10-Q Filing

VICOR CORP CIK: 751978 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001193125-14-169926`
Period End Date	20140331
Filing Date	20140430
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	vicr-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 42 Cash Flow Statement 48 Comprehensive Income 18

Balance Sheet 67 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, less allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$240.00K	USD	Point-in-time
Accounts receivable, less allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$198.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$56.34M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$84.55M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$71.40M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$50.31M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$463.00K	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$643.00K	USD	Point-in-time
Accounts receivable, less allowance of $240 in 2014 and $198 in 2013	`AccountsReceivableNetCurrent`	$27.68M	USD	Point-in-time
Accounts receivable, less allowance of $240 in 2014 and $198 in 2013	`AccountsReceivableNetCurrent`	$31.77M	USD	Point-in-time
Inventories, net	`InventoryNet`	$29.52M	USD	Point-in-time
Inventories, net	`InventoryNet`	$29.70M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$131.00K	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$131.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$4.21M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$4.67M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$117.04M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$118.52M	USD	Point-in-time
Long-term investments, net	`MarketableSecuritiesNoncurrent`	$5.04M	USD	Point-in-time
Long-term investments, net	`MarketableSecuritiesNoncurrent`	$5.19M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$40.09M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$39.18M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.83M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.84M	USD	Point-in-time
Total assets	`Assets`	$165.64M	USD	Point-in-time
Total assets	`Assets`	$187.84M	USD	Point-in-time
Total assets	`Assets`	$163.09M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.68M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.15M	USD	Point-in-time
Accrued compensation and benefits	`EmployeeRelatedLiabilitiesCurrent`	$9.14M	USD	Point-in-time
Accrued compensation and benefits	`EmployeeRelatedLiabilitiesCurrent`	$8.10M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.84M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$4.89M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$15.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$15.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$1.02M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$1.09M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$20.66M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$23.28M	USD	Point-in-time
Long-term deferred revenue	`DeferredRevenueNoncurrent`	$868.00K	USD	Point-in-time
Long-term deferred revenue	`DeferredRevenueNoncurrent`	$974.00K	USD	Point-in-time
Long-term income taxes payable	`AccruedIncomeTaxesNoncurrent`	$1.34M	USD	Point-in-time
Long-term income taxes payable	`AccruedIncomeTaxesNoncurrent`	$1.34M	USD	Point-in-time
Deferred income taxes payable	`DeferredIncomeTaxesAndOtherLiabilitiesNoncurrent`	$335.00K	USD	Point-in-time
Deferred income taxes payable	`DeferredIncomeTaxesAndOtherLiabilitiesNoncurrent`	$335.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$25.82M	USD	Point-in-time
Total liabilities	`Liabilities`	$23.30M	USD	Point-in-time
Commitments and contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common Stock	`CommonStockValue`	$392.00K	USD	Point-in-time
Common Stock	`CommonStockValue`	$392.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$169.47M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$169.71M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$108.64M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$103.27M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-417.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-526.00K	USD	Point-in-time
Treasury stock, at cost	`TreasuryStockValue`	$138.93M	USD	Point-in-time
Treasury stock, at cost	`TreasuryStockValue`	$138.93M	USD	Point-in-time
Total Vicor Corporation stockholders' equity	`StockholdersEquity`	$139.18M	USD	Point-in-time
Total Vicor Corporation stockholders' equity	`StockholdersEquity`	$134.15M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$3.12M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$3.16M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$142.34M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$137.26M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$165.64M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$163.09M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`SalesRevenueNet`	$41.95M	USD	1 Quarter
Net revenues	`SalesRevenueNet`	$53.23M	USD	1 Quarter
Cost of revenues	`CostOfGoodsAndServicesSold`	$25.34M	USD	1 Quarter
Cost of revenues	`CostOfGoodsAndServicesSold`	$30.44M	USD	1 Quarter
Gross margin	`GrossProfit`	$22.79M	USD	1 Quarter
Gross margin	`GrossProfit`	$16.61M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$13.89M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$17.98M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$9.86M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$10.25M	USD	1 Quarter
Severance charges	`SeveranceCosts1`	$1.36M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$25.10M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$28.23M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-5.44M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-8.50M	USD	1 Quarter
Total unrealized gains on available-for-sale securities, net	`MarketableSecuritiesUnrealizedGainLoss`	$52.00K	USD	1 Quarter
Total unrealized gains on available-for-sale securities, net	`MarketableSecuritiesUnrealizedGainLoss`	$39.00K	USD	1 Quarter
Portion of losses recognized in other comprehensive income (loss)	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax`	$-51.00K	USD	1 Quarter
Portion of losses recognized in other comprehensive income (loss)	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax`	$-39.00K	USD	1 Quarter
Net credit gains recognized in earnings	`AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments`	$1.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$30.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$14.00K	USD	1 Quarter
Total other income, net	`NonoperatingIncomeExpense`	$30.00K	USD	1 Quarter
Total other income, net	`NonoperatingIncomeExpense`	$15.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-8.48M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-5.41M	USD	1 Quarter
Provision (benefit) for income taxes	`IncomeTaxExpenseBenefit`	$17.00K	USD	1 Quarter
Provision (benefit) for income taxes	`IncomeTaxExpenseBenefit`	$-3.50M	USD	1 Quarter
Consolidated net loss	`ProfitLoss`	$-5.43M	USD	1 Quarter
Consolidated net loss	`ProfitLoss`	$-4.99M	USD	1 Quarter
Less: Net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$4.00K	USD	1 Quarter
Less: Net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-48.00K	USD	1 Quarter
Net loss attributable to Vicor Corporation	`NetIncomeLoss`	$-5.38M	USD	1 Quarter
Net loss attributable to Vicor Corporation	`NetIncomeLoss`	$-4.99M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.12	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.14	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.12	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.14	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	38.54M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	41.17M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	38.54M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	41.17M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Consolidated net loss	`ProfitLoss`	$-5.43M	USD	1 Quarter
Consolidated net loss	`ProfitLoss`	$-4.99M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.49M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.44M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$263.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$234.00K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$53.00K	USD	1 Quarter
Decrease in long-term deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-35.00K	USD	1 Quarter
Decrease in long-term deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-34.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-2.26M	USD	1 Quarter
Severance charges	`SeveranceCosts1`	$1.36M	USD	1 Quarter
Excess tax benefit of stock-based compensation	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$43.00K	USD	1 Quarter
Gain on disposal of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$3.00K	USD	1 Quarter
Gain on disposal of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$4.00K	USD	1 Quarter
Credit loss (gain) on available-for-sale securities	`AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments`	$1.00K	USD	1 Quarter
(Decrease) increase in long-term income taxes payable	`IncreaseDecreaseInLongTermIncomeTaxesPayable`	$10.00K	USD	1 Quarter
(Decrease) increase in long-term income taxes payable	`IncreaseDecreaseInLongTermIncomeTaxesPayable`	$-2.00K	USD	1 Quarter
Change in current assets and liabilities, net	`IncreaseDecreaseInOperatingCapital`	$1.74M	USD	1 Quarter
Change in current assets and liabilities, net	`IncreaseDecreaseInOperatingCapital`	$-1.52M	USD	1 Quarter
Net cash used for operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.48M	USD	1 Quarter
Net cash used for operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.68M	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.55M	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.17M	USD	1 Quarter
Sales and maturities of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$234.00K	USD	1 Quarter
Proceeds from sale of equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$4.00K	USD	1 Quarter
Proceeds from sale of equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$3.00K	USD	1 Quarter
Decrease in other assets	`PaymentsForProceedsFromOtherInvestingActivities`	$-47.00K	USD	1 Quarter
Decrease in other assets	`PaymentsForProceedsFromOtherInvestingActivities`	$34.00K	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.58M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-887.00K	USD	1 Quarter
Purchases of Common Stock	`PaymentsForRepurchaseOfCommonStock`	$10.39M	USD	1 Quarter
Proceeds from issuance of Common Stock	`ProceedsFromIssuanceOfCommonStock`	$43.00K	USD	1 Quarter
Proceeds from issuance of Common Stock	`ProceedsFromIssuanceOfCommonStock`	$5.00K	USD	1 Quarter
Excess tax benefit of stock-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$46.00K	USD	1 Quarter
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-10.30M	USD	1 Quarter
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$5.00K	USD	1 Quarter
Effect of foreign exchange rates on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$27.00K	USD	1 Quarter
Effect of foreign exchange rates on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-280.00K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-6.03M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-13.15M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$56.34M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$84.55M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$71.40M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$50.31M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$56.34M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$84.55M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$71.40M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$50.31M	USD	Point-in-time

