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 20, 2016
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 20, 2016 | 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, 2016 and announcing a quarterly dividend. |
4
PRESS
RELEASE
For immediate release |
NVE CORPORATION STATEMENTS OF INCOME QUARTERS ENDED JUNE 30, 2016 AND 2015 (Unaudited) Quarter Ended June 30 2016 2015 ------------------------- Revenue Product sales $ 5,851,214 $ 7,735,865 Contract research and development 856,558 585,054 ------------------------- Total revenue 6,707,772 8,320,919 Cost of sales 1,385,178 1,993,928 ------------------------- Gross profit 5,322,594 6,326,991 Expenses Selling, general, and administrative 389,915 484,764 Research and development 758,368 681,001 ------------------------- Total expenses 1,148,283 1,165,765 ------------------------- Income from operations 4,174,311 5,161,226 Interest income 437,734 485,798 ------------------------- Income before taxes 4,612,045 5,647,024 Provision for income taxes 1,479,500 1,843,798 ------------------------- Net income $ 3,132,545 $ 3,803,226 ========================= Net income per share - basic $ 0.65 $ 0.78 ========================= Net income per share - diluted $ 0.65 $ 0.78 ========================= Weighted average shares outstanding Basic 4,835,010 4,854,841 Diluted 4,837,095 4,860,848 |
NVE CORPORATION BALANCE SHEETS JUNE 30 AND MARCH 31, 2016 (Unaudited) June 30, 2016 March 31, 2016 ------------------------------ ASSETS Current assets Cash and cash equivalents $ 1,905,697 $ 7,534,593 Marketable securities, short term 19,559,795 19,697,384 Accounts receivable, net of allowance for uncollectible accounts of $15,000 2,651,926 2,244,086 Inventories 3,186,450 3,205,233 Prepaid expenses and other assets 701,867 734,524 ------------------------------ Total current assets 28,005,735 33,415,820 Fixed assets Machinery and equipment 8,839,621 8,840,033 Leasehold improvements 1,539,965 1,539,965 ------------------------------ 10,379,586 10,379,998 Less accumulated depreciation 8,882,264 8,688,285 ------------------------------ Net fixed assets 1,497,322 1,691,713 Long-term deferred tax assets - 51,188 Marketable securities, long term 71,170,799 65,695,335 ------------------------------ Total assets $ 100,673,856 $ 100,854,056 ============================== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 297,831 $ 317,990 Accrued payroll and other 591,821 556,674 Income taxes payable 1,281,154 - Deferred revenue 714,805 714,805 ------------------------------ Total current liabilities 3,079,931 1,589,469 Long-term deferred tax liabilities 520 - Shareholders' equity Common stock 48,350 48,350 Additional paid-in capital 19,205,682 19,205,682 Accumulated other comprehensive income 676,962 451,359 Retained earnings 77,856,731 79,559,196 ------------------------------ Total shareholders' equity 97,787,725 99,264,587 ------------------------------ Total liabilities and shareholders' equity $ 100,673,856 $ 100,854,056 ============================== |