![]() | PRESS RELEASE For immediate release |
NVE Corporation Reports First Quarter Results
EDEN PRAIRIE, Minn.—July 23, 2008—NVE Corporation (Nasdaq: NVEC) announced today financial results for the quarter ended June 30, 2008.
Total revenue for the first quarter of fiscal 2009 increased 3% to $4.86 million from $4.71 million in the prior-year quarter. The revenue increase was due to a 7% increase in product sales to $4.55 million for the first quarter of fiscal 2009 from $4.27 million in the prior-year quarter. Net income for the first quarter of fiscal 2009 increased 20% to $1.90 million, or $0.40 per diluted share, compared to $1.59 million, or $0.33 per diluted share, for the prior-year quarter.
“Product sales drove strong profits,” said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D. “Gross margin was 71% of revenue, operating margin 52%, pretax margin 58%, and net margin 39%.”
NVE is a leader in the practical commercialization of spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store and transmit information. The company manufactures high-performance spintronic products including sensors and couplers that are used to acquire and transmit data. NVE has also licensed its spintronic magnetoresistive random access memory technology, commonly known as MRAM.
Statements used in this press release that relate to future plans, events, financial results or performance are forward-looking statements that are subject to certain risks and uncertainties including, among others, such factors as risks in continued growth in revenue and profitability, risks associated with our reliance on several large customers, as well as the risk factors listed from time to time in our filings with the SEC, including our Annual Report on Form 10-K and other reports filed with the SEC.
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NVE CORPORATION STATEMENTS OF INCOME QUARTERS ENDED JUNE 30, 2008 AND 2007 (Unaudited) Quarter Ended June 30 2008 2007 ------------ ------------ Revenue Product sales $ 4,547,322 $ 4,269,100 Contract research and development 316,464 440,183 ------------ ------------ Total revenue 4,863,786 4,709,283 Cost of sales 1,407,432 1,442,968 ------------ ------------ Gross profit 3,456,354 3,266,315 Expenses Selling, general, and administrative 529,484 563,743 Research and development 386,032 507,637 ------------ ------------ Total expenses 915,516 1,071,380 ------------ ------------ Income from operations 2,540,838 2,194,935 Interest income 254,435 224,521 Other income 3,400 -- ------------ ------------ Income before taxes 2,798,673 2,419,456 Provision for income taxes 896,057 832,121 ------------ ------------ Net income $ 1,902,616 $ 1,587,335 ============ ============ Net income per share - basic $ 0.41 $ 0.34 ============ ============ Net income per share - diluted $ 0.40 $ 0.33 ============ ============ Weighted average shares outstanding Basic 4,643,402 4,630,570 Diluted 4,788,460 4,809,915 Supplemental financial data Stock-based compensation $ 5,598 $ 7,292 Cash paid for income taxes $ -- $ 79,313 |
NVE CORPORATION BALANCE SHEETS JUNE 30 AND MARCH 31, 2008 |