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<SEC-DOCUMENT>0001102624-10-000103.txt : 20100309
<SEC-HEADER>0001102624-10-000103.hdr.sgml : 20100309
<ACCEPTANCE-DATETIME>20100309160343
ACCESSION NUMBER:		0001102624-10-000103
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100309
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20100309
DATE AS OF CHANGE:		20100309

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VICOR CORP
		CENTRAL INDEX KEY:			0000751978
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRONIC COMPONENTS, NEC [3679]
		IRS NUMBER:				042742817
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-18277
		FILM NUMBER:		10667185

	BUSINESS ADDRESS:	
		STREET 1:		25 FRONTAGE ROAD
		CITY:			ANDOVER
		STATE:			MA
		ZIP:			01810
		BUSINESS PHONE:		9784702900

	MAIL ADDRESS:	
		STREET 1:		25 FRONTAGE RD
		CITY:			ANDOVER
		STATE:			MA
		ZIP:			01810
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>vicorcorporation8k.htm
<DESCRIPTION>VICOR CORPORATION 8-K
<TEXT>
<table cellpadding="3" border="0" cellspacing="0" width="100%">
<tr><td>
</td></tr>
</table>
<center>
<table border=0 cellpadding=3 cellspacing=0>
<tr><td align="center"><br><br>
<B>UNITED STATES</B><br>
<B>SECURITIES AND EXCHANGE COMMISSION</B><br>
Washington, D.C. 20549<p>
<hr size=1>
<p><b>FORM 8-K<p>
CURRENT REPORT
<p>
Pursuant to Section 13 or 15(d) of the<br>Securities Exchange Act of 1934
</td>
</tr>
</table>
<p>
<b>
<table border=0 cellpadding=0 cellspacing=0>
<tr><td colspan=5 align=center>
<b>Date of Report: March     09, 2010</b><br>
(Date of earliest event reported)<br><br>
</td></tr>
<tr><td colspan=5 align=center>
<b>Vicor Corporation</b><br>
(Exact name of registrant as specified in its charter)
</td></tr>
<tr><td colspan=5><br></td></tr>
<tr>
<td align=center colspan=2 width="40%" valign="top">
<b>Delaware</b><br>
(State or other jurisdiction <br>of incorporation)
</td>
<td align=center width="20%" valign="top">
<b>0-18277</b><br>
(Commission File Number)
</td>
<td align=center colspan=2 width="40%" valign="top">
<b>04-2742817</b><br>
(IRS Employer <br>Identification Number)
</td>
</tr>
<tr><td colspan=5><br></td></tr>
<tr>
<td align="center" colspan=2>
<b>25 Frontage Road,  Andover, Massachusetts</b><br>
(Address of principal executive offices)
</td>
<td>&nbsp;</td>
<td align="center" colspan=2>
<b>01810</b><br>
(Zip Code)
</td>
</tr>
<tr><td colspan=5 align=center><br>
<b>(978) 470-2900</b><br>(Registrant's telephone number, including area code)
</td></tr>
<tr><td colspan=5><br></td></tr>
<tr><td colspan=5 align=center>
<b>Not Applicable</b><br>(Former Name or Former Address, if changed since last report)<br>
</td></tr>
</table>
</center>
<br><br>
</b>
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:<br>
<dl>
 <dd><font face="wingdings">o</font> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
 <dd><font face="wingdings">o</font> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
 <dd><font face="wingdings">o</font> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

  <br>
 <dd><font face="wingdings">o</font> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

  <br>
</dl>
<hr size=1>
<table width=100%>
<tr><td width="100%">
<b>Item 2.02. Results of Operations and Financial Condition</b></b><br>
<br>
On March 9, 2010, Vicor Corporation issued a press release announcing its financial results for the quarter and year ended, December 31, 2009. The full text of that press release is attached as Exhibit 99.1 hereto and incorporated by reference herein.  The information furnished under this Item 2.02, including the Exhibit attached hereto, shall not be deemed "filed" for any purpose, including for purposes of Section 18 of the Securities and Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.
<p>
<b>Item 9.01. Financial Statements and Exhibits</b></b><br />
<br>

