NVE Corporation announced today financial results for the quarter and nine months ended December 31, 2008.Â Total revenue for the third quarter of fiscal 2009 increased 23% to $5.88 million from $4.77 million in the prior-year quarter. The revenue increase was due to an 8% increase in product sales and a 150% increase in contract research and development revenue. Net income for the third quarter of fiscal 2009 increased 45% to $2.47 million.
NVE reported a strong growth in contract R&D. In the conference call, Daniel Baker (company's CEO) said - "Most of the contracts that we're working on right now are related to anti-tamper MRAM".
The company also announced today that its Board of Directors authorized
the repurchase of up to $2.5 million of the companyâs common stock from
time to time in open market, block, or privately negotiated transactions.Â