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) May 6, 2015
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 May 6, 2015 | 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 and fiscal year ended March 31, 2015 and announcing a quarterly dividend. |
4
![]() | PRESS
RELEASE
For immediate release |
NVE CORPORATION STATEMENTS OF INCOME QUARTERS AND YEARS ENDED MARCH 31, 2015 AND 2014 (Unaudited) Quarter Ended March 31 2015 2014 --------------------------- Revenue Product sales $ 7,548,468 $ 5,857,866 Contract research and development 23,464 125,231 --------------------------- Total revenue 7,571,932 5,983,097 Cost of sales 1,378,235 1,388,980 --------------------------- Gross profit 6,193,697 4,594,117 Expenses Selling, general, and administrative 523,132 478,897 Research and development 714,728 840,719 --------------------------- Total expenses 1,237,860 1,319,616 --------------------------- Income from operations 4,955,837 3,274,501 Interest income 518,403 544,609 --------------------------- Income before taxes 5,474,240 3,819,110 Provision for income taxes 1,811,524 1,256,885 --------------------------- Net income $ 3,662,716 $ 2,562,225 =========================== Net income per share - basic $ 0.75 $ 0.53 =========================== Net income per share - diluted $ 0.75 $ 0.53 =========================== Weighted average shares outstanding Basic 4,857,953 4,848,721 Diluted 4,875,295 4,866,382 Year Ended March 31 2015 2014 --------------------------- Revenue Product sales $ 29,894,045 $ 25,512,028 Contract research and development 690,043 422,879 --------------------------- Total revenue 30,584,088 25,934,907 Cost of sales 6,019,868 5,720,277 --------------------------- Gross profit 24,564,220 20,214,630 Expenses Selling, general, and administrative 2,312,076 2,235,475 Research and development 3,000,193 3,585,339 --------------------------- Total expenses 5,312,269 5,820,814 --------------------------- Income from operations 19,251,951 14,393,816 Interest income 2,187,723 2,122,133 --------------------------- Income before taxes 21,439,674 16,515,949 Provision for income taxes 7,071,320 5,380,074 --------------------------- Net income $ 14,368,354 $ 11,135,875 =========================== Net income per share - basic $ 2.96 $ 2.30 =========================== Net income per share - diluted $ 2.95 $ 2.29 =========================== Weighted average shares outstanding Basic 4,855,504 4,851,460 Diluted 4,871,935 4,867,691 |
NVE CORPORATION BALANCE SHEETS MARCH 31, 2015 AND 2014 March 31, 2015 March 31, 2014 ------------------------------- ASSETS Current assets Cash and cash equivalents $ 9,437,262 $ 1,262,300 Marketable securities, short term 20,099,288 12,360,091 Accounts receivable, net of allowance for uncollectible accounts of $15,000 2,963,974 2,331,574 Inventories 3,742,492 3,207,333 Deferred tax assets 102,052 237,387 Prepaid expenses and other assets 574,913 816,276 ------------------------------ Total current assets 36,919,981 20,214,961 Fixed assets Machinery and equipment 8,604,926 8,536,010 Leasehold improvements 1,524,298 1,499,454 ------------------------------ 10,129,224 10,035,464 Less accumulated depreciation 7,873,816 7,030,692 ------------------------------ Net fixed assets 2,255,408 3,004,772 Marketable securities, long term 70,913,807 82,022,310 ------------------------------ Total assets $ 110,089,196 $ 105,242,043 ============================== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 358,818 $ 374,127 Accrued payroll and other 1,127,136 808,675 ------------------------------ Total current liabilities 1,485,954 1,182,802 Long-term deferred tax liabilities 275,708 354,600 Shareholders' equity Common stock 48,580 48,510 Additional paid-in capital 20,850,762 20,464,883 Accumulated other comprehensive income 746,447 877,857 Retained earnings 86,681,745 82,313,391 ------------------------------ Total shareholders' equity 108,327,534 103,704,641 ------------------------------ Total liabilities and shareholders' equity $ 110,089,196 $ 105,242,043 ============================== |