EDEN PRAIRIE, Minn.--July 15, 2002--NVE Corporation (OTCBB: NVEC) today announced financial results for its first quarter ended June 30, 2002. Revenues were $2.16 million compared to $1.66 million last year, an increase of 30%. Net income for the quarter was $92,229, or nil per share, compared to a loss of $94,536, or $0.01 per share in the comparable quarter last year. The revenue increase was due largely to a 43% increase in commercial product sales. The company attributed the improved profitability to the increase in product sales and improved margins.

"Achieving a profit this quarter is an important milestone for us," commented President and Chief Executive Officer Daniel A. Baker, Ph.D. "Our product revenues are growing well despite a weak economy, driven by broadened distribution, successful promotional campaigns, and partnership agreements with Digi-Key and Agilent Technologies, Inc."

NVE is a leader in the practical commercialization of "spintronics," which many experts believe represents the next generation of microelectronics. NVE's products include sensors and couplers which revolutionize data acquisition and transfer.

Statements made in this release concerning the Company's or management's intentions, expectations, or predictions about future results or events are "forward-looking statements" within the meaning of the Private Securities Reform Act of 1995. Such statements are necessarily subject to risks and uncertainties that could cause actual results to vary from stated expectations, and such variations could be material and adverse. Additional information concerning the factors that could cause actual results to differ materially from the Company's current expectations is contained in the Company's SEC filings.