NVE Corp. Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended December 31, 2013
For the nine months, the company reported total revenue of $19.952 million compared to $19.811 million for the same period a year ago. Income from operations was $11.119 million against $11.147 million a year ago. Income before taxes was $12.697 million against $12.932 million a year ago. Net income was $8.574 million or $1.76 per diluted share against $8.719 million or $1.80 per basic and diluted share a year ago. The slight decrease in net income in the first nine months of fiscal 2014 compared to the prior-year period was primarily due to the large decrease in R&D revenue and increase in R&D expense. The increase in revenue was due to a 9% increase in product sales, partially offset by an 83% decrease in contract research and development revenue. Operating cash flow or net cash provided by operating activities increased 17% to $9.82 million for the first nine months of the fiscal year, compared to $8.42 million in the prior year. Purchases of fixed assets were approximately $34,000 for the first nine months of the fiscal year compared so $1.61 million for the first nine months of last year. Free cash flow, which is operating cash flow less capital expenditures increased 44% to $9.78 million for the first nine months of the fiscal year, compared to $6.81 million the prior year.