0000724910-14-000004.txt : 20140122 0000724910-14-000004.hdr.sgml : 20140122 20140122162220 ACCESSION NUMBER: 0000724910-14-000004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20131231 FILED AS OF DATE: 20140122 DATE AS OF CHANGE: 20140122 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NVE CORP /NEW/ CENTRAL INDEX KEY: 0000724910 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 411424202 STATE OF INCORPORATION: MN FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-12196 FILM NUMBER: 14540512 BUSINESS ADDRESS: STREET 1: 11409 VALLEY VIEW ROAD CITY: EDEN PRAIRIE STATE: MN ZIP: 55344 BUSINESS PHONE: 9528299217 MAIL ADDRESS: STREET 1: 11409 VALLEY VIEW ROAD CITY: EDEN PRAIRIE STATE: MN ZIP: 55344 FORMER COMPANY: FORMER CONFORMED NAME: PREMIS CORP DATE OF NAME CHANGE: 19920703 10-Q 1 NVE_Q3_FY2014_10Q.htm QUARTERLY REPORT FOR THE PERIOD ENDED DEC. 31, 2013  

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 10-Q

(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended   December 31, 2013

or
[   ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                                   to                                    

Commission File Number: 000-12196


NVE Logo
NVE CORPORATION
(Exact name of registrant as specified in its charter)

 
Minnesota  41-1424202
(State or other jurisdiction of incorporation or organization)  (I.R.S. Employer Identification No.)
 
11409 Valley View Road, Eden Prairie, Minnesota   55344
(Address of principal executive offices)   (Zip Code)
 
 (952) 829-9217 
(Registrant’s telephone number, including area code)


     Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
[X] Yes  [   ] No


     Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
[X] Yes  [   ] No

      Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
           Large accelerated filer [   ]Accelerated filer [X]
           Non-accelerated filer [   ]  (Do not check if a smaller reporting company)     Smaller reporting company [   ]

     Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     [   ] Yes  [X] No

     Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Stock, $0.01 Par Value – 4,846,043 shares outstanding as of January 17, 2014


 
NVE CORPORATION
QUARTERLY REPORT ON FORM 10-Q
TABLE OF CONTENTS



PART I. FINANCIAL INFORMATION

     Item 1. Financial Statements

          Balance Sheets

          Statements of Income for the Quarters Ended December 31, 2013 and 2012

          Statements of Comprehensive Income for the Quarters Ended December 31, 2013 and 2012

          Statements of Income for the Nine Months Ended December 31, 2013 and 2012

          Statements of Comprehensive Income for the Nine Months Ended December 31, 2013 and 2012

          Statements of Cash Flows
 
          Notes to Financial Statements

     Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

     Item 3. Quantitative and Qualitative Disclosures About Market Risk

     Item 4. Controls and Procedures

PART II. OTHER INFORMATION

     Item 1A. Risk Factors

     Item 4. Mine Safety Disclosures

     Item 6. Exhibits

SIGNATURES


2

Table of Contents

PART I–FINANCIAL INFORMATION


Item 1. Financial Statements.
NVE CORPORATION
BALANCE SHEETS


(Unaudited)
Dec. 31, 2013
March 31, 2013*
ASSETS
Current assets
Cash and cash equivalents
$ 1,961,285 $ 2,509,683
Marketable securities, short term
10,293,147 9,711,029
Accounts receivable, net of allowance for uncollectible accounts of $15,000
1,789,490 2,521,395
Inventories
3,029,903 3,336,592
Deferred tax assets
241,599 -
Prepaid expenses and other assets
1,220,833   958,147  
Total current assets 18,536,257     19,036,846  
Fixed assets
Machinery and equipment 
8,450,954 8,417,061
Leasehold improvements
1,499,454   1,499,454  
  9,950,408 9,916,515
Less accumulated depreciation 
6,829,363   6,228,122  
Net fixed assets 3,121,045 3,688,393
Marketable securities, long term 80,584,799   73,040,257  
Total assets $ 102,242,101   $ 95,765,496  
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable
$ 285,777 $ 422,092
Accrued payroll and other 
833,330 918,060
Deferred taxes
-   440,736  
Total current liabilities 1,119,107 1,780,888
 
Long-term deferred tax liabilities 282,342       -  
 
Shareholders’ equity
Common stock, $0.01 par value, 6,000,000 shares authorized; 4,846,043 issued and outstanding as of December 31, 2013; 4,862,436 issued and outstanding as of March 31, 2013
48,460 48,624
Additional paid-in capital
20,245,775 21,200,742
Accumulated other comprehensive income
795,251 1,557,726
Retained earnings
79,751,166   71,177,516  
Total shareholders’ equity 100,840,652   93,984,608  
Total liabilities and shareholders’ equity $ 102,242,101   $ 95,765,496  

*The March 31, 2013 Balance Sheet is derived from the audited financial statements contained in our Annual Report on Form 10-K for the fiscal year ended March 31, 2013.

See accompanying notes.


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Table of Contents

NVE CORPORATION
STATEMENTS OF INCOME
(Unaudited)

Quarter Ended Dec. 31
2013 2012
Revenue
Product sales
$ 6,448,407 $ 5,762,925  
Contract research and development
25,290     762,296  
Total revenue 6,473,697     6,525,221  
Cost of sales 1,449,396     1,738,618  
Gross profit   5,024,301       4,786,603  
Expenses
Selling, general, and administrative
  543,698       570,741
Research and development
905,246     501,325  
Total expenses 1,448,944     1,072,066  
Income from operations   3,575,357       3,714,537
Interest income 530,383     600,395  
Income before taxes 4,105,740       4,314,932
Provision for income taxes 1,328,566     1,415,590  
Net income $ 2,777,174     $ 2,899,342  
Net income per share – basic $ 0.57     $ 0.60  
Net income per share – diluted $ 0.57     $ 0.60  
Weighted average shares outstanding
Basic
  4,842,565       4,847,619
Diluted
  4,859,601 4,872,019


STATEMENTS OF COMPREHENSIVE INCOME
     (Unaudited)

Quarter Ended Dec. 31
2013 2012
Net income $ 2,777,174 $ 2,899,342
Unrealized loss from marketable securities, net of tax   (151,829 ) (22,474 )
Comprehensive income $ 2,625,345   $ 2,876,868  
 
 
See accompanying notes.


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Table of Contents

NVE CORPORATION
STATEMENTS OF INCOME
(Unaudited)

Nine Months Ended Dec. 31
2013 2012
Revenue
Product sales
$ 19,654,162     $ 18,025,002
Contract research and development
297,648     1,785,920  
Total revenue 19,951,810       19,810,922
Cost of sales 4,331,297     5,147,884  
Gross profit   15,620,513       14,663,038
Expenses
Selling, general, and administrative
  1,756,578       1,714,545
Research and development
2,744,620     1,801,609  
Total expenses 4,501,198     3,516,154  
Income from operations   11,119,315       11,146,884
Interest income 1,577,524     1,784,963  
Income before taxes   12,696,839       12,931,847
Provision for income taxes 4,123,189     4,211,964  
Net income $ 8,573,650     $ 8,719,883  
Net income per share – basic $ 1.77     $ 1.80  
Net income per share – diluted $ 1.76     $ 1.80  
Weighted average shares outstanding
Basic
4,852,356     4,832,630
Diluted
4,868,040 4,856,851


STATEMENTS OF COMPREHENSIVE INCOME
     (Unaudited)
 
Nine Months Ended Dec. 31
2013 2012
Net income $ 8,573,650 $ 8,719,883
Unrealized (loss) gain from marketable securities, net of tax   (762,475 ) 509,553  
Comprehensive income $ 7,811,175 $ 9,229,436  
 

See accompanying notes.

 
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Table of Contents

NVE CORPORATION
STATEMENTS OF CASH FLOWS
(Unaudited)

Nine Months Ended Dec. 31
2013 2012
OPERATING ACTIVITIES
Net income $ 8,573,650 $ 8,719,883
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation
601,241 457,937
Stock-based compensation
53,200 66,720
Excess tax benefits
(67,044 ) (2,383 )
Deferred income taxes
102,118   27,320
Changes in operating assets and liabilities:
Accounts receivable
731,905     63,060
Inventories
306,689   (526,147 )
Prepaid expenses and other assets
(262,686 )   (173,167 )
Accounts payable and accrued expenses
(221,045 )   (211,143 )
Net cash provided by operating activities 9,818,028   8,422,080
 
INVESTING ACTIVITIES
Purchases of fixed assets (33,893 )   (1,607,130 )
Purchases of marketable securities (17,879,202 ) (17,438,274 )
Proceeds from maturities and sales of marketable securities 8,555,000   9,850,000  
Net cash used in investing activities (9,358,095 )   (9,195,404 )
 
FINANCING ACTIVITIES
Net proceeds from sale of stock 188,030 69,428
Excess tax benefits 67,044   2,383
Repurchase of common stock   (1,263,405 )   -  
Net cash (used in) provided by financing activities   (1,008,331 )   71,811  
 
Decrease in cash and cash equivalents (548,398 ) (701,513 )
Cash and cash equivalents at beginning of period 2,509,683   1,544,536  
 
Cash and cash equivalents at end of period $ 1,961,285   $ 843,023  
 
Supplemental disclosures of cash flow information:
Cash paid during the period for income taxes
$ 4,213,033 $ 4,220,000
 
 
See accompanying notes.


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NVE CORPORATION
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
 
NOTE 1. DESCRIPTION OF BUSINESS
     We develop and sell devices that use spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information.

NOTE 2. INTERIM FINANCIAL INFORMATION
     The accompanying unaudited financial statements of NVE Corporation are prepared consistent with accounting principles generally accepted in the United States and in accordance with Securities and Exchange Commission rules and regulations. In the opinion of management, these financial statements reflect all adjustments, consisting only of normal and recurring adjustments, necessary for a fair presentation of the financial statements. Although we believe that the disclosures are adequate to make the information presented not misleading, it is suggested that these unaudited financial statements be read in conjunction with the audited financial statements and the notes included in our latest annual financial statements included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2013. The results of operations for the quarter or nine months ended December 31, 2013 are not necessarily indicative of the results that may be expected for the full fiscal year ending March 31, 2014.
 
NOTE 3. RECENT ACCOUNTING PRONOUNCEMENTS
     We have adopted all applicable recently issued accounting pronouncements.
      
