NVE(US:NVEC)2022-07-20 20:17Revenue and Profitability - Total revenue for the quarter ended June 30, 2022, increased by 3% compared to the same quarter in 2021, driven by a 2% increase in product sales and a 32% increase in contract research and development revenue[53]. - Gross profit margin improved to 77% for the first quarter of fiscal 2023, up from 75% in the prior year, primarily due to increased prices[54]. - Net income for the first quarter of fiscal 2023 increased by 16% compared to the prior-year quarter, attributed to higher revenue, improved gross profit margin, and reduced expenses[56]. Expenses and Cost Management - Total expenses decreased by 24% year-over-year, with research and development expenses down by 26% and selling, general, and administrative expenses down by 20%[55]. Cash Flow and Investments - Cash and cash equivalents rose to $13,299,264 as of June 30, 2022, an increase of $2,849,754 from March 31, 2022, due to net cash provided by operating and investing activities[59]. - Net cash provided by operating activities was $3,331,143 for the first quarter of fiscal 2023, slightly up from $3,300,394 in the same quarter of the previous year[60]. - Cash provided by investing activities included $9,250,000 from maturities of marketable securities, with expectations for significantly more fixed asset purchases in fiscal 2023[63]. - Cash dividends paid to shareholders amounted to $4,830,826 in the first quarter of fiscal 2023, with a declared cash dividend of $1.00 per share to be paid on August 31, 2022[64]. Operational Challenges - The company experienced supply chain disruptions related to the COVID-19 pandemic, which negatively impacted revenues and costs during the quarter[57]. - Accounts receivable decreased by $1,191,613 during the first quarter of fiscal 2023, primarily due to the timing of sales and payments from customers[60].