NVE(US:NVEC)2023-10-18 20:10Revenue Performance - Total revenue for the quarter ended September 30, 2023, decreased by 33% compared to the same quarter in 2022, primarily due to a 32% decrease in product sales and a 92% decrease in contract research and development revenue [61]. - Total revenue for the six months ended September 30, 2023, decreased by 12% compared to the same period in 2022, driven by a 10% decrease in product sales and a 68% decrease in contract research and development revenue [67]. Net Income and Expenses - Net income for the quarter ended September 30, 2023, decreased by 22.4% compared to the prior-year quarter, attributed to decreased revenue, partially offset by decreased expenses and increased interest income [65]. - Total expenses decreased by 17% for the second quarter of fiscal 2024 compared to the same quarter in fiscal 2023, primarily due to a $202,926 credit loss provision reversal [62]. - Research and development expenses increased by 8% for the first six months of fiscal 2024 compared to the same period in fiscal 2023, primarily due to increased staffing and employee compensation [68]. Cash and Cash Equivalents - Cash and cash equivalents increased to $6,953,448 as of September 30, 2023, from $1,669,896 as of March 31, 2023, reflecting a $5,283,552 increase during the first six months of fiscal 2024 [71]. - Accounts receivable decreased by $3,598,068 during the first six months of fiscal 2024 due to the timing of customer payments and decreased revenue [72]. Interest Income and Tax Rate - Interest income for the second quarter of fiscal 2024 increased by 46% due to higher yields on securities purchased after September 30, 2022 [63]. - The effective tax rate decreased to 8% for the second quarter of fiscal 2024 from 19% for the same quarter in fiscal 2023, influenced by the credit loss provision reversal [64]. Dividends - Cash dividends paid to shareholders during the six months ended September 30, 2023, amounted to $9,664,227, with an additional cash dividend of $1.00 per share announced for payment on November 30, 2023 [75][76].