NVE Reports First Quarter Results

NVE (NASDAQ:NVEC) announced financial results for the quarter ended June 30, 2018 with the company reporting a revenue of US$7.11 million.

It was noted by the company that the revenue for the quarter is seven percent less as compared to the prior-year quarter.

As quoted in the press release:

The decrease was due to a 67% decrease in contract research and development revenue. Product sales decreased slightly to $6.87 million from $6.88 million in the prior-year quarter. Net income for the first quarter of fiscal 2019 increased 20% to $3.95 million, or $0.81 per diluted share, compared to $3.30 million, or $0.68 per share, for the prior-year quarter.

The company also announced a quarterly cash dividend to shareholders of $1.00 per share of common stock, payable August 31, 2018 to shareholders of record as of July 30, 2018.

“We are pleased to report solid growth in net income for the quarter,” said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D.

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.

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