<SEC-DOCUMENT>0001102624-11-000214.txt : 20110426
<SEC-HEADER>0001102624-11-000214.hdr.sgml : 20110426
<ACCEPTANCE-DATETIME>20110426160754
ACCESSION NUMBER:		0001102624-11-000214
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110426
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110426
DATE AS OF CHANGE:		20110426

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:		11780226

	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>
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<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>
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<p>
<b>
<table border=0 cellpadding=0 cellspacing=0>
<tr><td colspan=5 align=center>
<b>Date of Report: April     26, 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>
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</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%>
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<b>Item 2.02. Results of Operations and Financial Condition</b></b><br>
<br>
On April 26, 2011, Vicor Corporation issued a press release announcing its financial results for the first quarter of 2011. 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 April     26, 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>
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<td width="50%" valign=top>
Dated: April     26, 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 April     26, 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 Reported Its Financial Results for the First Quarter Ended March 31, 2011 </b>
<p>ANDOVER, MA -- (Marketwire - April     26, 2011) -  Vicor Corporation (NASDAQ: VICR) (the
"Company") today reported its financial results for the first quarter ended
March 31, 2011.
</p>
<p>
Revenues for the first fiscal quarter ended March 31, 2011, increased to
$70,455,000, compared to $51,709,000 for the corresponding period a year
ago, but decreased from $72,975,000 for the fourth quarter of 2010.
</p>
<p>
Gross margin increased to $30,454,000 for the first quarter of 2011,
compared to $23,324,000 for the corresponding period a year ago, but
decreased from $32,984,000 for the fourth quarter of 2010.  Gross margin,
as a percentage of revenue, decreased to 43.2% for the first quarter of
2011 compared to 45.1% for the first quarter of 2010, and decreased on a
sequential basis from 45.2% for the fourth quarter of 2010.
</p>
<p>
Net income for the first quarter was $4,018,000, or $0.10 per diluted
share, compared to net income of $1,952,000, or $0.05 per diluted share,
for the corresponding period a year ago and net income of $10,807,000, or
$0.26 per diluted share, for the fourth quarter of 2010.
</p>
<p>
The 2011 provision for income taxes, which is based on an estimated annual
effective tax rate for 2011, approximates a full statutory tax rate, as
compared with the lower effective tax rate for 2010, due to the utilization
by the end of 2010 of all Federal operating loss carryforwards.
</p>
<p>
The consolidated book-to-bill ratio for the first quarter was 0.94, as
compared to 0.66 for the fourth quarter of 2010.  Total backlog at the end
of the first quarter was $74,757,000, compared to $78,876,000, at the end
of 2010.
</p>
<p>
Patrizio Vinciarelli, Chief Executive Officer, commented on the period's
performance, stating, "Vicor performed to expectations for the first
quarter, highlighted by a continuing ramp in production of our V.I Chip
products.  The Brick Business Unit performed well, with strength in exports
offsetting a decline in U.S. defense programs, and Picor got closer to
bringing to fruition its silicon-centric product strategy.
</p>
<p>
"As anticipated, Vicor is in a transition period with V.I Chips and VI
Bricks becoming a higher percentage of our total sales.  While early in the
ramp of V.I Chips, the gross profit margin realized on these products is
still far short of targets, and, as a result, our consolidated gross profit
margin has declined in recent quarters.  However, there is continued
quarter over quarter progress being made at reducing average unit cost in
V.I Chip."
</p>
<p>
Dr. Vinciarelli continued, "The last several months have seen an
acceleration in the introduction of new products evidencing superior power
technology.  We are excited about the potential of our new VI Brick IBC050
line of intermediate bus converters, which are pin-compatible with industry
standard bus converters, while providing much higher power throughput and
efficiency. The performance of these products has caught the attention of
OEMs seeking to gain competitive advantages."
</p>
<p>
Depreciation and amortization for the first quarter of 2011 was
approximately $2,628,000, and capital additions totaled $2,973,000.  For
the same period of 2010, depreciation and amortization was $2,432,000 and
capital additions totaled $2,429,000.  Cash and cash equivalents increased
by $7,121,000 to approximately $56,400,000 at the end of the first quarter
of 2011 from $49,279,000 at the end of 2010.  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 March 31, 2011, the Company held approximately $18,975,000, at par
value, of auction rate securities classified as long-term investments.  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 on Tuesday, April 26,
2011, at 5:00 p.m. Eastern Time.  Shareholders interested in participating
in the call should call 866-515-2911 at approximately 4:50 p.m. and use the
Passcode 37984226.  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 May 11, 2011.  The replay dial-in number is 888-286-8010 and the
Passcode is 60651207.  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, 2010, 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 customers in the higher-performance, higher-power
segments of the power systems market, including aerospace and defense
electronics, enterprise and high performance computing, industrial
equipment and automation, telecommunications and network infrastructure,
and vehicles and transportation markets.
</p>
<p>
<pre>
VICOR CORPORATION

