NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS ENDED JUNE 30, 2009 AND 2008 (Unaudited)
Quarter Ended June 30
2009 2008
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Revenue
Product sales $ 5,534,037 $ 4,547,322
Contract research and development 1,300,495 316,464
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Total revenue 6,834,532 4,863,786
Cost of sales 1,891,423 1,407,432
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Gross profit 4,943,109 3,456,354
Expenses
Selling, general, and administrative 635,723 529,484
Research and development 267,321 386,032
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Total expenses 903,044 915,516
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Income from operations 4,040,065 2,540,838
Interest income 370,025 254,435
Other income -- 3,400
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Income before taxes 4,410,090 2,798,673
Provision for income taxes 1,471,158 896,057
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Net income $ 2,938,932 $ 1,902,616
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Net income per share - basic $ 0.63 $ 0.41
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Net income per share - diluted $ 0.61 $ 0.40
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Weighted average shares outstanding
Basic 4,676,209 4,643,402
Diluted 4,855,525 4,788,460
NVE CORPORATION
BALANCE SHEETS
JUNE 30 AND MARCH 31, 2009
(Unaudited)
June 30, March 31,
2009 2009
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ASSETS
Current assets
Cash and cash equivalents $ 1,251,561 $ 1,875,063
Marketable securities, short term 750,790 --
Accounts receivable, net of allowance
for uncollectible accounts of $15,000 3,072,700 3,366,698
Inventories 2,067,937 2,247,621
Deferred tax assets 202,784 667,729
Prepaid expenses and other assets 711,718 669,307
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Total current assets 8,057,490 8,826,418
Fixed assets
Machinery and equipment 5,364,158 5,328,237
Leasehold improvements 450,546 450,546
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5,814,704 5,778,783
Less accumulated depreciation 4,576,414 4,485,509
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Net fixed assets 1,238,290 1,293,274
Marketable securities, long term 38,616,304 32,446,748
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Total assets $47,912,084 $42,566,440
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $ 324,873 $ 257,239
Accrued payroll and other 1,910,087 637,463
Deferred revenue 83,333 104,167
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Total current liabilities 2,318,293 998,869
Shareholders' equity
Common stock 46,826 46,693
Additional paid-in capital 19,441,783 19,166,524
Accumulated other comprehensive
income (loss) 558,956 (252,940)
Retained earnings 25,546,226 22,607,294
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Total shareholders' equity 45,593,791 41,567,571
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Total liabilities and shareholders'
equity $47,912,084 $42,566,440
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