NVE Q2 revenue falls on lower product sales
NVEC•NVE fiscal Q2 revenue fell 8% year over year to $5.83 million, while net income declined 4% to $3.17 million. The company declared a quarterly cash dividend of $1 per share.
1. Quarterly results
NVE said fiscal Q2 revenue fell 8% year over year, mainly due to a 9% decrease in product sales. Higher contract research and development revenue partly offset the decline, while selling, general and administrative expenses increased. Net income declined 4% to $3.17 million, or $0.65 per share, and the company declared a quarterly cash dividend of $1 per share.
