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<SEC-DOCUMENT>0001102624-11-000105.txt : 20110222
<SEC-HEADER>0001102624-11-000105.hdr.sgml : 20110221
<ACCEPTANCE-DATETIME>20110222172559
ACCESSION NUMBER:		0001102624-11-000105
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110222
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110222
DATE AS OF CHANGE:		20110222

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:		11629571

	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>vicorcorp8k.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: February  22, 2011</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>DE</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 February 22, 2011, Vicor Corporation issued a press release announcing its financial results for the quarter and year ended December 31, 2010. 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="vicorcorporation8k7.htm">Press Release of Vicor Corporation dated February  22, 2011</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: February  22, 2011<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 February  22, 2011</td>
</tr>
</table>
</center>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>vicorcorporation8k7.htm
<DESCRIPTION>VICOR CORPORATION PRESS RELEASE
<TEXT>

<p></p>
<b>Vicor Corporation Reports Results for the Quarter and Year Ended December 31, 2010 </b>
<p>ANDOVER, MA -- (Marketwire - February  22, 2011) -  Vicor Corporation (NASDAQ: VICR) (the
"Company") today reported its financial results for the quarter and year
ended December 31, 2010.
</p>
<p>
Revenues for the fourth fiscal quarter ended December 31, 2010, increased
to $72,975,000, compared to $49,138,000 for the corresponding period a year
ago, and increased from $68,672,000 for the third quarter of 2010.  Gross
margin increased to $32,984,000 for the fourth quarter of 2010, compared to
$22,497,000 for the corresponding period a year ago and $32,473,000 for the
third quarter of 2010.  Gross margin, as a percentage of revenue, decreased
to 45.2% for the fourth quarter of 2010 compared to 45.8% for the fourth
quarter of 2009 and 47.3% for the third quarter of 2010.  Net income for
the fourth quarter was $10,807,000, or $0.26 per diluted share, compared to
net income of $2,309,000, or $0.06 per diluted share, for the corresponding
period a year ago and net income of $15,819,000, or $0.38 per diluted
share, for the third quarter of 2010.
</p>
<p>
Revenues for the year ended December 31, 2010, increased by 26.7% to
$250,733,000 from $197,959,000 for the prior year.  Net income for the year
was $33,325,000, or $0.80 per diluted share, compared to net income of
$2,798,000 or $0.07 per diluted share, for the corresponding period a year
ago.
</p>
<p>
During the third and fourth quarters of 2010, the Company recorded
non-recurring, non-cash tax benefits of $5,158,000, or approximately $0.12
per diluted share, and $1,159,000, or approximately $0.03 per diluted
share, respectively, due to the release of portions of its deferred tax
valuation allowance.  These tax benefits were partially offset by estimated
federal, state and foreign income taxes on the Company's 2010 pre-tax
income and estimated federal and state income taxes for certain
non-controlling interests  that are not part of the Company's consolidated
income tax returns.
</p>
<p>
The consolidated book-to-bill ratio for the fourth quarter was 0.66, as
compared to 1.02 for the third quarter of 2010.  Total backlog at the end
of the fourth quarter was $78,876,000, compared to $57,234,000, at the end
of 2009.
</p>
<p>
Commenting on the Company's performance, Patrizio Vinciarelli, Chief
Executive Officer, stated: "Vicor recognized a record level of quarterly
revenue for the fourth quarter as a result of substantial bookings recorded
earlier in the year.  Consolidated revenue increased on a sequential basis
by 6%, driven largely by a near doubling of V-I Chip&#8482; shipments.
Relative to a weak fourth quarter, bookings activity has thus far
experienced a nearly 50% increase in the first quarter of 2011."
</p>
<p>
Dr. Vinciarelli went on to say, "We also are pleased by the progress we are
making in manufacturing and operational efficiencies across the
organization.  While fourth quarter margins came under pressure due to a
shift in mix to V-I Chip products, we are projecting benefits from
volume-driven economies of scale once revenue levels resume their advance."
</p>
<p>
Dr. Vinciarelli concluded, "Our differentiated building blocks, Brick, V-I
Chip and Picor power components, continue to gain traction across new
markets. Recently introduced Brick Bus Converters, with double the density
and efficiency of industry standard bricks, have underscored the
capabilities of our power conversion technology and given it unique
visibility with leading Original Equipment Manufacturers seeking continuity
of supply and competitive advantages enabled by higher density. This
initiative has already opened doors at major networking and data storage
accounts, supporting greater diversification and long term momentum."
</p>
<p>
Depreciation and amortization for the fourth quarter of 2010 was
approximately $2,607,000, and capital additions totaled $4,362,000.  In
2010, depreciation and amortization was $10,159,000 and capital additions
were $12,103,000, compared to $10,198,000 and $10,643,000, respectively,
for 2009.  Cash, restricted cash equivalents, and short-term investments
increased by $6,280,000 to approximately $49,279,000 at the end of 2010
from $42,999,000 at the end of 2009.  There were no share repurchases
during the quarter, and approximately $8,500,000 remains authorized for
additional purchases under the Company's stock repurchase plan.
</p>
<p>
As of December 31, 2010, the Company held approximately $19,075,000, at par
value, of auction rate securities classified as long-term investments
purchased though broker / dealer affiliates of Bank of America NA.  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 classify its holdings as long-term investments and
reduce their carrying value to an estimated market value.  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>
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, February 22,
2011, at 5:00 p.m. Eastern Time.  Shareholders interested in participating
in the call should call 877-703-6109 at approximately 4:50 p.m. and use the
Passcode 30118753.  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 9, 2011.  The replay dial-in number is 888-286-8010 and the
Passcode is 47604980.  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, 2009, 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,
                                         2010    2009     2010      2009
                                       -------  ------- --------  --------

