UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to
Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 22,
2014
Minnesota |
000-12196
|
41-1424202 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
11409 Valley View Road, Eden Prairie, Minnesota |
55344 | |
(Address of principal executive offices) |
(Zip Code) |
Date October 22, 2014 | NVE CORPORATION (Registrant) /s/ CURT A. REYNDERS Curt A. Reynders Chief Financial Officer |
Exhibit # |
Description |
99 | Press release of NVE Corporation reporting results for the quarter ended September 30, 2014. |
4
![]() | PRESS
RELEASE
For immediate release |
NVE CORPORATION STATEMENTS OF INCOME QUARTERS AND SIX MONTHS ENDED SEPTEMBER 30, 2014 AND 2013 (Unaudited) Quarter Ended September 30 2014 2013 ------------------------------ Revenue Product sales $ 8,113,806 $ 7,231,149 Contract research and development 153,567 70,031 ------------------------------ Total revenue 8,267,373 7,301,180 Cost of sales 1,609,632 1,503,546 ------------------------------ Gross profit 6,657,741 5,797,634 Expenses Selling, general, and administrative 625,599 660,076 Research and development 787,279 876,463 ------------------------------ Total expenses 1,412,878 1,536,539 ------------------------------ Income from operations 5,244,863 4,261,095 Interest income 562,923 520,802 ------------------------------ Income before taxes 5,807,786 4,781,897 Provision for income taxes 1,932,164 1,552,246 ------------------------------ Net income $ 3,875,622 $ 3,229,651 ============================== Net income per share - basic $ 0.80 $ 0.67 ============================== Net income per share - diluted $ 0.80 $ 0.66 ============================== Weighted average shares outstanding Basic 4,855,071 4,852,178 Diluted 4,872,029 4,873,106 Six Months Ended September 30 2014 2013 ------------------------------ Revenue Product sales $ 16,461,887 $ 13,205,755 Contract research and development 258,521 272,358 ------------------------------ Total revenue 16,720,408 13,478,113 Cost of sales 3,167,978 2,881,901 ------------------------------ Gross profit 13,552,430 10,596,212 Expenses Selling, general, and administrative 1,255,249 1,212,880 Research and development 1,590,707 1,839,374 ------------------------------ Total expenses 2,845,956 3,052,254 ------------------------------ Income from operations 10,706,474 7,543,958 Interest income 1,111,477 1,047,141 ------------------------------ Income before taxes 11,817,951 8,591,099 Provision for income taxes 3,905,219 2,794,623 ------------------------------ Net income $ 7,912,732 $ 5,796,476 ============================== Net income per share - basic $ 1.63 $ 1.19 ============================== Net income per share - diluted $ 1.63 $ 1.19 ============================== Weighted average shares outstanding Basic 4,853,068 4,857,279 Diluted 4,868,769 4,878,599 |
NVE CORPORATION BALANCE SHEETS SEPTEMBER 30 AND MARCH 31, 2014 Sept. 30, 2014 March 31, 2014 ------------------------------ ASSETS Current assets Cash and cash equivalents $ 3,281,500 $ 1,262,300 Marketable securities, short term 14,624,615 12,360,091 Accounts receivable, net of allowance for uncollectible accounts of $15,000 3,678,396 2,331,574 Inventories 3,389,393 3,207,333 Deferred tax assets 169,671 237,387 Prepaid expenses and other assets 848,528 816,276 ------------------------------ Total current assets 25,992,103 20,214,961 Fixed assets Machinery and equipment 8,563,720 8,536,010 Leasehold improvements 1,499,454 1,499,454 ------------------------------ 10,063,174 10,035,464 Less accumulated depreciation 7,495,209 7,030,692 ------------------------------ Net fixed assets 2,567,965 3,004,772 Marketable securities, long term 84,551,529 82,022,310 ------------------------------ Total assets $ 113,111,597 $ 105,242,043 ============================== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 337,462 $ 374,127 Accrued payroll and other 855,927 808,675 ------------------------------ Total current liabilities 1,193,389 1,182,802 Long-term deferred tax liabilities 224,769 354,600 Shareholders' equity Common stock 48,580 48,510 Additional paid-in capital 20,850,762 20,464,883 Accumulated other comprehensive income 567,974 877,857 Retained earnings 90,226,123 82,313,391 ------------------------------ Total shareholders' equity 111,693,439 103,704,641 ------------------------------ Total liabilities and shareholders' equity $ 113,111,597 $ 105,242,043 ============================== |