$VICR
VICOR CORP

2018 Q3 Form 10-Q Financial Statement

#000119312518308567 Filed on October 26, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $78.04M $56.89M
YoY Change 37.17% 6.88%
Cost Of Revenue $39.03M $31.75M
YoY Change 22.95% 16.27%
Gross Profit $39.00M $25.14M
YoY Change 55.13% -3.01%
Gross Profit Margin 49.98% 44.2%
Selling, General & Admin $15.28M $14.50M
YoY Change 5.38% 8.92%
% of Gross Profit 39.18% 57.67%
Research & Development $10.69M $10.54M
YoY Change 1.4% 1.98%
% of Gross Profit 27.41% 41.93%
Depreciation & Amortization $2.331M $2.244M
YoY Change 3.88% 8.25%
% of Gross Profit 5.98% 8.92%
Operating Expenses $25.96M $25.04M
YoY Change 3.67% 5.89%
Operating Profit $13.04M $100.0K
YoY Change 12943.0% -95.6%
Interest Expense $30.00K $130.0K
YoY Change -76.92% 1200.0%
% of Operating Profit 0.23% 130.0%
Other Income/Expense, Net $232.0K $309.0K
YoY Change -24.92% 46.45%
Pretax Income $13.28M $409.0K
YoY Change 3145.72% -83.53%
Income Tax $227.0K $371.0K
% Of Pretax Income 1.71% 90.71%
Net Earnings $13.01M -$11.00K
YoY Change -118390.91% -100.47%
Net Earnings / Revenue 16.67% -0.02%
Basic Earnings Per Share $0.32 $0.00
Diluted Earnings Per Share $0.32 $0.00
COMMON SHARES
Basic Shares Outstanding 40.12M 39.29M shares
Diluted Shares Outstanding 41.12M shares 39.29M shares

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $68.20M $48.90M
YoY Change 39.47% -11.25%
Cash & Equivalents $68.21M $48.94M
Short-Term Investments
Other Short-Term Assets $3.900M $3.470M
YoY Change 12.39% 12.44%
Inventory $43.44M $33.88M
Prepaid Expenses
Receivables $45.05M $33.81M
Other Receivables $0.00 $0.00
Total Short-Term Assets $160.6M $120.1M
YoY Change 33.72% 6.53%
LONG-TERM ASSETS
Property, Plant & Equipment $41.47M $41.25M
YoY Change 0.53% 9.89%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.600M $2.600M
YoY Change 0.0% 0.0%
Other Assets $2.801M $2.108M
YoY Change 32.87% -2.95%
Total Long-Term Assets $47.06M $45.98M
YoY Change 2.36% 8.7%
TOTAL ASSETS
Total Short-Term Assets $160.6M $120.1M
Total Long-Term Assets $47.06M $45.98M
Total Assets $207.7M $166.1M
YoY Change 25.04% 7.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.11M $11.51M
YoY Change 13.89% 44.48%
Accrued Expenses $2.384M $2.311M
YoY Change 3.16% 6.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $30.69M $31.78M
YoY Change -3.42% 48.22%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $100.0K $90.00K
YoY Change 11.11% -90.0%
Total Long-Term Liabilities $100.0K $90.00K
YoY Change 11.11% -90.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $30.69M $31.78M
Total Long-Term Liabilities $100.0K $90.00K
Total Liabilities $31.71M $32.46M
YoY Change -2.32% 45.54%
SHAREHOLDERS EQUITY
Retained Earnings $122.1M $91.99M
YoY Change 32.72% -4.3%
Common Stock $192.4M $180.5M
YoY Change 6.56% 3.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $138.9M $138.9M
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $175.5M $133.3M
YoY Change
Total Liabilities & Shareholders Equity $207.7M $166.1M
YoY Change 25.04% 7.12%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $13.01M -$11.00K
YoY Change -118390.91% -100.47%
Depreciation, Depletion And Amortization $2.331M $2.244M
YoY Change 3.88% 8.25%
Cash From Operating Activities $14.31M $1.340M
YoY Change 967.91% -44.86%
INVESTING ACTIVITIES
Capital Expenditures -$3.330M -$4.530M
YoY Change -26.49% 163.37%
Acquisitions
YoY Change
Other Investing Activities $0.00 $60.00K
YoY Change -100.0% -175.0%
Cash From Investing Activities -$3.330M -$4.480M
YoY Change -25.67% 150.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.380M 680.0K
YoY Change 397.06% 134.48%
NET CHANGE
Cash From Operating Activities 14.31M 1.340M
Cash From Investing Activities -3.330M -4.480M
Cash From Financing Activities 3.380M 680.0K
Net Change In Cash 14.36M -2.460M
YoY Change -683.74% -364.52%
FREE CASH FLOW
Cash From Operating Activities $14.31M $1.340M
Capital Expenditures -$3.330M -$4.530M
Free Cash Flow $17.64M $5.870M
YoY Change 200.51% 41.45%

