NVE Corporation Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended March 31, 2018; Provides Effective Rate Guidance for the Fiscal Year 2019
May 03, 2018 at 01:36 am IST
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NVE Corporation reported unaudited earnings results for the fourth quarter and full year ended March 31, 2018. For the quarter, the company reported total revenue of $7,899,192 compared to $6,853,206 a year ago. The increase was due to a 19% increase in product sales partially offset by a 35% decrease in contract research and development revenue. Income from operations was $5,144,898 compared to $4,072,350 a year ago. Income before taxes was $5,548,792 compared to $4,459,234 a year ago. Net income was $3,882,420 or $0.80 per basic and diluted share compared to $3,027,383 or $0.62 per diluted share a year ago.
For the year, the company reported total revenue of $29,863,881 compared to $28,326,196 a year ago. Income from operations was $18,450,627 compared to $17,445,203 a year ago. Income before taxes was $20,008,824 compared to $19,096,011 a year ago. Net income was $13,912,672 or $2.87 per basic and diluted share compared to $12,948,869 or $2.68 per basic and diluted share a year ago. Operating cash flow increased 22% to highest ever.
The company currently expect effective rate to decrease significantly to approximately 22% in the new fiscal year 2019.
NVE Corporation develops and sells devices that use spintronics, which is a nanotechnology that relies on electron spin to acquire, store, and transmit information. The Company manufactures spintronic products, including sensors and couplers that are used to acquire and transmit data. The Company has also licensed its spintronic magnetoresistive random access memory technology (MRAM). Its parts are primarily used in industrial, scientific, and medical applications, as well as the Industrial Internet of things. The Company's products include sensors, couplers, DC-to-DC Convertors and MRAM products. Its sensor products detect the strength or gradient of magnetic fields and are often used to determine position or speed. Its spintronic couplers combine a giant magnetoresistance (GMR) sensor element and a microscopic coil. MRAM uses spintronics to store data. Its isolated direct current (DC)-to-DC convertors transfer energy between systems without direct electrical connections.
NVE Corporation Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended March 31, 2018; Provides Effective Rate Guidance for the Fiscal Year 2019