NOTE 4. NET INCOME PER SHARE
     Net income per basic share is computed based on the weighted-average number of common shares issued and outstanding during each period. Net income per diluted share amounts assume conversion, exercise or issuance of all potential common stock instruments (stock options and warrants). Stock options totaling 5,000 for the quarter and nine months ended December 31, 2012 were not included in the computation of diluted earnings per share because the exercise prices of the options and warrants were greater than the market price of the common stock and are considered anti-dilutive. The following table reflects the components of common shares outstanding:
 
 
Quarter Ended Dec. 31
2013 2012
Weighted average common shares outstanding – basic 4,842,565 4,847,619
Effect of dilutive securities:
Stock options
16,416 22,594
Warrants
620 1,806
Shares used in computing net income per share – diluted   4,859,601 4,872,019
 
Nine Months Ended Dec. 31
2013 2012
Weighted average common shares outstanding – basic 4,852,356 4,832,630
Effect of dilutive securities:
Stock options
15,128 22,430
Warrants
556 1,791
Shares used in computing net income per share – diluted   4,868,040 4,856,851
 
 
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NOTE 5. MARKETABLE SECURITIES
     Marketable securities with remaining maturities less than one year are classified as short-term, and those with remaining maturities greater than one year are classified as long-term. The fair value of our marketable securities as of December 31, 2013, by maturity, were as follows:

Total <1 Year 1–3 Years 3–5 Years
$ 90,877,946 $ 10,293,147 $ 37,031,172 $ 43,553,627
 
     As of December 31 and March 31, 2013, our marketable securities were as follows:
 
As of December 31, 2013 As of March 31, 2013

Adjusted
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Market
Value

Adjusted
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Market
Value
Corporate bonds $ 84,677,016    $ 1,716,210    $ (493,700 )    $ 85,899,526    $ 72,923,502    $ 2,378,845    $ (4,187 )    $ 75,298,160
Municipal bonds   4,951,910 30,521 (4,011 ) 4,978,420 7,381,223   81,058
  (9,155 )   7,453,126
Total $ 89,628,926 $ 1,746,731 $ (497,711 ) $ 90,877,946 $ 80,304,725   $ 2,459,903   $ (13,342 )   $ 82,751,286
 
     The following table presents the gross unrealized losses and fair value of our investments with unrealized losses, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position as of December 31 and March 31, 2013:
 
Less Than 12 Months 12 Months or Greater Total
Fair
Market
Value
Gross
Unrealized
Losses
Fair
Market
Value
Gross
Unrealized
Losses
Fair
Market
Value
Gross
Unrealized
Losses
As of December 31, 2013
  Corporate bonds $ 32,852,596 $ (493,700 ) $ -   $ -     $ 32,852,596 $ (493,700 )
  Municipal bonds   1,429,217   (4,011 )   -   -     1,429,217   (4,011 )
  Total $ 34,281,813 $ (497,711 ) $ -   $ -     $ 34,281,813 $ (497,711 )
As of March 31, 2013
  Corporate bonds $ 1,171,976   $ (4,187 )   $ -   $ -     $ 1,171,976   $ (4,187 )
  Municipal bonds   508,607 (9,155 ) - -   508,607 (9,155 )
  Total $ 1,680,583 $ (13,342 ) $ - $ -   $ 1,680,583 $ (13,342 )
 
     Gross unrealized losses totaled $497,711 as of December 31, 2013, and were attributed to ten corporate bonds and one municipal bond out of a portfolio of 41 bonds. The gross unrealized losses were due to market-price decreases and rating downgrades after the bonds were purchased, and none had been in a continuous unrealized loss position for 12 months or greater. A substantial majority of the bonds we held were rated by Moody’s or Standard and Poor’s and had investment-grade credit ratings. For each bond, including each bond with an unrealized loss, we expect to recover the entire cost basis of each security based on our consideration of factors including their credit ratings, the underlying ratings of insured bonds, and historical default rates for securities of comparable credit rating. Because we expect to recover the entire cost basis of each of the securities, and because we do not intend to sell the securities and it is not more likely than not that we will be required to sell the securities before recovery of the cost basis, which may be maturity, we did not consider any of our marketable securities to be other-than-temporarily impaired at December 31, 2013.
 
 
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NOTE 6. INVENTORIES
     Inventories consisted of the following:
 
Dec. 31
2013
March 31
2013
Raw materials $ 996,686   $ 1,312,011
Work in process 1,502,406   1,533,951
Finished goods 825,811   775,630  
3,324,903   3,621,592
Less inventory reserve (295,000 ) (285,000 )
Total inventories $ 3,029,903   $ 3,336,592  
 
 
NOTE 7. STOCK-BASED COMPENSATION
      Stock-based compensation expense was $53,200 for the first nine months of fiscal 2014, and $66,720 for the first nine months of fiscal 2013. Stock-based compensation expenses for the nine months ended December 31, 2013 and 2012 were non-cash, and due to the issuance of automatic stock options to our non-employee directors on their reelection to our Board. We calculate the share-based compensation expense using the Black-Scholes standard option-pricing model.
 
NOTE 8. INCOME TAXES
     Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

     We had no unrecognized tax benefits as of December 31, 2013, and we do not expect any significant unrecognized tax benefits within 12 months of the reporting date. We recognize interest and penalties related to income tax matters in income tax expense. As of December 31, 2013 we had no accrued interest related to uncertain tax positions. The tax years 1999 through 2012 remain open to examination by the major taxing jurisdictions to which we are subject.

NOTE 9. FAIR VALUE MEASUREMENTS
     Generally accepted accounting principles establish a framework for measuring fair value, provide a definition of fair value and prescribe required disclosures about fair-value measurements. Generally accepted accounting principles define fair value as the price that would be received to sell an asset or paid to transfer a liability. Fair value is a market-based measurement that should be determined using assumptions that market participants would use in pricing an asset or liability. Generally accepted accounting principles utilize a valuation hierarchy for disclosure of fair value measurements. The categorization within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The categories within the valuation hierarchy are described as follows:

     Level 1 – Financial instruments with quoted prices in active markets for identical assets or liabilities. Our Level 1 financial instruments consist of publicly-traded marketable corporate debt securities, which are classified as available-for-sale. On the balance sheets, these securities are included in “Marketable securities, short term” and “Marketable securities, long term.” The fair value of our Level 1 marketable securities was $85,899,526 at December 31, 2013 and $75,298,160 at March 31, 2013.

     Level 2 – Financial instruments with quoted prices in active markets for similar assets or liabilities. Level 2 fair value measurements are determined using either prices for similar instruments or inputs that are either directly or indirectly observable, such as interest rates. Our Level 2 financial instruments consist of municipal debt securities, which are classified as available-for-sale. On the balance sheets, these securities are included in “Marketable securities, short term” and “Marketable securities, long term.” The fair value of our Level 2 marketable securities was $4,978,420 at December 31, 2013 and $7,453,126 at March 31, 2013.

     Level 3 – Inputs to the fair value measurement are unobservable inputs or valuation techniques. We do not have any financial assets or liabilities being measured at fair value that are classified as Level 3 financial instruments.
 
 
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NOTE 10. STOCK REPURCHASE PLAN
     We did not repurchase any of our Common Stock during the quarter ended December 31, 2013, and $1,263,405 in the nine months ended December 31, 2013. The repurchases were under a program announced January 21, 2009 authorizing the repurchase of up to $2,500,000 of our Common Stock, $1,236,595 of which remained available as of December 31, 2013. The repurchase program may be modified or discontinued at any time without notice.
 
 
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Forward-looking statements

     Some of the statements made in this Report or in the documents incorporated by reference in this Report and in other materials filed or to be filed by us with the Securities and Exchange Commission (“SEC”) as well as information included in verbal or written statements made by us constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to the safe harbor provisions of the reform act. Forward-looking statements may be identified by the use of the terminology such as may, will, expect, anticipate, intend, believe, estimate, should, or continue, or the negatives of these terms or other variations on these words or comparable terminology. To the extent that this Report contains forward-looking statements regarding the financial condition, operating results, business prospects or any other aspect of NVE, you should be aware that our actual financial condition, operating results and business performance may differ materially from that projected or estimated by us in the forward-looking statements. We have attempted to identify, in context, some of the factors that we currently believe may cause actual future experience and results to differ from their current expectations. These differences may be caused by a variety of factors, including but not limited to uncertainties related to the economic environments in the industries we serve, uncertainties related to direct and indirect U.S. Government funding, uncertainties relating to future revenue and growth, risks related to developing marketable products, uncertainties relating to the revenue potential of new products, risks in the enforcement of our patents, litigation risks, and other specific risks that may be alluded to in this Report or in the documents incorporated by reference in this Report.

     Further information regarding our risks and uncertainties are contained in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended March 31, 2013.

General
     NVE Corporation, referred to as NVE, we, us, or our, develops and sells devices that use spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store and transmit information. We manufacture high-performance spintronic products including sensors and couplers that are used to acquire and transmit data. We have also licensed our spintronic magnetoresistive random access memory technology, commonly known as MRAM.

Critical accounting policies
     A description of our critical accounting policies is provided in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended March 31, 2013. At December 31, 2013 our critical accounting policies and estimates continued to include investment valuation, inventory valuation, and deferred taxes estimation.


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Quarter ended December 31, 2013 compared to quarter ended December 31, 2012

     The table shown below summarizes the percentage of revenue and quarter-to-quarter changes for various items:

Percentage of Revenue
Quarter Ended Dec. 31
Quarter-
to-Quarter
Change
2013 2012
Revenue
Product sales
99.6 % 88.3 % 11.9 %
Contract research and development
0.4 % 11.7 % (96.7 )%
Total revenue 100.0 % 100.0 % (0.8 )%
Cost of sales 22.4 % 26.6 % (16.6 )%
Gross profit 77.6 % 73.4 % 5.0 %
Expenses
Selling, general, and administrative
8.4 % 8.8 % (4.7 )%
Research and development
14.0 % 7.7 % 80.6 %
Total expenses 22.4 % 16.5 % 35.2 %
Income from operations 55.2 % 56.9 % (3.7 )%
Interest income 8.2 % 9.2 % (11.7 )%
Income before taxes 63.4 % 66.1 % (4.8 )%
Provision for income taxes 20.5 % 21.7 % (6.1 )%
Net income 42.9 % 44.4 % (4.2 )%
 
     Total revenue for the quarter ended December 31, 2013 (the third quarter of fiscal 2014) decreased 1% compared to the quarter ended December 31, 2012 (the third quarter of fiscal 2013). The decrease was due to a 97% decrease in contract research and development revenue, partially offset by a 12% increase in product sales.

     The decrease in research and development revenue was due to completion of the majority of activities on a large contract and a challenging environment for new U.S. Government contract funding. In addition to direct Government funding, certain of our non-Government customers and prospective customers depend on Government support to fund their contracts with us. Contract research and development activities can fluctuate for a number of reasons, some of which are beyond our control, and there can be no assurance of additional or follow-on contracts for expired or completed contracts. The increase in product sales from the prior-year quarter was due to increased purchase volume by existing customers.

     Gross profit margin increased to 78% of revenue for the third quarter of fiscal 2014 compared to 73% for the third quarter of fiscal 2013, due to a more favorable revenue mix and a more favorable product sales mix.

