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Vicor Corporation Reports Results for the First Quarter Ended March 31, 2023
ANDOVER, Mass., April 25, 2023 (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 25, 2023 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) today reported financial results for the first quarter ended March 31, 2023. 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, 2023 totaled $97.8 million, a 10.8% increase from $88.3 million for the corresponding period a year ago, and a 7.3% sequential decrease from $105.5 million in the fourth quarter of 2022. Gross margin increased to $46.5 million for the first quarter of 2023, compared to $37.6 million for the corresponding period a year ago, and decreased sequentially from $49.1 million for the fourth quarter of 2022. Gross margin, as a percentage of revenue, increased to 47.6% for the first quarter of 2023, compared to 42.6% for the corresponding period a year ago, and from 46.6% for the fourth quarter of 2022. Net income for the first quarter was $11.2 million, or $0.25 per diluted share, compared to net income of $5.0 million or $0.11 per diluted share, for the corresponding period a year ago and net income of $8.1 million, or $0.18 per diluted share, for the fourth quarter of 2022. Cash flow from operations totaled $10.1 million for the first quarter, compared to cash flow from operations of $4.6 million for the corresponding period a year ago, and cash flow from operations of $0.9 million in the fourth quarter of 2022. Capital expenditures for the first quarter totaled $10.1 million, compared to $22.7 million for the corresponding period a year ago and $12.7 million for the fourth quarter of 2022. Cash and cash equivalents as of March 31, 2023 increased 1.2% sequentially to approximately $192.9 million compared to approximately $190.6 million as of December 31, 2022. Backlog for the first quarter ended March 31, 2023 totaled $271.3 million, a 36.0% decrease from $423.7 million for the corresponding period a year ago, and 10.9% sequential decrease from $304.4 million at the end of the fourth quarter of 2022. Commenting on first quarter performance, Dr. Patrizio Vinciarelli, Chief Executive Officer, stated, “Bookings may remain weak until AI OEMs capture the benefits of advanced Power Distribution Networks (“PDNs”) with Lateral-Vertical PDNs using existing 4G FPA modules.” “Progre...