0000724910-13-000004.txt : 20130123 0000724910-13-000004.hdr.sgml : 20130123 20130123162407 ACCESSION NUMBER: 0000724910-13-000004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20121231 FILED AS OF DATE: 20130123 DATE AS OF CHANGE: 20130123 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: 13543057 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_FY2013_10Q.htm QUARTERLY REPORT FOR THE PERIOD ENDED DECEMBER 31, 2012  

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, 2012

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 – 4,860,436 shares outstanding as of January 18, 2013



 
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, 2012 and 2011

          Statements of Comprehensive Income for the Quarters Ended December 31, 2012 and 2011

          Statements of Income for the Nine Months Ended December 31, 2012 and 2011

          Statements of Comprehensive Income for the Nine Months Ended December 31, 2012 and 2011

          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 6. Exhibits

SIGNATURES


2


Table of Contents

PART I–FINANCIAL INFORMATION


Item 1. Financial Statements.
NVE CORPORATION
BALANCE SHEETS


(Unaudited)
Dec. 31, 2012
March 31, 2012*
ASSETS
Current assets
Cash and cash equivalents
$ 843,023 $ 1,544,536
Marketable securities, short term
  15,610,697   17,551,629
Accounts receivable, net of allowance for uncollectible accounts of $15,000
  2,621,780   2,684,840
Inventories
  3,755,523   3,229,376
Prepaid expenses and other assets
1,333,019   1,159,852  
Total current assets   24,164,042 26,170,233
Fixed assets
Machinery and equipment 
  8,343,525 7,488,211
Leasehold improvements
1,416,971   720,882  
    9,760,496 8,209,093
Less accumulated depreciation 
6,100,071   5,697,861  
Net fixed assets   3,660,425 2,511,232
Marketable securities, long term 64,774,808   54,445,298  
Total assets $ 92,599,275   $ 83,126,763  
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable
$ 558,935 $ 663,702
Accrued payroll and other 
  760,955 867,331
Deferred taxes
452,560   136,872  
Total current liabilities   1,772,450 1,667,905
 
Shareholders’ equity
Common stock, $0.01 par value, 6,000,000 shares authorized; 4,860,436 issued and outstanding as of December 31, 2012 and 4,824,745 issued and outstanding as of March 31, 2012
  48,604 48,247
Additional paid-in capital
21,112,651 20,974,477
Accumulated other comprehensive income
  1,597,009 1,087,456
Retained earnings
68,068,561   59,348,678  
Total shareholders’ equity 90,826,825   81,458,858  
Total liabilities and shareholders’ equity $ 92,599,275   $ 83,126,763  

*The March 31, 2012 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, 2012.

See accompanying notes.


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Table of Contents

NVE CORPORATION
STATEMENTS OF INCOME
(Unaudited)

Quarter Ended Dec. 31
2012 2011
Revenue
Product sales
$ 5,762,925     $ 5,394,758  
Contract research and development
762,296     763,768  
Total revenue 6,525,221 6,158,526  
Cost of sales 1,738,618     2,174,878  
Gross profit   4,786,603     3,983,648  
Expenses
Selling, general, and administrative
  570,741     520,044
Research and development
501,325     718,688  
Total expenses 1,072,066     1,238,732  
Income from operations   3,714,537     2,744,916
Interest income 600,395     591,694  
Income before taxes   4,314,932 3,336,610
Provision for income taxes 1,415,590   1,047,519  
Net income $ 2,899,342   $ 2,289,091  
Net income per share – basic $ 0.60     $ 0.48  
Net income per share – diluted $ 0.60     $ 0.47  
Weighted average shares outstanding
Basic
  4,847,619       4,807,859
Diluted
4,872,019 4,873,429


STATEMENTS OF COMPREHENSIVE INCOME
     (Unaudited)

Quarter Ended Dec. 31
2012 2011
Net income $ 2,899,342 $ 2,289,091
Unrealized loss from marketable securities, net of tax   (22,474 ) (239,596 )
Comprehensive income $ 2,876,868   $ 2,049,495  
 
 
See accompanying notes.


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Table of Contents

NVE CORPORATION
STATEMENTS OF INCOME
(Unaudited)

Nine Months Ended Dec. 31
2012 2011
Revenue
Product sales
$ 18,025,002     $ 17,975,331
Contract research and development
1,785,920     2,995,590  
Total revenue   19,810,922     20,970,921
Cost of sales 5,147,884     7,048,396  
Gross profit   14,663,038     13,922,525
Expenses
Selling, general, and administrative
  1,714,545     1,742,721
Research and development
1,801,609     1,825,159  
Total expenses 3,516,154     3,567,880  
Income from operations   11,146,884     10,354,645
Interest income 1,784,963     1,754,586  
Income before taxes   12,931,847     12,109,231
Provision for income taxes 4,211,964     3,825,819  
Net income $ 8,719,883   $ 8,283,412  
Net income per share – basic $ 1.80     $ 1.73  
Net income per share – diluted $ 1.80     $ 1.71  
Weighted average shares outstanding
Basic
  4,832,630       4,786,790
Diluted
  4,856,851       4,852,360


STATEMENTS OF COMPREHENSIVE INCOME
     (Unaudited)
 
Nine Months Ended Dec. 31
2012   2011
Net income $ 8,719,883 $ 8,283,412
Unrealized gain (loss) from marketable securities, net of tax   509,553   (664,538 )
Comprehensive income $ 9,229,436   $ 7,618,874  
 

See accompanying notes.

