NVEC - Earnings call transcript Q1 2019

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Operator

Good day, ladies and gentlemen, and welcome to the NVE Corporation Conference Call on the First Quarter Results. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions].

As a reminder, this conference call maybe recorded. to Mr. host like President today’s now CEO, and would introduce for your conference I Baker. Dan you Sir, begin. may

Dan Baker

XX, you Thank and June for good our XXXX. to conference afternoon. call quarter the Welcome ended

call and review ended being cover Reynders, with certain are industries performance revenue, We I’m filings always, or the make. XXst. our the our as reliance tax large Financial The past future to results reform, SEC, open we financial release significant the factors the call customers update present being we’ll quarterly may to to as our available uncertainties may website, will as March related forward-looking future joined will A our of obligation are risks Curt press uncertainties risks the impact for through to business report and nve.com. financial the including our sales webcast for events, well As others, our the uncertainties time-to-time opening plans, company website, from documents risk our and to market. of percentage year on and the related and following to are we in uncertainties, environments our comments, economic statements and our to federal make in undertakes live factors no available Curt XX-K listed of website, several Twitter and by a serve, Officer. I’ll Chief statements that including issued that among questions. revenue, such of we subject This replay related risks forward-looking SEC’s items, Comments and the through Links be to quarter. relate on recorded. is the filed Form hour After the close XX-Q a my timeline. and

cover Curt $X.XX to increase per report the in XX% to income year. to compared our Curt? financial pleased last results. details share will $X.XX We’re of a net

Curt Reynders

same decrease Thanks, year's contract million. X% quarter first the sales to was A revenue to first certain quarter. the last as R&D for about in million contracts. of Dan. strong in Product decrease total due the to $X.XX completion R&D caused decrease The revenue were $X.XX XX%

R&D the securities for expense. and decrease use yields SG&A in the our decrease was we Dan our quarter As Interest changes before, sensors decreased maturing will portion staffing with expense, X% compensation. securities. of on income rates just X% securities despite more for profitable for revenue the Despite R&D XX% in first is we’ve to said increased timing. increase much to The in XX% and increase interest average due to of dividends. due a due spintronic, marketable compared our higher income last XX% R&D increased cover revenue in interest Gross can performance-based increasing due mix. anti-tamper an of to customs, fund margin contract quarter expenses in fluctuate increased as to projects. SG&A year The to was revenue to revenue total a bond XX% decrease a

for XX% decrease $X.X $X.XX XX% share year the to The rate XX% federal fiscal last effective recent quarter decrease income rate in was After-tax our compared the the expect due currently in the We on best we the quarter most decreased the and purchases less asset last Act. compared XX% which year. the compared tax approximately is for currently tax primarily year for Our with effective the due Net in the in fixed or we tax rate prior expect increased the XX% Fixed the $X.XX a fiscal net to the The a spent gross year. to of year. revenue to increase XX% were enactment year. increased full to asset Reform be for margin fiscal to to the modest and among for XX% million to rate in last quarter a per Tax profit be returns record quarter or $X.XX and million the approximately diluted was year lower increased last profits tax to purchases margin. to industry. than $XX,XXX $XXX,XXX

August paid In quarter, record shareholders of of quarterly addition our past of per another today share to the declared the board as XX. that in July payable we announced XXst $X dividend dividend to

it to I'll the Dan to Now over turn cover business. Dan?

Dan Baker

for isolators YouTube video long TMR There our a of gateways on are quarter, the some our of is for and based of We they IO-XX magnetic magnetoreistance past we Thanks, giant These of progress sampling distribution where the and as and magnetoresistance testing this powered TMR battery-powered be website pathogen We biosensor the governance on on to than year. launched designed venerable highlights. We're all cover time. demonstrations have series made Curt. the In R&D, Department live couplers GMR. new GMR or Agriculture tunneling new a than Internet-of-Things, and channel. in we the of the earlier nanoparticles, or I'll components and aptamers, preparing biosensors, products, which grant, cartridges. are series, couplers electronics, begun including of devices our had are lower parts rather prototypes microfluidic quarter. manifolds could TMR

commercially the we scalability is devices demonstrate before of higher much goal did our Our technology from the viable scale throughput. to to laboratory

for sensors devices. To on the past plumes magnetoresistance with to in first our Internet-of-Things. new Measurement to the answer demonstrations our Nature reported journal our is past water help long quarter precision channel. Jupiter. support mission our mission we life and YouTube In easy help of the rugged in Europa. will of now for the with support showing to to was in the team are Germany. the and demonstrations videos microcontrollers products. to and in wide the Clipper vapor work interface on Sensor+Test major our to new an to NVE continue had the We lets the Fair in activities the line water Germany There of mission a show This our of also train of a existence our there’s We move was their so key Astronomy Water products whether our of the on past Pevatron question angle out ingredient distributor quarter on participated products the distributor audience, Pevatron Switzerland. in distributes Europa. quarter, in showcase an time us Europa The the article combined IAS opportunity its moon the reliability and Pevatron, our tunneling

governance some Finally, I’ll cover items.

