Vicor Corporation (VICR)

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Vicor Corp. (VICR)

Q4 2008 Earnings Call

March 10, 2009; 5:00 pm ET


Richard Nagel Jr. - Vice President, Chief Accounting Officer

Patrizio Vinciarelli - Chairman, President and CEO

Mark Glazer - Vice President, Treasury Services

James Simms - Chief Financial Officer, Secretary, Director


John Dillon - JB Associates

Richard Baxter -Ardour Capital

Don McKenna - D.B. McKenna & Company

Daniel Gorman - HighBeam Research

Jim Bartlett - Bartlett Investors

Robert Katz - Senvest

Ron Opel - Marston Capital Management



Good day, ladies and gentlemen, and welcome to the Vicor 2008 Fourth Quarter Earnings Conference Call. My name is Eric, I will be your audio coordinator for today. Now at this time, all participants are in a listen-only mode, and we will facilitate the question and answer session at the end of the presentation. (Operator instructions) I would now like to turn the presentation over to Mr. Dick Nagel, Chief Accounting Officer. Please proceed.

Richard Nagel Jr.

Thank you. Good afternoon and welcome to Vicor's quarterly conference call. I am Dick Nagel, Chief Accounting Officer and with me today is our Chief Executive Officer, Patrizio Vinciarelli, and Mark Glazer our Vice President of Treasury Services. Jamie Simms, our Chief Financial Officer is under the weather and unable to join us today. Earlier this afternoon, we issued a press release outlining our financial results for the quarter and year ended December 31, 2008.

This press release is available on the Investor page of our website, We also have filed the Form 8-K with the Securities and Exchange Commission in association with issuing this press release. Before we begin, I remind all of you, today's conference call is being recorded and is the copyrighted property of Vicor Corporation. Any rebroadcast, reproduction or other transmission of this conference call in whole or in part without the prior written consent of Vicor is prohibited.

In addition, I also remind you various remarks we may make during this call about future expectations, trends, plans, and prospects for the company and its business constitute forward-looking statements for purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995.

Forward-looking statements are denoted by such words as will, would, believe, should, expect, outlook, estimate, plan, anticipate, and similar expressions that look toward future events or performance. These forward-looking statements merely reflect our current beliefs, expectations and estimates, which we share with you during our quarterly conference calls.

Forward-looking statements are based on current information that, by its nature, is dynamic and subject to rapid and even abrupt changes. Our forward-looking statements are subject to risks and uncertainties, which may cause actual results to differ materially from those projected or implied in our statements. Such risks and uncertainties are discussed in today's press release as well as our most recent reports on Forms 10-K and 10-Q filed with the SEC.

A replay of this conference call will be available beginning shortly upon its conclusion through March 25, 2009 by calling 888-286-8010 and using the pass code 74581850. In addition, a webcast replay of this conference will be available on the Investor Relations page of the company’s website beginning shortly upon its conclusion.

However, the information provided during this call is accurate only as of the date of this call. Vicor undertakes no obligation to update any of the statements made during this call, and you should not rely upon them after the conclusion of this call. Patrizio and I have prepared remarks, after which we will take your questions. Patrizio?

Patrizio Vinciarelli

Thank you, Dick. Good afternoon everyone and welcome to our fourth quarter and year end conference call. As stated in this afternoon press release, revenues for the 12 months ended December 31, 2008 increased by approximately 5% to $205 million for 2008, from $196 million for 2007. Our net loss for 2008 was $3.6 million or $0.09 per diluted share compared to net income of $5.3 million or $0.13 per diluted share for 2007.

Turning to the fourth quarter of 2008, our revenues of $51.3 million fell short of the $53.9 million for the corresponding period a year ago. We have essentially unchanged from third quarter $51 million. Gross margin in dollars decreased to $20.10 million for the fourth quarter as compared to $21.3 million for the corresponding period a year ago, and $21.9 million for the third quarter of 2008.

Gross margin as a percentage of revenue increased to 40.5% for the fourth quarter of 2008, as compared to 39.4% for the fourth quarter of 2007, and decreased on a sequential basis from 42.7% for the third quarter of 2008.

Our net loss for the fourth quarter was $3.5 million or $0.08 per diluted share, compared to net income of $1.5 million or $0.04 per diluted share for the corresponding period a year-ago and net income of $610,000 or a $0.01 per share for the third quarter of 2008.

While sequential quarterly revenue was probably unchanged, our book-to-bill ratio for the fourth quarter of 2008 was 0.9321 as compared to 1.2021 for the third quarter of 2008. Backlog at the end of 2008 was $52.7 million as compared to $56.4 million at the end of Q3. As we cautioned before our quarterly book-to-bill ratios and backlog levels are not necessarily accurate for the sequential quarterly performance.

Out third quarter 2008 bookings were uncharacteristically high because a few customers accelerated the booking of all this that we had anticipated would be received over subsequent quarters. Similarly, our backlog is at a healthy level because even though the placement of certain orders was accelerated, the shipment of some portion of the associated product has not yet occurred.

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