 EDEN PRAIRIE, Minn, July 21, 2021 GLOBE NEWSWIRE -- NVE Corporation Nasdaq: NVEC announced today financial results for the quarter ended June 30, 2021. Total revenue for the first quarter of fiscal 2022 increased 56 to 7.15 million from 4.59 million in the prior-year quarter. The increase was due to a 60 increase in product sales partially offset by a 14 decrease in contract research and development revenue. Product sales increased to 6.95 million from 4.36 million in the prior-year quarter. Net income for the first quarter of fiscal 2022 increased 48 to 3.58 million, or 0.74 per diluted share, compared to 2.41 million, or 0.50 per share, for the prior-year quarter. The company also announced a quarterly cash dividend to shareholders of 1.00 per share of common stock, payable August 31, 2021 to shareholders of record as of August 2, 2021. We are pleased to report large increases in product sales, total revenue, and earnings for the quarter as the effects of the COVID-19 pandemic on our revenue subsided, 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 relies on electron spin rather than electron charge to acquire, store and transmit information. The company manufactures high-performance spintronic products including sensors and couplers that are used to acquire and transmit data. 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 and uncertainties related to future sales and revenues and risks related to the COVID-19 pandemic, 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 for the fiscal year ended March 31, 2021 and other reports filed with the SEC. 