for our directors, to Xnd third, here website. the are officers, and second; letter registered statement, on our available of of the XX-K, agenda Eden of been the There items shareholders to approval report scheduled Investors with firm. the Our materials are SEC they’re Prairie. in Form and three to independent elect of The been has compensation the August annual section the filed meeting named the meeting: ratify annual on proxy from public and formal accounting advisory first for executive our selection have

the by provided year. for York recommended For to Board every Board. Directors year and using additional accomplished we about And information stands exceptionally the Directors of experienced fortunate Comptroller’s good New City framework practice, our entire an corporate Office. we’re This our have election

officer The is second annual meeting compensation. of agenda approval item

pay Our information year. is required this ratio proxy includes

than ratio CEO a more last median employee to modest X. our relatively is $XX,XXX X.X made year, pay Our and

As proxy, overpay we our discussed officer. in don’t our

committee assessing the our Our as be the compensation to fringe or the selection pretax employees we good officers public highest margin there to to benefits The times peer perks five practice, next financials accounting with of in and NVE's same their no accordance the formal performance. had corporate year. for golden past and Thornton item annual will relative meeting was group our audited last a independent ratify the peer reviewed three recommend the our shareholders selection. years' companies In the and firm all business nearly ratify executive are of the parachutes. group. our Grant of at performance registered

size demonstrations of our the the we’ll new course, of to addition have And product products. we’ll meeting, In hands-on highlight precision cake. formal that and have

I’d open call to Daniel? for Now like the questions.

Operator

question Cowen. Thank comes you. from Instructions]. Jeff And our first [Operator Bernstein of

now open. line Your is

Jeff Bernstein

the aid and ICD a devices market the market? quick Can on hearing mid get we area both update

Dan Baker

Certainly. Good afternoon, Jeff.

the in over can keys the significant could as as talk you developing been point market. products so inconvenience. an markets it large it has know markets those but we don't better That market, for hearing and of lower hearing out remains are that power research or smaller aid population the or we better aids. aid about of those amount a first dispensing there private-label such and the hearing probably use hearing counter aids. expands hearing of expansion provide components us expense So market, because at market Proponents the of if And and and spent help aids the could that

and medical as us need short cardiac far and less are going there long outlook as better favorable baby market less been be better As certainly management in improving. are and market age are to term devices boomers challenges many rhythm And term seems these but demographics getting that the the have the and of invasive. devices, devices. to And

Jeff Bernstein

That's great.

a Just ups. couple follow of

-- any research? couple and to the other of in You XG on microwave Anything with development going and non-military guys circulator of completed of projects commercialize to a communications, had terms applications. applicability maybe trying isolator mimic the sort of

Dan Baker

working speeds mimic at like as you are commercialize Things of and well a it military technology higher addition promise mentioned. in as Microwave that on as to Diode our devices Spin-Torque coupler have that mentioned. communication the is We applications deal good goal you for applications -- to and

continuing So and for the on we that. certainly and we're potential work technology develop see to

Jeff Bernstein

for you products timeframe actually have there? when commercial might you Any think

Dan Baker

them hard term and near where we projects we're timeframe to to next to relatively bandwidth we that two like probably in hard compared it. doesn't more information, research or a Generally relatively consider working and devices. But of that appetite our and those into long fall And for more That's put all on the specific on continue other see term and higher say on we category. data. need inexorable speed for higher with quarter projects

Jeff Bernstein

just quick a And clarification Okay. that. of then

You the with cases actually sell some your seeing products out partnership products product might press for have into name? automotive talked sensor else's Would beyond there your TMR from a but some guess. someone been so to product some in being semiconductor about actually we releases be manufacturers. manufacturer another with name partners about the bigger I There have automotive,

Dan Baker

on possibility. and And consider comment a ourselves And we the we of it talked Robotics name. the disclosure in I specific comment certainly you on specific of angle about as type of that's TMR devices. we about, we’re know, is and two specifics agreements. product industry main are markets the couldn't And a Yes, you we sensors. that we’re cars lot because interest and of leaders on for that also, non other talked couldn’t and target really that smart those there we sensors automotive and markets. sensor a But working you as for for type. And of that know, see and

allow So or of easier cars those or Internet Things. Internet Industrial the the will the networks connection Things of to in

Operator

would concludes you. gentlemen, turn that question-and-answer for I Baker back to now like call Ladies the and session further remarks. our to Dan for any Thank today’s over call.

Dan Baker

participating results. pleased income. you Well, you and forward Thank October Xnd, our in again at increase the in to for to of many August thank We quarter with to look were Meeting report you We XX% you. call. Annual speaking discuss a seeing in second net

Operator

Ladies for may have conference. all today’s program. and disconnect. conclude wonderful in you today’s a And thank Everyone does you day. This gentlemen, participating

NVE (NVEC) 18 Jul 182019 Q1 Earnings call transcript