NVE Corporation Reports First Quarter Results and Announces Quarterly Dividend
EDEN PRAIRIE, Minn, July 21, 2021 (GLOBE NEWSWIRE) -- NVE Corporation (Nasdaq: NVEC) announced today financial results for the quarter ended June 30, 2021. Total revenue for the first quarter of fiscal 2022 increased 56% to $7.15 million from $4.59 million in the prior-year quarter. The increase was due to a 60% increase in product sales partially offset by a 14% decrease in contract research and development revenue. Product sales increased to $6.95 million from $4.36 million in the prior-year quarter. Net income for the first quarter of fiscal 2022 increased 48% to $3.58 million, or $0.74 per diluted share, compared to $2.41 million, or $0.50 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, 2021 to shareholders of record as of August 2, 2021. We are pleased to report large increases in product sales, total revenue, and earnings for the quarter as the effects of the COVID-19 pandemic on our revenue subsided, said NVE President and Chief Executive Officer Daniel A.
NVE Corporation Reports First Quarter Results and Announces Quarterly Dividend
EDEN PRAIRIE, Minn, July 21, 2021 (GLOBE NEWSWIRE) -- NVE Corporation (Nasdaq: NVEC) announced today financial results for the quarter ended June 30, 2021. Total revenue for the first quarter of fiscal 2022 increased 56% to $7.15 million from $4.59 million in the prior-year quarter. The increase was due to a 60% increase in product sales partially offset by a 14% decrease in contract research and development revenue. Product sales increased to $6.95 million from $4.36 million in the prior-year quarter. Net income for the first quarter of fiscal 2022 increased 48% to $3.58 million, or $0.74 per diluted share, compared to $2.41 million, or $0.50 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, 2021 to shareholders of record as of August 2, 2021. We are pleased to report large increases in product sales, total revenue, and earnings for the quarter as the effects of the COVID-19 pandemic on our revenue subsided, said NVE President and Chief Executive Officer Daniel A.