##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, DC 20549
 
 FORM 10-Q
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended March 31, 2010
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from
 Commission File Number 0-18277
 VICOR CORPORATION
  Delaware
(State of Incorporation)
    
    04-2742817
(I.R.S. Employer Identification No.)
 
 
 þ o
  Large accelerated filer o
Accelerated filer þ
Non-accelerated filer o
(Do not check if a smaller reporting company)
Smaller reporting company o o þ
  Common Stock, $.01 par value
    
    
    29,916,876Class B Common Stock, $.01 par value
    
    
    11,767,052




---



##### 



PagePart I  Financial Information:Item 1 - Financial Statements (Unaudited)Condensed Consolidated Balance Sheets at March 31, 2010 and December 31, 2009
    
    
    1Condensed Consolidated Statements of Operations for the three months ended March 31, 2010 and 2009
    
    
    2Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2010 and 2009
    
    
    3Notes to Condensed Consolidated Financial Statements
    
    
    4Item 2 - Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    16Item 3 - Quantitative and Qualitative Disclosures About Market Risk
    
    
    23Item 4 - Controls and Procedures
    
    
    23Part II  Other Information:Item 1 - Legal Proceedings
    
    
    24Item 1A  Risk Factors
    
    
    24Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    24Item 3 - Defaults Upon Senior Securities
    
    
    24Item 4 - Submission of Matters to a Vote of Security Holders
    
    
    24Item 5 - Other Information
    
    
    24Item 6  Exhibits
    
    
    24Signature(s)
    
    
    25EX-31.1EX-31.2EX-32.1EX-32.2




---



##### Table of Contents



Item 1. Financial Statements
 March 31, 2010
    
    December 31, 2009AssetsCurrent assets:Cash and cash equivalents
    
    $
    41,661
    
    
    $
    40,224Restricted cash equivalents
    
    
    192
    
    
    
    192Short-term investments
    
    
    572
    
    
    
    2,583Accounts receivable, less allowance of $271 in 2010 and $260 in 2009
    
    
    31,135
    
    
    
    26,565Inventories, net
    
    
    21,710
    
    
    
    21,357Deferred tax assets
    
    
    181
    
    
    
    181Other current assets
    
    
    4,584
    
    
    
    4,345Total current assets
    
    
    100,035
    
    
    
    95,447Restricted cash and cash equivalents
    
    
    223
    
    
    
    223Long-term investments, net
    
    
    28,241
    
    
    
    29,995Auction rate securities rights
    
    
    929
    
    
    
    962Property, plant and equipment, net
    
    
    49,051
    
    
    
    49,009Other assets
    
    
    4,896
    
    
    
    4,941$
    183,375
    
    
    $
    180,577Liabilities and EquityCurrent liabilities:Accounts payable
    
    $
    8,923
    
    
    $
    9,458Accrued compensation and benefits
    
    
    6,557
    
    
    
    5,740Accrued expenses
    
    
    2,608
    
    
    
    2,618Accrued severance charges
    
    
    44
    
    
    
    259Income taxes payable
    
    
    362
    
    
    
    60Deferred revenue
    
    
    3,129
    
    
    
    2,521Total current liabilities
    
    
    21,623
    
    
    
    20,656Long-term deferred revenue
    
    
    2,143
    
    
    
    2,196Long-term income taxes payable
    
    
    488
    
    
    
    384Deferred income taxes
    
    
    1,254
    
    
    
    1,275Equity:Vicor Corporation stockholders equity:Class B Common Stock
    
    
    118
    
    
    
    118Common Stock
    
    
    384
    
    
    
    384Additional paid-in capital
    
    
    161,882
    
    
    
    161,746Retained earnings
    
    
    114,924
    
    
    
    112,972Accumulated other comprehensive loss
    
    
    (1,952
    )
    
    
    (1,608
    )Treasury stock, at cost
    
    
    (121,827
    )
    
    
    (121,827
    )Total Vicor Corporation stockholders equity
    
    
    153,529
    
    
    
    151,785Noncontrolling interest
    
    
    4,338
    
    
    
    4,281Total equity
    
    
    157,867
    
    
    
    156,066$
    183,375
    
    
    $
    180,577
  -1-




---



##### Table of Contents



Three Months EndedMarch 31,2010
    
    2009Net revenues
    
    $
    51,709
    
    
    $
    50,448Cost of revenues
    
    
    28,385
    
    
    
    28,617Gross margin
    
    
    23,324
    
    
    