 
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Table of Contents

NVE CORPORATION
STATEMENTS OF CASH FLOWS
(Unaudited)

Nine Months Ended Dec. 31
2012 2011
OPERATING ACTIVITIES
Net income $ 8,719,883 $ 8,283,412
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation
457,937 361,211
Stock-based compensation
66,720 80,160
Excess tax benefits
(2,383 ) -  
Deferred income taxes
27,320 (37,266 )
Changes in operating assets and liabilities:
Accounts receivable
63,060 140,197
Inventories
(526,147 ) 26,018  
Prepaid expenses and other assets
(173,167 )   14,268  
Accounts payable and accrued expenses
(211,143 )   (317,091 )
Net cash provided by operating activities 8,422,080 8,550,909
 
INVESTING ACTIVITIES
Purchases of fixed assets (1,607,130 ) (762,007 )
Purchases of marketable securities (17,438,274 ) (14,039,795 )
Proceeds from maturities and sales of marketable securities 9,850,000   5,736,980  
Net cash used in investing activities (9,195,404 ) (9,064,822 )
 
FINANCING ACTIVITIES
Net proceeds from sale of stock 69,428 36
Excess tax benefits 2,383   -  
Net cash provided by financing activities 71,811   36  
 
Decrease in cash and cash equivalents (701,513 ) (513,877 )
Cash and cash equivalents at beginning of period 1,544,536   952,209  
 
Cash and cash equivalents at end of period $ 843,023   $ 438,332  
 
Supplemental disclosures of cash flow information:
Cash paid during the period for income taxes
$ 4,220,000 $ 3,697,565
 
 
See accompanying notes.


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Table of Contents

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, 2012. The results of operations for the quarter or nine months ended December 31, 2012 are not necessarily indicative of the results that may be expected for the full fiscal year ending March 31, 2013.

NOTE 3. RECENTLY ISSUED ACCOUNTING STANDARDS
     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 and warrants totaling 5,000 for the quarter and nine months ended December 31, 2012, and 5,000 for the quarter and nine months ended December 31, 2011 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. The following table reflects the components of common shares outstanding:

Quarter Ended Dec. 31
2012 2011
Weighted average common shares outstanding – basic 4,847,619 4,807,859
Effect of dilutive securities:
Stock options
22,594 58,502
Warrants
1,806 7,068
Shares used in computing net income per share – diluted   4,872,019 4,873,429
 
Nine Months Ended Dec. 31
2012 2011
Weighted average common shares outstanding – basic 4,832,630 4,786,790
Effect of dilutive securities:
Stock options
22,430 58,502
Warrants
1,791 7,068
Shares used in computing net income per share – diluted   4,856,851 4,852,360
 
 
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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, 2012, by maturity, were as follows:

Total <1 Year 1–3 Years 3–5 Years
$ 80,385,505 $ 15,610,697 $ 23,326,684 $ 41,448,124
 
     As of December 31 and March 31, 2012, our marketable securities were as follows:
 
As of December 31, 2012 As of March 31, 2012

Adjusted
Cost
  Gross
Unrealized
Gains
  Gross
Unrealized
Losses
  Fair
Market
Value

Adjusted
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Market
Value
Corporate bonds $ 68,138,943    $ 2,424,000    $ (20,869 )    $ 70,542,074    $ 50,513,389    $ 1,481,604    $ (76,434 )    $ 51,918,559
Municipal bonds   9,738,302   111,426   (6,297 ) 9,843,431   19,775,582   334,793
  (32,007 )   20,078,368
Total $ 77,877,245   $ 2,535,426   $ (27,166 )   $ 80,385,505 $ 70,288,971 $ 1,816,397 $ (108,441 ) $ 71,996,927
 
     The decrease in fair market value of municipal bonds as of December 31, 2012 compared to March 31, 2012 was primarily due to the maturation of 12 municipal bonds. The increase in fair market value of corporate bonds was primarily due to purchases of corporate bonds during the nine months ended December 31, 2012.

     The following table shows 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, 2012:
 
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, 2012
  Corporate bonds $ 3,224,566
  $ (20,869 )   $ -   $ -     $ 3,224,566
  $ (20,869 )
  Municipal bonds   514,795   (6,297 )   -   -     514,795   (6,297 )
  Total $ 3,739,361   $ (27,166 )   $ -   $ -     $ 3,739,361   $ (27,166 )
As of March 31, 2012
Corporate bonds $ 10,387,955   $ (76,434 )     -     -     $ 10,387,955   $ (76,434 )
Municipal bonds -   -     908,550   (32,007 ) 908,550 (32,007 )
Total $ 10,387,955   $ (76,434 )   $ 908,550   $ (32,007 ) $ 11,296,505 $ (108,441 )
 
     Gross unrealized losses totaled $27,166 as of December 31, 2012, and were attributed to two corporate bonds and two municipal bonds out of a portfolio of 45 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. All of the bonds we held that were rated by Moody’s or Standard and Poor’s had investment-grade credit ratings. For 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 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, 2012.
 
 
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Table of Contents

NOTE 6. INVENTORIES
     Inventories consisted of the following:
 
December 31
2012
March 31
2012
Raw materials $ 1,555,721    $ 1,285,106
Work in process 1,713,369 1,658,467
Finished goods 771,433   585,803  
4,040,523 3,529,376
Less inventory reserve   (285,000 ) (300,000 )
Total inventories $ 3,755,523   $ 3,229,376  
 
 
NOTE 7. STOCK-BASED COMPENSATION
      Stock-based compensation expense was $66,720 for the first nine months of fiscal 2013, and $80,160 for the first nine months of fiscal 2012. Stock-based compensation expenses for the nine months ended December 31, 2012 and 2011 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, 2012, 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, 2012 we had no accrued interest related to uncertain tax positions. The tax years 1999 through 2011 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 debt securities that are classified as available-for-sale. On the balance sheets, available-for-sale securities are classified as “Marketable securities, short term” and “Marketable securities, long term.” The fair value of our available-for-sale securities was $80,385,505 at December 31, 2012 and $71,996,927 at March 31, 2012.

     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. We do not have any financial assets or liabilities being measured at fair value that are classified as Level 2 financial instruments.

     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.
 
NOTE 10. STOCK REPURCHASE PLAN
     On January 21, 2009 we announced that our Board of Directors authorized the repurchase of up to $2,500,000 of our Common Stock. The repurchase program may be modified or discontinued at any time without notice. We did not repurchase any of our Common Stock during the quarter ended December 31, 2012.

