Vicor Corporation Reports Results for the Fourth Quarter and Year Ended December 31, 2022

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[{"type":"text","content":"ANDOVER, Mass., Feb. 23, 2023 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) today reported financial results for the fourth quarter and year ended December 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 fourth quarter ended December 31, 2022 totaled $105.5 million, a 16.8% increase from $90.3 million for the corresponding period a year ago, and a 2.3% sequential increase from $103.1 million in the third quarter of 2022. Gross margin increased to $49.1 million for the fourth quarter of 2022, compared to $40.8 million for the corresponding period a year ago, and increased sequentially from $47.0 million for the third quarter of 2022. Gross margin, as a percentage of revenue, increased to 46.6% for the fourth quarter of 2022, compared to 45.2% for the corresponding period a year ago, and from 45.5% for the third quarter of 2022. Net income for the fourth quarter was $8.1 million, or $0.18 per diluted share, compared to net income of $8.9 million or $0.20 per diluted share, for the corresponding period a year ago and net income of $1.8 million, or $0.04 per diluted share, for the third quarter of 2022. Cash flow from operations totaled $0.9 million for the fourth quarter, compared to cash flow from operations of $14.2 million for the corresponding period a year ago, and cash flow from operations of $6.6 million in the third quarter of 2022. Capital expenditures for the fourth quarter totaled $12.7 million, compared to $16.8 million for the corresponding period a year ago and $14.4 million for the third quarter of 2022. The sum of cash, cash equivalents, and short-term investments as of December 31, 2022 decreased 5.7% sequentially to approximately $190.6 million compared to approximately $202.0 million as of September 30, 2022. Revenues for the year ended December 31, 2022 increased 11.1% to $399.1 million, from $359.4 million for the prior year. Gross margin, as a percentage of revenue, decreased to 45.2% for the year ended December 31, 2022, compared to 49.6% for the prior year. Net income for 2022 was $25.5 million, or $0.57 per diluted share and 6.4% of revenues, compared to $56.6 million, or $1.26 per diluted share and 15.8% of revenue in the prior year. Cash flows from operations...

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