Item 2.02 Results of Operations and Financial Condition
On August 9, 2007, Vicor Corporation (the "Company") updated its previously issued preliminary news release dated July 30, 2007 to reflect certain revisions to the preliminary financial results for the second quarter ended June 30, 2007. The update was to report that the Company had reached an agreement in principle to settle the lawsuit with Concurrent Computer Corporation ("Concurrent") for $2,350,000, all of which will be paid by the Company's insurance carriers. Both the liability to Concurrent and the receivable from the insurance carriers have been recorded in the accompanying consolidated balance sheet, reported as Accrual for litigation settlement and Insurance receivable for litigation, respectively. With the receivable for payment by the insurance carriers, there is now no impact on the consolidated statement of operations for the second quarter of 2007 as a result of the settlement. The Company had previously reported on July 30, 2007, on a preliminary basis, an estimated loss of $2,350,000 relate d to this litigation. This development caused the following revisions to the preliminary financial results for the second quarter ended June 30, 2007 (thousands except for per share amounts):
Preliminary Amounts, Preliminary Amounts,
As Updated As Previously Reported
Quarter Ended June 30, 2007:
Loss (gain) from litigation-related
settlement $ (1,593) $ 757
Income (loss) from operations 1,712 (638)
Income (loss) before income taxes 1,843 (507)
Provision (benefit) for income taxes 138 12
Net income (loss) 1,705 (519)
Net income (loss) per share - diluted $ 0.04 $ (0.01)
Six Months Ended June 30, 2007:
Loss (gain) from litigation-related
settlement $ (1,593) $ 757
Income (loss) from operations 2,526 176
Income (loss) before income taxes 4,234 1,884
Provision (benefit) for income taxes 127 1
Net income (loss) 4,107 1,883
Net income per share - diluted $ 0.10 $ 0.05
As of June 30, 2007:
Insurance receivable for litigation $ 2,350 $ 0
Other accrued liabilities 5,989 5,863
Retained earnings 132,359 130,135
The full text of that press release is attached as Exhibit 99.1 hereto and incorporated by reference herein. The information furnished under this Item 2.02, including the Exhibit attached hereto, shall not be deemed "filed" for any purpose, including for purposes of Section 18 of the Securities and Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.
Item 9.01. Financial Statements and Exhibits
(a) Financial statements:
None
(b) Pro forma financial information:
None
(c) Shell company transactions:
None
(d) Exhibits
99.1 Press Release of Vicor Corporation dated August 09, 2007
SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. |