     Total expenses increased 35% for the third quarter of fiscal 2014 compared to the third quarter of fiscal 2013, primarily due to an 81% increase in research and development expense. The increase in research and development expense was due to increased product development activities, and a decrease in contract research and development activities, which caused resources to be reallocated to expensed research and development activities. Research and development expense can fluctuate significantly depending on staffing, project requirements, and contract research and development activities. Selling, general, and administrative expense can also fluctuate significantly depending on a number of factors including legal expenses.

     Interest income for the third quarter of fiscal 2014 decreased 12% due to lower interest rates on our marketable securities.

     The 4% decrease in net income in the third quarter of fiscal 2014 compared to the prior-year quarter was primarily due to decreased contract research and development revenue, increased research and development expense, and decreased interest income, partially offset by increased product sales and increased gross profit margin as a percentage of revenue.

 
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Nine months ended December 31, 2013 compared to nine months ended December 31, 2012

     The table shown below summarizes the percentage of revenue and period-to-period changes for various items:

Percentage of Revenue
Nine Months Ended Dec. 31
Period-
to-Period
Change
2013 2012
Revenue
Product sales
98.5 % 91.0 % 9.0 %
Contract research and development
1.5 % 9.0 % (83.3 )%
Total revenue 100.0 % 100.0 % 0.7 %
Cost of sales 21.7 % 26.0 % (15.9 )%
Gross profit 78.3 % 74.0 % 6.5 %
Expenses
Selling, general, and administrative
8.8 % 8.6 % 2.5 %
Research and development
13.8 % 9.1 % 52.3 %
Total expenses 22.6 % 17.7 % 28.0 %
Income from operations 55.7 % 56.3 % (0.2 )%
Interest income 7.9 % 9.0 % (11.6 )%
Income before taxes 63.6 % 65.3 % (1.8 )%
Provision for income taxes 20.6 % 21.3 % (2.1 )%
Net income 43.0 % 44.0 % (1.7 )%
 
     Total revenue for the nine months ended December 31, 2013 increased 1% compared to the nine months ended December 31, 2012. The increase was due to an 9% increase in product sales, partially offset by an 83% decrease in contract research and development revenue.

     The increase in product sales from the prior-year period was due to increased purchase volume by existing customers. The decrease in research and development revenue was due to completion of the majority of activities on a large contract and a challenging environment for new U.S. Government contract funding. In addition to direct Government funding, certain of our non-Government customers and prospective customers depend on Government support to fund their contracts with us. Contract research and development activities can fluctuate for a number of reasons, some of which are beyond our control, and there can be no assurance of additional or follow-on contracts for expired or completed contracts.

     Gross profit margin increased to 78% of revenue for the first nine months of fiscal 2014 compared to 74% for the first nine months of fiscal 2013, due to a more favorable revenue mix, a more favorable product sales mix, and more efficient product manufacturing.

     Total expenses increased 28% for the first nine months of fiscal 2014 compared to the first nine months of fiscal 2013, primarily due to a 52% increase in research and development expense. The increase in research and development expense was due to increased product development activities, and a decrease in contract research and development activities, which caused resources to be reallocated to expensed research and development activities.

     Interest income for the first nine months of fiscal 2014 decreased 12% due to lower interest rates on our marketable securities.

     The 2% decrease in net income in the first nine months of fiscal 2014 compared to the prior-year period was primarily due to decreased contract research and development revenue, increased research and development expense, and decreased interest income, partially offset by increased product sales and increased gross profit margin as a percentage of revenue.
 

12

Table of Contents

Liquidity and capital resources

     At December 31, 2013 we had $92,839,231 in cash plus short-term and long-term marketable securities compared to $85,260,969 at March 31, 2013. Our entire portfolio of short-term and long-term marketable securities is classified as available for sale. The increase in cash plus marketable securities in the first nine months of fiscal 2014 was primarily due to $9,818,028 in net cash provided by operating activities less $1,263,405 for repurchases of our Common Stock and a $1,197,542 unrealized loss from marketable securities.

     We had $33,893 in purchases of fixed assets in the first nine months of fiscal 2014. Purchases of fixed assets were $1,607,130 in the first nine months of fiscal 2013, primarily for expansion of production space and infrastructure upgrades. Our capital expenditures can vary significantly depending on our needs, equipment purchasing opportunities, and production expansion activities.

     We repurchased $1,263,405 of our Common Stock in the first nine months of fiscal 2014. The repurchases were under a program announced January 21, 2009 authorizing the repurchase of up to $2,500,000 of our Common Stock, $1,236,595 of which remained available as of December 31, 2013. The repurchase program may be modified or discontinued at any time without notice.

     We currently believe our working capital and cash generated from operations will be adequate for our needs at least for the next 12 months.

 
13

Table of Contents

Item 3. Quantitative and Qualitative Disclosures About Market Risk.
     The primary objective of our investment activities is to preserve principal while at the same time maximizing after-tax yields without significantly increasing risk. To achieve this objective, we maintain our portfolio of cash equivalents and marketable securities in securities including municipal obligations, corporate obligations, and money market funds. Short-term and long-term marketable securities are generally classified as available-for-sale and consequently are recorded on the balance sheet at fair value with unrealized gains or losses reported as a separate component of accumulated other comprehensive income or loss, net of estimated tax. Our marketable securities as of December 31, 2013 had remaining maturities between one day and 58 months. Marketable securities had a market value of $90,877,946 at December 31, 2013, representing approximately 89% of our total assets. We have not used derivative financial instruments in our investment portfolio.

Item 4. Controls and Procedures.
     Management, with the participation of the Chief Executive Officer and Chief Financial Officer, has performed an evaluation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (Exchange Act)) as of the end of the period covered by this report. This evaluation included consideration of the controls, processes and procedures that are designed to ensure that information required to be disclosed by us in the reports we file under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this report, our disclosure controls and procedures were effective.

     During the quarter ended December 31, 2013, there was no change in our internal control over financial reporting that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.


PART II–OTHER INFORMATION
Item 1A. Risk Factors.
     There have been no material changes from the risk factors disclosed in our Annual Report on Form 10-K for the fiscal year ended March 31, 2013.

Item 4. Mine Safety Disclosures.
     Not applicable.

 
14

Table of Contents

Item 6. Exhibits.

Exhibit #
Description
  31.1 Certification by Daniel A. Baker pursuant to Rule 13a-14(a)/15d-14(a).
 
  31.2 Certification by Curt A. Reynders pursuant to Rule 13a-14(a)/15d-14(a).
 
  32 Certification by Daniel A. Baker and Curt A. Reynders pursuant to 18 U.S.C. Section 1350.
 
101.INS XBRL Instance Document
 
101.SCH      XBRL Taxonomy Extension Schema Document
 
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document
 
101.DEF XBRL Taxonomy Extension Definition Linkbase Document
 
101.LAB XBRL Taxonomy Extension Label Linkbase Document
 
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document
 

 
SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
NVE CORPORATION
          (Registrant)

 
January 22, 2014 /s/ DANIEL A. BAKER 
Date Daniel A. Baker
President and Chief Executive Officer

 
January 22, 2014 /s/ CURT A. REYNDERS 
Date Curt A. Reynders
Chief Financial Officer
 
 
15

EX-31 2 ex31-dab.htm CERTIFICATION BY DANIEL A. BAKER PURSUANT TO RULE 13A-14(A)/15D-14(A)

Exhibit 31.1

CERTIFICATION

I, Daniel A. Baker, certify that:

1.                                        I have reviewed this Quarterly Report on Form 10-Q of NVE Corporation;

 

2.                                        Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.                                        Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.                                        The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)                                  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)                                  Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; 

(c)                                  Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)                                  Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.                                        The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)                                  All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b)                                 Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: January 22, 2014

 
/s/ DANIEL A. BAKER
Daniel A. Baker
President and Chief Executive Officer

EX-31 3 ex31-car.htm CERTIFICATION BY CURT A. REYNDERS PURSUANT TO RULE 13A-14(A)/15D-14(A)

Exhibit 31.2

CERTIFICATION

I, Curt A. Reynders, certify that:

1.                                        I have reviewed this Quarterly Report on Form 10-Q of NVE Corporation;

 

2.                                        Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.                                        Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.                                        The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)                                  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)                                  Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; 

(c)                                  Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)                                  Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.                                        The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)                                  All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b)                                 Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: January 22, 2014

 

 

/s/ CURT A. REYNDERS
Curt A. Reynders
Chief Financial Officer

EX-32 4 ex32.htm CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Exhibit 32

 

CERTIFICATION PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. SECTION 1350)

 

The undersigned certify pursuant to 18 U.S.C. Section 1350, that to the undersigned’s knowledge:

 

1.                                       The accompanying Quarterly Report of NVE Corporation (the “Company”) on Form 10-Q for the quarter ended December 31, 2013, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.                                       The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

Date: January 22, 2014

 

 

/s/ DANIEL A. BAKER

 

Daniel A. Baker

President and Chief Executive Officer

 

 

/s/ CURT A. REYNDERS

 

Curt A. Reynders

Chief Financial Officer

 

 