Comprehensive Income 18 line items

Line Item	Tag	Value	Unit	Period
Consolidated net loss	`ProfitLoss`	$-5.43M	USD	1 Quarter
Foreign currency translation gains (losses), tax benefit	`OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax`	-	USD	1 Quarter
Foreign currency translation gains (losses), tax benefit	`OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax`	$141.00K	USD	1 Quarter
Consolidated net loss	`ProfitLoss`	$-4.99M	USD	1 Quarter
Foreign currency translation gains (losses), net of tax provision (benefit)	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$77.00K	USD	1 Quarter
Foreign currency translation gains (losses), net of tax provision (benefit)	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-268.00K	USD	1 Quarter
Recognized income tax provision (benefit)	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	-	USD	1 Quarter
Recognized income tax provision (benefit)	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	-	USD	1 Quarter
Unrealized gains on available-for-sale securities, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$51.00K	USD	1 Quarter
Unrealized gains on available-for-sale securities, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$37.00K	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$114.00K	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$-217.00K	USD	1 Quarter
Consolidated comprehensive income (loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-5.20M	USD	1 Quarter
Consolidated comprehensive income (loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-5.31M	USD	1 Quarter
Less: Comprehensive income (loss) attributable to noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$-24.00K	USD	1 Quarter
Less: Comprehensive income (loss) attributable to noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$-43.00K	USD	1 Quarter
Comprehensive income (loss) attributable to Vicor Corporation	`ComprehensiveIncomeNetOfTax`	$-5.27M	USD	1 Quarter
Comprehensive income (loss) attributable to Vicor Corporation	`ComprehensiveIncomeNetOfTax`	$-5.18M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.