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Vicor Corporation Reports Results for the Third Quarter Ended September 30, 2021
ANDOVER, Mass., Oct. 21, 2021 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) today reported financial results for the third quarter ended September 30,
About this update from Vicor Corporation
[{"type":"text","content":"ANDOVER, Mass., Oct. 21, 2021 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) today reported financial results for the third quarter ended September 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 third quarter ended September 30, 2021 totaled $84.9 million, an 8.7% increase from $78.1 million for the corresponding period a year ago, but an 11.0% sequential decrease from $95.4 million in the second quarter of 2021. Gross margin increased to $42.8 million for the third quarter of 2021, compared to $33.3 million for the corresponding period a year ago, but decreased sequentially from $49.9 million for the second quarter of 2021. Gross margin, as a percentage of revenue, increased to 50.4% for the third quarter of 2021, compared to 42.7% for the corresponding period a year ago, but decreased from 52.3% for the second quarter of 2021. Net income for the third quarter was $13.3 million, or $0.29 per diluted share, compared to net income of $5.8 million or $0.13 per diluted share, for the corresponding period a year ago and net income of $19.4 million, or $0.43 per diluted share, for the second quarter of 2021. Cash flow from operations totaled $10.1 million for the third quarter, compared to cash flow from operations of $11.6 million for the corresponding period a year ago, and cash flow from operations of $12.3 million in the second quarter of 2021. Capital expenditures for the third quarter totaled $15.2 million, compared to $8.1 million for the corresponding period a year ago and $6.5 million for the second quarter of 2021. The sum of cash, cash equivalents, and short-term investments as of September 30, 2021 remained basically unchanged at $229.0 million, compared to June 30, 2021. Commenting on third quarter performance, Dr. Patrizio Vinciarelli, Chief Executive Officer, stated, “Semiconductor component shortages and capacity constraints caused Q3 revenues to fall short of expectations with a negative impact on margins. Improved semiconductor component availability and increased capacity should support a significant step up in Q4 revenues.” The Q3 book-to-bill ratio came in at 2.0 and Q3 ending backlog stood at $296 million, as compared with $140 million at the end of Q3, 20...