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 19, 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 July 19, 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 ended June 30, 2017 and announcing a quarterly dividend. |
4
PRESS
RELEASE
For immediate release |
NVE CORPORATION STATEMENTS OF INCOME QUARTERS ENDED JUNE 30, 2017 AND 2016 (Unaudited) Quarter Ended June 30 2017 2016 ----------------------------- Revenue Product sales $ 6,882,673 $ 5,851,214 Contract research and development 724,993 856,558 ----------------------------- Total revenue 7,607,666 6,707,772 Cost of sales 1,798,366 1,385,178 ----------------------------- Gross profit 5,809,300 5,322,594 Expenses Selling, general, and administrative 399,361 389,915 Research and development 905,725 758,368 ----------------------------- Total expenses 1,305,086 1,148,283 ----------------------------- Income from operations 4,504,214 4,174,311 Interest income 361,778 437,734 ----------------------------- Income before taxes 4,865,992 4,612,045 Provision for income taxes 1,568,377 1,479,500 ----------------------------- Net income $ 3,297,615 $ 3,132,545 ============================= Net income per share - basic $ 0.68 $ 0.65 ============================= Net income per share - diluted $ 0.68 $ 0.65 ============================= Weighted average shares outstanding Basic 4,841,010 4,835,010 Diluted 4,846,251 4,837,095 NVE CORPORATION BALANCE SHEETS JUNE 30 AND MARCH 31, 2017 (Unaudited) June 30, 2017 March 31, 2017 ------------------------------ ASSETS Current assets Cash and cash equivalents $ 4,377,913 $ 8,199,364 Marketable securities, short term 26,863,050 19,591,833 Accounts receivable, net of allowance for uncollectible accounts of $15,000 3,130,966 3,436,802 Inventories 3,248,745 3,358,298 Prepaid expenses and other assets 597,949 607,283 ------------------------------ Total current assets 38,218,623 35,193,580 Fixed assets Machinery and equipment 9,354,253 9,007,455 Leasehold improvements 1,691,019 1,644,419 ------------------------------ 11,045,272 10,651,874 Less accumulated depreciation and amortization 9,392,814 9,238,626 ------------------------------ Net fixed assets 1,652,458 1,413,248 Long-term deferred tax assets 409,866 357,055 Marketable securities, long term 53,347,770 56,810,923 ------------------------------ Total assets $ 93,628,717 $ 93,774,806 ============================== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 344,391 $ 376,275 Accrued payroll and other 581,484 576,313 Income taxes payable 1,476,092 - Deferred revenue 35,633 142,733 ----------------------------- Total current liabilities 2,437,600 1,095,321 Shareholders' equity Common stock 48,410 48,410 Additional paid-in capital 19,507,348 19,507,348 Accumulated other comprehensive income (loss) 16,729 (38,298) Retained earnings 71,618,630 73,162,025 ------------------------------ Total shareholders' equity 91,191,117 92,679,485 ------------------------------ Total liabilities and shareholders' equity $ 93,628,717 $ 93,774,806 ==============================