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OtherNonoperatingIncomeExpense
612000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-129000
us-gaap Operating Expenses
OperatingExpenses
80053000
us-gaap Operating Income Loss
OperatingIncomeLoss
25045000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
82000
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
-82000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6894000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
92000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
8378000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
45000
us-gaap Profit Loss
ProfitLoss
24939000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
33220000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
217500000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
46493000
dei Trading Symbol
TradingSymbol
VICR
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
94000
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
139000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40645000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39769000 shares
vicr Revisions Of Estimated Obligations
RevisionsOfEstimatedObligations
78000
vicr Provision Benefit For Doubtful Accounts
ProvisionBenefitForDoubtfulAccounts
91000
vicr Payment Of Contingent Consideration
PaymentOfContingentConsideration
208000
vicr Customer Payments Period
CustomerPaymentsPeriod
P0Y
vicr Auction Failed Securities Unrealized Loss Position Minimum Period
AuctionFailedSecuritiesUnrealizedLossPositionMinimumPeriod
P12M
vicr Product Warranty Periods
ProductWarrantyPeriods
P2Y
CY2017Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-31000
CY2017Q3 us-gaap Profit Loss
ProfitLoss
38000
vicr Severance And Other Charges Credits
SeveranceAndOtherChargesCredits
340000
CY2018Q2 us-gaap Severance Costs1
SeveranceCosts1
350000
CY2017Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
731000
CY2017Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1452808 shares
CY2017Q3 us-gaap Availableforsale Securities Gross Realized Gain Loss Excluding Other Than Temporary Impairments
AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments
3000
CY2017Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
47000
CY2017Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
6000
CY2017Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
53000
CY2017Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
31745000
CY2017Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2244000
CY2017Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.907 pure
CY2017Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.00
CY2017Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.00
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
409000
CY2017Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
371000
CY2017Q3 us-gaap Gross Profit
GrossProfit
25143000
CY2017Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
309000
CY2017Q3 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
34000
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
-11000
CY2017Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
49000
CY2017Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
15000
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
306000
CY2017Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-16000
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
25043000
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
100000
CY2017Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
31000
CY2017Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
10543000
CY2017Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
56888000
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14500000
CY2017Q3 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
82000
CY2017Q3 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
126000
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39288000 shares
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.32
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.32
CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
13275000
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39288000 shares
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
688000
CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
54818 shares
CY2018Q3 us-gaap Availableforsale Securities Gross Realized Gain Loss Excluding Other Than Temporary Impairments
AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments
2000
CY2018Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
25000
CY2018Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
12897000
CY2018Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
12922000
CY2018Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
39031000
CY2018Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2331000
CY2018Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.017 pure
CY2018Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
227000
CY2018Q3 us-gaap Gross Profit
GrossProfit
39004000
CY2018Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1004000 shares
CY2018Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
232000
CY2018Q3 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
32000
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
13012000
CY2018Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
36000
CY2018Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-126000
CY2018Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
230000
CY2018Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-156000
CY2018Q3 us-gaap Operating Expenses
OperatingExpenses
25961000
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
13043000
CY2018Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
30000
CY2018Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
CY2018Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-30000
CY2018Q3 us-gaap Profit Loss
ProfitLoss
13048000
CY2018Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
10691000
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
78035000
CY2018Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
15280000
CY2018Q3 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
17000
CY2018Q3 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
6000
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41124000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40120000 shares
CY2018Q3 vicr Revisions Of Estimated Obligations
RevisionsOfEstimatedObligations
58000
CY2018Q3 vicr Customer Payments Period
CustomerPaymentsPeriod
P0Y
CY2018Q3 vicr Severance And Other Charges Credits
SeveranceAndOtherChargesCredits
-10000

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