NVE(US:NVEC)2021-05-05 20:21Financial Performance - Total revenue for fiscal 2021 decreased by 16% compared to fiscal 2020, primarily due to a 16% decrease in product sales and an 18% decrease in contract research and development revenue [99]. - Net income for fiscal 2021 was 54.7% of total revenue, down from 57.2% in fiscal 2020, reflecting a 19.5% decrease year-over-year [101]. - The impact of the COVID-19 pandemic significantly affected total revenue and net income for fiscal 2021, particularly in the medical devices sector [102]. Cash Flow and Liquidity - Cash and cash equivalents increased to $10,427,340 as of March 31, 2021, up from $8,065,594 as of March 31, 2020, driven by $13,364,832 in net cash provided by operating activities [103]. - Net cash provided by operating activities was $13,364,832 for fiscal 2021, compared to $15,895,773 for fiscal 2020, indicating a decrease in cash flow from operations [104]. - The company plans to pay a cash dividend of $1.00 per share, totaling $4,833,232, to be paid on May 31, 2021, subject to Board approval [109]. Expenses and Taxation - Research and development expenses decreased by 14% in fiscal 2021, attributed to the completion of certain new-product development projects [100]. - The effective tax rate for fiscal 2021 was 18% of income before taxes, compared to 16% for fiscal 2020, reflecting changes in tax benefits [101]. Accounts Receivable and Deferred Tax Assets - Accounts receivable decreased by $729,737, primarily due to the timing of sales to and payments from customers [105]. - The company had $73,538 in net deferred tax assets as of March 31, 2021, down from $108,119 as of March 31, 2020 [97].