Vicor Corp. (NASDAQ:VICR) Q4 2015 Earnings Conference Call - Final Transcript

Feb 25, 2016 • 05:00 pm ET

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Vicor Corp. (NASDAQ:VICR) Q4 2015 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day, ladies and gentlemen, and welcome to the Vicor Earnings Results for the Fourth Quarter and Year Ended December 31, 2015 Conference Call. My name is Teshina and I will be your operator for today. [Operator Instructions] Later, we will conduct a question-and-answer session. [Operator Instructions]

I would now like to turn the conference over to your host for today Jamie Simms, CFO; and Dr. Patrizio Vinciarelli, CEO. Please proceed.

Executive
Jamie Simms

Thank you. Good afternoon, and welcome to Vicor Corporation's conference call for the fourth quarter and the full year ended December 31, 2015. I'm Jamie Simms, Chief Financial Officer. And with me here in Andover are Patrizio Vinciarelli, Chief Executive Officer, and Dick Nagel, Chief Accounting Officer. Today, we issued a press release summarizing our financial results for the fourth quarter and the 12 months ended December 31. This press release is available on the Investor Relations page of our website vicorpower.com.

We also have filed a Form 8-K with the Securities and Exchange Commission in association with issuing this press release. I remind listeners this conference call is being recorded and is the copyrighted property of Vicor Corporation. I also remind you various remarks we may make during this call may constitute forward-looking statements for purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995.

Our forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those explicitly set forth or implied in our statements. Such risks and uncertainties are discussed in our most recent Form 10-K filed with the SEC on March 6, 2015. Please note the information provided during this conference call is accurate only as of today, Thursday, February 25, 2016.

Vicor undertakes no obligation to update any statements made during this call and you should not rely upon such statements after the conclusion of the call. A replay of today's call will be available beginning at midnight tonight through March 11, 2016. The replay number is 888-286-8010 and the passcode is 84047926.

In addition, a webcast replay of today's call will be available shortly on the Investor Relations page of our website. I will start this afternoon's discussion with a review of our financial performance for the quarter, and year. And Patrizio will follow with his comments, after which he will take your questions regarding our business.

So the fourth quarter, as stated in this afternoon's press release, Vicor recorded a net loss for basic share of $0.05, representing a net loss of $1.75 million. For the third quarter, we reported net income per diluted share of $0.06, which represented net income of $2.5 million. However, the third quarter figure included a gain of $5 million recognized on the recovery of our investment in Great Wall Semiconductor, which was acquired by Intersil Corporation in September.

Absent this investment gain, which did not have a tax effect, our comparable pro forma net loss per basic share for the third quarter approached $0.07, based on