NVE Corporation Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended December 31, 2017
January 18, 2018 at 02:43 am IST
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NVE Corporation reported unaudited earnings results for the third quarter and nine months ended December 31, 2017. For the quarter, the company reported total revenue of $7,360,789 against $7,462,679 a year ago. The decrease was due to a 9% decrease in product sales, partially offset by a 164% increase in contract research and development revenue. Income from operations was $4,537,317 against $4,748,693 a year ago. Income before taxes was $4,941,982 against $5,143,900 a year ago. Net income was $3,571,602 or $0.74 basic and diluted share against $3,483,744 or $0.72 basic and diluted share a year ago.
For the nine months, the company reported total revenue of $21,964,689 against $21,472,990 a year ago. The increase was primarily due to a 33% increase in contract research and development revenue. Income from operations was $13,305,729 against $13,372,853 a year ago. Income before taxes was $14,460,032 against $14,636,777 a year ago. Net income was $10,030,252 or $2.07 basic and diluted share against $9,921,486 or $2.05 basic and diluted share a year ago.
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.