PRESS RELEASE For immediate release |
NVE Corporation Reports First Quarter Results
EDEN PRAIRIE, Minn.—July 20, 2011—NVE Corporation (Nasdaq: NVEC) announced today financial results for the quarter ended June 30, 2011.
Total revenue for the first quarter of fiscal 2012 increased 13% to $8.21 million from $7.24 million in the prior-year quarter. The revenue increase was due to a 13% increase in product sales and a 14% increase in contract research and development revenue. Net income for the first quarter of fiscal 2012 increased 11% to $3.44 million, or $0.70 per diluted share, compared to $3.10 million, or $0.64 per diluted share, for the prior-year quarter.
“We are pleased to report strong earnings for the quarter, driven by record product sales and total revenue,” said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D.
NVE is a leader in the practical commercialization of spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store and transmit information. The company manufactures high-performance spintronic products including sensors and couplers that are used to acquire and transmit data. NVE has also licensed its spintronic magnetoresistive random access memory technology, commonly known as MRAM.
Statements used in this press release that relate to future plans, events, financial results or performance are forward-looking statements that are subject to certain risks and uncertainties including, among others, such factors as risks in continued growth in revenue and profits and uncertainties related to economic environments, as well as the risk factors listed from time to time in our filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2011 and other reports filed with the SEC.
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NVE CORPORATION STATEMENTS OF INCOME QUARTERS ENDED JUNE 30, 2011 AND 2010 (Unaudited) Quarter Ended June 30 2011 2010 ------------ ------------ Revenue Product sales $ 7,023,274 $ 6,193,876 Contract research and development 1,190,488 1,047,418 ------------ ------------ Total revenue 8,213,762 7,241,294 Cost of sales 2,595,592 2,075,804 ------------ ------------ Gross profit 5,618,170 5,165,490 Expenses Selling, general, and administrative 615,830 628,386 Research and development 494,876 341,663 ------------ ------------ Total expenses 1,110,706 970,049 ------------ ------------ Income from operations 4,507,464 4,195,441 Interest income 565,529 475,730 ------------ ------------ Income before taxes 5,072,993 4,671,171 Provision for income taxes 1,633,765 1,570,074 ------------ ------------ Net income $ 3,439,228 $ 3,101,097 ============ ============ Net income per share -- basic $ 0.72 $ 0.66 ============ ============ Net income per share -- diluted $ 0.70 $ 0.64 ============ ============ Weighted average shares outstanding Basic 4,776,198 4,700,583 Diluted 4,893,915 4,861,331 |
NVE CORPORATION BALANCE SHEETS JUNE 30 AND MARCH 31, 2011 March 31, June 30, 2011 2011 ------------- ------------- ASSETS Current assets Cash and cash equivalents $ 1,677,431 $ 952,209 Marketable securities, short term 9,599,679 7,970,358 Accounts receivable, net of allowance for uncollectible accounts of $15,000 3,402,982 3,596,239 Inventories 3,368,728 3,343,857 Prepaid expenses and other assets 1,037,664 1,185,306 ------------- ------------- Total current assets 19,086,484 17,047,969 Fixed assets Machinery and equipment 6,376,673 6,178,207 Leasehold improvements 612,682 612,682 ------------- ------------- 6,989,355 6,790,889 Less accumulated depreciation 5,372,405 5,259,773 ------------- ------------- Net fixed assets 1,616,950 1,531,116 Marketable securities, long term 55,938,489 53,257,140 ------------- ------------- Total assets $ 76,641,923 $ 71,836,225 ============= ============= LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 724,420 $ 731,580 Accrued payroll and other 832,950 987,403 Income taxes payable 1,374,763 -- Deferred taxes 198,723 146,693 ------------- ------------- Total current liabilities 3,130,856 1,865,676 Shareholders' equity Common stock 47,762 47,762 Additional paid-in capital 20,894,766 20,894,766 Accumulated other comprehensive income 1,161,728 1,060,438 Retained earnings 51,406,811 47,967,583 ------------- ------------- Total shareholders' equity 73,511,067 69,970,549 ------------- ------------- Total liabilities and shareholders' equity $ 76,641,923 $ 71,836,225 ============= ============= |