$VICR
VICOR CORP

2019 Q1 Form 10-Q Financial Statement

#000119312519128556 Filed on April 30, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2018 Q1
Revenue $65.73M $73.72M $65.27M
YoY Change 0.7% 25.44% 19.84%
Cost Of Revenue $34.64M $39.85M $35.06M
YoY Change -1.2% 25.16% 13.79%
Gross Profit $31.09M $33.87M $30.21M
YoY Change 2.9% 25.78% 27.73%
Gross Profit Margin 47.3% 45.95% 46.29%
Selling, General & Admin $15.37M $15.73M $15.40M
YoY Change -0.17% 4.66% 9.81%
% of Gross Profit 49.45% 46.44% 50.97%
Research & Development $11.22M $11.07M $11.13M
YoY Change 0.84% -3.23% 1.08%
% of Gross Profit 36.09% 32.68% 36.83%
Depreciation & Amortization $2.445M $2.380M $2.269M
YoY Change 7.76% 3.48% 5.19%
% of Gross Profit 7.87% 7.03% 7.51%
Operating Expenses $26.59M $26.80M $26.53M
YoY Change 0.26% 1.21% 5.97%
Operating Profit $4.493M $7.073M $3.686M
YoY Change 21.89% 1468.29% -367.49%
Interest Expense $50.00K -$50.00K $240.0K
YoY Change -79.17% -350.0% 71.43%
% of Operating Profit 1.11% -0.71% 6.51%
Other Income/Expense, Net $239.0K $290.0K $430.0K
YoY Change -44.42% 16.0% 32.31%
Pretax Income $4.732M $7.270M $4.116M
YoY Change 14.97% 909.72% -490.88%
Income Tax $426.0K $360.0K $134.0K
% Of Pretax Income 9.0% 4.95% 3.26%
Net Earnings $4.286M $6.910M $3.943M
YoY Change 8.7% 328.93% -504.83%
Net Earnings / Revenue 6.52% 9.37% 6.04%
Basic Earnings Per Share $0.11 $0.17 $0.10
Diluted Earnings Per Share $0.10 $0.17 $0.10
COMMON SHARES
Basic Shares Outstanding 40.23M 39.48M
Diluted Shares Outstanding 41.03M 40.17M

Balance Sheet

Concept 2019 Q1 2018 Q4 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $66.60M $70.60M $42.70M
YoY Change 55.97% 59.73% -19.13%
Cash & Equivalents $66.61M $70.56M $42.68M
Short-Term Investments
Other Short-Term Assets $3.880M $3.460M $3.733M
YoY Change 3.94% -4.31% 8.33%
Inventory $51.59M $47.37M $38.96M
Prepaid Expenses
Receivables $41.71M $43.67M $41.63M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $163.8M $165.1M $127.0M
YoY Change 28.96% 38.9% 11.72%
LONG-TERM ASSETS
Property, Plant & Equipment $55.64M $50.43M $40.97M
YoY Change 35.8% 21.95% 7.54%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.500M $2.500M $2.500M
YoY Change 0.0% 0.0% 0.0%
Other Assets $2.762M $2.785M $2.892M
YoY Change -4.5% -0.57% 29.92%
Total Long-Term Assets $61.22M $56.01M $46.63M
YoY Change 31.29% 19.44% 8.71%
TOTAL ASSETS
Total Short-Term Assets $163.8M $165.1M $127.0M
Total Long-Term Assets $61.22M $56.01M $46.63M
Total Assets $225.0M $221.1M $173.6M
YoY Change 29.59% 33.4% 10.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.18M $16.15M $11.40M
YoY Change -1.92% 78.15% 25.37%
Accrued Expenses $2.166M $2.631M $2.262M
YoY Change -4.24% -11.98% 7.51%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $30.73M $36.00M $26.11M
YoY Change 17.7% 28.4% 6.58%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.600M $102.0K $95.00K
YoY Change 3689.47% 9.68% 48.44%
Total Long-Term Liabilities $3.600M $102.0K $95.00K
YoY Change 3689.47% 9.68% 48.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $30.73M $36.00M $26.11M
Total Long-Term Liabilities $3.600M $102.0K $95.00K
Total Liabilities $34.31M $36.98M $27.28M
YoY Change 25.8% 26.18% 7.7%
SHAREHOLDERS EQUITY
Retained Earnings $133.3M $129.0M $101.2M
YoY Change 31.68% 37.81% 9.47%
Common Stock $195.8M $193.5M $183.4M
YoY Change 6.75% 6.65% 3.18%
Preferred Stock
YoY Change
Treasury Stock (at cost) $138.9M $138.9M $138.9M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares $11.64M
Shareholders Equity $190.2M $183.7M $146.0M
YoY Change
Total Liabilities & Shareholders Equity $225.0M $221.1M $173.6M
YoY Change 29.59% 33.4% 10.9%

