NVE Notified of Magnetothermal MRAM Patent Grant
NVE Corporation said today that it has been notified by the U.S. Patent and Trademark Office of the expected grant of a key patent for magnetothermal Magnetoresistive Random Access Memory (MRAM).
NVE has been notified that the patent, titled "Thermally Operated Switch Control Memory Cell," will be issued today. The patent is number 6,963,098 and is the grant of a patent under the application published by the U.S. Patent and Trademark Office as number 2005-0002267.
NVE Corporation Reports Second Quarter Fiscal 2006 Results
Product sales for the quarter increased 39% over the prior-year to $2.02 million from $1.45 million. Total revenue, consisting of product sales and contract research and development revenue, declined 1% to $3.05 million for the second quarter of fiscal 2006 compared to $3.10 million in the prior- year quarter.
Income before taxes for the quarter was $592,505 or $0.13 per diluted share, compared to $423,298 or $0.09 per diluted share for the prior- year quarter. After the effect of a provision for income taxes of $228,537, net income for the second quarter of fiscal 2006 was $363,968 or $0.08 per diluted share.
NVE Awarded Additional VMRAM Funding by DoD
NVE Corporation announced today that it has been awarded additional funding by the U.S. Navy's Office of Naval Research (ONR) to continue the development of deep sub-micron Vertical Transport Magnetoresistive Random Access Memory (VMRAM).
The funding will be used by NVE to test and optimize VMRAM cell fabrication methods. The funding is under an ONR program announced by NVE in May 2003, and brings total funding under the ONR VMRAM program to more than $600,000. The ONR VMRAM program is one of a number of Department of Defense contracts awarded to NVE for the development of MRAM.
NVE Corporation Reports First Quarter Fiscal 2006 Results
Product sales for the quarter increased 31% over the prior-year quarter to $1.78 million from $1.36 million. Total revenue, which consisted of product sales and contract research and development revenue, was $3.03 million for the first quarter of fiscal 2006 compared to $2.89 million for the prior-year quarter, an increase of 5%. Income before taxes for the quarter was $655,117 or $0.14 per diluted share, compared to $483,671 or $0.10 per diluted share for the prior-year quarter. After the effect of a non-cash provision for income taxes of $242,468, net income for the first quarter of fiscal 2006 was $412,649 or $0.09 per diluted share.
"We are pleased to report another quarter of record product sales and solid profits," said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D. "Sales of spintronic medical sensors and spintronic couplers were especially strong. Pretax margin improved to 22% due to a more favorable revenue mix and reduced expenses. Our cash plus investments increased by $774,215 during the quarter and we eliminated all of NVE's long-term debt."
NVE Reports Fiscal Year Results
Total revenue for the fourth quarter of fiscal 2005 was $3.07 million compared to $3.21 million for the prior-year quarter, a decrease of 4%. Product sales for the quarter increased 3% over the prior-year quarter and 42% compared to the third quarter of fiscal 2005.
Net income for the fourth quarter was $476,114 or $0.10 per diluted share, compared to $789,670 or $0.16 per diluted share for the prior-year quarter. Net income for the fourth quarter of fiscal 2005 included a net income tax benefit of $126,904 or $0.03 per diluted share, compared to $236,500 or $0.05 per diluted share for the fiscal 2004 quarter, from reductions of valuation allowances relating to deferred tax assets.
NVE Comments on Its MRAM Strategy
NVE President and CEO Daniel A. Baker, Ph.D., said: "Cypress demonstrated 256-kilobit MRAMs working in customers' systems, which was an important accomplishment. There is a large market for MRAM, however the market for Cypress' low-density designs is limited. Furthermore, for us to monetize our intellectual property in the Cypress designs, we would have to sell MRAM in competition with our technology licensees.""We believe that NVE is well-positioned with critical intellectual property covering a broad range of near-term and long-term MRAM designs," continued Baker. "Our MRAM strategy, therefore, will be to focus on an intellectual property business model, providing technology to enable revolutionary memory design rather than both providing technology and selling devices."
NVE Notified of Patent Grant on Spintronic Structure
NVE announced that it has been notified by the U. S. Patent and Trademark Office that the patent titled "Magnetic Field Sensor with Augmented Magnetoresistive Sensing Layer" will be issued today. The patent relates to the use of an effect known as "electron spin exchange-biasing" for low-hysteresis spin dependent tunneling (SDT) and giant magnetoresistance (GMR) sensors. The patent is number 6,872,467 and is the grant of the application published by the U.S. Patent and Trademark Office under number 2004-0115478.
SDT and GMR sensors applications include magnetic disk read heads and MRAM. The invention reduces hysteresis, which can cause errors and signal loss.
"This is an important sensor innovation," said NVE Founder and Chief Technology Officer James M. Daughton, Ph.D. "It enables better linear magnetic field sensors and could have wide applications."
NVE: Cypress sale of MRAM unit could be positive
NVE Chief Financial Officer Richard George said Monday that Cypress' sale of its MRAM unit is expected to be a positive because it only has a manufacturing agreement with Cypress, not a royalty deal.
"Our agreement with Cypress is not assignable, so we would anticipate negotiating a royalty agreement [with a buyer] ," George said.
NVE Technology Agreement With Cypress Results in MRAM Samples.
NVE Corporation today confirmed that MRAM alpha samples recently announced by Cypress Semiconductor Corporation are covered by NVE's technology agreement with Cypress.
MRAM is a revolutionary memory that uses electron spin to store data. On January 27, 2005 Cypress announced it had provided fully functional 256- kilobit alpha samples.
NVE Awarded DoD Contract to Develop Next-Generation Tunnel Junctions
NVE Corporation announced today that it has been awarded a contract for approximately $520,000 by the Defense Advanced Research Projects Agency (DARPA) to develop next-generation spin-dependent tunneling (SDT) junctions.
NVE will optimize and demonstrate high-sensitivity SDT junction designs using computerized nanostructure characterizations and atomic simulations to be developed by the University of Virginia and Oxford University (England).
