10-Q Filing

VICOR CORP CIK: 751978 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001193125-16-567033`
Period End Date	20160331
Filing Date	20160429
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	vicr-20160331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 42 Cash Flow Statement 48 Comprehensive Income 18

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$171.00K	USD	Point-in-time
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$148.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$55.19M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$59.71M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$62.98M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$59.32M	USD	Point-in-time
Accounts receivable, less allowance of $148 in 2016 and $171 in 2015	`AccountsReceivableNetCurrent`	$25.98M	USD	Point-in-time
Accounts receivable, less allowance of $148 in 2016 and $171 in 2015	`AccountsReceivableNetCurrent`	$23.35M	USD	Point-in-time
Inventories, net	`InventoryNet`	$24.15M	USD	Point-in-time
Inventories, net	`InventoryNet`	$23.44M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$3.05M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$3.10M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$110.26M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$115.51M	USD	Point-in-time
Long-term investments, net	`LongTermInvestments`	$2.55M	USD	Point-in-time
Long-term investments, net	`LongTermInvestments`	$2.87M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$37.18M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$37.45M	USD	Point-in-time
Long-term deferred tax assets, net	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$15.00K	USD	Point-in-time
Long-term deferred tax assets, net	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$15.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.71M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.91M	USD	Point-in-time
Total assets	`Assets`	$151.91M	USD	Point-in-time
Total assets	`Assets`	$157.54M	USD	Point-in-time
Total assets	`Assets`	$161.27M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.23M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$7.47M	USD	Point-in-time
Accrued compensation and benefits	`EmployeeRelatedLiabilitiesCurrent`	$8.14M	USD	Point-in-time
Accrued compensation and benefits	`EmployeeRelatedLiabilitiesCurrent`	$8.35M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.57M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.22M	USD	Point-in-time
Accrued severance charges	`RestructuringReserveCurrent`	$195.00K	USD	Point-in-time
Accrued severance charges	`RestructuringReserveCurrent`	$37.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$29.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$31.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$1.99M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$1.93M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$20.60M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$20.60M	USD	Point-in-time
Long-term deferred revenue	`DeferredRevenueNoncurrent`	$468.00K	USD	Point-in-time
Long-term deferred revenue	`DeferredRevenueNoncurrent`	$433.00K	USD	Point-in-time
Contingent consideration obligations	`BusinessCombinationContingentConsiderationLiabilityNoncurrent`	$144.00K	USD	Point-in-time
Contingent consideration obligations	`BusinessCombinationContingentConsiderationLiabilityNoncurrent`	$352.00K	USD	Point-in-time
Long-term income taxes payable	`AccruedIncomeTaxesNoncurrent`	$193.00K	USD	Point-in-time
Long-term income taxes payable	`AccruedIncomeTaxesNoncurrent`	$192.00K	USD	Point-in-time
Deferred income taxes payable	`DeferredIncomeTaxesAndOtherLiabilitiesNoncurrent`	$55.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$21.46M	USD	Point-in-time
Total liabilities	`Liabilities`	$21.57M	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common Stock	`CommonStockValue`	$395.00K	USD	Point-in-time
Common Stock	`CommonStockValue`	$395.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$174.60M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$174.34M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$94.33M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$99.69M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-394.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-577.00K	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`	$130.13M	USD	Point-in-time
Total Vicor Corporation stockholders' equity	`StockholdersEquity`	$135.03M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$205.00K	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$1.05M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$136.09M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$130.34M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$157.54M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$151.91M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`SalesRevenueNet`	$46.03M	USD	1 Quarter
Net revenues	`SalesRevenueNet`	$64.02M	USD	1 Quarter
Cost of revenues	`CostOfGoodsAndServicesSold`	$35.13M	USD	1 Quarter
Cost of revenues	`CostOfGoodsAndServicesSold`	$26.71M	USD	1 Quarter
Gross margin	`GrossProfit`	$28.89M	USD	1 Quarter
Gross margin	`GrossProfit`	$19.32M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$14.02M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$14.86M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$10.42M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$10.73M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$24.75M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$25.28M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$3.61M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-5.43M	USD	1 Quarter
Total unrealized gains (losses) on available-for-sale securities, net	`MarketableSecuritiesUnrealizedGainLoss`	$-15.00K	USD	1 Quarter
Total unrealized gains (losses) on available-for-sale securities, net	`MarketableSecuritiesUnrealizedGainLoss`	$27.00K	USD	1 Quarter
Portion of gains (losses) recognized in other comprehensive income (loss)	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax`	$-23.00K	USD	1 Quarter
Portion of gains (losses) recognized in other comprehensive income (loss)	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax`	$19.00K	USD	1 Quarter
Net credit gains recognized in earnings	`AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments`	$4.00K	USD	1 Quarter
Net credit gains recognized in earnings	`AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments`	$4.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$71.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-33.00K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-29.00K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$75.00K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.35M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.58M	USD	1 Quarter
Less: Provision for income taxes	`IncomeTaxExpenseBenefit`	$139.00K	USD	1 Quarter
Less: Provision for income taxes	`IncomeTaxExpenseBenefit`	$22.00K	USD	1 Quarter
Consolidated net income (loss)	`ProfitLoss`	$3.44M	USD	1 Quarter
Consolidated net income (loss)	`ProfitLoss`	$-5.38M	USD	1 Quarter
Less: Net income (loss) attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-25.00K	USD	1 Quarter
Less: Net income (loss) attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$71.00K	USD	1 Quarter
Net income (loss) attributable to Vicor Corporation	`NetIncomeLoss`	$3.37M	USD	1 Quarter
Net income (loss) attributable to Vicor Corporation	`NetIncomeLoss`	$-5.35M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.14	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.09	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.09	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.14	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	38.79M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	38.69M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	39.15M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	38.79M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Consolidated net income (loss)	`ProfitLoss`	$3.44M	USD	1 Quarter
Consolidated net income (loss)	`ProfitLoss`	$-5.38M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.40M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.19M	USD	1 Quarter
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$329.00K	USD	1 Quarter
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$563.00K	USD	1 Quarter
(Benefit) provision for doubtful accounts	`ProvisionBenefitForDoubtfulAccounts`	$-28.00K	USD	1 Quarter
(Benefit) provision for doubtful accounts	`ProvisionBenefitForDoubtfulAccounts`	$33.00K	USD	1 Quarter
Decrease in long-term deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-34.00K	USD	1 Quarter
Decrease in long-term deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-35.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-55.00K	USD	1 Quarter
Gain on disposal of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$35.00K	USD	1 Quarter
Gain on disposal of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$2.00K	USD	1 Quarter
Credit gain on available-for-sale securities	`AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments`	$4.00K	USD	1 Quarter
Credit gain on available-for-sale securities	`AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments`	$4.00K	USD	1 Quarter
Increase in long-term income taxes payable	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$1.00K	USD	1 Quarter
Increase in long-term income taxes payable	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$6.00K	USD	1 Quarter
Change in current assets and liabilities, net	`IncreaseDecreaseInOperatingCapital`	$-2.14M	USD	1 Quarter
Change in current assets and liabilities, net	`IncreaseDecreaseInOperatingCapital`	$1.30M	USD	1 Quarter
Net cash (used for) provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-834.00K	USD	1 Quarter
Net cash (used for) provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$5.07M	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.47M	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.89M	USD	1 Quarter
Sales and maturities of investments	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$270.00K	USD	1 Quarter
Proceeds from sale of equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$35.00K	USD	1 Quarter
Proceeds from sale of equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$2.00K	USD	1 Quarter
Increase in other assets	`PaymentsForProceedsFromOtherInvestingActivities`	$214.00K	USD	1 Quarter
Increase in other assets	`PaymentsForProceedsFromOtherInvestingActivities`	$65.00K	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-2.10M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-1.23M	USD	1 Quarter
Proceeds from issuance of Common Stock	`ProceedsFromIssuanceOfCommonStock`	$19.00K	USD	1 Quarter
Proceeds from issuance of Common Stock	`ProceedsFromIssuanceOfCommonStock`	$310.00K	USD	1 Quarter
Acquisition of noncontrolling interest	`PaymentsToAcquireAdditionalInterestInSubsidiaries`	$372.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$310.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-353.00K	USD	1 Quarter
Effect of foreign exchange rates on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$16.00K	USD	1 Quarter
Effect of foreign exchange rates on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-16.00K	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$4.13M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-3.27M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$55.19M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$59.71M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$62.98M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$59.32M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$55.19M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$59.71M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$62.98M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$59.32M	USD	Point-in-time
Acquisition of noncontrolling interest	`NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1`	$346.00K	USD	1 Quarter