Cashflow Statement

Concept 2019 Q1 2018 Q4 2018 Q1
OPERATING ACTIVITIES
Net Income $4.286M $6.910M $3.943M
YoY Change 8.7% 328.93% -504.83%
Depreciation, Depletion And Amortization $2.445M $2.380M $2.269M
YoY Change 7.76% 3.48% 5.19%
Cash From Operating Activities -$2.120M $13.33M -$812.0K
YoY Change 161.08% -530.0% -39.85%
INVESTING ACTIVITIES
Capital Expenditures $3.322M -$11.32M $1.858M
YoY Change 78.79% 373.64% -29.83%
Acquisitions
YoY Change
Other Investing Activities $8.000K $20.00K $104.0K
YoY Change -92.31% 0.0% 60.0%
Cash From Investing Activities -$3.321M -$11.30M -$1.948M
YoY Change 70.48% 378.81% -28.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.570M $1.285M
YoY Change 22.18% 69.08%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.540M 220.0K 1.191M
YoY Change 29.3% -70.27% 65.42%
NET CHANGE
Cash From Operating Activities -2.120M 13.33M -812.0K
Cash From Investing Activities -3.321M -11.30M -1.948M
Cash From Financing Activities 1.540M 220.0K 1.191M
Net Change In Cash -3.901M 2.250M -1.569M
YoY Change 148.63% -147.67% -53.02%
FREE CASH FLOW
Cash From Operating Activities -$2.120M $13.33M -$812.0K
Capital Expenditures $3.322M -$11.32M $1.858M
Free Cash Flow -$5.442M $24.65M -$2.670M
YoY Change 103.82% -3571.83% -33.22%

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CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
134535
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
336000
CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.090
CY2018Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.033
CY2019Q1 vicr Commitment On Capital Expenditure
CommitmentOnCapitalExpenditure
4393000
CY2019Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
800000
CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
82241
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
4425000
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
639000
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0382
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4306000
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
457000
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y7M6D
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
874000
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
901000
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
928000
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Five Years
LessorOperatingLeasePaymentsToBeReceivedFiveYears
955000
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
402000
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
4699000
CY2019Q1 us-gaap Deferred Revenue
DeferredRevenue
3909000
CY2018Q4 us-gaap Deferred Revenue
DeferredRevenue
3820000
CY2019Q1 vicr Deferred Expenses Current
DeferredExpensesCurrent
0
CY2018Q4 vicr Deferred Expenses Current
DeferredExpensesCurrent
501000
CY2019Q1 vicr Customer Prepayments Current
CustomerPrepaymentsCurrent
-1545000
CY2018Q4 vicr Customer Prepayments Current
CustomerPrepaymentsCurrent
-1250000
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
184090000
CY2019Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
291000
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
773000
CY2019Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
1279000
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
136419000
CY2018Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
358000
CY2018Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
736000
CY2018Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
927000
CY2018Q1 vicr Cumulative Effect Of Adoption New Accounting Principle In Equity
CumulativeEffectOfAdoptionNewAccountingPrincipleInEquity
3670000
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
146355000
CY2018Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
14000
CY2019Q1 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-1000
CY2019Q1 vicr Available For Sale Securities Debt Maturities Year Twenty Six Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesYearTwentySixAmortizedCostBasis
3000000
CY2019Q1 vicr Available For Sale Securities Debt Maturities Year Twenty Six Fair Value
AvailableForSaleSecuritiesDebtMaturitiesYearTwentySixFairValue
2546000
CY2019Q1 vicr Provision Benefit For Doubtful Accounts
ProvisionBenefitForDoubtfulAccounts
-88000
CY2018Q1 vicr Provision Benefit For Doubtful Accounts
ProvisionBenefitForDoubtfulAccounts
32000
CY2019Q1 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
2000
CY2018Q1 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
5000
CY2018Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
2000
CY2019Q1 vicr Increase Decrease In Deferred Revenue1
IncreaseDecreaseInDeferredRevenue1
-18000
CY2018Q1 vicr Increase Decrease In Deferred Revenue1
IncreaseDecreaseInDeferredRevenue1
-18000
CY2019Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
9000
CY2018Q1 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-3000
CY2019Q1 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
9529000
CY2018Q1 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
7801000
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2120000
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-812000
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3322000
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1858000
CY2019Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
9000
CY2018Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
14000
CY2019Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
8000
CY2018Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
104000
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3321000
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1948000
CY2019Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1570000
CY2018Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1285000
CY2019Q1 vicr Payment Of Contingent Consideration
PaymentOfContingentConsideration
30000
CY2018Q1 vicr Payment Of Contingent Consideration
PaymentOfContingentConsideration
94000
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1540000
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1191000
CY2019Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-42000
CY2018Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
17000
CY2019Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-3943000
CY2019Q1 vicr Capital Improvemnts
CapitalImprovemnts
3322000
CY2019Q1 dei Document Type
DocumentType
10-Q
CY2019Q1 dei Amendment Flag
AmendmentFlag
false
CY2019Q1 dei Document Period End Date
DocumentPeriodEndDate
2019-03-31
CY2019Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
CY2019Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2019Q1 dei Entity Registrant Name
EntityRegistrantName
VICOR CORP
CY2019Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000751978
CY2019Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2019Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2019Q1 dei Trading Symbol
TradingSymbol
VICR
CY2019Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2019Q1 dei Entity Small Business
EntitySmallBusiness
false

Files In Submission

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0001193125-19-128556-index-headers.html Edgar Link pending
0001193125-19-128556-index.html Edgar Link pending
0001193125-19-128556.txt Edgar Link pending
0001193125-19-128556-xbrl.zip Edgar Link pending
d724618d10q.htm Edgar Link pending
d724618dex311.htm Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
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report.css Edgar Link pending
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vicr-20190331.xml Edgar Link completed
vicr-20190331.xsd Edgar Link pending
vicr-20190331_cal.xml Edgar Link unprocessable
vicr-20190331_def.xml Edgar Link unprocessable
vicr-20190331_lab.xml Edgar Link unprocessable
vicr-20190331_pre.xml Edgar Link unprocessable