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February 20, 2013
20:07 EDTVICRVicor Corporation now sees Q4 EPS (12c) after tax loss, had seen break-even
The company is providing an update on its expected results for Q4 and Q1. On November 26, 2012, the company stated it expected to report Q4 fully diluted earnings at an essentially break-even level. The company now expects to record a substantial after tax loss, primarily as a result of certain charges recorded for Q4. Commenting on Q4, CFO James Simms stated, "Our earlier expectations of essentially break-even results for Q4 assumed an operating loss would be offset by the previously disclosed gain on the settlement of certain insurance litigation. Our actual operating loss was larger than forecast, and we also recorded several large non-cash charges, including the impairment of goodwill, an increase in reserves for certain inventories of raw materials and components, and a reduction in the carrying value of certain deferred tax assets. Accordingly, we anticipate Vicor will report for the fourth quarter an after tax loss, on a per share basis, of approximately 12c per share. Our final results will be disclosed on February 26th." The company also expects to record Q1 revenue and earnings sequentially lower than Q4.
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