Vicor Corporation Reports Results for the Second Quarter Ended June 30, 2020

About this update from Vicor Corporation

[{"type":"text","content":"ANDOVER, Mass., July 23, 2020 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) today reported financial results for the second quarter ended June 30, 2020. 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 second quarter ended June 30, 2020 totaled $70.7 million, an 11.7% increase from $63.4 million for the corresponding period a year ago, and an 11.6% sequential increase from $63.4 million for the first quarter of 2020. Gross margin increased to $30.3 million for the second quarter of 2020, compared to $29.1 million for the corresponding period a year ago, and increased sequentially from $27.3 million for the first quarter of 2020. Gross margin, as a percentage of revenue, decreased to 42.8% for the second quarter of 2020, compared to 46.0% for the corresponding period a year ago, and decreased from 43.1% for the first quarter of 2020. Net income for the second quarter was $2.7 million, or $0.06 per diluted share, compared to net income of $2.6 million or $0.06 per diluted share, for the corresponding period a year ago and a net loss of ($1.7) million, or ($0.04) per basic share, for the first quarter of 2020. Results for the second quarter of 2020 included a non-cash charge of $1.2 million associated with the accelerated recognition of equity-based compensation expenses resulting from stock option awards made during the period. Cash and cash equivalents sequentially increased by $114.0 million to approximately $196.7 million at the end of the second quarter of 2020, from $82.7 million at the end of the first quarter of 2020. The Company completed an underwritten public offering of its common stock in June, resulting in net proceeds of approximately $109.7 million. Incremental capital expenditures for the second quarter of 2020 totaled $5.7 million, as compared with $2.5 million for the corresponding period a year ago and $3.0 million for the first quarter of 2020. Second quarter bookings increased 45.4% to $87.5 million, from $60.2 million for the corresponding period a year ago, and increased sequentially 24.9% from $70.1 million for the first quarter of 2020. Total backlog at the end of the second quarter of 2020 was $127.5 million, representing an increase of 15.1% from backlog o...

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