Contact Information: For further information contact: Mark A. Glazer Vice President of Treasury Services Vicor Corporation Tel: 978-470-2900 Fax: 978-749-3439
Vicor Corporation Announces Plans to File Its Delayed Quarterly Reports
| Source: Vicor Corporation
ANDOVER, MA--(Marketwire - January 30, 2008) - Vicor Corporation (NASDAQ : VICR ) today
announced that it anticipates that its Quarterly Reports on Form 10-Q for
each of the quarters ended June 30, 2007 and September 30, 2007 will be
filed in February 2008. The Company anticipates that its shares will
continue to be listed on the NASDAQ until such filings are made.
During Q2 2007, the Company made an additional investment of $1 million in
a related party, which requires the Company to account for the investment
in the related party under the equity method of accounting and to
retroactively restate its previously issued consolidated financial
statements to reflect the equity method of accounting in prior periods in
accordance with Accounting Principles Board Opinion No. 18. The Company is
in the process of compiling the financial information needed to record the
appropriate adjustments for the equity method of accounting in order to
file its Quarterly Reports on Form 10-Q for each of the quarters ended June
30, 2007 and September 30, 2007.
The Company had previously announced that the NASDAQ Listing Qualifications
Panel issued a decision on November 2, 2007 to give the Company until
January 31, 2008 to file its past due Form 10-Q for the quarter ended June
30, 2007 and regain compliance with NASDAQ's listing requirements. The
Nasdaq Listing and Hearing Review Council (the "Listing Council") is
reviewing and has stayed the November 2, 2007 decision and has also
determined to stay the November 2, 2007 decision to suspend the Company's
securities from trading as of January 31, 2008. The Company's shares will
continue to be listed on the NASDAQ during the review period, which is
anticipated to extend at least through February 2008.
For more information on Vicor and its products, please visit the Company's
website at www.vicorpower.com.
This press release contains certain forward-looking statements as that term
is defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve risks and uncertainties that could cause
actual events or results to differ materially from those projected or
anticipated. These risks and uncertainties include the effects of equity
accounting with respect to certain affiliates, the timing of the filing of
the Company's Quarterly Reports on Form 10-Q, the continued listing of the
Company's shares on the NASDAQ, as well as those risks and uncertainties
identified in the Company's Annual Report on Form 10-K. The risk factors
contained in the Annual Report on Form 10-K may not be exhaustive.
Therefore, the information contained in that Form 10-K should be read
together with other reports and documents that the Company files with the
SEC from time to time, which may supplement, modify, supersede or update
those risk factors.
Vicor Corporation designs, develops, manufactures and markets modular power
components and complete power systems based upon a portfolio of patented
technologies. Headquartered in Andover, Massachusetts, Vicor sells its
products primarily to the communications, information technology,
industrial control and military electronics markets.