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) July 22, 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 July 22, 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 ended June 30, 2015 and announcing a quarterly dividend. |
4
PRESS
RELEASE
For immediate release |
NVE CORPORATION STATEMENTS OF INCOME QUARTERS ENDED JUNE 30, 2015 AND 2014 (Unaudited) Quarter Ended June 30 2015 2014 ------------------------- Revenue Product sales $ 7,735,865 $ 8,348,081 Contract research and development 585,054 104,954 ------------------------- Total revenue 8,320,919 8,453,035 Cost of sales 1,993,928 1,558,346 ------------------------- Gross profit 6,326,991 6,894,689 Expenses Selling, general, and administrative 484,764 629,650 Research and development 681,001 803,428 ------------------------- Total expenses 1,165,765 1,433,078 ------------------------- Income from operations 5,161,226 5,461,611 Interest income 485,798 548,554 ------------------------- Income before taxes 5,647,024 6,010,165 Provision for income taxes 1,843,798 1,973,055 ------------------------- Net income $ 3,803,226 $ 4,037,110 ========================= Net income per share - basic $ 0.78 $ 0.83 ========================= Net income per share - diluted $ 0.78 $ 0.83 ========================= Weighted average shares outstanding Basic 4,854,841 4,851,043 Diluted 4,860,848 4,867,459 |
NVE CORPORATION BALANCE SHEETS JUNE 30 AND MARCH 31, 2015 June 30, 2015 March 31, 2015 ------------------------------ ASSETS Current assets Cash and cash equivalents $ 12,290,435 $ 9,437,262 Marketable securities, short term 17,559,217 20,099,288 Accounts receivable, net of allowance for uncollectible accounts of $15,000 3,039,738 2,963,974 Inventories 3,170,601 3,742,492 Deferred tax assets 147,219 102,052 Prepaid expenses and other assets 846,546 574,913 ------------------------------ Total current assets 37,053,756 36,919,981 Fixed assets Machinery and equipment 8,629,333 8,604,926 Leasehold improvements 1,522,948 1,524,298 ------------------------------ 10,152,281 10,129,224 Less accumulated depreciation 8,080,567 7,873,816 ------------------------------ Net fixed assets 2,071,714 2,255,408 Marketable securities, long term 70,432,372 70,913,807 ------------------------------ Total assets $ 109,557,842 $ 110,089,196 ============================== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 386,555 $ 358,818 Accrued payroll and other 568,821 1,127,136 Income taxes payable 1,475,474 -- ------------------------------ Total current liabilities 2,430,850 1,485,954 Long-term deferred tax liabilities 138,201 275,708 Shareholders' equity Common stock 48,662 48,580 Additional paid-in capital 20,875,163 20,850,762 Accumulated other comprehensive income 437,948 746,447 Retained earnings 85,627,018 86,681,745 ------------------------------ Total shareholders' equity 106,988,791 108,327,534 ------------------------------ Total liabilities and shareholders' equity $ 109,557,842 $ 110,089,196 ============================== |