NVE Corp. Announces Quarterly Cash Dividend, Payable on February 29, 2016; Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended December 31, 2015
January 20, 2016 at 09:10 pm
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NVE Corp. announced a quarterly cash dividend to shareholders of $1.00 per share of common stock, payable on February 29, 2016 to shareholders of record as of February 1, 2016.
The company reported unaudited earnings results for the third quarter and nine months ended December 31, 2015. For the quarter, the company reported total revenue was $6,016,015 against $6,291,748 a year ago. The decrease was due to a 15% decrease in product sales, partially offset by a 143% increase in contract research and development revenue. Income from operations was $3,362,321 against $3,589,640 a year ago. Income before tax was $3,830,688 against $4,147,483 a year ago. Net income was $2,577,451 or $0.53 basic and diluted share against $2,792,906 or $0.57 basic and diluted share a year ago.
For the nine months, total revenue was $21,616,691 against $23,012,156 a year ago. The decrease was due to a 14% decrease in product sales, partially offset by a 263% increase in contract research and development revenue. Income from operations was $13,005,197 against $14,296,114 a year ago. Income before tax was $14,427,893 against $15,965,434 a year ago. Net income was $9,691,472 or $2.0 diluted share against $10,705,638 or $2.20 diluted share a year ago. Despite the net income decrease, operating cash flow and free cash flow are up considerably from the prior year. Cash provided by operating activities increased 10% to $11.9 million in the first 9 months compared to $10.8 million for the prior year period.
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 Corp. Announces Quarterly Cash Dividend, Payable on February 29, 2016; Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended December 31, 2015