Comprehensive Income 18 line items

Line Item	Tag	Value	Unit	Period
Consolidated net income (loss)	`ProfitLoss`	$3.44M	USD	1 Quarter
Consolidated net income (loss)	`ProfitLoss`	$-5.38M	USD	1 Quarter
Foreign currency translation gains (losses), tax provision (benefit)	`OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax`	-	USD	1 Quarter
Foreign currency translation gains (losses), tax provision (benefit)	`OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax`	-	USD	1 Quarter
Recognized income tax provision (benefit)	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	-	USD	1 Quarter
Foreign currency translation gains (losses), net of tax	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$173.00K	USD	1 Quarter
Recognized income tax provision (benefit)	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	-	USD	1 Quarter
Foreign currency translation gains (losses), net of tax	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-37.00K	USD	1 Quarter
Unrealized gains (losses) on available-for-sale securities, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$23.00K	USD	1 Quarter
Unrealized gains (losses) on available-for-sale securities, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-15.00K	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$-52.00K	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$196.00K	USD	1 Quarter
Consolidated comprehensive income (loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$3.39M	USD	1 Quarter
Consolidated comprehensive income (loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-5.18M	USD	1 Quarter
Less: Comprehensive income (loss) attributable to noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$-12.00K	USD	1 Quarter
Less: Comprehensive income (loss) attributable to noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$71.00K	USD	1 Quarter
Comprehensive income (loss) attributable to Vicor Corporation	`ComprehensiveIncomeNetOfTax`	$3.32M	USD	1 Quarter
Comprehensive income (loss) attributable to Vicor Corporation	`ComprehensiveIncomeNetOfTax`	$-5.17M	USD	1 Quarter

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