Vicor Corporation Reports Results for the Fourth Quarter and Year Ended December 31, 2020

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[{"type":"text","content":"ANDOVER, Mass., Feb. 25, 2021 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) today reported financial results for the fourth quarter ended December 31, 2020. Fourth quarter and full year financial 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 presented below. Revenues for the fourth quarter ended December 31, 2020 totaled $84.3 million, a 33.5% increase from $63.1 million for the corresponding period a year ago, and a 7.9% sequential increase from $78.1 million for the third quarter of 2020. Gross margin increased to $40.5 million for the fourth quarter of 2020, compared to $29.8 million for the corresponding period a year ago, and increased sequentially from $33.3 million for the third quarter of 2020. Gross margin, as a percentage of revenue, increased to 48.0% for the fourth quarter of 2020, compared to 47.1% for the corresponding period a year ago, and increased from 42.7% for the third quarter of 2020. Net income for the fourth quarter was $11.2 million, or $0.25 per diluted share, compared to net income of $1.3 million or $0.03 per diluted share, for the corresponding period a year ago and net income of $5.8 million, or $0.13 per diluted share, for the third quarter of 2020. Revenues for the year ended December 31, 2020, increased 12.8% to $296.6 million from $263.0 million for the corresponding period a year ago. Net income for 2020 was $17.9 million, or $0.41 per diluted share, compared to net income of $14.1 million, or $0.34 per diluted share, for the corresponding period a year ago. Cash flow from operations totaled $19.3 million for the fourth quarter, a sequential increase of 66.9%, and totaled $34.5 million for the year, an increase of 55.6% over the total for 2019. Capital expenditures for the fourth quarter totaled $11.8 million, compared to $8.1 million for the prior quarter and $3.4 million for the fourth quarter of 2019. The sum of cash, cash equivalents, and short-term investments sequentially rose 4.1% to approximately $211.9 million. During the fourth quarter, the company transferred approximately $130.2 million from cash accounts to short-term investment accounts. Fourth quarter bookings increased 19.1% to $91.5 million, from $76.8 million for the corresponding period a year ago, and increased 1.2%...

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