NVE Corporation Reports First Quarter Results

NVE Corporation Reports First Quarter Results

Product Sales Increase 40 Percent; Net Income Increases 78 Percent

NVE Corporation (Nasdaq:NVEC) announced today financial results for the quarter ended June 30, 2007.

Product sales for the quarter increased 40% over the prior-year quarter to $4.27 million from $3.05 million. Total revenue, consisting of product sales and contract research and development revenue, increased 30% to $4.71 million for the first quarter of fiscal 2008 from $3.64 million in the prior-year quarter. Net income for the first quarter of fiscal 2008 increased 78% to $1.59 million, or $0.33 per diluted share, compared to $891,806, or $0.19 per share, for the prior-year quarter.

“We are pleased to report record net income for the quarter driven by strong product sales,” 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 many experts believe represents the next generation of microelectronics. NVE licenses its MRAM intellectual property and sells spintronic sensors and couplers to revolutionize data sensing and transmission.

The NVE Corporation logo is available at http://www.primenewswire.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 profitability, risks associated with our reliance on several large customers, 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 and other reports filed with the SEC.