Business
Vicor Corporation Reports Results for the Second Quarter Ended June 30, 2021
ANDOVER, Mass., July 22, 2021 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) today reported financial results for the second quarter ended June 30,
About this update from Vicor Corporation
[{"type":"text","content":"ANDOVER, Mass., July 22, 2021 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) today reported financial results for the second quarter ended June 30, 2021. 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. Revenues for the second quarter ended June 30, 2021 totaled $95.4 million, a 34.8% increase from $70.8 million for the corresponding period a year ago, and a 7.4% sequential increase from $88.8 million in the first quarter of 2021. Gross margin increased to $49.9 million for the second quarter of 2021, compared to $30.3 million for the corresponding period a year ago, and increased sequentially from $44.7 million for the first quarter of 2021. Gross margin, as a percentage of revenue, increased to 52.3% for the second quarter of 2021, compared to 42.8% for the corresponding period a year ago, and increased from 50.3% for the first quarter of 2021. Net income for the second quarter was $19.4 million, or $0.43 per diluted share, compared to net income of $2.7 million or $0.06 per share, for the corresponding period a year ago and net income of $15.1 million, or $0.34 per diluted share, for the first quarter of 2021. Cash flow from operations totaled $12.3 million for the second quarter, compared to cash flow from operations of $4.7 million for the corresponding period a year ago, and cash flow from operations of $17.8 million in the first quarter of 2021. Capital expenditures for the second quarter totaled $15.0 million, compared to $5.7 million for the corresponding period a year ago and $9.3 million for the first quarter of 2021. The sum of cash, cash equivalents, and short-term investments as of June 30, 2021 sequentially rose 3.2% to approximately $230.2 million compared to March 31, 2021. Commenting on second quarter performance, Dr. Patrizio Vinciarelli, Chief Executive Officer, stated, “Q2 revenues and gross margins reflected strong demand and improved manufacturing efficiencies. Vertical integration of power packaging processes and increased capacity in expanded facilities are on track for completion by Q1 ‘22, setting the stage for reduced factory cycle time, greater operational efficiency and significant margin expansion in 2022.” Dr. Vinciarelli concluded, “Anticipating the need for even highe...