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-101.INS 5 nvec-20131231.xml INSTANCE DOCUMENT 0000724910 2009-01-01 2009-01-21 0000724910 2013-10-01 2013-12-31 0000724910 2012-12-31 0000724910 2012-03-31 0000724910 us-gaap:FairValueInputsLevel2Member 2013-12-31 0000724910 us-gaap:FairValueInputsLevel1Member 2013-12-31 0000724910 us-gaap:FairValueInputsLevel2Member 2013-03-31 0000724910 us-gaap:FairValueInputsLevel1Member 2013-03-31 0000724910 2012-10-01 2012-12-31 0000724910 2012-04-01 2012-12-31 0000724910 us-gaap:MunicipalBondsMember 2013-12-31 0000724910 us-gaap:CorporateBondSecuritiesMember 2013-12-31 0000724910 2013-12-31 0000724910 us-gaap:MunicipalBondsMember 2013-03-31 0000724910 us-gaap:CorporateBondSecuritiesMember 2013-03-31 0000724910 2013-03-31 0000724910 2014-01-17 0000724910 2013-04-01 2013-12-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares false --03-31 Q3 2014 2013-12-31 10-Q 0000724910 4846043 Accelerated Filer NVE CORP /NEW/ 13342 4187 9155 497711 493700 4011 13342 4187 9155 497711 493700 4011 37031172 43553627 2459903 2378845 81058 1746731 1716210 30521 13342 4187 9155 497711 493700 4011 <div> <p><font size="2" class="_mt"><strong>NOTE 10. STOCK REPURCHASE PLAN<br /></strong>We did not repurchase any of our Common Stock during the quarter ended December 31, 2013, and <font class="_mt">$<font class="_mt">1,263,405</font> </font>in the nine months ended December 31, 2013. The repurchases were under a program announced January 21, 2009 authorizing the repurchase of up to $<font class="_mt">2,500,000</font> of our Common Stock, $<font class="_mt">1,236,595</font> of which remained available as of December 31, 2013. The repurchase program may be modified or discontinued at any time without notice.</font><br /></p> </div> 422092 285777 2521395 1789490 6228122 6829363 1557726 795251 21200742 20245775 15000 15000 5000 5000 95765496 102242101 19036846 18536257 82751286 75298160 75298160 7453126 7453126 90877946 85899526 85899526 4978420 4978420 80304725 72923502 7381223 89628926 84677016 4951910 1680583 1171976 508607 34281813 32852596 1429217 1680583 1171976 508607 34281813 32852596 1429217 10293147 <div> <p><font size="2" class="_mt"><strong>NOTE 1. DESCRIPTION OF BUSINESS<br /></strong>We develop and sell devices that use spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information.</font><br /><br /></p> </div> 1544536 843023 2509683 1961285 -701513 -548398 0.01 0.01 6000000 6000000 4862436 4846043 4862436 4846043 48624 48460 9229436 2876868 7811175 2625345 1785920 762296 297648 25290 5147884 1738618 4331297 1449396 27320 102118 0 241599 440736 0 0 282342 457937 601241 <div> <p><font size="2" class="_mt"><strong>NOTE 7. STOCK-BASED COMPENSATION<br /></strong>Stock-based compensation expense was $<font class="_mt">53,200</font> for the first nine months of fiscal 2014, and $<font class="_mt">66,720</font> for the first nine months of fiscal 2013. Stock-based compensation expenses for the nine months ended December 31, 2013 and 2012 were non-cash, and due to the issuance of automatic stock options to our non-employee directors on their reelection to our Board. We calculate the share-based compensation expense using the Black-Scholes standard option-pricing model.</font><br /><br /></p> </div> 1.80 0.60 1.77 0.57 1.80 0.60 1.76 0.57 <div> <font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font> <div><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font> <div><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><b>NOTE 4. NET INCOME PER SHARE</b><br />Net income per basic share is computed based on the weighted-average number of common shares issued and outstanding during each period. Net income per diluted share amounts assume conversion, exercise or issuance of all potential common stock instruments (stock options and warrants). Stock options totaling&nbsp;<font class="_mt">5,000</font> for the quarter and nine months ended December 31, 2012 were not included in the computation of diluted earnings per share because the exercise prices of the options and warrants were greater than the market price of the common stock and are considered anti-dilutive. The following table reflects the components of common shares outstanding:<br /><br /></font> <div> <table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td rowspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Quarter Ended Dec. 31</b></td></tr> <tr><td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2013</b></td> <td> </td> <td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2012</b></td></tr> <tr bgcolor="#ccdaef"><td>Weighted average common shares outstanding &#8211; basic</td> <td align="right">4,842,565</td> <td width="2%"> </td> <td width="11%" align="right">4,847,619</td></tr> <tr><td colspan="4">Effect of dilutive securities:</td></tr> <tr bgcolor="#ccdaef"><td> <div style="margin-left: 9pt;" align="left">Stock options</div></td> <td align="right">16,416</td> <td> </td> <td align="right">22,594</td></tr> <tr><td> <div style="margin-left: 9pt;" align="left">Warrants</div></td> <td style="border-bottom: black 1px solid;" align="right">620</td> <td> </td> <td style="border-bottom: black 1px solid;" align="right">1,806</td></tr> <tr bgcolor="#ccdaef"><td valign="top">Shares used in computing net income per share &#8211; diluted </td> <td style="border-bottom: black 3px double;" valign="top" align="right">4,859,601</td> <td> </td> <td style="border-bottom: black 3px double;" valign="top" align="right">4,872,019</td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br /></font> <table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td rowspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Nine Months Ended Dec. 31</b></td></tr> <tr><td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2013</b></td> <td> </td> <td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2012</b></td></tr> <tr bgcolor="#ccdaef"><td>Weighted average common shares outstanding &#8211; basic</td> <td align="right">4,852,356</td> <td width="2%"> </td> <td width="11%" align="right">4,832,630</td></tr> <tr><td colspan="4">Effect of dilutive securities:</td></tr> <tr bgcolor="#ccdaef"><td> <div style="margin-left: 9pt;" align="left">Stock options</div></td> <td align="right">15,128</td> <td> </td> <td align="right">22,430</td></tr> <tr><td> <div style="margin-left: 9pt;" align="left">Warrants</div></td> <td style="border-bottom: black 1px solid;" align="right">556</td> <td> </td> <td style="border-bottom: black 1px solid;" align="right">1,791</td></tr> <tr bgcolor="#ccdaef"><td valign="top">Shares used in computing net income per share &#8211; diluted </td> <td style="border-bottom: black 3px double;" valign="top" align="right">4,868,040</td> <td> </td> <td style="border-bottom: black 3px double;" valign="top" align="right">4,856,851</td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br /><br /></font></div></div></div> </div> 918060 833330 2383 67044 2383 67044 <div> <p><font size="2" class="_mt"><strong>NOTE 9. FAIR VALUE MEASUREMENTS<br /></strong>Generally accepted accounting principles establish a framework for measuring fair value, provide a definition of fair value and prescribe required disclosures about fair-value measurements. Generally accepted accounting principles define fair value as the price that would be received to sell an asset or paid to transfer a liability. Fair value is a market-based measurement that should be determined using assumptions that market participants would use in pricing an asset or liability. Generally accepted accounting principles utilize a valuation hierarchy for disclosure of fair value measurements. The categorization within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The categories within the valuation hierarchy are described as follows:<br /><br />Level 1 &#8211; Financial instruments with quoted prices in active markets for identical assets or liabilities. Our Level 1 financial instruments consist of publicly-traded marketable corporate debt securities, which are classified as available-for-sale. On the balance sheets, these securities are included in "Marketable securities, short term" and "Marketable securities, long term." The fair value of our Level 1 marketable securities was $<font class="_mt">85,899,526</font> at December 31, 2013 and $<font class="_mt">75,298,160</font> at March 31, 2013.<br /><br />Level 2 &#8211; Financial instruments with quoted prices in active markets for similar assets or liabilities. Level 2 fair value measurements are determined using either prices for similar instruments or inputs that are either directly or indirectly observable, such as interest rates. Our Level 2 financial instruments consist of municipal debt securities, which are classified as available-for-sale. On the balance sheets, these securities are included in "Marketable securities, short term" and "Marketable securities, long term." The fair value of our Level 2 marketable securities was $<font class="_mt">4,978,420</font> at December 31, 2013 and $<font class="_mt">7,453,126</font> at March 31, 2013.<br /><br />Level 3 &#8211; Inputs to the fair value measurement are unobservable inputs or valuation techniques. We do not have any financial assets or liabilities being measured at fair value that are classified as Level 3 financial instruments.</font><br /></p> </div> 14663038 4786603 15620513 5024301 12931847 4314932 12696839 4105740 <div> <p><font size="2" class="_mt"><strong>NOTE 8. INCOME TAXES<br /></strong>Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. <br /><br />We had no unrecognized tax benefits as of December 31, 2013, and we do not expect any significant unrecognized tax benefits within 12 months of the reporting date. We recognize interest and penalties related to income tax matters in income tax expense. As of December 31, 2013 we had no accrued interest related to uncertain tax positions. The tax years 1999 through 2012 remain open to examination by the major taxing jurisdictions to which we are subject.</font><br /></p> </div> 4220000 4213033 4211964 1415590 4123189 1328566 -211143 -221045 -63060 -731905 526147 -306689 173167 262686 1791 1806 556 620 22430 22594 15128 16416 285000 295000 <div> <font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><b>NOTE 6. INVENTORIES</b> <br />Inventories consisted of the following:<br /><br /></font> <table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="50%" align="center"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Dec. 31<br />2013</b></td> <td width="4%"> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>March 31<br />2013</b></td></tr> <tr bgcolor="#ccdaef"><td>Raw materials</td> <td width="1%">$</td> <td width="22%" align="right">996,686</td> <td width="1%"> </td> <td width="4%"> </td> <td width="1%">$</td> <td width="22%" align="right">1,312,011</td> <td width="1%"> </td></tr> <tr><td>Work in process</td> <td> </td> <td width="22%" align="right">1,502,406</td> <td> </td> <td width="4%"> </td> <td width="1%"> </td> <td align="right">1,533,951</td> <td> </td></tr> <tr bgcolor="#ccdaef"><td>Finished goods</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">825,811</td> <td style="border-bottom: black 1px solid;"> </td> <td width="4%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">775,630</td> <td style="border-bottom: black 1px solid;"> </td></tr> <tr><td> </td> <td> </td> <td width="22%" align="right">3,324,903</td> <td> </td> <td width="4%"> </td> <td> </td> <td align="right">3,621,592</td> <td> </td></tr> <tr bgcolor="#ccdaef"><td>Less inventory reserve</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(295,000</td> <td style="border-bottom: black 1px solid;">)</td> <td width="4%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(285,000</td> <td style="border-bottom: black 1px solid;">)</td></tr> <tr valign="top"><td>Total inventories</td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" width="22%" align="right">3,029,903</td> <td style="border-bottom: black 3px double;"> </td> <td width="4%"> </td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">3,336,592</td> <td style="border-bottom: black 3px double;"> </td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br /><br /></font> </div> 775630 825811 3621592 3324903 3336592 3029903 1312011 996686 1533951 1502406 1784963 600395 1577524 530383 <div> <font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><b>NOTE 5. MARKETABLE SECURITIES</b> <br />Marketable securities with remaining maturities less than one year are classified as short-term, and those with remaining maturities greater than one year are classified as long-term. The fair value of our marketable securities as of December 31, 2013, by maturity, were as follows:<br /><br /></font> <table style="font-family: Times New Roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="50%" align="center"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Total</b></td> <td width="4%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>&lt;1 Year</b></td> <td width="4%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>1&#8211;3 Years</b></td> <td width="4%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>3&#8211;5 Years</b></td></tr> <tr><td width="1%">$</td> <td width="12%" align="right">90,877,946</td> <td> </td> <td width="1%">$</td> <td width="12%" align="right">10,293,147</td> <td> </td> <td width="1%">$</td> <td width="12%" align="right">37,031,172</td> <td width="2%"> </td> <td width="1%">$</td> <td width="12%" align="right">43,553,627</td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br />As of December 31 and March 31, 2013, our marketable securities were as follows:<br /><br /></font> <table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td rowspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="12" align="center"><b>As of December 31, 2013</b></td> <td style="border-bottom: black 1px solid;" rowspan="2" width="1"> </td> <td style="border-bottom: black 1px solid;" colspan="12" align="center"><b>As of March 31, 2013</b></td></tr> <tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><b><br />Adjusted<br />Cost</b></td> <td width="1"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Gross<br />Unrealized<br />Gains</b></td> <td width="1"> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Gross<br />Unrealized<br />Losses</b></td> <td width="1"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Fair<br />Market<br />Value</b></td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b><br />Adjusted<br />Cost</b></td> <td width="1"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Gross<br />Unrealized<br />Gains</b></td> <td width="1"> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Gross<br />Unrealized<br />Losses</b></td> <td width="1"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Fair<br />Market<br />Value</b></td></tr> <tr><td valign="bottom">Corporate bonds</td> <td>$</td> <td valign="bottom" align="right">84,677,016</td> <td> </td> <td>$</td> <td valign="bottom" align="right">1,716,210</td> <td> </td> <td>$</td> <td valign="bottom" align="right">(493,700</td> <td valign="bottom">)</td> <td> </td> <td>$</td> <td valign="bottom" align="right"><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt">85,899,526</font></td> <td> </td> <td>$</td> <td valign="bottom" align="right">72,923,502</td> <td> </td> <td>$</td> <td valign="bottom" align="right">2,378,845</td> <td> </td> <td>$</td> <td valign="bottom" align="right">(4,187</td> <td valign="bottom">)</td> <td> </td> <td>$</td> <td valign="bottom" align="right">75,298,160</td></tr> <tr bgcolor="#ccdaef"><td valign="bottom">Municipal bonds </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">4,951,910</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">30,521</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(4,011</td> <td style="border-bottom: black 1px solid; valign: ;" valign="bottom">)</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">4,978,420</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">7,381,223</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">81,058<br /></td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(9,155</td> <td style="border-bottom: black 1px solid; valign: ;" valign="bottom">)</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">7,453,126</td></tr> <tr><td valign="top">Total</td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">89,628,926</td> <td> </td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">1,746,731</td> <td> </td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">(497,711</td> <td style="border-bottom: black 3px double;">)</td> <td> </td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">90,877,946</td> <td> </td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">80,304,725</td> <td> </td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">2,459,903</td> <td> </td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">(13,342</td> <td style="border-bottom: black 3px double;">)</td> <td> </td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">82,751,286</td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br />The following table presents the gross unrealized losses and fair value of our investments with unrealized losses, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position as of December 31 and March 31, 2013:<br /><br /></font> <table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td rowspan="2" colspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="6" align="center"><b>Less Than 12 Months</b></td> <td rowspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="6" align="center"><b>12 Months or Greater</b></td> <td rowspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="6" align="center"><b>Total</b></td></tr> <tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Fair<br />Market<br />Value</b></td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Gross<br />Unrealized<br />Losses</b></td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Fair<br />Market<br />Value</b></td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Gross<br />Unrealized<br />Losses</b></td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Fair<br />Market<br />Value</b></td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Gross<br />Unrealized<br />Losses</b></td></tr> <tr><td colspan="22">As of December 31, 2013</td></tr> <tr><td bgcolor="#ccdaef" width="12"> </td> <td bgcolor="#ccdaef">Corporate bonds</td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="9%" align="right">32,852,596</td> <td bgcolor="#ccdaef" width="2%"> </td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="8%" align="right">(493,700</td> <td bgcolor="#ccdaef" width="1%">)</td> <td bgcolor="#ccdaef" width="4%"> </td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="9%" align="right">-</td> <td bgcolor="#ccdaef" width="2%"> </td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="8%" align="right">-</td> <td bgcolor="#ccdaef" width="1%"> </td> <td bgcolor="#ccdaef" width="4%"> </td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="9%" align="right">32,852,596</td> <td bgcolor="#ccdaef" width="2%"> </td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="8%" align="right">(493,700</td> <td bgcolor="#ccdaef" width="1%">)</td></tr> <tr><td> </td> <td>Municipal bonds </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">1,429,217</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(4,011</td> <td style="border-bottom: black 1px solid;">)</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td style="border-bottom: black 1px solid;"> </td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">1,429,217</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(4,011</td> <td style="border-bottom: black 1px