Total revenue for the second quarter of fiscal 2009 increased
14% to $5.73 million from $5.00 million in the prior-year
quarter. The revenue increase was due to a 13% increase
in product sales and a 24% increase in contract research
and development revenue. Net income for the second quarter
of fiscal 2009 increased 40% to $2.30 million, or $0.48
per diluted share, compared to $1.64 million, or $0.34 per
diluted share, for the prior-year quarter.
For the first six months of fiscal 2009, total revenue increased 9% to $10.6 million from $9.71 million for the first six months of fiscal 2008. The revenue increase was primarily due to a 10% increase in product sales to $9.42 million for the first half of fiscal 2009 from $8.58 million for the prior-year period. Net income for the first half of fiscal 2009 was $4.20 million, or $0.88 per diluted share compared to $3.23 million, or $0.67 per diluted share, for the first half of fiscal 2008.
"We are pleased with our strong quarterly results,'' said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D. "Increases in product sales and contract research and development revenue drove record earnings.''
NVE is a leader in the practical commercialization of spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store and transmit information. The company manufactures high-performance spintronic products including sensors and couplers that are used to acquire and transmit data. NVE has also licensed its spintronic magnetoresistive random access memory technology, commonly known as MRAM.