    21,831Operating expenses:Selling, general and administrative
    
    
    11,880
    
    
    
    12,823Research and development
    
    
    8,868
    
    
    
    7,751Severance charges
    
    
    -
    
    
    
    3,098Total operating expenses
    
    
    20,748
    
    
    
    23,672Income (loss) from operations
    
    
    2,576
    
    
    
    (1,841
    )Other income, net:Total other than temporary impairment (losses) gains on
available-for-sale securities
    
    
    (479
    )
    
    
    166Portion of loss (gain) recognized in other
comprehensive income (loss)
    
    
    436
    
    
    
    (166
    )Net impairment losses recognized in earnings
    
    
    (43
    )
    
    
    -Other income, net
    
    
    110
    
    
    
    118Total other income, net
    
    
    67
    
    
    
    118Income (loss) before income taxes
    
    
    2,643
    
    
    
    (1,723
    )Provision for income taxes
    
    
    638
    
    
    
    428Consolidated net income (loss)
    
    
    2,005
    
    
    
    (2,151
    )Less: Net income attributable to
noncontrolling interest
    
    
    53
    
    
    
    392Net income (loss) attributable to Vicor Corporation
    
    $
    1,952
    
    
    $
    (2,543
    )Net income (loss) per common share attributable to
Vicor Corporation:Basic
    
    $
    0.05
    
    
    $
    (0.06
    )Diluted
    
    $
    0.05
    
    
    $
    (0.06
    )Shares used to compute net income (loss) per share
attributable to Vicor Corporation:Basic
    
    
    41,666
    
    
    
    41,665Diluted
    
    
    41,700
    
    
    
    41,665
  -2-




---



##### Table of Contents



Three Months EndedMarch 31, 2010

    
    March 31, 2009Operating activities:Consolidated net income (loss)
    
    $
    2,005
    
    
    $
    (2,151
    )Adjustments to reconcile consolidated net income (loss)
to net cash provided by operating activities:Depreciation and amortization
    
    
    2,432
    
    
    
    2,625Severance charges
    
    
    -
    
    
    
    3,098Unrealized gain on trading securities
    
    
    (37
    )
    
    
    (27
    )Stock compensation expense
    
    
    124
    
    
    
    200Credit loss on available for sale securities
    
    
    43
    
    
    
    -Unrealized loss on auction rate security rights
    
    
    33
    
    
    
    96(Decrease) increase in long-term deferred revenue
    
    
    (53
    )
    
    
    213Deferred income taxes
    
    
    23
    
    
    
    -Gain on disposal of equipment
    
    
    -
    
    
    
    (5
    )Change in current assets and liabilities, net
    
    
    (4,109
    )
    
    
    (628
    )Net cash provided by operating activities
    
    
    461
    
    
    
    3,421Investing activities:Purchases of investments
    
    
    (538
    )
    
    
    (1,092
    )Sales and maturities of investments
    
    
    3,924
    
    
    
    1,161Additions to property, plant and equipment
    
    
    (2,429
    )
    
    
    (1,029
    )Proceeds from sale of equipment
    
    
    -
    
    
    
    5Change in restricted cash
    
    
    -
    
    
    
    35(Increase) decrease in other assets
    
    
    (1
    )
    
    
    9Net cash provided by (used in) investing
activities
    
    
    956
    
    
    
    (911
    )Financing activities:Proceeds from issuance of Common Stock
    
    
    12
    
    
    
    -Net cash provided by financing activities
    
    
    12
    
    
    
    -Effect of foreign exchange rates on cash
    
    
    8
    
    
    
    (13
    )Net increase in cash and cash equivalents
    
    
    1,437
    
    
    
    2,497Cash and cash equivalents at beginning of period
    
    
    40,224
    
    
    
    22,639Cash and cash equivalents at end of period
    
    $
    41,661
    
    
    $
    25,136
  -3-




---



##### Table of Contents



1.
    
    Basis of Presentation
   2.
    