solid;">)</td></tr> <tr><td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef" valign="top">Total</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">34,281,813</td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(497,711</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">-</td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">-</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top"> </td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">34,281,813</td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(497,711</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td></tr> <tr><td colspan="22">As of March 31, 2013</td></tr> <tr><td bgcolor="#ccdaef" width="12"> </td> <td bgcolor="#ccdaef">Corporate bonds</td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="9%" align="right">1,171,976</td> <td bgcolor="#ccdaef" width="2%"> </td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="8%" align="right">(4,187</td> <td bgcolor="#ccdaef" width="1%">)</td> <td bgcolor="#ccdaef" width="4%"> </td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="9%" align="right">-</td> <td bgcolor="#ccdaef" width="2%"> </td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="8%" align="right">-</td> <td bgcolor="#ccdaef" width="1%"> </td> <td bgcolor="#ccdaef" width="4%"> </td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="9%" align="right">1,171,976</td> <td bgcolor="#ccdaef" width="2%"> </td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="8%" align="right">(4,187</td> <td bgcolor="#ccdaef" width="1%">)</td></tr> <tr><td> </td> <td>Municipal bonds </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">508,607</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(9,155</td> <td style="border-bottom: black 1px solid;">)</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td style="border-bottom: black 1px solid;"> </td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">508,607</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(9,155</td> <td style="border-bottom: black 1px solid;">)</td></tr> <tr><td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef" valign="top">Total</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">1,680,583</td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(13,342</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">-</td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">-</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top"> </td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">1,680,583</td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(13,342</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br />Gross unrealized losses totaled $497,711 as of December 31, 2013, and were attributed to ten corporate bonds and one municipal bond out of a portfolio of 41 bonds. The gross unrealized losses were due to market-price decreases and rating downgrades after the bonds were purchased, and none had been in a continuous unrealized loss position for 12 months or greater. A substantial majority of the bonds we held were rated by Moody's or Standard and Poor's and had investment-grade credit ratings. For each bond, including each bond with an unrealized loss, we expect to recover the entire cost basis of each security based on our consideration of factors including their credit ratings, the underlying ratings of insured bonds, and historical default rates for securities of comparable credit rating. Because we expect to recover the entire cost basis of each of the securities, and because we do not intend to sell the securities and it is not more likely than not that we will be required to sell the securities before recovery of the cost basis, which may be maturity, we did not consider any of our marketable securities to be other-than-temporarily impaired at December 31, 2013.<br /><br /></font> </div> 1499454 1499454 95765496 102242101 1780888 1119107 8417061 8450954 9711029 10293147 73040257 80584799 <div> <table style="font-family: Times New Roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="50%" align="center"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Total</b></td> <td width="4%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>&lt;1 Year</b></td> <td width="4%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>1&#8211;3 Years</b></td> <td width="4%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>3&#8211;5 Years</b></td></tr> <tr><td width="1%">$</td> <td width="12%" align="right">90,877,946</td> <td> </td> <td width="1%">$</td> <td width="12%" align="right">10,293,147</td> <td> </td> <td width="1%">$</td> <td width="12%" align="right">37,031,172</td> <td width="2%"> </td> <td width="1%">$</td> <td width="12%" align="right">43,553,627</td></tr></table> </div> 71811 -1008331 -9195404 -9358095 8422080 9818028 8719883 2899342 8573650 2777174 <div> <p><font size="2" class="_mt"><strong>NOTE 3. RECENT ACCOUNTING PRONOUNCEMENTS<br /></strong>We have adopted all applicable recently issued accounting pronouncements.</font><br /></p> </div> 3516154 1072066 4501198 1448944 11146884 3714537 11119315 3575357 509553 -22474 -762475 -151829 0 1263405 17438274 17879202 1607130 33893 958147 1220833 69428 188030 9850000 8555000 9916515 9950408 3688393 3121045 <div> <p><font size="2" class="_mt"><strong>NOTE 2. INTERIM FINANCIAL INFORMATION<br /></strong>The accompanying unaudited financial statements of NVE Corporation are prepared consistent with accounting principles generally accepted in the United States and in accordance with Securities and Exchange Commission rules and regulations. In the opinion of management, these financial statements reflect all adjustments, consisting only of normal and recurring adjustments, necessary for a fair presentation of the financial statements. Although we believe that the disclosures are adequate to make the information presented not misleading, it is suggested that these unaudited financial statements be read in conjunction with the audited financial statements and the notes included in our latest annual financial statements included in our Annual Report on <font style="white-space: nowrap;" class="_mt">Form 10-K</font> for the fiscal year ended March 31, 2013. The results of operations for the quarter or nine months ended December 31, 2013 are not necessarily indicative of the results that may be expected for the full fiscal year ending March 31, 2014.</font><br /><br /></p> </div> 1801609 501325 2744620 905246 71177516 79751166 19810922 6525221 19951810 6473697 18025002 5762925 19654162 6448407 <div> <table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td rowspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="12" align="center"><b>As of December 31, 2013</b></td> <td style="border-bottom: black 1px solid;" rowspan="2" width="1"> </td> <td style="border-bottom: black 1px solid;" colspan="12" align="center"><b>As of March 31, 2013</b></td></tr> <tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><b><br />Adjusted<br />Cost</b></td> <td width="1"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Gross<br />Unrealized<br />Gains</b></td> <td width="1"> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Gross<br />Unrealized<br />Losses</b></td> <td width="1"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Fair<br />Market<br />Value</b></td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b><br />Adjusted<br />Cost</b></td> <td width="1"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Gross<br />Unrealized<br />Gains</b></td> <td width="1"> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Gross<br />Unrealized<br />Losses</b></td> <td width="1"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Fair<br />Market<br />Value</b></td></tr> <tr><td valign="bottom">Corporate bonds</td> <td>$</td> <td valign="bottom" align="right">84,677,016</td> <td> </td> <td>$</td> <td valign="bottom" align="right">1,716,210</td> <td> </td> <td>$</td> <td valign="bottom" align="right">(493,700</td> <td valign="bottom">)</td> <td> </td> <td>$</td> <td valign="bottom" align="right"><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt">85,899,526</font></td> <td> </td> <td>$</td> <td valign="bottom" align="right">72,923,502</td> <td> </td> <td>$</td> <td valign="bottom" align="right">2,378,845</td> <td> </td> <td>$</td> <td valign="bottom" align="right">(4,187</td> <td valign="bottom">)</td> <td> </td> <td>$</td> <td valign="bottom" align="right">75,298,160</td></tr> <tr bgcolor="#ccdaef"><td valign="bottom">Municipal bonds </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">4,951,910</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">30,521</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(4,011</td> <td style="border-bottom: black 1px solid; valign: ;" valign="bottom">)</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">4,978,420</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">7,381,223</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">81,058<br /></td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(9,155</td> <td style="border-bottom: black 1px solid; valign: ;" valign="bottom">)</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">7,453,126</td></tr> <tr><td valign="top">Total</td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">89,628,926</td> <td> </td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">1,746,731</td> <td> </td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">(497,711</td> <td style="border-bottom: black 3px double;">)</td> <td> </td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">90,877,946</td> <td> </td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">80,304,725</td> <td> </td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">2,459,903</td> <td> </td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">(13,342</td> <td style="border-bottom: black 3px double;">)</td> <td> </td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">82,751,286</td></tr></table> </div> <div> <table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="50%" align="center"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Dec. 31<br />2013</b></td> <td width="4%"> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>March 31<br />2013</b></td></tr> <tr bgcolor="#ccdaef"><td>Raw materials</td> <td width="1%">$</td> <td width="22%" align="right">996,686</td> <td width="1%"> </td> <td width="4%"> </td> <td width="1%">$</td> <td width="22%" align="right">1,312,011</td> <td width="1%"> </td></tr> <tr><td>Work in process</td> <td> </td> <td width="22%" align="right">1,502,406</td> <td> </td> <td width="4%"> </td> <td width="1%"> </td> <td align="right">1,533,951</td> <td> </td></tr> <tr bgcolor="#ccdaef"><td>Finished goods</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">825,811</td> <td style="border-bottom: black 1px solid;"> </td> <td width="4%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">775,630</td> <td style="border-bottom: black 1px solid;"> </td></tr> <tr><td> </td> <td> </td> <td width="22%" align="right">3,324,903</td> <td> </td> <td width="4%"> </td> <td> </td> <td align="right">3,621,592</td> <td> </td></tr> <tr bgcolor="#ccdaef"><td>Less inventory reserve</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(295,000</td> <td style="border-bottom: black 1px solid;">)</td> <td width="4%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(285,000</td> <td style="border-bottom: black 1px solid;">)</td></tr> <tr valign="top"><td>Total inventories</td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" width="22%" align="right">3,029,903</td> <td style="border-bottom: black 3px double;"> </td> <td width="4%"> </td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">3,336,592</td> <td style="border-bottom: black 3px double;"> </td></tr></table> </div> <div> <table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td rowspan="2" colspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="6" align="center"><b>Less Than 12 Months</b></td> <td rowspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="6" align="center"><b>12 Months or Greater</b></td> <td rowspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="6" align="center"><b>Total</b></td></tr> <tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Fair<br />Market<br />Value</b></td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Gross<br />Unrealized<br />Losses</b></td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Fair<br />Market<br />Value</b></td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Gross<br />Unrealized<br />Losses</b></td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Fair<br />Market<br />Value</b></td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Gross<br />Unrealized<br />Losses</b></td></tr> <tr><td colspan="22">As of December 31, 2013</td></tr> <tr><td bgcolor="#ccdaef" width="12"> </td> <td bgcolor="#ccdaef">Corporate bonds</td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="9%" align="right">32,852,596</td> <td bgcolor="#ccdaef" width="2%"> </td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="8%" align="right">(493,700</td> <td bgcolor="#ccdaef" width="1%">)</td> <td bgcolor="#ccdaef" width="4%"> </td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="9%" align="right">-</td> <td bgcolor="#ccdaef" width="2%"> </td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="8%" align="right">-</td> <td bgcolor="#ccdaef" width="1%"> </td> <td bgcolor="#ccdaef" width="4%"> </td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="9%" align="right">32,852,596</td> <td bgcolor="#ccdaef" width="2%"> </td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="8%" align="right">(493,700</td> <td bgcolor="#ccdaef" width="1%">)</td></tr> <tr><td> </td> <td>Municipal bonds </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">1,429,217</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(4,011</td> <td style="border-bottom: black 1px solid;">)</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td style="border-bottom: black 1px solid;"> </td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">1,429,217</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(4,011</td> <td style="border-bottom: black 1px solid;">)</td></tr> <tr><td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef" valign="top">Total</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">34,281,813</td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(497,711</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">-</td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">-</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top"> </td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">34,281,813</td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(497,711</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td></tr> <tr><td colspan="22">As of March 31, 2013</td></tr> <tr><td bgcolor="#ccdaef" width="12"> </td> <td bgcolor="#ccdaef">Corporate bonds</td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="9%" align="right">1,171,976</td> <td bgcolor="#ccdaef" width="2%"> </td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="8%" align="right">(4,187</td> <td bgcolor="#ccdaef" width="1%">)</td> <td bgcolor="#ccdaef" width="4%"> </td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="9%" align="right">-</td> <td bgcolor="#ccdaef" width="2%"> </td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="8%" align="right">-</td> <td bgcolor="#ccdaef" width="1%"> </td> <td bgcolor="#ccdaef" width="4%"> </td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="9%" align="right">1,171,976</td> <td bgcolor="#ccdaef" width="2%"> </td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="8%" align="right">(4,187</td> <td bgcolor="#ccdaef" width="1%">)</td></tr> <tr><td> </td> <td>Municipal bonds </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">508,607</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(9,155</td> <td style="border-bottom: black 1px solid;">)</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td style="border-bottom: black 1px solid;"> </td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">508,607</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(9,155</td> <td style="border-bottom: black 1px solid;">)</td></tr> <tr><td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef" valign="top">Total</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">1,680,583</td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(13,342</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">-</td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">-</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top"> </td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">1,680,583</td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(13,342</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td></tr></table> </div> <div> <div> <table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td rowspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Quarter Ended Dec. 31</b></td></tr> <tr><td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2013</b></td> <td> </td> <td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2012</b></td></tr> <tr bgcolor="#ccdaef"><td>Weighted average common shares outstanding &#8211; basic</td> <td align="right">4,842,565</td> <td width="2%"> </td> <td width="11%" align="right">4,847,619</td></tr> <tr><td colspan="4">Effect of dilutive securities:</td></tr> <tr bgcolor="#ccdaef"><td> <div style="margin-left: 9pt;" align="left">Stock options</div></td> <td align="right">16,416</td> <td> </td> <td align="right">22,594</td></tr> <tr><td> <div style="margin-left: 9pt;" align="left">Warrants</div></td> <td style="border-bottom: black 1px solid;" align="right">620</td> <td> </td> <td style="border-bottom: black 1px solid;" align="right">1,806</td></tr> <tr bgcolor="#ccdaef"><td valign="top">Shares used in computing net income per share &#8211; diluted </td> <td style="border-bottom: black 3px double;" valign="top" align="right">4,859,601</td> <td> </td> <td style="border-bottom: black 3px double;" valign="top" align="right">4,872,019</td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br /></font> <table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td rowspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Nine Months Ended Dec. 31</b></td></tr> <tr><td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2013</b></td> <td> </td> <td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2012</b></td></tr> <tr bgcolor="#ccdaef"><td>Weighted average common shares outstanding &#8211; basic</td> <td align="right">4,852,356</td> <td width="2%"> </td> <td width="11%" align="right">4,832,630</td></tr> <tr><td colspan="4">Effect of dilutive securities:</td></tr> <tr bgcolor="#ccdaef"><td> <div style="margin-left: 9pt;" align="left">Stock options</div></td> <td align="right">15,128</td> <td> </td> <td align="right">22,430</td></tr> <tr><td> <div style="margin-left: 9pt;" align="left">Warrants</div></td> <td style="border-bottom: black 1px solid;" align="right">556</td> <td> </td> <td style="border-bottom: black 1px solid;" align="right">1,791</td></tr> <tr bgcolor="#ccdaef"><td valign="top">Shares used in computing net income per share &#8211; diluted </td> <td style="border-bottom: black 3px double;" valign="top" align="right">4,868,040</td> <td> </td> <td style="border-bottom: black 3px double;" valign="top" align="right">4,856,851</td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br /><br /></font></div> </div> 1714545 570741 1756578 543698 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Inventories (Details) (USD $)
Dec. 31, 2013
Mar. 31, 2013
Inventories [Abstract]    
Raw materials $ 996,686 $ 1,312,011
Work in process 1,502,406 1,533,951
Finished goods 825,811 775,630
Inventory, Gross, Total 3,324,903 3,621,592
Less inventory reserve (295,000) (285,000)
Total inventories $ 3,029,903 $ 3,336,592

