Vicor Corp. (NASDAQ:VICR) Q1 2019 Earnings Conference Call Transcript

Apr 23, 2019 • 05:00 pm ET

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Vicor Corp. (NASDAQ:VICR) Q1 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good day, and welcome everyone to the Vicor Earnings Results for the First Quarter Ended March 31, 2019 Conference Call. My name is Christian, and I'm your event manager today. During the presentation, your lines will remain in listen-only mode. (Operator Instructions). I'd like to advice all parties this conference is being recorded for replay purposes.

Now, I'd like to hand over to James Simms. James, you may now go ahead, sir.

Executive
James A. Simms

Thank you. Good afternoon everyone and welcome to Vicor Corporation's earnings call for the first quarter ended March 31, 2019. I'm Jamie Simms, Chief Financial Officer, and with me here in Andover is Patrizio Vinciarelli, Chief Executive Officer. After the markets closed today, we issued a press release summarizing our financial results for the three-month period ended March 31. This press release has been posted on the Investor Relations page of our website vicorpower.com. We also filed a Form 8-K today related to the issuance of this press release. As always I remind listeners, this conference call is being recorded and is the copyrighted property of Vicor Corporation.

I also remind you, various remarks we 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. Except for historical information contained in this call, the matters discussed on this call, including any statements regarding current and planned products, current and potential customers, potential market opportunities, expected events and announcements, planned capacity expansion, as well as forecast sales growth, spending and profitability are forward-looking statements involving risks and uncertainties.

In light of these risks and uncertainties, we can offer no assurance that any forward-looking statement will, in fact, prove to be correct. Actual results may differ materially from those explicitly set forth in or implied by any of our remarks today. The risks and uncertainties we face are described in Item 1A of our 2018 Form 10-K which we filed with the SEC on February 28, 2019. Please note, the information provided during this conference call is accurate only as of today, Tuesday, April 23, 2019. Vicor undertakes no obligation to update any statements including forward-looking statements made during this call, and you should not rely upon such statements after the conclusion of the call. A replay of the call will be available beginning at midnight tonight through May 8. The replay dial-in number is 888-286-8010 followed by the passcode 88788951. 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 first quarter and Patrizio will follow with his remarks, after which we will take your questions. Beginning with consolidated results as stated in today's press release, Vicor recorded total revenue for the first quarter of $65.7 million representing a 10.8% sequential decline from our fourth quarter revenue of $73.7 million and less than a 1 percentage point increase from the $65.3