    Short-Term and Long-Term Investments
    Gross

    
    Gross

    
    EstimatedUnrealized

    
    Unrealized

    
    FairMarch 31, 2010
    
    Cost

    
    Gains

    
    Losses

    
    ValueAuction rate securities - student loans
    
    $
    19,450
    
    
    $
    -
    
    
    $
    3,016
    
    
    $
    16,434Certificates of deposit
    
    
    2,518
    
    
    
    44
    
    
    
    -
    
    
    
    2,562$
    21,968
    
    
    $
    44
    
    
    $
    3,016
    
    
    $
    18,996
 -4-




---



##### Table of Contents



Gross

    
    Gross

    
    EstimatedUnrealized

    
    Unrealized

    
    FairDecember 31, 2009
    
    Cost

    
    Gains

    
    Losses

    
    ValueAuction rate securities - student loans
    
    $
    19,700
    
    
    $
    -
    
    
    $
    2,590
    
    
    $
    17,110Certificates of deposit
    
    
    2,504
    
    
    
    34
    
    
    
    -
    
    
    
    2,538$
    22,204
    
    
    $
    34
    
    
    $
    2,590
    
    
    $
    19,648
   EstimatedCost

    
    Fair ValueDue in one year or less
    
    $
    1,203
    
    
    $
    1,211Due in two to ten years
    
    
    1,440
    
    
    
    1,476Due in ten to twenty years
    
    
    -
    
    
    
    -Due in twenty to forty years
    
    
    19,325
    
    
    
    16,309$
    21,968
    
    
    $
    18,996
  Gross

    
    Gross

    
    EstimatedUnrealized

    
    Unrealized

    
    FairCost

    
    Gains

    
    Losses

    
    ValueMarch 31, 2010Auction rate securities - student loans
    
    $
    10,750
    
    
    $
    -
    
    
    $
    933
    
    
    $
    9,817December 31, 2009Auction rate securities - student loans
    
    $
    13,900
    
    
    $
    -
    
    
    $
    970
    
    
    $
    12,930
  EstimatedCost

    
    Fair ValueDue in one year or less
    
    $
    -
    
    
    $
    -Due in two to ten years
    
    
    -
    
    
    
    -Due in ten to twenty years
    
    
    -
    
    
    
    -Due in twenty to forty years
    
    
    10,750
    
    
    
    9,817$
    10,750
    
    
    $
    9,817
 -5-




---



##### Table of Contents



-6-




---



##### Table of Contents



Three Months EndedMarch
31, 2010Balance at the beginning of the period
    
    $
    464Reductions for securities sold during the period
    
    
    (12
    )Additions for the amount related to credit (gain) loss for which
other-than-temporary impairment was not previously recognized
    
    
    55Balance at the end of the period
    
    $
    507
    3.
    
    Fair Value Measurements
   -7-




---



##### Table of Contents



Fair Value Measurements at March 31, 2010UsingSignificantQuoted Prices
    
    
    Other
    
    
    Significantin Active
    
    
    Observable
    
    
    Unobservable
    
    
    Total FairMarkets
    
    
    Inputs
    
    
    Inputs
    
    
    Value as of(Level 1)
    
    
    (Level 2)
    
    
    (Level 3)
    
    
    March 31, 2010Cash Equivalents:Money market funds
    
    $
    23,084
    
    
    $
    
    
    
    $
    
    
    
    $
    23,084Restricted money market
    
    
    192
    
    
    
    
    
    
    
    
    
    
    
    192Short term investments:Certificate of deposit
    
    
    447
    
    
    
    
    
    
    
    
    
    
    
    447Auction rate securities
    
    
    
    
    
    
    125
    
    
    
    
    
    
    
    125Long term investments:Auction rate securities
    
    
    
    
    
    
    
    
    
    
    26,126
    
    
    
    26,126Auction rate security rights
    
    
    
    
    
    
    
    
    
    
    929
    
    
    
    929Certificate of deposit
    
    
    2,115
    
    
    
    
    
    
    
    
    
    
    
    2,115Restricted long term investment
    
    
    223
    
    
    
    
    
    
    
    
    
    
    
    223
  -8-




---



##### Table of Contents



Level 3Balance at the beginning of the period
    
    $
    28,852Redemptions
    
    
    (1,250
    )Transfers into Level 2 categorization (1)
    
    
    (125
    )Unrealized gain on trading securities included in Other income (expense), net
    
    
    4Credit losses on available for sales securities included in Other income(expense), net
    
    
    (43
    )Unrealized gain (loss) included in Other comprehensive (loss) income
    
    
    (383
    )Balance at the end of the period
    
    $
    27,055
 
 (1) Transfers into Level 2 categorization represent redemptions of the Companys auction rate
securities subsequent to March 31, 2010. 4.
    
