NVE Corp. (NVEC, Financial) filed Quarterly Report for the period ended 2009-06-30.
NVE Corp. is a recognized leader in the practical commercialization of `spintronics` which many experts believe represents the next generation of microelectronics. NVE's products include magnetic sensors and couplers which revolutionize data acquisition and transfer. NVE Corp. has a market cap of $228.4 million; its shares were traded at around $48.78 with a P/E ratio of 23.8 and P/S ratio of 9.7. NVE Corp. had an annual average earning growth of 65.3% over the past 5 years.
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NVE Corp. is a recognized leader in the practical commercialization of `spintronics` which many experts believe represents the next generation of microelectronics. NVE's products include magnetic sensors and couplers which revolutionize data acquisition and transfer. NVE Corp. has a market cap of $228.4 million; its shares were traded at around $48.78 with a P/E ratio of 23.8 and P/S ratio of 9.7. NVE Corp. had an annual average earning growth of 65.3% over the past 5 years.
Highlight of Business Operations:
Total revenue for the quarter ended June 30, 2009 (the first quarter of fiscal 2010) increased 41% to $6,834,532 compared to $4,863,786 for the quarter ended June 30, 2008 (the first quarter of fiscal 2009). The increase was due to a 22% increase in product sales and a 311% increase in contract research and development revenue. The increase in product sales was due to increased volume from the addition of new customers and increased purchase volume by existing customers. The increase in research and development revenue was due to new contracts. The increase in research and development revenue may not be representative of future trends and there can be no assurance of additional or follow-on contracts for expired or completed contracts. Gross profit margin increased to 72% of revenue for the first quarter of fiscal 2010 compared to 71% for the first quarter of fiscal 2009. The increase was due to higher margins on both product sales and contract research and development revenue. Selling, general, and administrative expense for the first quarter of fiscal 2010 increased 20% compared to the first quarter of fiscal 2009, primarily due to increased salaries, increased performance-based compensation, and increased commissions. Research and development expense decreased 31% for the first quarter of fiscal 2010 compared to the first quarter of fiscal 2009 due to an increase in contract research and development obligations, which caused resources to be reallocated from expensed research and development activities. The decrease in research and development expense may not be representative of future expense trends. Our research and development expense can fluctuate significantly depending on staffing, project requirements, and contract research and development obligations. Interest and other income increased 44% to $370,025 for the first quarter of fiscal 2010 compared to $257,835 for first quarter of fiscal 2009. The increase was due to an increase in interest-bearing marketable securities. The provision for income taxes was $1,471,158, or 33% of income before taxes, for the first quarter of fiscal 2010 compared to $896,057, or 32% of income before taxes, for the first quarter of fiscal 2009. The effective tax rate can fluctuate due to a number of factors, some of which are outside our control. The 54% increase in net income in the first quarter of fiscal 2010 compared to the prior-year quarter was primarily due to increases in product sales, contract research and development revenue, and interest income.11Read the The complete Report
