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EX - 99.1 2 d328662dex991.htm EX - 99.1 NEWS RELEASE FINANCIAL NEWS BRIEF April 22 , 2021 For Immediate Release Exhibit 99.1 Vicor Corporation Reports Results for the First Quarter Ended March 31 , 2021 Andover , MA , April 22 , 2021 ( GLOBE NEWSWIRE ) - - Vicor Corporation ( NASDAQ : VICR ) today reported financial results for the first quarter ended March 31 , 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 first quarter ended March 31 , 2021 totaled $ 88.8 million , a 40.1 % increase from $ 63.4 million for the corresponding period a year ago , and a 5.3 % sequential increase from $ 84.3 million the fourth quarter of 2020 . Gross margin increased to $ 44.7 million for the first quarter of 2021 , compared to $ 27.3 million for the corresponding period a year ago , and increased sequentially from $ 40.5 million for the fourth quarter of 2020. Gross margin , as a percentage of revenue , increased to 50.3 % for the first quarter of 2021 , compared to 43.1 % for the corresponding period a year ago , and increased from 48.0 % for the fourth quarter of 2020 . Net income for the first quarter was $ 15.1 million , or $ 0.34 per diluted share , compared to a net loss of ( $ 1.7 ) million or ( $ 0.04 ) per share , for the corresponding period a year ago and net income of $ 11.2 million , or $ 0.25 per diluted share , for the fourth quarter of 2020 . Cash flow from operations totaled $ 17.6 million for the first quarter , compared to cash used for operations of $ 0.9 million for the corresponding period a year ago , and cash flow from operations of $ 19.3 million in the fourth quarter of 2020. Capital expenditures for the first quarter totaled $ 9.3 million , compared to $ 3.0 million for the corresponding period a year ago and $ 11.8 million for the fourth quarter of 2020. The sum of cash , cash equivalents , and short - term investments sequentially rose 5.3 % to approximately $ 223.1 million compared to the fourth quarter of 2020 . First quarter bookings increased 41.2 % to $ 98.9 million , from $ 70.1 million for the corresponding period a year ago , and increased sequentially 8.1 % from $ 91.5 million for the fourth quarter of 2020. Total backlog at the end of the first quarter of 2021 was $ 157.1 million , up 6.5 % from $ 147.6 million at the end of 2020 . Commenting on first quarter performance , Dr. Patrizio Vinciarelli , Chief Executive Officer , stated , " Q1 revenues and gross margins reflected strong demand and improved manufacturing efficiencies . Vertical integration of power packaging processes and increased capacity in expanded facilities will enable greater revenue and margin growth starting in 2022. For the balance of 2021 , sequential quarterly increases in revenue are capacity constrained to 7 % while bookings and backlog are expected to grow at a faster pace . " Dr. Vinciarelli concluded , " While 48V adoption in data centers is accelerating , current requirements for lower voltage rails feeding AI processors are stepping up nearly 2X every 2 years . Vicor's power system modules are uniquely fit to support this trajectory , prompting OEMs seeking to advance their AI solutions to gain preferential access to Vicor's enabling technology . " For more information on Vicor and its products , please visit the Company's website at www.vicorpower.com .