    Stock Based Compensation
  Three Months EndedMarch 31,2010
    
    2009Cost of revenues
    
    $
    4
    
    
    $
    4Selling, general and administrative
    
    
    84
    
    
    
    149Research and development
    
    
    36
    
    
    
    47Total stock based compensation
    
    $
    124
    
    
    $
    200
 -9-




---



##### Table of Contents



5.
    
    Net Income (Loss) per Share
  Three Months EndedMarch 31,2010
    
    2009Numerator:Net income (loss) attributable to Vicor Corporation
    
    $
    1,952
    
    
    $
    (2,543
    )Denominator:Denominator for basic income (loss) per share-weighted
average shares (1)
    
    
    41,666
    
    
    
    41,665Effect of dilutive securities:Employee stock options (2)
    
    
    34
    
    
    
    -Denominator for diluted income (loss) per share - adjustedweighted-average shares and assumed conversions
    
    
    41,700
    
    
    
    41,665Basic income (loss) per share
    
    $
    0.05
    
    
    $
    (0.06
    )Diluted income (loss) per share
    
    $
    0.05
    
    
    $
    (0.06
    )
 
 (1) Denominator represents weighted average number of Common Shares and Class B Common Shares outstanding.(2) Options to purchase 589,814 shares of Common Stock for the three months ended March 31, 2010 were not included
in the computation of diluted income per share because the options exercise prices were greater than the average market
price of the Common Stock and, therefore, the effect would be antidilutive. Options to purchase 988,538 shares of Common
Stock were outstanding for the three months ended March 31, 2009, but were not included in the calculation of net loss per
share as the effect would have been antidilutive. 6.
    
    Inventories
  -10-




---



##### Table of Contents



March 31, 2010
    
    December 31, 2009Raw materials
    
    $
    19,290
    
    
    $
    18,675Work-in-process
    
    
    2,771
    
    
    
    3,434Finished goods
    
    
    5,432
    
    
    
    5,19127,493
    
    
    
    27,300Inventory reserves
    
    
    (5,783
    )
    
    
    (5,943)Net balance
    
    $
    21,710
    
    
    $
    21,357
 7.
    
    Other Investments
    8.
    
    Severance Charges
  -11-




---



##### Table of Contents



BBU
    
    V*I Chip
    
    TotalBalance as of December 31, 2009
    
    $
    255
    
    
    $
    4
    
    
    $
    259Payments
    
    
    (211
    )
    
    
    (4
    )
    
    
    (215
    )Balance as of March 31, 2010
    
    $
    44
    
    
    $
    -
    
    
    $
    44
 9.
    
    Product Warranties
   Three Months EndedMarch 31,2010
    
    2009Balance at the beginning of the period
    
    $
    772
    
    
    $
    896Accruals for warranties for products
sold in the period
    
    
    47
    
    
    
    31Fulfillment of warranty obligations
    
    
    (9
    )
    
    
    (42
    )Revisions of estimated obligations
    
    
    (90
    )
    
    
    19Balance at the end of the period
    
    $
    720
    
    
    $
    904
 10.
    
    Income Taxes
   -12-




---



##### Table of Contents



Three Months EndedMarch 312010
    
    2009Provision for income taxes
    
    $
    638
    
    
    $
    428Effective income tax rate
    
    
    24.1%
    
    
    
    (24.8%)
   11.
    
    Comprehensive Income (Loss)
  Three Months EndedMarch 31,2010
    
    2009Consolidated net income (loss)
    
    $
    2,005
    
    
    $
    (2,151
    )Foreign currency translation gains (losses)
    
    
    34
    
    
    
    (145
    )Unrealized (losses) gains (net of tax) on
available-for-sale securities
    
    
    (378
    )
    
    
    (166
    )Comprehensive income (loss)
    
    
    1,661
    
    
    
    (2,462
    )Less: comprehensive income
attributable to noncontrolling interest
    
    
    57
    
    
    
    386Comprehensive income (loss) attributable to
Vicor Corporation
    
    $
    1,604
    
    
    $
    (2,848
    )
 12.
    
    Commitments and Contingencies
  -13-




---



##### Table of Contents



13.
    
