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Technology Stocks : Vicor Corp.

VICR 89.65

-0.4%

Oct 28 9:30 AM EDT

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To: Ghassan I. Ghandour who wrote (82)	4/16/1999 12:49:00 AM
From: Alan A. Hicks	of 118

2nd Generation product orders were again strong growing 30 percent over Q4 (after growing 30% from Q3 to Q4). Yields improved to 85% versus 77% last quarter. Backlog grew 25% to $45.7 million versus $37 million last quarter. The overall book-bill ratio finished the quarter at 1.25 to 1. Overall orders were at a record level. Vicor repurchased almost $5 million in Vicor shares - about 420,000 shares which translates to about $11 3/4 per share. Vicor has about $6 million remaining in its buyback authorization. Payments from the Reltec settlement represented most of the $6.2 million in settlement payments. Management took the opportunity to complete moving their manufacturing line into its new building. This impacted shipments of 1st generation products allowing backlog to build. Management indicated revenues should continue to grow each quarter throughout the year. Yields are expected to continue their improving trend with gross margins also improving. A new family of second generation products focused on the telecom market are expected to be announced around the middle of May. Completion of the moving of the manufacturing line into its new building is another important step Vicor's transition to accelerating growth. The demand picture continues to improve for both 1st and 2nd generation products. Management also said they are very pleased with the progress they are making with their new Japanese subsidiary which is in the second largest market for their products. Overall, the market opportunity for 2nd generation products appears to be as much as ten times the opportunity in 1st generation products. The entire power component market represents as much as a $30 billion market. Vicor's strategy is to provide 2nd generation products that will address a much larger share than they can address with 1st generation products.

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