NVE Corporation Reports First Quarter Results

EDEN PRAIRIE, Minn., July 23, 2008 (PRIME NEWSWIRE) -- 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... [read full story]