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

                                                      QUARTER ENDED
                                                       (Unaudited)
                                              -----------------------------
                                                 MAR 31,        MAR 31,
                                                  2011           2010
                                              -------------  --------------


Net revenues                                  $      70,455  $       51,709
Cost of revenues                                     40,001          28,385
                                              -------------  --------------
     Gross margin                                    30,454          23,324

Operating expenses:
     Sales &amp; administration                          14,180          11,880
     Research &amp; development                           9,854           8,868
                                              -------------  --------------
        Total operating expenses                     24,034          20,748
                                              -------------  --------------

Income from operations                                6,420           2,576

Other income (expense), net                            (198)             67
                                              -------------  --------------

Income before income taxes                            6,222           2,643

Provision for income taxes                            2,053             638
                                              -------------  --------------

Consolidated net income                               4,169           2,005

Less: Net income attributable to
 noncontrolling interest                                151              53
                                              -------------  --------------

Net income attributable to
 Vicor Corporation                            $       4,018  $        1,952
                                              =============  ==============

Net income per share attributable
 to Vicor Corporation:
        Basic                                 $        0.10  $         0.05
        Diluted                               $        0.10  $         0.05

Shares outstanding:
        Basic                                        41,771          41,666
        Diluted                                      41,859          41,700






VICOR CORPORATION

CONSOLIDATED BALANCE SHEET
(Thousands)


                                                 MAR 31,        DEC 31,
                                                  2011           2010
                                               (Unaudited)    (Unaudited)
                                              -------------  -------------
Assets

Current  assets:
     Cash and cash equivalents                $      56,400  $      49,279
     Accounts receivable, net                        39,796         38,825
     Inventories, net                                35,610         35,489
     Deferred tax assets                              2,499          2,164
     Other current assets                             2,273          2,397
                                              -------------  -------------
        Total current assets                        136,578        128,154

Long-term investments                                18,354         18,417
Property and equipment, net                          51,199         50,848
Long-term deferred tax assets, net                    1,830          2,805
Other assets                                          4,601          4,688
                                              -------------  -------------

                                              $     212,562  $     204,912
                                              =============  =============

Liabilities and Equity

Current liabilities:
     Accounts payable                         $      12,794  $      11,999
     Accrued compensation and benefits                7,489          6,772
     Accrued expenses                                 4,236          3,138
     Income taxes payable                               769            102
     Deferred revenue                                   520            689
                                              -------------  -------------
        Total current liabilities                    25,808         22,700

Long-term deferred revenue                            2,065          2,178
Long-term income taxes payable                        1,039          1,022

Equity:
  Vicor Corporation stockholders' equity:
     Capital stock                                  164,865        164,436
     Retained earnings                              137,809        133,791
     Accumulated other comprehensive loss            (1,318)        (1,369)
     Treasury stock                                (121,827)      (121,827)
                                              -------------  -------------
        Total Vicor Corporation stockholders'
         equity                                     179,529        175,031
  Noncontrolling interest                             4,121          3,981
                                              -------------  -------------
     Total equity                                   183,650        179,012
                                              -------------  -------------

                                              $     212,562  $     204,912
                                              =============  =============

</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>