 
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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 risks associated with competition, progress in research and development activities by us and others, variations in costs that are beyond our control, decreased sales, failure of suppliers to meet our requirements, loss of supply from any of our packaging vendors, failure to obtain new customers, inability to meet customer technical requirements, litigation risks, and other specific risks that may be alluded to in this Report or in the documents incorporated by reference in this Report.

     More 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, 2012, as updated in Part II, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2012.

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, 2012. At December 31, 2012 our critical accounting policies and estimates continued to include research and development contract percentage of completion estimation, inventory valuation, allowance for doubtful accounts estimation, and deferred tax assets estimation.


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Quarter ended December 31, 2012 compared to quarter ended December 31, 2011

     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
2012 2011
Revenue
Product sales
88.3 % 87.6 % 6.8 %
Contract research and development
11.7 % 12.4 % (0.2 )%
Total revenue 100.0 % 100.0 % 6.0 %
Cost of sales 26.6 % 35.3 % (20.1 )%
Gross profit 73.4 % 64.7 % 20.2 %
Expenses
Selling, general, and administrative
8.8 % 8.4 % 9.7 %
Research and development
7.7 % 11.7 % (30.2 )%
Total expenses 16.5 % 20.1 % (13.5 )%
Income from operations 56.9 % 44.6 % 35.3 %
Interest income 9.2 % 9.6 % 1.5 %
Income before taxes 66.1 % 54.2 % 29.3 %
Provision for income taxes 21.7 % 17.0 % 35.1 %
Net income 44.4 % 37.2 % 26.7 %
 
     Total revenue for the quarter ended ended December 31, 2012 (the third quarter of fiscal 2013) increased 6% to $6,525,221 compared to $6,158,526 for the quarter ended December 31, 2011 (the third quarter of fiscal 2012). The increase was due to a 7% increase in product sales.

     Gross profit margin increased to 73% of revenue for the third quarter of fiscal 2013 compared to 65% for the third quarter of fiscal 2012, due to a more favorable revenue mix and more efficient product manufacturing.

     Total expenses decreased 13% for the third quarter of fiscal 2013 compared to the third quarter of fiscal 2012 due to a 30% decrease in research and development expense, partially offset by a 10% increase in selling, general, and administrative expense. The decrease in research and development expense was due to the completion of certain research and development projects, and may not be representative of future trends. Research and development expense can fluctuate significantly depending on staffing, project requirements, and contract research and development activities. The increase in selling, general, and administrative expense was primarily due to increases in sales commissions and legal expenses.

     The provision for income taxes was $1,415,590 for the third quarter of fiscal 2013 compared to $1,047,519 for the third quarter of fiscal 2012. The effective tax rate was 33% of income before taxes for the third quarter of fiscal 2013 compared to 31% for the third quarter of fiscal 2012. The increase in effective tax rate was due to a higher Federal effective tax rate. Our effective tax rates can fluctuate due to a number of factors, including Federal and state tax rates and regulations, the mix between taxable and tax-exempt securities in our marketable securities, and other factors, some of which are outside our control.

     The 27% increase in net income in the third quarter of fiscal 2013 compared to the prior-year quarter was primarily due to increased product sales and increased gross profit margin.
 
 
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Nine months ended December 31, 2012 compared to nine months ended December 31, 2011

     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
2012 2011
Revenue
Product sales
91.0 % 85.7 % 0.3 %
Contract research and development
9.0 % 14.3 % (40.4 )%
Total revenue 100.0 % 100.0 % (5.5 )%
Cost of sales 26.0 % 33.6 % (27.0 )%
Gross profit 74.0 % 66.4 % 5.3 %
Expenses
Selling, general, and administrative
8.6 % 8.3 % (1.6 )%
Research and development
9.1 % 8.7 % (1.3 )%
Total expenses 17.7 % 17.0 % (1.4 )%
Income from operations 56.3 % 49.4 % 7.7 %
Interest income 9.0 % 8.3 % 1.7 %
Income before taxes 65.3 % 57.7 % 6.8 %
Provision for income taxes 21.3 % 18.2 % 10.1 %
Net income 44.0 % 39.5 % 5.3 %
 
     Total revenue for the nine months ended December 31, 2012 decreased 6% to $19,810,922 compared to $20,970,921 for the nine months ended December 31, 2011, due to a 40% decrease in contract research and development revenue.

     The decrease in research and development revenue was due to the completion of certain contracts and contract activities. 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 74% of revenue for the first nine months of fiscal 2013 compared to 66% for the first nine months of fiscal 2012, due to a more favorable revenue mix, a more favorable product sales mix, and more efficient product manufacturing.

     Total expenses decreased 1% for the first nine months of fiscal 2013 compared to the first nine months of fiscal 2012 due to a 2% decrease in research and development expense and a 1% decrease in selling, general, and administrative expense. The expense decreases may not be representative of future periods. Research and development expense can fluctuate significantly depending on staffing, project requirements, and contract research and development activities. Selling, general, and administrative expense can fluctuate significantly depending on a number of factors including legal expenses.
 
    The provision for income taxes was $4,211,964 for the first nine months of fiscal 2013 compared to $3,825,819 for the first nine months of fiscal 2012. The effective tax rate was 33% of income before taxes for the first nine months of fiscal 2013 compared to 32% for the first nine months of fiscal 2012. Our effective tax rates can fluctuate due to a number of factors, including Federal and state tax rates and regulations, the mix between taxable and tax-exempt securities in our marketable securities, and other factors, some of which are outside our control.

     The 5% increase in net income in the first nine months of fiscal 2013 compared to the prior-year period was primarily due to increased gross profit margin, partially offset by decreased contract research and development revenue.
 

12


Table of Contents

Liquidity and capital resources
     At December 31, 2012 we had $81,228,528 in cash plus short-term and long-term marketable securities compared to $73,541,463 at March 31, 2012. 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 2013 was primarily due to $8,422,080 in net cash provided by operating activities and a $800,305 net increase in the market value of our marketable securities, partially offset by purchases of fixed assets of $1,607,130. Fixed asset purchases were primarily for production equipment and leasehold improvements.