<p>
<b>(a) Financial statements:</b><br>
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;  None<br>
<b>(b) Pro forma financial information:</b><br>
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;  None<br>
<b>(c) Shell company transactions:</b><br>
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;  None<br>
<b>(d) Exhibits</b><br>
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;  99.1 &nbsp; &nbsp; &nbsp; <a href="vicorcorporation8k5.htm">Press Release of Vicor Corporation dated March     09, 2010</a></b>
<br>
<p>
<hr size=1>
<b><center>SIGNATURE</center></b>
<p>
&nbsp; &nbsp; &nbsp; Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be
              signed on its behalf by the undersigned hereunto duly authorized.<p>
</td></tr>
</table>
<br>
<table border="0" width="100%">
<tr>
<td width="50%" valign=top>
Dated: March     09, 2010<br>
</td>
<td>
<b>VICOR CORPORATION</b>
<p>
By: <u>&nbsp;/s/ James A. Simms &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </u> <br>
&nbsp; &nbsp; &nbsp;James A. Simms<br>
&nbsp; &nbsp; &nbsp;<i>Chief Financial Officer</i><br>
</td></tr>
</table>
<hr>
<center>
<table border=0 width="100%">
<tr><td colspan=2>
<center><b>Exhibit Index</b></center>
</td>
</tr>
<tr>
<td width=50% align=center><b><u>Exhibit No.</u></b></td>
<td width=50% align=center><b><u>Description</u></b></td>
</tr>
<tr>
<td align=center>99.1</td>
<td align=center>Press Release of Vicor Corporation dated March     09, 2010</td>
</tr>
</table>
</center>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>vicorcorporation8k5.htm
<DESCRIPTION>VICOR CORPORATION PRESS RELEASE
<TEXT>

