NVE Corporation Reports Fiscal Year Results
Wednesday April 28, 4:00 pm ET
EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--April 28, 2004--NVE Corporation (Nasdaq:NVEC - News) today announced financial results for the quarter and fiscal year ended March 31, 2004.
Total revenue for fiscal 2004 was $12.01 million compared to $9.45 million the prior year, an increase of 27%. Product sales increased 115% over the prior year. For fiscal 2004 the company reported net income of $2.11 million, including a net income tax benefit of $233,022 from reduction of the valuation allowance relating to deferred tax assets. This compares to net income of $646,850 in fiscal 2003. Earnings per share were $0.45 per diluted share compared to $0.15 per share for the prior year.
