NVE Corporation (NVEC) has reported a 16.40 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $3.03 million, or $0.62 a share in the quarter, compared with $2.60 million, or $0.54 a share for the same period last year. Revenue during the quarter grew 12.34 percent to $6.85 million from $6.10 million in the previous year period. Gross margin for the quarter expanded 295 basis points over the previous year period to 78.85 percent. Total expenses were 40.58 percent of quarterly revenues, down from 46.22 percent for the same period last year. This has led to an improvement of 564 basis points in operating margin to 59.42 percent.
Operating income for the quarter was $4.07 million, compared with $3.28 million in the previous year period.
"We are pleased to report strong increases in product sales, total revenue, and net income for the quarter and fiscal year," said NVE president and chief executive officer Daniel A. Baker, Ph.D.
Working capital increases
NVE Corporation has recorded an increase in the working capital over the last year. It stood at $34.10 million as at Mar. 31, 2017, up 7.14 percent or $2.27 million from $31.83 million on Mar. 31, 2016. Current ratio was at 32.13 as on Mar. 31, 2017, up from 21.02 on Mar. 31, 2016.
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