NVE Corp. Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended December 31, 2012
For the first nine months of fiscal 2013, the company's total revenue decreased 6% to $19.8 million from $21.0 million for the first nine months of the prior year. The decrease was due to a 40% decrease in contract research and development revenue. Net income was $8.72 million or $1.80 per diluted share compared to $8.28 million or $1.71 per diluted share for the first nine months of fiscal 2012. Income from operations was $11,146,884 against $10,354,645 a year ago. Income before taxes was $12,931,847 against $12,109,231 a year ago. The increase in net income was primarily due to increased gross profit margin partially offset by decreased contract R&D revenue. Operating cash flow was $8.42 million. Purchases of fixed assets were $1.61 million, primarily for production, equipment, and leasehold improvements.