XML 15 R9.htm IDEA: XBRL DOCUMENT v2.4.0.8
Recent Accounting Pronouncements
9 Months Ended
Dec. 31, 2013
Recent Accounting Pronouncements [Abstract]  
Recent Accounting Pronouncements

NOTE 3. RECENT ACCOUNTING PRONOUNCEMENTS
We have adopted all applicable recently issued accounting pronouncements.

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Stock Repurchase Plan (Details) (USD $)
1 Months Ended 9 Months Ended
Jan. 21, 2009
Dec. 31, 2013
Dec. 31, 2012
Stock Repurchase Plan [Abstract]      
Repurchase of common stock   $ 1,263,405 $ 0
Authorized common stock for repurchase 2,500,000    
Remaining authorized common stock for repurchase   $ 1,236,595  
XML 19 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Interim Financial Information
9 Months Ended
Dec. 31, 2013
Interim Financial Information [Abstract]  
Interim Financial Information

NOTE 2. INTERIM FINANCIAL INFORMATION
The accompanying unaudited financial statements of NVE Corporation are prepared consistent with accounting principles generally accepted in the United States and in accordance with Securities and Exchange Commission rules and regulations. In the opinion of management, these financial statements reflect all adjustments, consisting only of normal and recurring adjustments, necessary for a fair presentation of the financial statements. Although we believe that the disclosures are adequate to make the information presented not misleading, it is suggested that these unaudited financial statements be read in conjunction with the audited financial statements and the notes included in our latest annual financial statements included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2013. The results of operations for the quarter or nine months ended December 31, 2013 are not necessarily indicative of the results that may be expected for the full fiscal year ending March 31, 2014.


