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) January 19,
2022
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) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered |
Common Stock, $0.01 par value | NVEC | The NASDAQ Stock Market, LLC |
Date January 19, 2022 | NVE CORPORATION (Registrant) /s/ DANIEL A. BAKER Daniel A. Baker President and Chief Executive Officer |
Exhibit # |
Description |
99 | Press release of NVE Corporation reporting results for the quarter and nine months ended December 31, 2021 and announcing a quarterly dividend. |
4
PRESS
RELEASE
For immediate release |
NVE CORPORATION STATEMENTS OF INCOME QUARTERS ENDED DECMBER 31, 2021 AND 2020 (Unaudited) |
|||||||
Quarter Ended Dec. 31 | |||||||
2021 | 2020 | ||||||
Revenue | |||||||
Product sales
|
$ | 5,916,790 | $ | 6,332,349 | |||
Contract research and development
|
374,019 | 201,013 | |||||
Total revenue | 6,290,809 | 6,533,362 | |||||
Cost of sales | 1,385,006 | 1,075,048 | |||||
Gross profit | 4,905,803 | 5,458,314 | |||||
Expenses | |||||||
Research and development
|
596,492 | 702,216 | |||||
Selling, general, and administrative
|
272,159 | 311,356 | |||||
Total expenses | 868,651 | 1,013,572 | |||||
Income from operations | 4,037,152 | 4,444,742 | |||||
Interest income | 283,940 | 365,498 | |||||
Income before taxes | 4,321,092 | 4,810,240 | |||||
Provision for income taxes | 855,685 | 884,531 | |||||
Net income | $ | 3,465,407 | $ | 3,925,709 | |||
Net income per share basic | $ | 0.72 | $ | 0.81 | |||
Net income per share diluted | $ | 0.72 | $ | 0.81 | |||
Cash dividends declared per common share | $ | 1.00 | $ | 1.00 | |||
Weighted average shares outstanding | |||||||
Basic
|
4,833,604 | 4,833,232 | |||||
Diluted
|
4,835,770 | 4,833,261 |
NVE CORPORATION STATEMENTS OF INCOME NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (Unaudited) |
|||||||
Nine Months Ended Dec. 31 | |||||||
2021 | 2020 | ||||||
Revenue | |||||||
Product sales
|
$ | 19,500,567 | $ | 14,850,157 | |||
Contract research and development
|
766,866 | 653,252 | |||||
Total revenue | 20,267,433 | 15,503,409 | |||||
Cost of sales | 4,698,720 | 2,852,757 | |||||
Gross profit | 15,568,713 | 12,650,652 | |||||
Expenses | |||||||
Research and development
|
2,112,630 | 2,399,164 | |||||
Selling, general, and administrative
|
1,221,893 | 1,024,549 | |||||
Total expenses | 3,334,523 | 3,423,713 | |||||
Income from operations | 12,234,190 | 9,226,939 | |||||
Interest income | 868,519 | 1,166,102 | |||||
Income before taxes | 13,102,709 | 10,393,041 | |||||
Provision for income taxes | 2,411,228 | 1,833,127 | |||||
Net income | $ | 10,691,481 | $ | 8,559,914 | |||
Net income per share basic | $ | 2.21 | $ | 1.77 | |||
Net income per share diluted | $ | 2.21 | $ | 1.77 | |||
Cash dividends declared per common share | $ | 3.00 | $ | 3.00 | |||
Weighted average shares outstanding | |||||||
Basic
|
4,833,356 | 4,834,324 | |||||
Diluted
|
4,835,781 | 4,834,411 |
NVE CORPORATION BALANCE SHEETS DECEMBER 31 AND MARCH 31, 2021 |
|||||||
(Unaudited) Dec. 31, 2021 |
March 31, 2021 | ||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents
|
$ | 8,967,657 | $ | 10,427,340 | |||
Marketable securities, short-term
|
22,482,494 | 7,678,957 | |||||
Accounts receivable, net of allowance for uncollectible
accounts of $15,000
|
3,038,203 | 1,964,281 | |||||
Inventories
|
4,367,675 | 3,900,777 | |||||
Prepaid expenses and other assets
|
921,846 | 391,278 | |||||
Total current assets | 39,777,875 | 24,362,633 | |||||
Fixed assets | |||||||
Machinery and equipment
|
9,312,982 | 9,254,664 | |||||
Leasehold improvements
|
1,810,872 | 1,810,872 | |||||
11,123,854 | 11,065,536 | ||||||
Less accumulated depreciation and amortization
|
10,886,378 | 10,728,853 | |||||
Net fixed assets | 237,476 | 336,683 | |||||
Deferred tax assets | 260,134 | 73,538 | |||||
Marketable securities, long-term | 27,179,552 | 47,038,669 | |||||
Right-of-use asset operating lease | 593,715 | 689,216 | |||||
Total assets | $ | 68,048,752 | $ | 72,500,739 | |||
LIABILITIES AND SHAREHOLDERS EQUITY | |||||||
Current liabilities | |||||||
Accounts payable
|
$ | 111,243 | $ | 336,591 | |||
Accrued payroll and other
|
812,502 | 540,474 | |||||
Operating lease
|
152,807 | 150,273 | |||||
Total current liabilities | 1,076,552 | 1,027,338 | |||||
Operating lease | 482,798 | 581,459 | |||||
Total liabilities | 1,559,350 | 1,608,797 | |||||
Shareholders equity | |||||||
Common stock
|
48,337 | 48,332 | |||||
Additional paid-in capital
|
19,411,158 | 19,338,127 | |||||
Accumulated other comprehensive income
|
433,759 | 1,101,119 | |||||
Retained earnings
|
46,596,148 | 50,404,364 | |||||
Total shareholders equity | 66,489,402 | 70,891,942 | |||||
Total liabilities and shareholders equity | $ | 68,048,752 | $ | 72,500,739 |