     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 a variety of securities including government agency obligations, 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, net of estimated tax. Marketable securities as of December 31, 2012 had remaining maturities between one day and 246 weeks. Our short-term and long-term marketable securities had a fair market value of $80,385,505 at December 31, 2012, representing approximately 87% 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, 2012, 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, 2012 as updated in Part II, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2012.
 
 
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 23, 2013 /s/ DANIEL A. BAKER 
Date Daniel A. Baker
President and Chief Executive Officer

 
January 23, 2013 /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 23, 2013

 
/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 23, 2013

 

 

/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, 2012, 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 23, 2013

 

 

/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-20121231.xml INSTANCE DOCUMENT 0000724910 2009-01-01 2009-01-21 0000724910 2011-12-31 0000724910 2011-03-31 0000724910 us-gaap:MunicipalBondsMember 2012-12-31 0000724910 us-gaap:CorporateBondSecuritiesMember 2012-12-31 0000724910 us-gaap:MunicipalBondsMember 2012-03-31 0000724910 us-gaap:CorporateBondSecuritiesMember 2012-03-31 0000724910 2012-03-31 0000724910 2012-10-01 2012-12-31 0000724910 2011-10-01 2011-12-31 0000724910 2011-04-01 2011-12-31 0000724910 2012-12-31 0000724910 2013-01-18 0000724910 2012-04-01 2012-12-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares false --03-31 Q3 2013 2012-12-31 10-Q 0000724910 4860436 Accelerated Filer NVE CORP /NEW/ 23326684 41448124 58502 58502 22430 22594 7068 7068 1791 1806 <div> <p><font size="2" class="_mt"><strong>NOTE 3. RECENTLY ISSUED ACCOUNTING STANDARDS <br /></strong>We have adopted all applicable recently issued accounting pronouncements.</font><br /></p> </div> <div> <p><font size="2" class="_mt"><strong>NOTE 10. STOCK REPURCHASE PLAN<br /></strong>On January 21, 2009 we announced that our Board of Directors authorized the repurchase of up to $<font class="_mt">2,500,000</font> of our Common Stock. The repurchase program may be modified or discontinued at any time without notice. We did not repurchase any of our Common Stock during the quarter ended December 31, 2012.</font><br /><br /></p> </div> 663702 558935 2684840 2621780 5697861 6100071 1087456 1597009 20974477 21112651 15000 15000 83126763 92599275 26170233 24164042 70288971 50513389 19775582 77877245 68138943 9738302 -32007 -32007 -108441 -76434 -32007 -27166 -20869 -6297 11296505 10387955 908550 3739361 3224566 514795 -76434 -76434 -27166 -20869 -6297 10387955 10387955 3739361 3224566 514795 908550 908550 15610697 71996927 51918559 20078368 80385505 70542074 9843431 1816397 1481604 334793 2535426 2424000 111426 108441 76434 32007 27166 20869 6297 <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 /></p> </div> 952209 438332 1544536 843023 -513877 -701513 0.01 0.01 6000000 6000000 4824745 4860436 4824745 4860436 48247 48604 7618874 2049495 9229436 2876868 2995590 763768 1785920 762296 7048396 2174878 5147884 1738618 -37266 27320 136872 452560 361211 457937 <div> <p><font size="2" class="_mt"><strong>NOTE 7. STOCK-BASED COMPENSATION</strong> <br />Stock-based compensation expense was $<font class="_mt">66,720</font> for the first nine months of fiscal 2013, and $<font class="_mt">80,160</font> for the first nine months of fiscal 2012. Stock-based compensation expenses for the nine months ended December 31, 2012 and 2011 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 /></p> </div> 1.73 0.48 1.80 0.60 1.71 0.47 1.80 0.60 <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 and warrants totaling 5,000 for the quarter and nine months ended December 31, 2012, and 5,000 for the quarter and nine months ended December 31, 2011 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. 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>2012</b></td> <td> </td> <td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2011</b></td></tr> <tr bgcolor="#ccdaef"><td>Weighted average common shares outstanding &#8211; basic</td> <td align="right">4,847,619</td> <td width="2%"> </td> <td width="11%" align="right">4,807,859</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">22,594</td> <td> </td> <td align="right">58,502</td></tr> <tr><td> <div style="margin-left: 9pt;" align="left">Warrants</div></td> <td style="border-bottom: black 1px solid;" align="right">1,806</td> <td> </td> <td style="border-bottom: black 1px solid;" align="right">7,068</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">4,872,019</td> <td> </td> <td style="border-bottom: black 3px double;" valign="top" align="right">4,873,429</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>2012</b></td> <td> </td> <td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2011</b></td></tr> <tr bgcolor="#ccdaef"><td>Weighted average common shares outstanding &#8211; basic</td> <td align="right">4,832,630</td> <td width="2%"> </td> <td width="11%" align="right">4,786,790</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">22,430</td> <td> </td> <td align="right">58,502</td></tr> <tr><td> <div style="margin-left: 9pt;" align="left">Warrants</div></td> <td style="border-bottom: black 1px solid;" align="right">1,791</td> <td> </td> <td style="border-bottom: black 1px solid;" align="right">7,068</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">4,856,851</td> <td> </td> <td style="border-bottom: black 3px double;" valign="top" align="right">4,852,360</td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br /><br /></font></div> </div> 867331 760955 0 2383 0 2383 <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 debt securities that are classified as available-for-sale. On the balance sheets, available-for-sale securities are classified as "Marketable securities, short term" and "Marketable securities, long term." The fair value of our available-for-sale securities was $<font class="_mt">80,385,505</font> at December 31, 2012 and $<font class="_mt">71,996,927</font> at March 31, 2012.<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. We do not have any financial assets or liabilities being measured at fair value that are classified as Level 2 financial instruments.<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 /><br /></p> </div> 13922525 3983648 14663038 4786603 12109231 3336610 12931847 4314932 <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, 2012, 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, 2012 we had no accrued interest related to uncertain tax positions. The tax years 1999 through 2011 remain open to examination by the major taxing jurisdictions to which we are subject.