XML 20 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
Balance Sheets (USD $)
Dec. 31, 2013
Mar. 31, 2013
ASSETS    
Cash and cash equivalents $ 1,961,285 $ 2,509,683
Marketable securities, short term 10,293,147 9,711,029
Accounts receivable, net of allowance for uncollectible accounts of $15,000 1,789,490 2,521,395
Inventories 3,029,903 3,336,592
Deferred tax assets 241,599 0
Prepaid expenses and other assets 1,220,833 958,147
Total current assets 18,536,257 19,036,846
Fixed assets    
Machinery and equipment 8,450,954 8,417,061
Leasehold improvements 1,499,454 1,499,454
Gross fixed assets 9,950,408 9,916,515
Less accumulated depreciation 6,829,363 6,228,122
Net fixed assets 3,121,045 3,688,393
Marketable securities, long term 80,584,799 73,040,257
Total assets 102,242,101 95,765,496
LIABILITIES AND SHAREHOLDERS' EQUITY    
Accounts payable 285,777 422,092
Accrued payroll and other 833,330 918,060
Deferred taxes 0 440,736
Total current liabilities 1,119,107 1,780,888
Deferred Tax Liabilities, Net, Noncurrent 282,342 0
Shareholders' equity    
Common stock, $0.01 par value, 6,000,000 shares authorized; 4,846,043 issued and outstanding as of December 31, 2013; 4,862,436 issued and outstanding as of March 31, 2013 48,460 48,624
Additional paid-in capital 20,245,775 21,200,742
Accumulated other comprehensive income 795,251 1,557,726
Retained earnings 79,751,166 71,177,516
Total shareholders' equity 100,840,652 93,984,608
Total liabilities and shareholders' equity $ 102,242,101 $ 95,765,496
XML 21 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Statements Of Cash Flows (USD $)
9 Months Ended
Dec. 31, 2013
Dec. 31, 2012
OPERATING ACTIVITIES    
Net income $ 8,573,650 $ 8,719,883
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 601,241 457,937
Stock-based compensation 53,200 66,720
Excess tax benefits (67,044) (2,383)
Deferred income taxes 102,118 27,320
Changes in operating assets and liabilities:    
Accounts receivable 731,905 63,060
Inventories 306,689 (526,147)
Prepaid expenses and other assets (262,686) (173,167)
Accounts payable and accrued expenses (221,045) (211,143)
Net cash provided by operating activities 9,818,028 8,422,080
INVESTING ACTIVITIES    
Purchases of fixed assets (33,893) (1,607,130)
Purchases of marketable securities (17,879,202) (17,438,274)
Proceeds from maturities and sales of marketable securities 8,555,000 9,850,000
Net cash used in investing activities (9,358,095) (9,195,404)
FINANCING ACTIVITIES    
Net proceeds from sale of common stock 188,030 69,428
Excess tax benefits 67,044 2,383
Repurchase of common stock (1,263,405) 0
Net cash provided by financing activities (1,008,331) 71,811
Increase in cash and cash equivalents (548,398) (701,513)
Cash and cash equivalents at beginning of period 2,509,683 1,544,536
Cash and cash equivalents at end of period 1,961,285 843,023
Supplemental disclosures of cash flow information:    
Cash paid during the period for income taxes $ 4,213,033 $ 4,220,000
XML 22 R22.htm IDEA: XBRL DOCUMENT v2.4.0.8
Marketable Securities (Fair Value Of Marketable Securities By Maturity) (Details) (USD $)
Dec. 31, 2013
Mar. 31, 2013
Marketable Securities [Abstract]    
Marketable securities, Total, fair value $ 90,877,946 $ 82,751,286
Marketable securities, debt maturities due within one year, fair value 10,293,147  
Marketable securities, debt maturities due after one year through three years, fair value 37,031,172  
Marketable securities, debt maturities due after three years through five years, fair value $ 43,553,627  
XML 23 R24.htm IDEA: XBRL DOCUMENT v2.4.0.8
Marketable Securities (Gross Unrealized Losses And Fair Values Of Investments By Investment Category And Length Of Time) (Details) (USD $)
Dec. 31, 2013
Mar. 31, 2013
Schedule of Investments [Line Items]    
Marketable Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Market Value $ 34,281,813 $ 1,680,583
Marketable Securities, Continuous Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses (497,711) (13,342)
Marketable Securities, Continuous Unrealized Loss Position, Fair Market Value, Total 34,281,813 1,680,583
Marketable Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total (497,711) (13,342)
Corporate Bonds [Member]
   
Schedule of Investments [Line Items]    
Marketable Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Market Value 32,852,596 1,171,976
Marketable Securities, Continuous Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses (493,700) (4,187)
Marketable Securities, Continuous Unrealized Loss Position, Fair Market Value, Total 32,852,596 1,171,976
Marketable Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total (493,700) (4,187)
Municipal Bonds [Member]
   
Schedule of Investments [Line Items]    
Marketable Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Market Value 1,429,217 508,607
Marketable Securities, Continuous Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses (4,011) (9,155)
Marketable Securities, Continuous Unrealized Loss Position, Fair Market Value, Total 1,429,217 508,607
Marketable Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total $ (4,011) $ (9,155)
XML 24 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 25 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Description Of Business
9 Months Ended
Dec. 31, 2013
Description Of Business [Abstract]  
Description Of Business

NOTE 1. DESCRIPTION OF BUSINESS
We develop and sell devices that use spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information.


XML 26 R3.htm IDEA: XBRL DOCUMENT v2.4.0.8
Balance Sheets (Parenthetical) (USD $)
Dec. 31, 2013
Mar. 31, 2013
Balance Sheets    
Accounts receivable, allowance for uncollectible accounts $ 15,000 $ 15,000
Common stock par value $ 0.01 $ 0.01
Common stock, shares authorized 6,000,000 6,000,000
Common stock shares, issued 4,846,043 4,862,436
Common stock shares, outstanding 4,846,043 4,862,436
XML 27 R17.htm IDEA: XBRL DOCUMENT v2.4.0.8
Net Income Per Share (Tables)
9 Months Ended
Dec. 31, 2013
Net Income Per Share [Abstract]  
Schedule Of Weighted Average Number Of Shares
Quarter Ended Dec. 31
2013 2012
Weighted average common shares outstanding – basic 4,842,565 4,847,619
Effect of dilutive securities:
Stock options
16,416 22,594
Warrants
620 1,806
Shares used in computing net income per share – diluted 4,859,601 4,872,019

Nine Months Ended Dec. 31
2013 2012
Weighted average common shares outstanding – basic 4,852,356 4,832,630
Effect of dilutive securities:
Stock options
15,128 22,430
Warrants
556 1,791
Shares used in computing net income per share – diluted 4,868,040 4,856,851


XML 28 R1.htm IDEA: XBRL DOCUMENT v2.4.0.8
Document and Entity Information
9 Months Ended
Dec. 31, 2013
Jan. 17, 2014
Document and Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Dec. 31, 2013  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2014  
Entity Registrant Name NVE CORP /NEW/  
Entity Central Index Key 0000724910  
Current Fiscal Year End Date --03-31  
Entity Filer Category Accelerated Filer  
Entity Common Stock, Shares Outstanding   4,846,043
XML 29 R18.htm IDEA: XBRL DOCUMENT v2.4.0.8
Marketable Securities (Tables)
9 Months Ended
Dec. 31, 2013
Marketable Securities [Abstract]  
Fair Value Of Marketable Securities By Maturity
Total <1 Year 1–3 Years 3–5 Years
$ 90,877,946 $ 10,293,147 $ 37,031,172 $ 43,553,627
Amortized Cost And Approximate Fair Values Of Marketable Securities
As of December 31, 2013 As of March 31, 2013

Adjusted
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Market
Value

Adjusted
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Market
Value
Corporate bonds $ 84,677,016 $ 1,716,210 $ (493,700 ) $ 85,899,526 $ 72,923,502 $ 2,378,845 $ (4,187 ) $ 75,298,160
Municipal bonds 4,951,910 30,521 (4,011 ) 4,978,420 7,381,223 81,058
(9,155 ) 7,453,126
Total $ 89,628,926 $ 1,746,731 $ (497,711 ) $ 90,877,946 $ 80,304,725 $ 2,459,903 $ (13,342 ) $ 82,751,286
Gross Unrealized Losses And Fair Values Of Investments By Investment Category And Length Of Time
Less Than 12 Months 12 Months or Greater Total
Fair
Market
Value
Gross
Unrealized
Losses
Fair
Market
Value
Gross
Unrealized
Losses
Fair
Market
Value
Gross
Unrealized
Losses
As of December 31, 2013
Corporate bonds $ 32,852,596 $ (493,700 ) $ - $ - $ 32,852,596 $ (493,700 )
Municipal bonds 1,429,217 (4,011 ) - - 1,429,217 (4,011 )
Total $ 34,281,813 $ (497,711 ) $ - $ - $ 34,281,813 $ (497,711 )
As of March 31, 2013
Corporate bonds $ 1,171,976 $ (4,187 ) $ - $ - $ 1,171,976 $ (4,187 )
Municipal bonds 508,607 (9,155 ) - - 508,607 (9,155 )
Total $ 1,680,583 $ (13,342 ) $ - $ - $ 1,680,583 $ (13,342 )
XML 30 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
Statements Of Income (USD $)
3 Months Ended 9 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Revenue        
Product sales $ 6,448,407 $ 5,762,925 $ 19,654,162 $ 18,025,002
Contract research and development 25,290 762,296 297,648 1,785,920
Total revenue 6,473,697 6,525,221 19,951,810 19,810,922
Cost of sales 1,449,396 1,738,618 4,331,297 5,147,884
Gross profit 5,024,301 4,786,603 15,620,513 14,663,038
Expenses        
Selling, general , and administrative 543,698 570,741 1,756,578 1,714,545
Research and development 905,246 501,325 2,744,620 1,801,609
Total expenses 1,448,944 1,072,066 4,501,198 3,516,154
Income from operations 3,575,357 3,714,537 11,119,315 11,146,884
Interest income 530,383 600,395 1,577,524 1,784,963
Income before taxes 4,105,740 4,314,932 12,696,839 12,931,847
Provision for income taxes 1,328,566 1,415,590 4,123,189 4,211,964
Net income $ 2,777,174 $ 2,899,342 $ 8,573,650 $ 8,719,883
Net income per share - basic $ 0.57 $ 0.60 $ 1.77 $ 1.80
Net income per share - diluted $ 0.57 $ 0.60 $ 1.76 $ 1.80
Weighted average shares outstanding        
Basic 4,842,565 4,847,619 4,852,356 4,832,630
Diluted 4,859,601 4,872,019 4,868,040 4,856,851
XML 31 R12.htm IDEA: XBRL DOCUMENT v2.4.0.8
Inventories
9 Months Ended
Dec. 31, 2013
Inventories [Abstract]  
Inventories
NOTE 6. INVENTORIES
Inventories consisted of the following:

Dec. 31
2013
March 31
2013
Raw materials $ 996,686 $ 1,312,011
Work in process 1,502,406 1,533,951
Finished goods 825,811 775,630
3,324,903 3,621,592
Less inventory reserve (295,000 ) (285,000 )
Total inventories $ 3,029,903 $ 3,336,592


XML 32 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
Marketable Securities
9 Months Ended
Dec. 31, 2013
Marketable Securities [Abstract]  
Marketable Securities
NOTE 5. MARKETABLE SECURITIES
Marketable securities with remaining maturities less than one year are classified as short-term, and those with remaining maturities greater than one year are classified as long-term. The fair value of our marketable securities as of December 31, 2013, by maturity, were as follows:

Total <1 Year 1–3 Years 3–5 Years
$ 90,877,946 $ 10,293,147 $ 37,031,172 $ 43,553,627

As of December 31 and March 31, 2013, our marketable securities were as follows:

As of December 31, 2013 As of March 31, 2013

Adjusted
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Market
Value

Adjusted
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Market
Value
Corporate bonds $ 84,677,016 $ 1,716,210 $ (493,700 ) $ 85,899,526 $ 72,923,502 $ 2,378,845 $ (4,187 ) $ 75,298,160
Municipal bonds 4,951,910 30,521 (4,011 ) 4,978,420 7,381,223 81,058
(9,155 ) 7,453,126
Total $ 89,628,926 $ 1,746,731 $ (497,711 ) $ 90,877,946 $ 80,304,725 $ 2,459,903 $ (13,342 ) $ 82,751,286

