$VICR
VICOR CORP

2018 Q2 Form 10-Q Financial Statement

#000119312518232757 Filed on July 31, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $74.20M $57.71M
YoY Change 28.57% 9.01%
Cost Of Revenue $38.31M $31.78M
YoY Change 20.56% 11.62%
Gross Profit $35.88M $25.93M
YoY Change 38.38% 5.96%
Gross Profit Margin 48.36% 44.93%
Selling, General & Admin $15.81M $14.54M
YoY Change 8.79% 1.54%
% of Gross Profit 44.07% 56.06%
Research & Development $11.40M $11.93M
YoY Change -4.43% 10.92%
% of Gross Profit 31.78% 46.02%
Depreciation & Amortization $2.270M $2.189M
YoY Change 3.7% 3.45%
% of Gross Profit 6.33% 8.44%
Operating Expenses $27.57M $26.47M
YoY Change 4.15% 5.57%
Operating Profit $8.316M -$538.0K
YoY Change -1645.72% -10.48%
Interest Expense -$230.0K $170.0K
YoY Change -235.29% 466.67%
% of Operating Profit -2.77%
Other Income/Expense, Net -$44.00K $360.0K
YoY Change -112.22% 462.5%
Pretax Income $8.272M -$178.0K
YoY Change -4747.19% -66.85%
Income Tax $363.0K $267.0K
% Of Pretax Income 4.39%
Net Earnings $7.860M -$459.0K
YoY Change -1812.42% -15.63%
Net Earnings / Revenue 10.59% -0.8%
Basic Earnings Per Share $0.20 -$0.01
Diluted Earnings Per Share $0.19 -$0.01
COMMON SHARES
Basic Shares Outstanding 39.71M 39.17M shares
Diluted Shares Outstanding 40.65M shares 39.17M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $53.90M $51.40M
YoY Change 4.86% -5.17%
Cash & Equivalents $53.92M $51.43M
Short-Term Investments
Other Short-Term Assets $4.102M $3.867M
YoY Change 6.08% 17.61%
Inventory $41.75M $30.51M
Prepaid Expenses
Receivables $45.06M $34.09M
Other Receivables $0.00 $0.00
Total Short-Term Assets $144.8M $119.9M
YoY Change 20.8% 7.46%
LONG-TERM ASSETS
Property, Plant & Equipment $40.43M $38.93M
YoY Change 3.87% 2.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.600M $2.600M
YoY Change 0.0% 0.0%
Other Assets $2.813M $2.204M
YoY Change 27.63% 3.62%
Total Long-Term Assets $46.01M $43.72M
YoY Change 5.25% 2.69%
TOTAL ASSETS
Total Short-Term Assets $144.8M $119.9M
Total Long-Term Assets $46.01M $43.72M
Total Assets $190.8M $163.6M
YoY Change 16.64% 6.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.22M $10.54M
YoY Change 6.42% 19.01%
Accrued Expenses $2.535M $2.475M
YoY Change 2.42% 9.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $30.84M $30.77M
YoY Change 0.24% 35.36%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $98.00K $87.00K
YoY Change 12.64% -90.33%
Total Long-Term Liabilities $98.00K $87.00K
YoY Change 12.64% -90.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $30.84M $30.77M
Total Long-Term Liabilities $98.00K $87.00K
Total Liabilities $31.91M $31.52M
YoY Change 1.21% 33.31%
SHAREHOLDERS EQUITY
Retained Earnings $109.1M $92.01M
YoY Change 18.56% -1.9%
Common Stock $188.3M $179.1M
YoY Change 5.15% 2.06%
Preferred Stock
YoY Change
Treasury Stock (at cost) $138.9M $138.9M
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $158.5M $131.8M
YoY Change
Total Liabilities & Shareholders Equity $190.8M $163.6M
YoY Change 16.64% 6.14%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $7.860M -$459.0K
YoY Change -1812.42% -15.63%
Depreciation, Depletion And Amortization $2.270M $2.189M
YoY Change 3.7% 3.45%
Cash From Operating Activities $9.340M $650.0K
YoY Change 1336.92% -120.44%
INVESTING ACTIVITIES
Capital Expenditures -$1.700M -$2.980M
YoY Change -42.95% 7.97%
Acquisitions
YoY Change
Other Investing Activities $40.00K $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.660M -$2.980M
YoY Change -44.3% 19.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.600M 940.0K
YoY Change 282.98% 1075.0%
NET CHANGE
Cash From Operating Activities 9.340M 650.0K
Cash From Investing Activities -1.660M -2.980M
Cash From Financing Activities 3.600M 940.0K
Net Change In Cash 11.28M -1.390M
YoY Change -911.51% -75.13%
FREE CASH FLOW
Cash From Operating Activities $9.340M $650.0K
Capital Expenditures -$1.700M -$2.980M
Free Cash Flow $11.04M $3.630M
YoY Change 204.13% -964.29%