</font><br /></p> </div> 3697565 4220000 3825819 1047519 4211964 1415590 -317091 -211143 -140197 -63060 -26018 526147 -14268 173167 300000 285000 <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>December 31<br />2012</b></td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>March 31<br />2012</b></td></tr> <tr bgcolor="#ccdaef"><td>Raw materials</td> <td width="1%">$</td> <td width="22%" align="right">1,555,721</td> <td width="1%"> </td> <td width="4%"> </td> <td width="1%">$</td> <td width="22%" align="right">1,285,106</td> <td width="1%"> </td></tr> <tr><td>Work in process</td> <td> </td> <td align="right">1,713,369</td> <td> </td> <td> </td> <td> </td> <td align="right">1,658,467</td> <td> </td></tr> <tr bgcolor="#ccdaef"><td>Finished goods</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">771,433</td> <td style="border-bottom: black 1px solid;"> </td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">585,803</td> <td style="border-bottom: black 1px solid;"> </td></tr> <tr><td> </td> <td> </td> <td align="right">4,040,523</td> <td> </td> <td> </td> <td> </td> <td align="right">3,529,376</td> <td> </td></tr> <tr bgcolor="#ccdaef"><td>Less inventory reserve </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(285,000</td> <td style="border-bottom: black 1px solid;">)</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(300,000</td> <td style="border-bottom: black 1px solid;">)</td></tr> <tr valign="top"><td>Total inventories</td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">3,755,523</td> <td style="border-bottom: black 3px double;"> </td> <td> </td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">3,229,376</td> <td style="border-bottom: black 3px double;"> </td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br /><br /></font> </div> 585803 771433 3529376 4040523 3229376 3755523 1285106 1555721 1658467 1713369 1754586 591694 1784963 600395 <div> <font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><b>NOTE 5. MARKETABLE SECURITIES</b> <br />Marketable securities with remaining maturities less than one year are classified as short-term, and those with remaining maturities greater than one year are classified as long-term. The fair value of our marketable securities as of December 31, 2012, by maturity, were as follows:<br /><br /></font> <table style="font-family: Times New Roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="50%" align="center"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Total</b></td> <td width="4%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>&lt;1 Year</b></td> <td width="4%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>1&#8211;3 Years</b></td> <td width="4%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>3&#8211;5 Years</b></td></tr> <tr><td width="1%">$</td> <td width="12%" align="right">80,385,505</td> <td> </td> <td width="1%">$</td> <td width="12%" align="right">15,610,697</td> <td> </td> <td width="1%">$</td> <td width="12%" align="right">23,326,684</td> <td width="2%"> </td> <td width="1%">$</td> <td width="12%" align="right">41,448,124</td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br />As of December 31 and March 31, 2012, 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, 2012</b></td> <td rowspan="2" width="1"> </td> <td style="border-bottom: black 1px solid;" colspan="12" align="center"><b>As of March 31, 2012</b></td></tr> <tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><br /><b>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"><br /><b>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 bgcolor="#ccdaef" valign="bottom">Corporate bonds</td> <td bgcolor="#ccdaef">$</td> <td bgcolor="#ccdaef" valign="bottom" align="right">68,138,943</td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef">$</td> <td bgcolor="#ccdaef" valign="bottom" align="right">2,424,000</td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef">$</td> <td bgcolor="#ccdaef" valign="bottom" align="right">(20,869</td> <td bgcolor="#ccdaef" valign="bottom">)</td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef">$</td> <td bgcolor="#ccdaef" valign="bottom" align="right">70,542,074</td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef">$</td> <td bgcolor="#ccdaef" valign="bottom" align="right">50,513,389</td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef">$</td> <td bgcolor="#ccdaef" valign="bottom" align="right">1,481,604</td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef">$</td> <td bgcolor="#ccdaef" valign="bottom" align="right">(76,434</td> <td bgcolor="#ccdaef" valign="bottom">)</td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef">$</td> <td bgcolor="#ccdaef" valign="bottom" align="right">51,918,559</td></tr> <tr><td valign="bottom">Municipal bonds </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">9,738,302</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">111,426</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(6,297</td> <td style="border-bottom: black 1px solid; valign: ;">)</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">9,843,431</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">19,775,582</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">334,793<br /></td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(32,007</td> <td style="border-bottom: black 1px solid; valign: ;" valign="bottom">)</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">20,078,368</td></tr> <tr><td bgcolor="#ccdaef" valign="top">Total</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" align="right">77,877,245</td> <td bgcolor="#ccdaef"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" align="right">2,535,426</td> <td bgcolor="#ccdaef"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" align="right">(27,166</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef">)</td> <td bgcolor="#ccdaef"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" align="right">80,385,505</td> <td bgcolor="#ccdaef"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" align="right">70,288,971</td> <td bgcolor="#ccdaef"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" align="right">1,816,397</td> <td bgcolor="#ccdaef"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" align="right">(108,441</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef">)</td> <td bgcolor="#ccdaef"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" align="right">71,996,927</td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br />The decrease in fair market value of municipal bonds as of December 31, 2012 compared to March 31, 2012 was primarily due to the maturation of 12 municipal bonds. The increase in fair market value of corporate bonds was primarily due to purchases of corporate bonds during the nine months ended December 31, 2012.<br /><br />The following table shows 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, 2012:<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, 2012</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">3,224,566<br /></td> <td bgcolor="#ccdaef" width="2%"> </td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="8%" align="right">(20,869</td> <td bgcolor="#ccdaef" width="1%">)</td> <td bgcolor="#ccdaef" width="4%"> </td> <td bgcolor="#ccdaef" width="1%">$</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">3,224,566<br /></td> <td bgcolor="#ccdaef" width="2%"> </td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="8%" align="right">(20,869</td> <td bgcolor="#ccdaef" width="1%">)</td></tr> <tr><td> </td> <td>Municipal bonds </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">514,795</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(6,297</td> <td style="border-bottom: black 1px solid;">)</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td style="border-bottom: black 1px solid;"> </td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">514,795</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(6,297</td> <td style="border-bottom: black 1px solid;">)</td></tr> <tr><td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef" valign="top">Total</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">3,739,361</td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(27,166</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</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">3,739,361</td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(27,166</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td></tr> <tr><td colspan="22">As of March 31, 2012</td></tr> <tr><td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef">Corporate bonds</td> <td bgcolor="#ccdaef">$</td> <td bgcolor="#ccdaef" align="right">10,387,955</td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef">$</td> <td bgcolor="#ccdaef" align="right">(76,434</td> <td