<p></p>
<b>Vicor Corporation Announces Financial Results for the Quarter and Year Ended December 31, 2009 </b>
<p>ANDOVER, MA -- (Marketwire - March     09, 2010) -  Vicor Corporation (NASDAQ: VICR) (the
"Company") today reported its financial results for the quarter and year
ended December 31, 2009.
</p>
<p>
Revenues for the fourth fiscal quarter ended December 31, 2009, decreased
to $49,138,000, compared to $51,324,000 for the corresponding period a year
ago, but increased from $47,746,000 for the third quarter of 2009.  Gross
margin increased to $22,497,000 for the fourth quarter of 2009, compared to
$20,809,000 for the corresponding period a year ago and $20,668,000 for the
third quarter of 2009.  Gross margin, as a percentage of revenue, increased
to 45.8% for the fourth quarter of 2009 compared to 40.5% for the fourth
quarter of 2008, and increased on a sequential basis from 43.3% for the
third quarter of 2009.  Net income for the fourth quarter was $2,309,000,
or $0.06 per diluted share, compared to a net loss of $(3,501,000), or
$(0.08) per diluted share, for the corresponding period a year ago and net
income of $1,691,000, or $0.04 per diluted share, for the third quarter of
2009.
</p>
<p>
Revenues for the year ended December 31, 2009, decreased to $197,959,000
from $205,368,000 for the corresponding period a year ago.  Net income for
the twelve month period was $2,798,000, or $0.07 per diluted share,
compared to a net loss of $(3,595,000) or $(0.09) per diluted share, for
the corresponding period a year ago.  The operating results were negatively
impacted by aggregate pre-tax charges of $4,099,000 for the cost of
severance and other employee-related costs in connection with workforce
reductions implemented during the year.  These charges were partially
offset by a payment of $750,000 received from a vendor pursuant to a
settlement with respect to alleged performance issues with certain of the
vendor's products.  This payment was recorded in "Gain from
litigation-related and other settlements, net" in the Company's
consolidated statement of operations in the third quarter of 2009.
</p>
<p>
As of January 1, 2009, the Company changed its accounting and reporting for
minority interests, which are now characterized as noncontrolling
interests.  As a result, the presentation and disclosure requirements were
retroactively applied to minority interest amounts existing as of and for
the quarter and year ended December 31, 2008 in the accompanying
Consolidated Financial Statements.
</p>
<p>
The book-to-bill ratio for the fourth quarter of 2009 was 1.16:1, as
compared to 1.19:1 for the third quarter of 2009.  Backlog at the end of
the fourth quarter of 2009 was $58,489,000, as compared to $52,724,000 at
the end of 2008.
</p>
<p>
Commenting on the Company's performance, Patrizio Vinciarelli, Chairman of
the Board, President and Chief Executive Officer, stated, "We are
cautiously optimistic that our targeted markets are seeing a recovery, as
reflected in our booking and revenue trends.  Our brick and configurable
products businesses avoid volatility through a diversified global customer
base while innovative products from our V-I Chip and Picor subsidiaries
enable leading OEMs to achieve competitive advantages in their respective
markets."
</p>
<p>
Dr. Vinciarelli continued, "V-I Chip has completed the installation of
additional manufacturing equipment in support of a threefold increase in
manufacturing capacity expected to be progressively utilized over the next
several quarters. V-I Chip and Picor are also gearing up to introduce
families of AC input and DC input power components that are intended to
advance industry benchmarks for power conversion density and efficiency."
</p>
<p>
Depreciation and amortization for the fourth quarter of 2009 was
approximately $2,457,000, and capital additions totaled $6,361,000.  In
2009, depreciation and amortization was $10,198,000 and capital additions
were $10,643,000.  This compares to $10,515,000 and $8,265,000,
respectively, for 2008.  Cash, restricted cash equivalents and short-term
investments increased by $18,411,000 to approximately $42,999,000 at the
end of 2009 from $24,588,000 at the end of 2008.  There were no share
repurchases during 2009, and approximately $8,500,000 remains authorized
for additional purchases under the Company's stock repurchase plan.  The
Company previously announced an indefinite suspension of its semi-annual
dividend.
</p>
<p>
As of December 31, 2009, the Company held approximately $33,600,000, at par
value, of auction rate securities.  As previously disclosed, conditions in
the market for auction rate securities and the repeated failure of auctions
by which such securities are priced have led the Company to continue to
classify its holdings as long-term investments.  Based on the Company's
ability to access cash and other short-term investments and its expected
operating cash flows, management does not anticipate the current lack of
liquidity of holdings of auction rate securities will affect the Company's
ability to execute its current operating plan.
</p>
<p>
The tax provisions in 2009 and 2008 provide for estimated income taxes due
in various state and international taxing jurisdictions for which losses
incurred by the Company cannot be offset, and for estimated federal and
state income taxes for certain minority-owned subsidiaries that are not
part of the Company's consolidated income tax returns, offset by the
expected utilization of federal and foreign net operating loss
carryforwards.  The 2009 tax provision also includes discrete items,
including benefits for the receipt of refunds for net operating loss
carryback claims and for an expected refund due to certain monetized
credits, and expense for increases in state taxes and accrued interest for
potential liabilities. The 2008 tax provision also included discrete items,
including the reduction of the Company's tax reserves by $1,123,000 due to
closing tax periods in certain jurisdictions, offset by increases in
accrued interest for potential liabilities and expense associated with a
reduction in state income tax refunds receivable.
</p>
<p>
For more information on Vicor and its products, please visit the Company's
website at www.vicorpower.com.
</p>
<p>
Earnings Conference Call
</p>
<p>
Vicor will be holding its investor conference call, today, Tuesday, March
9, 2010, at 5:00 p.m. Eastern Time.  Shareholders interested in
participating in the call should call 800-591-6930 at approximately 4:50
p.m. and use the Passcode 21908962.  Internet users can listen to a
real-time audio broadcast of the conference call on the Investor Relations
section of Vicor's website at www.vicorpower.com/irwebcast.  Please go to
the website at least 15 minutes prior to the call to register, download and
install any necessary software.  For those who cannot participate in the
conference call, a replay will be available, shortly after the conclusion
of the call, through March 24, 2010.  The replay dial-in number is
888-286-8010 and the Passcode is 78714591.  In addition, a webcast replay
of the conference call will also be available on the Investor Relations
section of Vicor's website at www.vicorpower.com/irwebcast beginning
shortly after the conclusion of the call.
</p>
<p>
This press release contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.  Any
statement in this press release that is not a statement of historical fact
is a forward-looking statement, and, the words "believes," "expects,"
"anticipates," "intend," "estimate," "plans," "assumes," "may," "will,"
"would," "should," "continue," "prospective," "project," and other similar
expressions identify forward-looking statements.  Forward-looking
statements also include statements regarding bookings, shipments, revenue,
profitability, targeted markets, increase in manufacturing capacity and
utilization thereof, future products and the Company's capital resources.
These statements are based upon the Company's current expectations and
estimates as to the prospective events and circumstances that may or may
not be within the Company's control and as to which there can be no
assurance.  Actual results could differ materially from those projected in
the forward-looking statements as a result of various factors, including
those economic, business, operational and financial considerations set
forth in the Company's Annual Report on Form 10-K for the year ended
December 31, 2008, under Part I, Item I -- "Business," under Part I, Item
1A -- "Risk Factors," under Part I, Item 3 -- "Legal Proceedings," and
under Part II, Item 7 -- "Management's Discussion and Analysis of Financial
Condition and Results of Operations."  The risk factors set forth in the
Annual Report on Form 10-K may not be exhaustive.  Therefore, the
information contained in the Annual Report on Form 10-K should be read
together with other reports and documents the Company files with the
Securities and Exchange Commission from time to time, including Forms 10-Q,
8-K and 10-K, which may supplement, modify, supersede or update those risk
factors.  The Company does not undertake any obligation to update any
forward-looking statements as a result of future events or developments.
</p>
<p>
Vicor Corporation designs, develops, manufactures and markets modular power
components and complete power systems based upon a portfolio of patented
technologies.  Headquartered in Andover, Massachusetts, Vicor sells its
products primarily to the electronic data processing, industrial control,
military electronics and telecommunications markets.
</p>
<p>
<pre>
VICOR CORPORATION

