updated 10/20/2010 9:46:05 PM ET 2010-10-21T01:46:05

EDEN PRAIRIE, Minn., Oct. 20, 2010 (GLOBE NEWSWIRE) -- NVE Corporation (Nasdaq:NVEC) announced today financial results for the quarter and six months ended September 30, 2010.

Total revenue for the second quarter of fiscal 2011 increased 20% to $7.81 million from $6.51 million in the prior-year quarter. The revenue increase was due to a 24% increase in product sales and a 5% increase in contract research and development revenue. Net income for the second quarter of fiscal 2011 increased 19% to $3.21 million, or $0.66 per diluted share, compared to $2.69 million, or $0.55 per diluted share, for the prior-year quarter.

For the first six months of fiscal 2011, total revenue increased 13% to $15.1 million from $13.3 million for the first six months of the prior year. The increase was due to an 18% increase in product sales, partially offset by a 7% decrease in contract research and development revenue. Net income for the first half of fiscal 2011 was $6.31 million, or $1.30 per diluted share, compared to $5.63 million, or $1.16 per diluted share, for the first half of fiscal 2010.

"We are pleased to report strong product sales and earnings growth for the quarter," said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D.

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.

The NVE Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3120

Statements used in this press release that relate to future plans, events, financial results or performance are forward-looking statements that are subject to certain risks and uncertainties including, among others, such factors as risks in continued growth in revenue and profits and uncertainties related to economic environments, as well as the risk factors listed from time to time in our filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2010 as updated in our Quarterly Reports on Form 10-Q.

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