bgcolor="#ccdaef">)</td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef" align="right">-</td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef" align="right">-</td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef">$</td> <td bgcolor="#ccdaef" align="right">10,387,955</td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef">$</td> <td bgcolor="#ccdaef" align="right">(76,434</td> <td bgcolor="#ccdaef">)</td></tr> <tr><td> </td> <td width="122">Municipal bonds</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td style="border-bottom: black 1px solid; valign: ;"> </td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">908,550</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(32,007</td> <td style="border-bottom: black 1px solid; valign: ;">)</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">908,550</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(32,007</td> <td style="border-bottom: black 1px solid; valign: ;">)</td></tr> <tr><td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef" valign="top" width="122">Total</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">10,387,955</td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(76,434</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">908,550</td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(32,007</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">11,296,505</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">(108,441</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 $27,166 as of December 31, 2012, and were attributed to two corporate bonds and two municipal bonds out of a portfolio of 45 bonds. The gross unrealized losses were due to market-price decreases and rating downgrades after the bonds were purchased, and none had been in a continuous unrealized loss position for 12 months or greater. All of the bonds we held that were rated by Moody's or Standard and Poor's had investment-grade credit ratings. For each bond with an unrealized loss, we expect to recover the entire cost basis of each security based on our consideration of factors including their credit ratings, the underlying ratings of insured bonds, and historical default rates for securities of comparable credit rating. <br /><br />Because we expect to recover the entire cost basis of the securities, and because we do not intend to sell the securities and it is not more likely than not that we will be required to sell the securities before recovery of the cost basis, which may be maturity, we did not consider any of our marketable securities to be other-than-temporarily impaired at December 31, 2012.<br /><br /></font> </div> 720882 1416971 83126763 92599275 1667905 1772450 7488211 8343525 17551629 15610697 54445298 64774808 <div> <table style="font-family: Times New Roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="50%" align="center"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Total</b></td> <td width="4%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>&lt;1 Year</b></td> <td width="4%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>1&#8211;3 Years</b></td> <td width="4%"> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>3&#8211;5 Years</b></td></tr> <tr><td width="1%">$</td> <td width="12%" align="right">80,385,505</td> <td> </td> <td width="1%">$</td> <td width="12%" align="right">15,610,697</td> <td> </td> <td width="1%">$</td> <td width="12%" align="right">23,326,684</td> <td width="2%"> </td> <td width="1%">$</td> <td width="12%" align="right">41,448,124</td></tr></table> </div> 36 71811 -9064822 -9195404 8550909 8422080 8283412 2289091 8719883 2899342 3567880 1238732 3516154 1072066 10354645 2744916 11146884 3714537 -664538 -239596 509553 -22474 14039795 17438274 762007 1607130 1159852 1333019 36 69428 5736980 9850000 8209093 9760496 2511232 3660425 <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, 2012. The results of operations for the quarter or nine months ended December 31, 2012 are not necessarily indicative of the results that may be expected for the full fiscal year ending March 31, 2013.</font><br /></p> </div> 1825159 718688 1801609 501325 59348678 68068561 20970921 6158526 19810922 6525221 17975331 5394758 18025002 5762925 <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, 2012</b></td> <td rowspan="2" width="1"> </td> <td style="border-bottom: black 1px solid;" colspan="12" align="center"><b>As of March 31, 2012</b></td></tr> <tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><br /><b>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"><br /><b>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 bgcolor="#ccdaef" valign="bottom">Corporate bonds</td> <td bgcolor="#ccdaef">$</td> <td bgcolor="#ccdaef" valign="bottom" align="right">68,138,943</td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef">$</td> <td bgcolor="#ccdaef" valign="bottom" align="right">2,424,000</td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef">$</td> <td bgcolor="#ccdaef" valign="bottom" align="right">(20,869</td> <td bgcolor="#ccdaef" valign="bottom">)</td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef">$</td> <td bgcolor="#ccdaef" valign="bottom" align="right">70,542,074</td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef">$</td> <td bgcolor="#ccdaef" valign="bottom" align="right">50,513,389</td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef">$</td> <td bgcolor="#ccdaef" valign="bottom" align="right">1,481,604</td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef">$</td> <td bgcolor="#ccdaef" valign="bottom" align="right">(76,434</td> <td bgcolor="#ccdaef" valign="bottom">)</td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef">$</td> <td bgcolor="#ccdaef" valign="bottom" align="right">51,918,559</td></tr> <tr><td valign="bottom">Municipal bonds </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">9,738,302</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">111,426</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(6,297</td> <td style="border-bottom: black 1px solid; valign: ;">)</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">9,843,431</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">19,775,582</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">334,793<br /></td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(32,007</td> <td style="border-bottom: black 1px solid; valign: ;" valign="bottom">)</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">20,078,368</td></tr> <tr><td bgcolor="#ccdaef" valign="top">Total</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" align="right">77,877,245</td> <td bgcolor="#ccdaef"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" align="right">2,535,426</td> <td bgcolor="#ccdaef"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" align="right">(27,166</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef">)</td> <td bgcolor="#ccdaef"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" align="right">80,385,505</td> <td bgcolor="#ccdaef"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" align="right">70,288,971</td> <td bgcolor="#ccdaef"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" align="right">1,816,397</td> <td bgcolor="#ccdaef"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" align="right">(108,441</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef">)</td> <td bgcolor="#ccdaef"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" align="right">71,996,927</td></tr></table> </div> <div> <table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="50%" align="center"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>December 31<br />2012</b></td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>March 31<br />2012</b></td></tr> <tr bgcolor="#ccdaef"><td>Raw materials</td> <td width="1%">$</td> <td width="22%" align="right">1,555,721</td> <td width="1%"> </td> <td width="4%"> </td> <td width="1%">$</td> <td width="22%" align="right">1,285,106</td> <td width="1%"> </td></tr> <tr><td>Work in