NVE Corporation (NASDAQ:NVEC) Q1 2024 Earnings Conference Call July 19, 2023 5:00 PM ET
Company Participants
Dan Baker - President & Chief Executive Officer
Daniel Nelson - Accounting Manager and Principal Financial Officer
Conference Call Participants
Jeffrey Bernstein - Silverberg Bernstein Capital Management
Operator
Welcome to the NVE conference call of First Quarter Results. [Operator Instructions]. Please be advised that today's conference is being recorded.
I would now like to turn the call over to Dan Baker, President and CEO. Please go ahead.
Dan Baker
Good afternoon, and welcome to our conference call for the quarter ended June 30, 2023. This call is being webcast live and recorded. A replay will be available through our website, nve.com. I'm Dan Baker, and I'm joined by Accounting Manager and Principal Financial Officer, Daniel Nelson. Daniel was promoted to his current position in early May and also presented on our last call. He goes by Daniel, I go by Dan to reduce confusion. Also, he's originally from Liberia, and I'm from Columbus, Ohio. So I'm the one with the bland accent. After my opening comments, Daniel will present our financial results. I'll cover marketing and new products, and we'll open the call to questions.
We issued our press release with financial results and filed our quarterly report on Form 10-Q in the past hour following the close of market. Links to the press release and 10-Q are available through the SEC's website, our website, and our Twitter timeline.
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 uncertainties relating to the economic environments in the industries we serve. Risks and uncertainties related to future sales and revenue and risks of credit losses 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 for the year ended March 31, 2023, as updated in our just filed quarterly report on Form 10-Q. Actual results could differ materially from the information provided, and we undertake no obligation to update forward-looking statements we may make.
We're pleased to report solid growth for the quarter compared to the prior year despite industry headwinds. Product sales increased 23% compared to the prior year quarter, and net income increased 6% to $0.91 per diluted share.