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 3, 2017
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 3, 2017 | 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 year ended March 31, 2017 and announcing a quarterly dividend. |
4
![]() | PRESS
RELEASE
For immediate release |
NVE CORPORATION STATEMENTS OF INCOME QUARTERS AND YEARS ENDED MARCH 31, 2017 AND 2016 (Unaudited) Quarter Ended March 31 2017 2016 ----------------------------- Revenue Product sales $ 6,399,924 $ 5,212,813 Contract research and development 453,282 887,774 ----------------------------- Total revenue 6,853,206 6,100,587 Cost of sales 1,449,454 1,470,049 ----------------------------- Gross profit 5,403,752 4,630,538 Expenses Selling, general, and administrative 340,673 336,891 Research and development 990,729 1,012,564 ----------------------------- Total expenses 1,331,402 1,349,455 ----------------------------- Income from operations 4,072,350 3,281,083 Interest income 386,884 468,121 ----------------------------- Income before taxes 4,459,234 3,749,204 Provision for income taxes 1,431,851 1,148,361 ----------------------------- Net income $ 3,027,383 $ 2,600,843 ============================= Net income per share - basic $ 0.63 $ 0.54 ============================= Net income per share - diluted $ 0.62 $ 0.54 ============================= Weighted average shares outstanding Basic 4,839,543 4,838,843 Diluted 4,844,410 4,840,275
Year Ended March 31 2017 2016 ----------------------------- Revenue Product sales $ 26,182,453 $ 24,410,391 Contract research and development 2,143,743 3,306,887 ----------------------------- Total revenue 28,326,196 27,717,278 Cost of sales 6,078,294 6,616,852 ----------------------------- Gross profit 22,247,902 21,100,426 Expenses Selling, general, and administrative 1,458,598 1,752,962 Research and development 3,344,101 3,061,184 ----------------------------- Total expenses 4,802,699 4,814,146 ----------------------------- Income from operations 17,445,203 16,286,280 Interest income 1,650,808 1,890,817 ----------------------------- Income before taxes 19,096,011 18,177,097 Provision for income taxes 6,147,142 5,884,782 ----------------------------- Net income $ 12,948,869 $ 12,292,315 ============================= Net income per share - basic $ 2.68 $ 2.53 ============================= Net income per share - diluted $ 2.68 $ 2.53 ============================= Weighted average shares outstanding Basic 4,836,602 4,850,209 Diluted 4,838,389 4,852,602
NVE CORPORATION BALANCE SHEETS MARCH 31, 2017 AND 2016 March 31, 2017 March 31, 2016 ------------------------------ ASSETS Current assets Cash and cash equivalents $ 8,199,364 $ 7,534,593 Marketable securities, short term 19,591,833 19,697,384 Accounts receivable, net of allowance for uncollectible accounts of $15,000 3,436,802 2,244,086 Inventories 3,358,298 3,205,233 Prepaid expenses and other assets 607,283 734,524 ------------------------------ Total current assets 35,193,580 33,415,820 Fixed assets Machinery and equipment 9,007,455 8,840,033 Leasehold improvements 1,644,419 1,539,965 ------------------------------ 10,651,874 10,379,998 Less accumulated depreciation 9,238,626 8,688,285 ------------------------------ Net fixed assets 1,413,248 1,691,713 Long-term deferred tax assets 357,055 51,188 Marketable securities, long term 56,810,923 65,695,335 ------------------------------ Total assets $ 93,774,806 $ 100,854,056 ============================== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 376,275 $ 317,990 Accrued payroll and other 576,313 556,674 Deferred revenue 142,733 714,805 ----------------------------- Total current liabilities 1,095,321 1,589,469 Shareholders' equity Common stock 48,410 48,350 Additional paid-in capital 19,507,348 19,205,682 Accumulated other comprehensive (loss) income (38,298) 451,359 Retained earnings 73,162,025 79,559,196 ------------------------------ Total shareholders' equity 92,679,485 99,264,587 ------------------------------ Total liabilities and shareholders' equity $ 93,774,806 $ 100,854,056 ==============================