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12002000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
52000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-52000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3558000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
67000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
4966000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
16000
us-gaap Profit Loss
ProfitLoss
11891000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
22529000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
139465000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
31213000
us-gaap Severance Costs1
SeveranceCosts1
350000
dei Trading Symbol
TradingSymbol
VICR
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
77000
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
133000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40406000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39594000 shares
vicr Revisions Of Estimated Obligations
RevisionsOfEstimatedObligations
20000
vicr Provision Benefit For Doubtful Accounts
ProvisionBenefitForDoubtfulAccounts
65000
vicr Payment Of Contingent Consideration
PaymentOfContingentConsideration
172000
vicr Customer Payments Period
CustomerPaymentsPeriod
P0Y
vicr Auction Failed Securities Unrealized Loss Position Minimum Period
AuctionFailedSecuritiesUnrealizedLossPositionMinimumPeriod
P12M
vicr Product Warranty Periods
ProductWarrantyPeriods
P2Y
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
357000
CY2017Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
287000
CY2017Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1510728 shares
CY2017Q2 us-gaap Availableforsale Securities Gross Realized Gain Loss Excluding Other Than Temporary Impairments
AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments
3000
CY2017Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
11000
CY2017Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-460000
CY2017Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-449000
CY2017Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
31779000
CY2017Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2189000
CY2017Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.500 pure
CY2017Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
CY2017Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2017Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-178000
CY2017Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
267000
CY2017Q2 us-gaap Gross Profit
GrossProfit
25930000
CY2017Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
360000
CY2017Q2 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
39000
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
-459000
CY2017Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
14000
CY2017Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-4000
CY2017Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
57709000
CY2017Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14536000
CY2017Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-40000
CY2017Q2 us-gaap Operating Expenses
OperatingExpenses
26468000
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-538000
CY2017Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
36000
CY2017Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
CY2017Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-36000
CY2017Q2 us-gaap Profit Loss
ProfitLoss
-445000
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11932000
CY2017Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
24000
CY2017Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
91000
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39172000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39172000 shares
CY2017Q2 vicr Revisions Of Estimated Obligations
RevisionsOfEstimatedObligations
8000
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1180000
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
44793 shares
CY2018Q2 us-gaap Availableforsale Securities Gross Realized Gain Loss Excluding Other Than Temporary Impairments
AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments
2000
CY2018Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
32000
CY2018Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
7693000
CY2018Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
7725000
CY2018Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
38313000
CY2018Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2270000
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.044 pure
CY2018Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.19
CY2018Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.20
CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
8272000
CY2018Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
363000
CY2018Q2 us-gaap Gross Profit
GrossProfit
35883000
CY2018Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
937000 shares
CY2018Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-44000
CY2018Q2 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
33000
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
7860000
CY2018Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
49000
CY2018Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-184000
CY2018Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-46000
CY2018Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-215000
CY2018Q2 us-gaap Operating Expenses
OperatingExpenses
27567000
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
8316000
CY2018Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
31000
CY2018Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
CY2018Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-31000
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40646000 shares
CY2018Q2 vicr Revisions Of Estimated Obligations
RevisionsOfEstimatedObligations
10000
CY2018Q2 us-gaap Profit Loss
ProfitLoss
7909000
CY2018Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11403000
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
74196000
CY2018Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
15814000
CY2018Q2 us-gaap Severance Costs1
SeveranceCosts1
350000
CY2018Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
20000
CY2018Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
10000
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39709000 shares
CY2018Q2 vicr Customer Payments Period
CustomerPaymentsPeriod
P0Y

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