process</td> <td> </td> <td align="right">1,713,369</td> <td> </td> <td> </td> <td> </td> <td align="right">1,658,467</td> <td> </td></tr> <tr bgcolor="#ccdaef"><td>Finished goods</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">771,433</td> <td style="border-bottom: black 1px solid;"> </td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">585,803</td> <td style="border-bottom: black 1px solid;"> </td></tr> <tr><td> </td> <td> </td> <td align="right">4,040,523</td> <td> </td> <td> </td> <td> </td> <td align="right">3,529,376</td> <td> </td></tr> <tr bgcolor="#ccdaef"><td>Less inventory reserve </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(285,000</td> <td style="border-bottom: black 1px solid;">)</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(300,000</td> <td style="border-bottom: black 1px solid;">)</td></tr> <tr valign="top"><td>Total inventories</td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">3,755,523</td> <td style="border-bottom: black 3px double;"> </td> <td> </td> <td style="border-bottom: black 3px double;">$</td> <td style="border-bottom: black 3px double;" align="right">3,229,376</td> <td style="border-bottom: black 3px double;"> </td></tr></table> </div> <div> <table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td rowspan="2" colspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="6" align="center"><b>Less Than 12 Months</b></td> <td rowspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="6" align="center"><b>12 Months or Greater</b></td> <td rowspan="2"> </td> <td style="border-bottom: black 1px solid;" colspan="6" align="center"><b>Total</b></td></tr> <tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Fair<br />Market<br />Value</b></td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Gross<br />Unrealized<br />Losses</b></td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Fair<br />Market<br />Value</b></td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Gross<br />Unrealized<br />Losses</b></td> <td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Fair<br />Market<br />Value</b></td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Gross<br />Unrealized<br />Losses</b></td></tr> <tr><td colspan="22">As of December 31, 2012</td></tr> <tr><td bgcolor="#ccdaef" width="12"> </td> <td bgcolor="#ccdaef">Corporate bonds</td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="9%" align="right">3,224,566<br /></td> <td bgcolor="#ccdaef" width="2%"> </td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="8%" align="right">(20,869</td> <td bgcolor="#ccdaef" width="1%">)</td> <td bgcolor="#ccdaef" width="4%"> </td> <td bgcolor="#ccdaef" width="1%">$</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">3,224,566<br /></td> <td bgcolor="#ccdaef" width="2%"> </td> <td bgcolor="#ccdaef" width="1%">$</td> <td bgcolor="#ccdaef" width="8%" align="right">(20,869</td> <td bgcolor="#ccdaef" width="1%">)</td></tr> <tr><td> </td> <td>Municipal bonds </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">514,795</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(6,297</td> <td style="border-bottom: black 1px solid;">)</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td style="border-bottom: black 1px solid;"> </td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">514,795</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(6,297</td> <td style="border-bottom: black 1px solid;">)</td></tr> <tr><td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef" valign="top">Total</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">3,739,361</td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(27,166</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</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">3,739,361</td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(27,166</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td></tr> <tr><td colspan="22">As of March 31, 2012</td></tr> <tr><td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef">Corporate bonds</td> <td bgcolor="#ccdaef">$</td> <td bgcolor="#ccdaef" align="right">10,387,955</td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef">$</td> <td bgcolor="#ccdaef" align="right">(76,434</td> <td bgcolor="#ccdaef">)</td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef" align="right">-</td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef" align="right">-</td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef">$</td> <td bgcolor="#ccdaef" align="right">10,387,955</td> <td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef">$</td> <td bgcolor="#ccdaef" align="right">(76,434</td> <td bgcolor="#ccdaef">)</td></tr> <tr><td> </td> <td width="122">Municipal bonds</td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td> <td style="border-bottom: black 1px solid; valign: ;"> </td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">908,550</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(32,007</td> <td style="border-bottom: black 1px solid; valign: ;">)</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">908,550</td> <td> </td> <td style="border-bottom: black 1px solid;" colspan="2" align="right">(32,007</td> <td style="border-bottom: black 1px solid; valign: ;">)</td></tr> <tr><td bgcolor="#ccdaef"> </td> <td bgcolor="#ccdaef" valign="top" width="122">Total</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">10,387,955</td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(76,434</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">908,550</td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(32,007</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td> <td bgcolor="#ccdaef" valign="top"> </td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td> <td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">11,296,505</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">(108,441</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>2012</b></td> <td> </td> <td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2011</b></td></tr> <tr bgcolor="#ccdaef"><td>Weighted average common shares outstanding &#8211; basic</td> <td align="right">4,847,619</td> <td width="2%"> </td> <td width="11%" align="right">4,807,859</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">22,594</td> <td> </td> <td align="right">58,502</td></tr> <tr><td> <div style="margin-left: 9pt;" align="left">Warrants</div></td> <td style="border-bottom: black 1px solid;" align="right">1,806</td> <td> </td> <td style="border-bottom: black 1px solid;" align="right">7,068</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">4,872,019</td> <td> </td> <td style="border-bottom: black 3px double;" valign="top" align="right">4,873,429</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>2012</b></td> <td> </td> <td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2011</b></td></tr> <tr bgcolor="#ccdaef"><td>Weighted average common shares outstanding &#8211; basic</td> <td align="right">4,832,630</td> <td width="2%"> </td> <td width="11%" align="right">4,786,790</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">22,430</td> <td> </td> <td align="right">58,502</td></tr> <tr><td> <div style="margin-left: 9pt;" align="left">Warrants</div></td> <td style="border-bottom: black 1px solid;" align="right">1,791</td> <td> </td> <td style="border-bottom: black 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Inventories (Details) (USD $)
Dec. 31, 2012
Mar. 31, 2012
Inventories [Abstract]    
Raw materials $ 1,555,721 $ 1,285,106
Work in process 1,713,369 1,658,467
Finished goods 771,433 585,803
Inventory, Gross, Total 4,040,523 3,529,376
Less inventory reserve (285,000) (300,000)
Total inventories $ 3,755,523 $ 3,229,376
XML 15 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Recent Accounting Pronouncements
9 Months Ended
Dec. 31, 2012
Recent Accounting Pronouncements [Abstract]  
Recent Accounting Pronouncements

