VICR

Vicor Corporation (VICR)

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Vicor Corporation (VICR)

Q2 2008 Earnings Call Transcript

August 11, 2008 5:00 pm ET

Executives

Jamie Simms - CFO

Patrizio Vinciarelli - CEO

Analysts

Ron Opel - Marston Capital

Jim Bartlett - Bartlett Investors

Steven Glass - STG Capital

Mr. Baxter - Ardour Capital

John Dillon - JB Associates

Don McKenna - D.B. McKenna & Company

Dick Feldman - Monarch Capital

Daniel Gorman - Private Investor

Presentation

Operator

Good day, ladies and gentlemen, and welcome to the Vicor 2008 second quarter earnings result conference call. My name is Lutrice and I will be your coordinator for today. At this time, all participants are in a listen-only mode. We will be facilitating a question-and-answer session towards the end of this call. (Operator Instructions) I would now like to turn the presentation over to your host for today's call, Mr. Jamie Simms, Chief Financial Officer. Please proceed, sir.

Jamie Simms

Thanks. Good afternoon, everyone, and welcome to Vicor's quarterly conference call. As mentioned, I am Jamie Simms, Chief Financial Officer; and with me today is, our Chief Executive Officer, Patrizio Vinciarelli, and our Chief Accounting Officer, Dick Nagel. Earlier this afternoon, we issued a press release outlining our financial results for the quarter ended June 30, 2008.

This press release is available on the Investor page of our website, www.vicordepower.com. We also have filed a 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, 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, believes, 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 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 August 26, 2008, by calling 888-286-8010 and using the pass code 44989156. In addition, a webcast replay of the 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 each prepared remarks, after which we will take your questions. Patrizio?

Patrizio Vinciarelli

Thank you, Jamie. Good afternoon, everyone, and welcome to our second quarter conference call. As you may have seen, we announced earlier today the appointment of Jason Carlson to our Board of Directors. Jason will serve on the Board's Audit and Compensation Committees. Jason is currently CEO of Emo Labs, is set up here in the Boston area, doing some quite innovative things in audio speaker technology.

Prior to joining Emo Labs in 2006, he was President and Chief Executive Officer of Semtech Corporation, an important vendor in analog and mix signal semiconductors, largely for power management applications. Earlier in his career, he had leadership roles with Cirrus Logic, the inventor of analog and mix signal semiconductors for consumer industrial applications.

Jason has a track record of accomplishment, ranging from his role as a private company executive to being part of entrepreneurial teams that have built successful companies. Because he understands power electronics and technological innovation, two defining characteristics of Vicor, we are quite pleased to have Jason join us. Jason, I know you are listening, so allow me to publicly welcome you to Vicor.

I will now turn to Vicor's performance in the second quarter and our outlook for each of the business units. As anticipated, due to booking trends in Q1 and early Q2, Vicor's revenue for the second quarter declined as the global economy softened. Revenue from our Brick Business Unit experienced a 6% decline sequentially.

However, bookings in July came in 35% ahead of April levels, pointing to improved demands for our expanding brick product line. I am particularly pleased to report the achievement of a milestone in the evolution of our brick business with the recent booking of a $3.2 million order for the VIBricks. As you may recall, VIBricks combined the optical attributes of V-I Chips with the [tonal] management and mechanical flexibility of bricks.

This order, scheduled to ship this year, represents validation by an early adopter of the VIBrick power concept and our V-I Chip inside strategy to expand the market opportunity for our Brick Business Unit. With V-I Chips under the hood, VIBricks provide unique vehicles to grow the range of our system requirements that can best be addressed within the established brick power component and power system product line.

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