The following table presents the gross unrealized losses and fair value of our investments with unrealized losses, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position as of December 31 and March 31, 2013:

Less Than 12 Months 12 Months or Greater Total
Fair
Market
Value
Gross
Unrealized
Losses
Fair
Market
Value
Gross
Unrealized
Losses
Fair
Market
Value
Gross
Unrealized
Losses
As of December 31, 2013
Corporate bonds $ 32,852,596 $ (493,700 ) $ - $ - $ 32,852,596 $ (493,700 )
Municipal bonds 1,429,217 (4,011 ) - - 1,429,217 (4,011 )
Total $ 34,281,813 $ (497,711 ) $ - $ - $ 34,281,813 $ (497,711 )
As of March 31, 2013
Corporate bonds $ 1,171,976 $ (4,187 ) $ - $ - $ 1,171,976 $ (4,187 )
Municipal bonds 508,607 (9,155 ) - - 508,607 (9,155 )
Total $ 1,680,583 $ (13,342 ) $ - $ - $ 1,680,583 $ (13,342 )

Gross unrealized losses totaled $497,711 as of December 31, 2013, and were attributed to ten corporate bonds and one municipal bond out of a portfolio of 41 bonds. The gross unrealized losses were due to market-price decreases and rating downgrades after the bonds were purchased, and none had been in a continuous unrealized loss position for 12 months or greater. A substantial majority of the bonds we held were rated by Moody's or Standard and Poor's and had investment-grade credit ratings. For each bond, including each bond with an unrealized loss, we expect to recover the entire cost basis of each security based on our consideration of factors including their credit ratings, the underlying ratings of insured bonds, and historical default rates for securities of comparable credit rating. Because we expect to recover the entire cost basis of each of the securities, and because we do not intend to sell the securities and it is not more likely than not that we will be required to sell the securities before recovery of the cost basis, which may be maturity, we did not consider any of our marketable securities to be other-than-temporarily impaired at December 31, 2013.

XML 33 R23.htm IDEA: XBRL DOCUMENT v2.4.0.8
Marketable Securities (Amortized Cost And Approximate Fair Values Of Marketable Securities) (Details) (USD $)
Dec. 31, 2013
Mar. 31, 2013
Schedule of Investments [Line Items]    
Adjusted Cost $ 89,628,926 $ 80,304,725
Gross Unrealized Gains 1,746,731 2,459,903
Gross Unrealized Losses (497,711) (13,342)
Fair Market Value 90,877,946 82,751,286
Corporate Bonds [Member]
   
Schedule of Investments [Line Items]    
Adjusted Cost 84,677,016 72,923,502
Gross Unrealized Gains 1,716,210 2,378,845
Gross Unrealized Losses (493,700) (4,187)
Fair Market Value 85,899,526 75,298,160
Municipal Bonds [Member]
   
Schedule of Investments [Line Items]    
Adjusted Cost 4,951,910 7,381,223
Gross Unrealized Gains 30,521 81,058
Gross Unrealized Losses (4,011) (9,155)
Fair Market Value $ 4,978,420 $ 7,453,126
XML 34 R19.htm IDEA: XBRL DOCUMENT v2.4.0.8
Inventories (Tables)
9 Months Ended
Dec. 31, 2013
Inventories [Abstract]  
Schedule Of Inventories
Dec. 31
2013
March 31
2013
Raw materials $ 996,686 $ 1,312,011
Work in process 1,502,406 1,533,951
Finished goods 825,811 775,630
3,324,903 3,621,592
Less inventory reserve (295,000 ) (285,000 )
Total inventories $ 3,029,903 $ 3,336,592
XML 35 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8
Fair Value Measurements
9 Months Ended
Dec. 31, 2013
Fair Value Measurements [Abstract]  
Fair Value Measurements

NOTE 9. FAIR VALUE MEASUREMENTS
Generally accepted accounting principles establish a framework for measuring fair value, provide a definition of fair value and prescribe required disclosures about fair-value measurements. Generally accepted accounting principles define fair value as the price that would be received to sell an asset or paid to transfer a liability. Fair value is a market-based measurement that should be determined using assumptions that market participants would use in pricing an asset or liability. Generally accepted accounting principles utilize a valuation hierarchy for disclosure of fair value measurements. The categorization within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The categories within the valuation hierarchy are described as follows:

Level 1 – Financial instruments with quoted prices in active markets for identical assets or liabilities. Our Level 1 financial instruments consist of publicly-traded marketable corporate debt securities, which are classified as available-for-sale. On the balance sheets, these securities are included in "Marketable securities, short term" and "Marketable securities, long term." The fair value of our Level 1 marketable securities was $85,899,526 at December 31, 2013 and $75,298,160 at March 31, 2013.

Level 2 – Financial instruments with quoted prices in active markets for similar assets or liabilities. Level 2 fair value measurements are determined using either prices for similar instruments or inputs that are either directly or indirectly observable, such as interest rates. Our Level 2 financial instruments consist of municipal debt securities, which are classified as available-for-sale. On the balance sheets, these securities are included in "Marketable securities, short term" and "Marketable securities, long term." The fair value of our Level 2 marketable securities was $4,978,420 at December 31, 2013 and $7,453,126 at March 31, 2013.

Level 3 – Inputs to the fair value measurement are unobservable inputs or valuation techniques. We do not have any financial assets or liabilities being measured at fair value that are classified as Level 3 financial instruments.

XML 36 R13.htm IDEA: XBRL DOCUMENT v2.4.0.8
Stock-Based Compensation
9 Months Ended
Dec. 31, 2013
Stock-Based Compensation [Abstract]  
Stock-Based Compensation

NOTE 7. STOCK-BASED COMPENSATION
Stock-based compensation expense was $53,200 for the first nine months of fiscal 2014, and $66,720 for the first nine months of fiscal 2013. Stock-based compensation expenses for the nine months ended December 31, 2013 and 2012 were non-cash, and due to the issuance of automatic stock options to our non-employee directors on their reelection to our Board. We calculate the share-based compensation expense using the Black-Scholes standard option-pricing model.


XML 37 R14.htm IDEA: XBRL DOCUMENT v2.4.0.8
Income Taxes
9 Months Ended
Dec. 31, 2013
Income Taxes [Abstract]  
Income Taxes

NOTE 8. INCOME TAXES
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

We had no unrecognized tax benefits as of December 31, 2013, and we do not expect any significant unrecognized tax benefits within 12 months of the reporting date. We recognize interest and penalties related to income tax matters in income tax expense. As of December 31, 2013 we had no accrued interest related to uncertain tax positions. The tax years 1999 through 2012 remain open to examination by the major taxing jurisdictions to which we are subject.

XML 38 R16.htm IDEA: XBRL DOCUMENT v2.4.0.8
Stock Repurchase Plan
9 Months Ended
Dec. 31, 2013
Stock Repurchase Plan [Abstract]  
Stock Repurchase Plan

NOTE 10. STOCK REPURCHASE PLAN
We did not repurchase any of our Common Stock during the quarter ended December 31, 2013, and $1,263,405 in the nine months ended December 31, 2013. The repurchases were under a program announced January 21, 2009 authorizing the repurchase of up to $2,500,000 of our Common Stock, $1,236,595 of which remained available as of December 31, 2013. The repurchase program may be modified or discontinued at any time without notice.

XML 39 R21.htm IDEA: XBRL DOCUMENT v2.4.0.8
Marketable Securities (Narrative) (Details) (USD $)
Dec. 31, 2013
Mar. 31, 2013
Schedule of Investments [Line Items]    
Gross unrealized losses $ 497,711 $ 13,342
Municipal Bonds [Member]
   
Schedule of Investments [Line Items]    
Gross unrealized losses $ 4,011 $ 9,155
XML 40 R26.htm IDEA: XBRL DOCUMENT v2.4.0.8
Stock-Based Compensation (Details) (USD $)
9 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Stock-Based Compensation [Abstract]    
Share-based compensation $ 53,200 $ 66,720
XML 41 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
Statements of Comprehensive Income (USD $)
3 Months Ended 9 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Comprehensive Income [Abstract]        
Net income $ 2,777,174 $ 2,899,342 $ 8,573,650 $ 8,719,883
Unrealized loss from marketable securities, net of tax (151,829) (22,474) (762,475) 509,553
Comprehensive income $ 2,625,345 $ 2,876,868 $ 7,811,175 $ 9,229,436
XML 42 R10.htm IDEA: XBRL DOCUMENT v2.4.0.8
Net Income Per Share
9 Months Ended
Dec. 31, 2013
Net Income Per Share [Abstract]  
Net Income Per Share
NOTE 4. NET INCOME PER SHARE
Net income per basic share is computed based on the weighted-average number of common shares issued and outstanding during each period. Net income per diluted share amounts assume conversion, exercise or issuance of all potential common stock instruments (stock options and warrants). Stock options totaling 5,000 for the quarter and nine months ended December 31, 2012 were not included in the computation of diluted earnings per share because the exercise prices of the options and warrants were greater than the market price of the common stock and are considered anti-dilutive. The following table reflects the components of common shares outstanding:

Quarter Ended Dec. 31
2013 2012
Weighted average common shares outstanding – basic 4,842,565 4,847,619
Effect of dilutive securities:
Stock options
16,416 22,594
Warrants
620 1,806
Shares used in computing net income per share – diluted 4,859,601 4,872,019

Nine Months Ended Dec. 31
2013 2012
Weighted average common shares outstanding – basic 4,852,356 4,832,630
Effect of dilutive securities:
Stock options
15,128 22,430
Warrants
556 1,791
Shares used in computing net income per share – diluted 4,868,040 4,856,851


XML 43 R27.htm IDEA: XBRL DOCUMENT v2.4.0.8
Fair Value Measurements (Details) (USD $)
Dec. 31, 2013
Mar. 31, 2013
Available-for-sale securities, fair value $ 90,877,946 $ 82,751,286
Fair Value, Inputs, Level 1 [Member]
   
Available-for-sale securities, fair value 85,899,526 75,298,160
Fair Value, Inputs, Level 2 [Member]
   
Available-for-sale securities, fair value $ 4,978,420 $ 7,453,126
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Net Income Per Share (Details)
3 Months Ended 9 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Net Income Per Share [Abstract]        
Weighted average common shares outstanding - basic 4,842,565 4,847,619 4,852,356 4,832,630
Stock options 16,416 22,594 15,128 22,430
Warrants 620 1,806 556 1,791
Shares used in computing net income per share - diluted 4,859,601 4,872,019 4,868,040 4,856,851
Stock options and warrants not included in computation of diluted earnings per share   5,000   5,000