PRESS RELEASE For immediate release |
NVE Corporation Reports Fourth Quarter and Fiscal Year Results
Quarterly product sales reach record
EDEN PRAIRIE, Minn.—May 2, 2012—NVE Corporation (Nasdaq: NVEC) announced today financial results for the quarter and fiscal year ended March 31, 2012.
Total revenue for the fourth quarter of fiscal 2012 decreased 7% to $7.61 million from $8.18 million in the prior-year quarter. Product sales increased 7%, and contract research and development revenue decreased 70%. Net income for the fourth quarter of fiscal 2012 decreased 16% to $3.10 million, or $0.63 per diluted share, compared to $3.67 million, or $0.75 per diluted share, for the prior-year quarter.
For fiscal 2012, total revenue decreased 8% to $28.6 million from $31.2 million for the prior fiscal year. