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 18, 2018
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 18, 2018 | 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, 2018 and announcing a quarterly dividend. |
4
PRESS
RELEASE
For immediate release |
NVE CORPORATION STATEMENTS OF INCOME QUARTERS ENDED JUNE 30, 2018 AND 2017 (Unaudited) Quarter Ended June 30 2018 2017 ----------------------------- Revenue Product sales $ 6,870,646 $ 6,882,673 Contract research and development 237,260 724,993 ----------------------------- Total revenue 7,107,906 7,607,666 Cost of sales 1,396,005 1,798,366 ----------------------------- Gross profit 5,711,901 5,809,300 Expenses Research and development 989,026 905,725 Selling, general, and administrative 328,761 399,361 ----------------------------- Total expenses 1,317,787 1,305,086 ----------------------------- Income from operations 4,394,114 4,504,214 Interest income 424,770 361,778 ----------------------------- Income before taxes 4,818,884 4,865,992 Provision for income taxes 873,835 1,568,377 ----------------------------- Net income $ 3,945,049 $ 3,297,615 ============================= Net income per share - basic $ 0.81 $ 0.68 ============================= Net income per share - diluted $ 0.81 $ 0.68 ============================= Weighted average shares outstanding Basic 4,842,010 4,841,010 Diluted 4,850,479 4,846,251NVE CORPORATION BALANCE SHEETS JUNE 30 AND MARCH 31, 2018 June 30, 2018 March 31, 2018 ------------------------------ ASSETS Current assets Cash and cash equivalents $ 8,451,861 $ 4,755,082 Marketable securities, short term 22,924,176 20,765,809 Accounts receivable, net of allowance for uncollectible accounts of $15,000 3,120,773 2,888,779 Inventories 3,621,681 3,650,439 Prepaid expenses and other assets 532,107 635,160 ------------------------------ Total current assets 38,650,598 32,695,269 Fixed assets Machinery and equipment 9,395,987 9,395,987 Leasehold improvements 1,787,269 1,749,284 ------------------------------ 11,183,256 11,145,271 Less accumulated depreciation and amortization 9,941,949 9,819,888 ------------------------------ Net fixed assets 1,241,307 1,325,383 Deferred tax assets 603,074 572,655 Marketable securities, long term 46,558,228 52,838,158 ------------------------------ Total assets $ 87,053,207 $ 87,431,465 ============================== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 388,413 $ 414,970 Accrued payroll and other 507,030 574,755 Income taxes payable 720,012 - ----------------------------- Total current liabilities 1,615,455 989,725 Shareholders' equity Common stock 48,420 48,420 Additional paid-in capital 19,599,298 19,599,298 Accumulated other comprehensive loss (1,083,027) (915,635) Retained earnings 66,873,061 67,709,657 ------------------------------ Total shareholders' equity 85,437,752 86,441,740 ------------------------------ Total liabilities and shareholders' equity $ 87,053,207 $ 87,431,465 ==============================