Business
Vicor Corporation Reports Results for the Fourth Quarter Ended December 31, 2019
ANDOVER, Mass., Feb. 25, 2020 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) today reported financial results for the fourth quarter and year ended
About this update from Vicor Corporation
[{"type":"text","content":"ANDOVER, Mass., Feb. 25, 2020 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) today reported financial results for the fourth quarter and year ended December 31, 2019. 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 presented below. \n Revenues for the fourth quarter ended December 31, 2019 totaled $63.1 million, a 14.4% decrease from $73.7 million for the corresponding period a year ago, and a 10.8% sequential decrease from $70.8 million in the third quarter of 2019. Gross margin dollars decreased to $29.8 million for the fourth quarter of 2019, compared to $33.9 million for the corresponding period a year ago, and decreased sequentially from $33.0 million for the third quarter of 2019. Gross margin, as a percentage of revenue, increased to 47.1% for the fourth quarter of 2019, compared to 45.9% for the corresponding period a year ago, and increased from 46.6% for the third quarter of 2019. Net income for the fourth quarter was $1.3 million, or $0.03 per diluted share, compared to net income of $6.9 million or $0.17 per diluted share, for the corresponding period a year ago and net income of $5.9 million, or $0.14 per diluted share, for the third quarter of 2019. Revenues for the year ended December 31, 2019, decreased 9.7% to $263.0 million from $291.2 million for the corresponding period a year ago. Net income for 2019 was $14.1 million, or $0.34 per diluted share, compared to net income of $31.7 million, or $0.78 per diluted share, for the corresponding period a year ago. Cash and cash equivalents sequentially increased by $3.5 million to approximately $84.7 million at the end of the fourth quarter of 2019, from $81.2 million at the end of the third quarter of 2019. Capital expenditures for the fourth quarter of 2019 totaled $3.4 million, compared to $3.3 million for the third quarter of 2019. Fourth quarter bookings of $76.8 million compare with $60.5 million for the third quarter of 2019 and the corresponding period a year ago. Total backlog at the end of the fourth quarter of 2019 was $104.2 million, up 15.6 % from $90.1 million at the end of the third quarter of 2019, and up 1.2% from $103.0 million at the end of 2018. Commenting on fourth quarter performance and the company’s outlook, Dr. Patrizio Vinciarelli...