NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS AND SIX MONTHS ENDED SEPTEMBER 30, 2009 AND 2008 (Unaudited)
Quarter Ended Sept. 30
2009 2008
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Revenue
Product sales $ 5,177,445 $ 4,871,381
Contract research and development 1,331,056 856,409
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Total revenue 6,508,501 5,727,790
Cost of sales 1,985,100 1,747,618
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Gross profit 4,523,401 3,980,172
Expenses
Selling, general, and administrative 622,354 585,373
Research and development 291,540 280,863
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Total expenses 913,894 866,236
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Income from operations 3,609,507 3,113,936
Interest income 393,198 277,074
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Income before taxes 4,002,705 3,391,010
Provision for income taxes 1,308,522 1,090,629
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Net income $ 2,694,183 $ 2,300,381
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Net income per share - basic $ 0.57 $ 0.49
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Net income per share - diluted $ 0.55 $ 0.48
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Weighted average shares outstanding
Basic 4,692,607 4,661,396
Diluted 4,871,387 4,788,614
Six Months Ended Sept. 30
2009 2008
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Revenue
Product sales $10,711,482 $ 9,418,703
Contract research and development 2,631,551 1,172,873
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Total revenue 13,343,033 10,591,576
Cost of sales 3,876,523 3,155,050
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Gross profit 9,466,510 7,436,526
Expenses
Selling, general, and administrative 1,258,077 1,114,857
Research and development 558,861 666,895
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Total expenses 1,816,938 1,781,752
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Income from operations 7,649,572 5,654,774
Interest income 763,223 531,509
Other income -- 3,400
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Income before taxes 8,412,795 6,189,683
Provision for income taxes 2,779,680 1,986,686
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Net income $ 5,633,115 $ 4,202,997
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Net income per share - basic $ 1.20 $ 0.90
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Net income per share - diluted $ 1.16 $ 0.88
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Weighted average shares outstanding
Basic 4,684,453 4,652,448
Diluted 4,863,199 4,779,606
NVE CORPORATION
BALANCE SHEETS
SEPTEMBER 30 AND MARCH 31, 2009
(Unaudited)
Sept. 30, March 31,
2009 2009
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ASSETS
Current assets
Cash and cash equivalents $ 2,590,186 $ 1,875,063
Marketable securities, short term 1,653,026 --
Accounts receivable, net of allowance
for uncollectible accounts of $15,000 2,953,027 3,366,698
Inventories 1,864,989 2,247,621
Deferred tax assets -- 667,729
Prepaid expenses and other assets 838,130 669,307
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Total current assets 9,899,358 8,826,418
Fixed assets
Machinery and equipment 5,495,846 5,328,237
Leasehold improvements 450,546 450,546
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5,946,392 5,778,783
Less accumulated depreciation 4,667,319 4,485,509
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Net fixed assets 1,279,073 1,293,274
Marketable securities, long term 39,383,468 32,446,748
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Total assets $50,561,899 $42,566,440
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $ 423,552 $ 257,239
Accrued payroll and other 597,655 637,463
Deferred taxes 23,971 --
Deferred revenue 62,500 104,167
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Total current liabilities 1,107,678 998,869
Shareholders' equity
Common stock 47,006 46,693
Additional paid-in capital 20,169,924 19,166,524
Accumulated other comprehensive income
(loss) 996,882 (252,940)
Retained earnings 28,240,409 22,607,294
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Total shareholders' equity 49,454,221 41,567,571
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Total liabilities and shareholders'
equity $50,561,899 $42,566,440
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