    Segment Information
   BBU
    
    V*I Chip
    
    Picor
    
    Corporate
    
    Eliminations
    
    Total2010:Net revenues
    
    $
    47,177
    
    
    $
    5,280
    
    
    $
    1,810
    
    
    $
    -
    
    
    $
    (2,558
    )
    
    $
    51,709Income (loss) from operations
    
    
    9,834
    
    
    
    (6,443
    )
    
    
    (690
    )
    
    
    (137
    )
    
    
    12
    
    
    
    2,576Total assets
    
    
    218,102
    
    
    
    21,394
    
    
    
    9,556
    
    
    
    95,516
    
    
    
    (161,193
    )
    
    
    183,375Depreciation and amortization
    
    
    1,155
    
    
    
    798
    
    
    
    115
    
    
    
    364
    
    
    
    -
    
    
    
    2,4322009:Net revenues
    
    $
    48,761
    
    
    $
    3,251
    
    
    $
    1,285
    
    
    $
    -
    
    
    $
    (2,849
    )
    
    $
    50,448Income (loss) from operations
    
    
    6,018
    
    
    
    (6,403
    )
    
    
    (1,224
    )
    
    
    (168
    )
    
    
    (64
    )
    
    
    (1,841
    )Total assets
    
    
    183,415
    
    
    
    13,891
    
    
    
    9,367
    
    
    
    89,584
    
    
    
    (124,496
    )
    
    
    171,761Depreciation and amortization
    
    
    1,417
    
    
    
    735
    
    
    
    92
    
    
    
    381
    
    
    
    -
    
    
    
    2,625
  -14-




---



##### Table of Contents



14.
    
    Impact of Recently Issued Accounting Standards
   -15-




---



##### Table of Contents



Item 2   Managements Discussion and Analysis of Financial Condition and Results of
Operations
 *
 Overview
   -16-




---



##### Table of Contents



Critical Accounting Policies and Estimates
  Three months ended March 31, 2010, compared to three months ended March 31, 2009
  -17-




---



##### Table of Contents



Three Months EndedMarch 31,
    
    Increase (decrease)2010
    
    2009
    
    $
    
    %BBU
    
    $
    47,178
    
    
    $
    48,760
    
    
    $
    (1,582
    )
    
    
    (3.2
    )%V*I Chip
    
    
    3,885
    
    
    
    1,276
    
    
    
    2,609
    
    
    
    204.5
    %Picor
    
    
    646
    
    
    
    412
    
    
    
    234
    
    
    
    56.8
    %Total
    
    $
    51,709
    
    
    $
    50,448
    
    
    $
    1,261
    
    
    
    2.5
    %
    -18-




---



##### Table of Contents



Increase (decrease)Compensation
    
    $
    (627
    )
    
    
    (9.1
    )%
    
    
    (1
    )Commissions expense
    
    
    (342
    )
    
    
    (18.3
    )%
    
    
    (2
    )Legal fees
    
    
    (134
    )
    
    
    (42.3
    )%
    
    
    (3
    )Depreciation and amortization
    
    
    (70
    )
    
    
    (8.7
    )%Advertising expenses
    
    
    35
    
    
    
    6.6
    %Travel expenses
    
    
    45
    
    
    
    13.8
    %Outside Services
    
    
    65
    
    
    
    50.2
    %Audit and tax fees
    
    
    159
    
    
    
    43.1
    %
    
    
    (4
    )Other, net
    
    
    (74
    )
    
    
    (2.5
    )%$
    (943
    )
    
    
    (7.4
    )%
 
 (1)
    
    Decrease primarily attributable to the workforce reductions completed in the first,
second and third quarters of 2009, partially offset by an increase in fringe expense
due to increases in premiums for employee health benefits.(2)
    
    Decrease primarily attributed to changes in the mix of revenues subject to commissions.(3)
    
    Decrease primarily attributed to a decrease in activity associated with the Companys
lawsuit brought against certain of its insurance carriers with respect to the
Ericsson, Inc. settlement of product liability litigation in the first quarter of 2010
compared to 2009.(4)
    
    Increase is primarily attributed to expenses incurred in the first quarter of 2010
related to the year-end audit and filing of our 2009 Form 10-K.  -19-




---



##### Table of Contents



Increase (decrease)Compensation
    
    $
    465
    
    
    
    8.2
    %
    
    
    (1
    )Outside services
    
    
    242
    
    
    
    128.1
    %
    
    
    (2
    )Project materials
    
    
    176
    
    
    
    25.1
    %
    
    
    (3
    )Deferred costs
    
    
    158
    
    
    
    66.6
    %
    
    
    (4
    )Tooling expenses
    
    
    63
    
    
    
    247.8
    %Personnel expenses
    
    
    61
    
    
    
    162.0
    %Other, net
    
    
    (48
    )
    
