures -$2.760M -$1.850M
Free Cash Flow -$420.0K $9.060M
YoY Change -104.64% 116.23%

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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
417000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
46000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-4000
us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
-12000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
463000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
505000
us-gaap Operating Income Loss
OperatingIncomeLoss
-6030000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-268000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-58000
us-gaap Payments For Restructuring
PaymentsForRestructuring
37000
us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
53000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
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-46000
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
229000
us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
2407000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
35000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-4005000
us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4646000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
129000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-5463000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
55181000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38798000 shares
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
28331000
us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
55000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
267000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38798000 shares
dei Trading Symbol
TradingSymbol
VICR
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
21486000
us-gaap Profit Loss
ProfitLoss
-5926000
vicr Product Warranty Periods
ProductWarrantyPeriods
P2Y
vicr Revisions Of Estimated Obligations
RevisionsOfEstimatedObligations
50000
vicr Provision Benefit For Doubtful Accounts
ProvisionBenefitForDoubtfulAccounts
-23000
vicr Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions And Deductions Additional Credit Gain Losses
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsAdditionsAndDeductionsAdditionalCreditGainLosses
-7000
vicr Payment Of Contingent Consideration
PaymentOfContingentConsideration
25000
vicr Auction Failed Securities Unrealized Loss Position Minimum Period
AuctionFailedSecuritiesUnrealizedLossPositionMinimumPeriod
P12M
vicr Percentage Of Credit Loss
PercentageOfCreditLoss
0.022 pure
vicr Percentage Of Liquidity Risk Premium
PercentageOfLiquidityRiskPremium
0.050 pure
vicr Estimated Timeframe For Auctions Of Securities Maximum
EstimatedTimeframeForAuctionsOfSecuritiesMaximum
P5Y
vicr Rate Of Return Required
RateOfReturnRequired
0.050 pure
vicr Increase Or Decrease In Liquidity Risk Premium
IncreaseOrDecreaseInLiquidityRiskPremium
0.010 pure
vicr Estimated Timeframe For Auctions Of Securities Minimum
EstimatedTimeframeForAuctionsOfSecuritiesMinimum
P3Y
vicr Increase Or Decrease Fair Value Of Failed Auction Securities
IncreaseOrDecreaseFairValueOfFailedAuctionSecurities
100000
CY2015Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
110928 shares
CY2015Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
488000
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2015Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2320000
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2015Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
799000
CY2015Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-39000
CY2015Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.073 pure
CY2015Q2 us-gaap Availableforsale Securities Gross Realized Gain Loss Excluding Other Than Temporary Impairments
AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments
4000
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
56119000
CY2015Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
39000
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
35000
CY2015Q2 us-gaap Gross Profit
GrossProfit
26510000
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
25717000
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
805000
CY2015Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-34000
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
832000
CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-60000
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-11000
CY2015Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
543000 shares
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
793000
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
49000
CY2015Q2 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
54000
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-50000
CY2015Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
170000
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
61000
CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0
CY2015Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
760000
CY2015Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
29609000
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39293000 shares
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
15086000
CY2015Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
25000
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38750000 shares
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
10631000
CY2015Q2 us-gaap Profit Loss
ProfitLoss
771000
CY2016Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
158000
CY2016Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1889038 shares
CY2016Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
340000
CY2016Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2016Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2116000
CY2016Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
CY2016Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-296000
CY2016Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
13000
CY2016Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.024 pure
CY2016Q2 us-gaap Availableforsale Securities Gross Realized Gain Loss Excluding Other Than Temporary Impairments
AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments
3000
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
52941000
CY2016Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
64000
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
61000
CY2016Q2 us-gaap Gross Profit
GrossProfit
24471000
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
25072000
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
-544000
CY2016Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-6000
CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-537000
CY2016Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
244000
CY2016Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
267000
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-601000
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
23000
CY2016Q2 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
26000
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-23000
CY2016Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
107000
CY2016Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
13000
CY2016Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0
CY2016Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-283000
CY2016Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
28470000
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38801000 shares
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14315000
CY2016Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
198000
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38801000 shares
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
10757000
CY2016Q2 us-gaap Profit Loss
ProfitLoss
-550000

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