Earnings Call Excerpt
NVE Corporation (NVEC)
Q3 2009 NVE Corporation Earnings Conference Call
January 21, 2009 / 05:00PM ET
Executives
Daniel A. Baker, President and Chief Executive Officer; Director
Curt A. Reynders, Chief Financial Officer
Analysts
Steven Crowley - Craig Hallum
Bob Mitchell - Conestoga Capital
Presentation
Operator
Good day, everyone, and welcome to the NVE conference call on 2009 fiscal year third quarter results. Today's conference is being recorded. At this time, I would like to turn the conference over to the President and Chief Executive Officer, Mr. Daniel Baker. Please go ahead, sir.
Daniel Baker
Thank you and good afternoon. Welcome to our conference call for the third quarter of fiscal 2009. With me on the call is Curt Reynders, our CFO. This call is being webcast live and being recorded. A replay will be available through nve.com. Our press release with quarterly results and our quarterly report on Form 10-Q were both filed with the SEC in the past hour following the close of the market, and are available through our website. As always, both filings contain unaudited financials. After my opening comments, Curt will present a financial review of the quarter and I'll highlight the business items and review calendar 2008; then we'll open the call to questions. Comments we may make 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 revenue growth and continued profitability; uncertainties relating to the continuation of seasonal patterns in the future; uncertainties related to the awarding of future research and development contracts; risks related to the liquidity or value of our marketable securities; uncertainties related to the economic environment in the industries we serve; and uncertainties related to our stock repurchase program, 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, as updated in our quarterly reports on Form 10-Q, including our just-filed quarterly report on Form 10-Q.
The company undertakes no obligation to update forward-looking statements we may make. I'm pleased to report record earnings in our best third quarter ever. Total revenue increased 23%, including a 150% increase in contract R&D revenue. Net margin was an extraordinary 42%, and earnings increased 44% to a record $0.52 per diluted share.
Now I'll turn the call over to Curt to discuss details of our financial results.
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