Wednesday October 8 5:10 PM EDT
Company Press Release
Vicor Corp. Announces Earnings
ANDOVER, Mass.--(BUSINESS WIRE)--Oct. 8, 1997--Vicor Corp. (NASDAQ:VICR)
(NMS:VICR) today announced its financial results for the quarter ended Sept. 30, 1997.
Revenues for the quarter increased 16 percent to $41,400,000 compared with $35,673,000 for
the corresponding period a year ago. Net income and earnings per share for the quarter were
$7,130,000 vs. $6,235,000 in 1996 and $.16 vs. $.15 in 1996, respectively.
For the nine months ended Sept. 30, 1997 revenues increased 10 percent to $119,057,000 vs.
$108,181,000 for the same period of 1996. Net income and earnings per share were
$19,469,000 vs. $19,613,000 in 1996 and $.45 vs. $.46 in 1996, respectively.
Vicor Corp. designs, manufactures and markets modular power components and complete
power systems. Headquartered in Andover, Mass., Vicor sells its products primarily to the
telecommunications, electronic data processing, industrial control and military electronics
markets.
VICOR CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(Thousands except for per share amounts)
Quarter Ended Nine Months Ended
(Unaudited) (Unaudited)
Sept 30, Sept 30, Sept 30, Sept 30,
1997 1996 1997 1996
Net Revenues $ 41,400 $ 35,673 $ 119,057 $ 108,181
Costs and expenses
Cost of sales 19,967 16,353 57,146 49,755
Sales & administration 7,398 6,800 22,328 19,807
Research & development 4,227 3,753 12,827 10,501
------- ------- -------- -------
31,592 26,906 92,301 80,063
Operating income 9,808 8,767 26,756 28,118
Interest and other, net 1,332 974 3,664 2,857
Income before taxes 11,140 9,741 30,420 30,975
Income taxes (4,010) (3,506) (10,951) (11,362)
Net income $ 7,130 $ 6,235 $ 19,469 $ 19,613
Shares outstanding 43,438 42,785 42,877 42,451
Earnings per share $ 0.16 $ 0.15 $ 0.45 $ 0.46
-0-
Vicor Corporation
Consolidated Balance Sheet
(Thousands)
Sept. 30 Dec. 31
1997 1996
(Unaudited) (Unaudited)
Assets
Current Assets
Cash $ 86,327 $ 73,647
Accounts receivable 31,181 25,001
Inventories 20,399 21,129
Other current assets 2,949 2,765
--------- --------
Total current assets 140,856 122,542
Property and equipment, net 63,959 57,613
Notes receivable 9,056 3,795
Other assets 2,927 2,493
--------- --------
$ 216,798 $ 186,443
Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable $ 7,300 $ 5,558
Accrued compensation
and benefits 2,588 2,129
Other accrued liabilities 7,830 6,304
--------- --------
Total current liabilities 17,718 13,991
Deferred income taxes - long term 1,708 1,708
Stockholders' Equity
Capital stock 93,455 86,296
Retained earnings 144,308 124,839
Treasury stock (40,391) (40,391)
--------- ---------
Total stockholders' equity 197,372 170,744
--------- ---------
$ 216,798 $ 186,443
Contact:
Vicor Corp.
Mark A. Glazer, 508/470-2900 |