NOTE 3. RECENTLY ISSUED ACCOUNTING STANDARDS
We have adopted all applicable recently issued accounting pronouncements.

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Stock Repurchase Plan (Details) (USD $)
1 Months Ended
Jan. 21, 2009
Stock Repurchase Plan [Abstract]  
Authorized common stock for repurchase $ 2,500,000
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Interim Financial Information
9 Months Ended
Dec. 31, 2012
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, 2012. The results of operations for the quarter or nine months ended December 31, 2012 are not necessarily indicative of the results that may be expected for the full fiscal year ending March 31, 2013.

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Balance Sheets (USD $)
Dec. 31, 2012
Mar. 31, 2012
ASSETS    
Cash and cash equivalents $ 843,023 $ 1,544,536
Marketable securities, short term 15,610,697 17,551,629
Accounts receivable, net of allowance for uncollectible accounts of $15,000 2,621,780 2,684,840
Inventories 3,755,523 3,229,376
Prepaid expenses and other assets 1,333,019 1,159,852
Total current assets 24,164,042 26,170,233
Fixed assets    
Machinery and equipment 8,343,525 7,488,211
Leasehold improvements 1,416,971 720,882
Gross fixed assets 9,760,496 8,209,093
Less accumulated depreciation 6,100,071 5,697,861
Net fixed assets 3,660,425 2,511,232
Marketable securities, long term 64,774,808 54,445,298
Total assets 92,599,275 83,126,763
LIABILITIES AND SHAREHOLDERS' EQUITY    
Accounts payable 558,935 663,702
Accrued payroll and other 760,955 867,331
Deferred taxes 452,560 136,872
Total current liabilities 1,772,450 1,667,905
Shareholders' equity    
Common stock, $0.01 par value, 6,000,000 shares authorized; 4,860,436 issued and outstanding as of December 31, 2012 and 4,824,745 issued and outstanding as of March 31, 2012 48,604 48,247
Additional paid-in capital 21,112,651 20,974,477
Accumulated other comprehensive income 1,597,009 1,087,456
Retained earnings 68,068,561 59,348,678
Total shareholders' equity 90,826,825 81,458,858
Total liabilities and shareholders' equity $ 92,599,275 $ 83,126,763
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Statements Of Cash Flows (USD $)
9 Months Ended
Dec. 31, 2012
Dec. 31, 2011
OPERATING ACTIVITIES    
Net income $ 8,719,883 $ 8,283,412
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 457,937 361,211
Stock-based compensation 66,720 80,160
Excess tax benefits (2,383) 0
Deferred income taxes 27,320 (37,266)
Changes in operating assets and liabilities:    
Accounts receivable 63,060 140,197
Inventories (526,147) 26,018
Prepaid expenses and other assets (173,167) 14,268
Accounts payable and accrued expenses (211,143) (317,091)
Net cash provided by operating activities 8,422,080 8,550,909
INVESTING ACTIVITIES    
Purchases of fixed assets (1,607,130) (762,007)
Purchases of marketable securities (17,438,274) (14,039,795)
Proceeds from maturities and sales of marketable securities 9,850,000 5,736,980
Net cash used in investing activities (9,195,404) (9,064,822)
FINANCING ACTIVITIES    
Net proceeds from sale of common stock 69,428 36
Excess tax benefits 2,383 0
Net cash provided by financing activities 71,811 36
Increase in cash and cash equivalents (701,513) (513,877)
Cash and cash equivalents at beginning of period 1,544,536 952,209
Cash and cash equivalents at end of period 843,023 438,332
Supplemental disclosures of cash flow information:    
Cash paid during the period for income taxes $ 4,220,000 $ 3,697,565
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Marketable Securities (Fair Value Of Marketable Securities By Maturity) (Details) (USD $)
Dec. 31, 2012
Mar. 31, 2012
Marketable Securities [Abstract]    
Marketable securities, Total, fair value $ 80,385,505 $ 71,996,927
Marketable securities, debt maturities due within one year, fair value 15,610,697  
Marketable securities, debt maturities due after one year through three years, fair value 23,326,684  
Marketable securities, debt maturities due after three years through five years, fair value $ 41,448,124  
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Marketable Securities (Gross Unrealized Losses And Fair Values Of Investments By Investment Category And Length Of Time) (Details) (USD $)
Dec. 31, 2012
Mar. 31, 2012
Schedule of Investments [Line Items]    
Marketable Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Market Value $ 3,739,361 $ 10,387,955
Marketable Securities, Continuous Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses (27,166) (76,434)
Marketable Securities, Continuous Unrealized Loss Position, 12 Months or Greater, Fair Market Value   908,550
Marketable Securities, Continuous Unrealized Loss Position, 12 Months or Greater, Gross Unrealized Losses   (32,007)
Marketable Securities, Continuous Unrealized Loss Position, Fair Market Value, Total 3,739,361 11,296,505
Marketable Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total (27,166) (108,441)
Corporate Bonds [Member]
   
Schedule of Investments [Line Items]    
Marketable Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Market Value 3,224,566 10,387,955
Marketable Securities, Continuous Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses (20,869) (76,434)
Marketable Securities, Continuous Unrealized Loss Position, 12 Months or Greater, Fair Market Value     
Marketable Securities, Continuous Unrealized Loss Position, 12 Months or Greater, Gross Unrealized Losses     
Marketable Securities, Continuous Unrealized Loss Position, Fair Market Value, Total 3,224,566 10,387,955
Marketable Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total (20,869) (76,434)
Municipal Bonds [Member]
   
Schedule of Investments [Line Items]    
Marketable Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Market Value 514,795