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Vicor Corporation Reports Results for the First Quarter Ended March 31, 2022
ANDOVER, Mass., April 21, 2022 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) today reported financial results for the first quarter ended March 31,
About this update from Vicor Corporation
[{"type":"text","content":"ANDOVER, Mass., April 21, 2022 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) today reported financial results for the first quarter ended March 31, 2022. These results will be discussed later today at 5:00 p.m. Eastern Time, during management’s quarterly investor conference call. The details for the call are below. Revenues for the first quarter ended March 31, 2022 totaled $88.3 million, a 0.6% decrease from $88.8 million for the corresponding period a year ago, and a 2.2% sequential decrease from $90.3 million in the fourth quarter of 2021. Gross margin decreased to $37.6 million for the first quarter of 2022, compared to $44.7 million for the corresponding period a year ago, and decreased sequentially from $40.8 million for the fourth quarter of 2021. Gross margin, as a percentage of revenue, decreased to 42.6% for the first quarter of 2022, compared to 50.3% for the corresponding period a year ago, and from 45.2% for the fourth quarter of 2021. Net income for the first quarter was $5.0 million, or $0.11 per diluted share, compared to net income of $15.1 million or $0.34 per diluted share, for the corresponding period a year ago and net income of $8.9 million, or $0.20 per diluted share, for the fourth quarter of 2021. Cash flow from operations totaled $4.6 million for the first quarter, compared to cash flow from operations of $17.8 million for the corresponding period a year ago, and cash flow from operations of $14.2 million in the fourth quarter of 2021. Capital expenditures for the first quarter totaled $22.7 million, compared to $9.3 million for the corresponding period a year ago and $16.8 million for the fourth quarter of 2021. The sum of cash, cash equivalents, and short-term investments as of March 31, 2022 decreased 7.3% sequentially to approximately $211.1 million compared to approximately $227.6 million as of December 31, 2021. Commenting on first quarter performance, Dr. Patrizio Vinciarelli, Chief Executive Officer, stated, “For three consecutive quarters, component shortages and capacity constraints have caused revenues to fall short of expectations with increasing costs and manufacturing inefficiencies impacting margins.” “The Q1 book-to-bill ratio came in well above 1, with one-year backlog increasing nearly 23% from the prior quarter. Substantial progress on production rates and margins awaits capaci...