    
    (2.05
    )%$
    1,117
    
    
    
    14.4
    %
 
 (1)
    
    Increase primarily attributed to an increase in research and development personnel for the V*I
Chip and Picor business units, and an increase in fringe expense due to increases in premiums for
employee health benefits.(2)
    
    Increase primarily attributed to increased outside services at Vicor Custom subsidiaries.(3)
    
    Increase primarily attributed to an increase in project materials associated with the development
of V*I Chip and Picor products.(4)
    
    Increase primarily attributed to a decrease in deferred costs capitalized for certain non-recurring engineering projects for which the related revenues have been deferred.  Increase2010
    
    2009
    
    (decrease)Interest income
    
    $
    155
    
    
    $
    230
    
    
    $
    (75
    )Foreign currency losses
    
    
    (67
    )
    
    
    (64
    )
    
    
    (3
    )Unrealized loss on auction rate securities
rights
    
    
    (33
    )
    
    
    (96
    )
    
    
    63Unrealized gain on trading securities
    
    
    37
    
    
    
    27
    
    
    
    10Credit loss on available for sale securities
    
    
    (43
    )
    
    
    
    
    
    
    (43
    )Other
    
    
    18
    
    
    
    21
    
    
    
    (3
    )$
    67
    
    
    $
    118
    
    
    $
    (51
    )
   -20-




---



##### Table of Contents



Three Months EndedMarch 31,2010
    
    2009Provision for income taxes
    
    $
    638
    
    
    $
    428Effective income tax rate
    
    
    24.1%
    
    
    
    (24.8%)
    Liquidity and Capital Resources
     -21-




---



##### Table of Contents



-22-




---



##### Table of Contents



Item 3   Quantitative and Qualitative Disclosures About Market Risk
   
 Item 4   Controls and Procedures
 (a)
    
    Disclosure regarding controls and procedures.
   (b)
    
    Changes in internal control over financial reporting.
  -23-




---



##### Table of Contents



Item 1   Legal Proceedings
 Commitments and Contingencies
 
 Item 1A   Risk Factors
  
 Item 2  Unregistered Sales of Equity Securities and Use of Proceeds
 Issuer Purchases of Equity Securities
 Maximum Number(of ApproximateTotal Number of

    

    Dollar Value) ofShares (or Units)

    

    Shares (or Units)Total Number

    
    
    Average Price

    
    
    Purchased as Part

    

    that May Yet Beof Shares

    
    
    Paid

    
    
    of Publicly

    

    Purchased Under(or Units)

    
    
    per Share

    
    
    Announced Plans

    

    the Plans orPeriod
    
    
    Purchased

    
    

    (or Unit)
    
    

    or Programs
    

    ProgramsJanuary 1 - 31, 2010
    
    
    -
    
    
    $
    -
    
    
    
    -
    
    
    $
    8,541,000February 1 - 28,
2010
    
    
    -
    
    
    $
    -
    
    
    
    -
    
    
    $
    8,541,000March 1 - 31, 2010
    
    
    -
    
    
    $
    -
    
    
    
    -
    
    
    $
    8,541,000Total
    
    
    -
    
    
    $
    -
    
    
    
    -
    
    
    $
    8,541,000
  
 Item 3   Defaults Upon Senior Securities
  
 Item 4   Submission of Matters to a Vote of Security Holders
  
 Item 5   Other Information
  
 Item 6   Exhibits
 Exhibit Number
    
    Description31.1
    
    Certification of Chief Executive Officer pursuant to Rule
13a-14(a) of the Securities Exchange Act of 193431.2
    
    Certification of Chief Financial Officer pursuant to Rule
13a-14(a) of the Securities Exchange Act of 193432.1
    
    Certification of Chief Executive Officer pursuant to 18
U.S.C. Section 1350, as adopted pursuant to Section 906 of
the Sarbanes-Oxley Act of 200232.2
    
    Certification of Chief Financial Officer pursuant to 18
U.S.C. Section 1350, as adopted pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002
 -24-




---



##### Table of Contents



SIGNATURES
  VICOR CORPORATIONDate: May 5, 2010
    By:
    /s/ Patrizio VinciarelliPatrizio VinciarelliChairman of the Board, President and
Chief Executive Officer
(Principal Executive Officer)Date: May 5, 2010
    By:
    /s/ James A. SimmsJames A. SimmsVice President, Chief Financial Officer
(Principal Financial Officer) -25-