CONSOLIDATED STATEMENT OF OPERATIONS
(Thousands except for per share amounts)

                                QUARTER ENDED            YEAR ENDED
                                 (Unaudited)            (Unaudited)

                            ---------------------  ----------------------
                             DEC 31,    DEC 31,     DEC 31,     DEC 31,
                              2009       2008        2009        2008
                            -------- ------------  --------- ------------
                                     (as adjusted)           (as adjusted)

Net revenues                $ 49,138 $     51,324  $ 197,959 $    205,368
Cost of revenues              26,641       30,515    110,365      119,083
                            -------- ------------  --------- ------------
   Gross margin               22,497       20,809     87,594       86,285

Operating expenses:
    Sales &amp; administration    11,465       14,476     47,932       56,206
    Research &amp; development     8,443        8,006     31,636       31,398
    Severance charges             16            0      4,099            0
    Gain from
     litigation-related
     and other settlements,
     net                           0            0       (846)        (177)
                            -------- ------------  --------- ------------
     Total operating
      expenses                19,924       22,482     82,821       87,427
                            -------- ------------  --------- ------------

Income (loss) from
 operations                    2,573       (1,673)     4,773       (1,142)

Other income (expense), net      120           88        682        2,028
                            -------- ------------  --------- ------------

Income (loss) before income
 taxes                         2,693       (1,585)     5,455          886

Provision for income taxes       197          911      1,362          976

Loss from equity method
 investment, net of tax            0          639          0        1,688
                            -------- ------------  --------- ------------

Consolidated net income
 (loss)                        2,496       (3,135)     4,093       (1,778)

Less:  Net income
 attributable to
 noncontrolling interest         187         366       1,295        1,817
                            -------- ------------  --------- ------------

Net income (loss)
 attributable to
 Vicor Corporation          $  2,309     ($ 3,501) $   2,798 ($     3,595)
                            ======== ============  ========= ============


Net income (loss) per share
 attributable to Vicor
 Corporation:
    Basic                   $   0.06 ($      0.08) $    0.07  ($     0.09)
    Diluted                 $   0.06 ($      0.08) $    0.07  ($     0.09)

Shares outstanding:
    Basic                     41,665       41,665     41,665       41,651
    Diluted                   41,678       41,665     41,671       41,651



VICOR CORPORATION

CONSOLIDATED BALANCE SHEET
(Thousands)

                                                  DEC 31,       DEC 31,
                                                   2009          2008
                                                (Unaudited)   (Unaudited)
                                                ------------  ------------
Assets                                                        (as adjusted)

Current assets:
        Cash and cash equivalents               $     40,224  $     22,639
        Restricted cash equivalents                      192           176
        Short-term investments                         2,583         1,773
        Accounts receivable, net                      26,565        28,757
        Inventories, net                              21,357        26,681
        Deferred tax assets                              181           451
        Other current assets                           4,345         2,279
                                                ------------  ------------
                  Total current assets                95,447        82,756

Restricted cash and cash equivalents                     223           561
Long-term investments                                 30,957        35,661
Property and equipment, net                           49,009        48,254
Other assets                                           4,941         4,690
                                                ------------  ------------

                                                $    180,577  $    171,922
                                                ============  ============

Liabilities and Equity

Current liabilities:
        Accounts payable                        $      9,458  $      5,592
        Accrued compensation and benefits              5,740         6,783
        Accrued severance charge                         259             0
        Other accrued liabilities                      2,678         4,422
        Deferred revenue                               2,521           662
                                                ------------  ------------
                  Total current liabilities           20,656        17,459

Long-term deferred revenue                             2,196         1,118
Long-term income taxes payable                           384           259
Deferred income taxes                                  1,275         1,660

Equity:
  Vicor Corporation stockholders' equity:
        Capital stock                                162,248       161,591
        Retained earnings                            112,972       110,174
        Accumulated other comprehensive loss          (1,608)       (2,767)
        Treasury stock                              (121,827)     (121,827)
                                                ------------  ------------
             Total Vicor Corporation
              stockholders' equity                   151,785       147,171
  Noncontrolling interest                              4,281         4,255
                                                ------------  ------------
        Total equity                                 156,066       151,426
                                                ------------  ------------

                                                $    180,577  $    171,922
                                                ============  ============
</pre>

</p>
<pre>
For further information contact:
James A. Simms
Chief Financial Officer
Tel: 978-470-2900
Fax: 978-749-3439


</pre>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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