Vicor Corporation (VICR)

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Vicor Corp. (VICR)

Q1 2008 Earnings Call

May 8, 2008 5:00 pm ET


Mark Glazer - VP, Treasury Services, IR

Patrizio Vinciarelli - Chairman, President and CEO

Jamie Simms - CFO


Richard Baxter - Ardour Capital

Don McKenna - DB McKenna

Steven Glass - STG Capital

Daniel Gorman - Vicor

John Dylan



Good day, ladies and gentlemen and welcome to the Vicor 2008 first quarter earnings results conference call. My name is Eric and I'm your coordinator for today. Now, at this time all participants are in listen-only mode. We'll facilitate a question-and-answer session towards the end of the conference. (Operator Instructions)

I would now like to turn your presentation over to Mr. Mark Glazer, Vice President of Treasury Services. Please proceed, sir.

Mark Glazer

Thank you. Good afternoon and welcome to Vicor's quarterly conference call. I'm Mark Glazer, Vice President of Treasury Services and Investor Relations. With me today is our CEO, Patrizio Vinciarelli, and our newly appointed CFO, Jamie Simms.

Earlier this afternoon we issued a press release outlining our financial results for the first quarter ended March 31, 2008. This press release is available on the investor page of our website at We have also filed a Form 8-K with the Securities and Exchange Commission in association with the issuing of this press release.

Before we begin, we'd like to remind all of you that 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, we'd also like to remind you that various remarks that we may 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 forward -- 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 is, by its nature, 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 May 23, 2008 by calling 888-286-8010 and using the pass code 50295683. In addition, a webcast replay of the conference call will be available on the investor relations page of the company's website beginning shortly upon its conclusion; however, the information we provide during this call is accurate only as of the date of this call. We undertake no obligation to update any of the statement made during this call and you should not rely upon them after the conclusion of this call.

Patrizio and Jamie each have prepared remarks, after which we will take your questions. Patrizio?

Patrizio Vinciarelli

Thank you, Mark. Good afternoon and welcome to our first quarter conference call. I would like to start by introducing Jamie Simms, who became our new CFO as of April 14. Jamie has been an investment banker for over 20 years, working with public technology companies, and brings a refreshing outsider's perspective to our company. He is also joining our board of directors.

As Vicor's initiatives with V-I Chip and Picor come to fruition. We expect Jamie to play a crucial role in driving our realization of the considerable value we believe these initiatives present for shareholders. Jamie has quickly immersed himself in our financial operations and is already working closely with his new colleagues in engineering, manufacturing, and sales and marketing. Welcome, Jamie.

I also want to stress my appreciation for the almost 20 years of service by Mark, including his decade of service as CFO. Mark will be continuing with us in his Treasury role.

Mark Glazer

Thank you, Patrizio.

Jamie Simms

Thank you as well, Patrizio. I'm pleased to be a part of the Vicor team and in particular want to express my appreciation for the reception I've received from Mark, also Dick Nagel, and other members of the finance team.

Patrizio Vinciarelli

Let me start off by turning to the company's performance in the first quarter and our outlook for each of our business units. During the first quarter of 2008, Vicor continued to make progress to our strategic and financial goals. The accomplishments of the quarter were partially offset by a few disappointments. We are quite confident the company's positioned appropriately to successfully address challenges in its core brick business while continuing our considerable investment in the future of power systems.

Total revenue for the first quarter increased by approximately 14% to $53.5 million compared to $47 million for the corresponding period a year ago. From quarter-to-quarter sequentially, total revenue was flat, decreasing 0.9% from the $53.9 million derived in the fourth quarter 2007. The company's book to bill ratio for the first quarter 2008 was 0.99 to one, slightly better than our fourth quarter ratio of 0.96 to one, but still below one. Backlog at the end of the first quarter was $46.1 million as compared to $46.7 million at the end of the fourth quarter 2007.

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