Net revenues                           $72,975  $49,138 $250,733  $197,959
Cost of revenues                        39,991   26,641  136,213   110,365
                                       -------  ------- --------  --------
         Gross margin                   32,984   22,497  114,520    87,594

Operating expenses:
          Sales &amp; administration        13,310   11,465   49,417    47,932
          Research &amp; development         9,151    8,443   35,981    31,636
          Severance charges                  0       16        0     4,099
          Gain from litigation-related
           and other settlements, net        0        0        0      (846)
                                       -------  ------- --------  --------
             Total operating expenses   22,461   19,924   85,398    82,821
                                       -------  ------- --------  --------

Income from operations                  10,523    2,573   29,122     4,773

Other income (expense), net                (82)     120      497       682
                                       -------  ------- --------  --------

Income before income taxes              10,441    2,693   29,619     5,455

(Benefit)  provision for income taxes     (477)     197   (3,920)    1,362
                                       -------  ------- --------  --------

Consolidated net income                 10,918    2,496   33,539     4,093

Less:  Net income attributable to
  noncontrolling interest                  111      187      214     1,295
                                       -------  ------- --------  --------

Net income attributable to Vicor
 Corporation                           $10,807  $ 2,309 $ 33,325  $  2,798
                                       =======  ======= ========  ========


Net income per share attributable to
 Vicor Corporation:
           Basic                       $  0.26  $  0.06 $   0.80  $   0.07
           Diluted                     $  0.26  $  0.06 $   0.80  $   0.07

Shares outstanding:
           Basic                        41,753   41,665   41,700    41,665
           Diluted                      41,860   41,678   41,772    41,671




VICOR CORPORATION

CONSOLIDATED BALANCE SHEET
(Thousands)

                                                      DEC 31,     DEC 31,
                                                       2010        2009
                                                   (Unaudited)  (Unaudited)
                                                    ----------  ----------
Assets

Current assets:
        Cash and cash equivalents                   $   49,279  $   40,224
        Restricted cash equivalents                          0         192
        Short-term investments                               0       2,583
        Accounts receivable, net                        38,825      26,565
        Inventories, net                                35,489      21,357
        Deferred tax assets                              2,164         181
        Other current assets                             2,397       4,345
                                                    ----------  ----------
                  Total current assets                 128,154      95,447

Restricted cash and cash equivalents                         0         223
Long-term investments                                   18,417      30,957
Property and equipment, net                             50,848      49,009
Long-term deferred tax assets, net                       2,805           0
Other assets                                             4,688       4,941
                                                    ----------  ----------

                                                    $  204,912  $  180,577
                                                    ==========  ==========

Liabilities and Equity

Current liabilities:
        Accounts payable                            $   11,999  $    9,458
        Accrued compensation and benefits                6,772       5,740
        Accrued severance charge                             0         259
        Other accrued liabilities                        3,240       2,678
        Deferred revenue                                   689       2,521
                                                    ----------  ----------
                 Total current liabilities              22,700      20,656

Long-term deferred revenue                               2,178       2,196
Long-term income taxes payable                           1,022         384
Deferred income taxes, net                                   0       1,275

Equity:
  Vicor Corporation stockholders' equity:
        Capital stock                                  164,436     162,248
        Retained earnings                              133,791     112,972
        Accumulated other comprehensive loss            (1,369)     (1,608)
        Treasury stock                                (121,827)   (121,827)
                                                    ----------  ----------
             Total Vicor Corporation stockholders'
              equity                                   175,031     151,785
  Noncontrolling interest                                3,981       4,281
                                                    ----------  ----------
        Total equity                                   179,012     156,066
                                                    ----------  ----------

                                                    $  204,912  $  180,577
                                                    ==========  ==========
</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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