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Vicor Corporation Reports Results for the Second Quarter Ended June 30, 2023
ANDOVER, Mass., July 25, 2023 (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 25, 2023 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) today reported financial results for the second quarter ended June 30, 2023. 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 second quarter ended June 30, 2023 totaled $106.7 million, a 4.5% increase from $102.2 million for the corresponding period a year ago, and a 9.1% sequential increase from $97.8 million in the first quarter of 2023. Gross margin increased to $55.2 million for the second quarter of 2023, compared to $46.8 million for the corresponding period a year ago, and increased sequentially from $46.5 million for the first quarter of 2023. Gross margin, as a percentage of revenue, increased to 51.7% for the second quarter of 2023, compared to 45.8% for the corresponding period a year ago, and from 47.6% for the first quarter of 2023. Net income for the second quarter was $17.1 million, or $0.38 per diluted share, compared to net income of $10.6 million or $0.24 per diluted share, for the corresponding period a year ago and net income of $11.2 million, or $0.25 per diluted share, for the first quarter of 2023. Cash flow from operations totaled $19.0 million for the second quarter, compared to cash flow from operations of $10.8 million for the corresponding period a year ago, and cash flow from operations of $10.1 million in the first quarter of 2023. Capital expenditures for the second quarter totaled $8.5 million, compared to $14.2 million for the corresponding period a year ago and $10.1 million for the first quarter of 2023. Cash and cash equivalents as of June 30, 2023 increased 5.7% sequentially to approximately $203.8 million compared to approximately $192.9 million as of March 31, 2023. Backlog for the second quarter ended June 30, 2023 totaled $217.3 million, a 47.0% decrease from $410.0 million for the corresponding period a year ago, and 19.9% sequential decrease from $271.3 million at the end of the first quarter of 2023. Commenting on second quarter performance, Chief Executive Officer Dr. Patrizio Vinciarelli stated: “Q2 bookings remained weak, ahead of production release of an AI platform with a Lateral Power Distribution Network (“PDN”) using a 4G ChiP-set, now expected to ramp in Q4. The same...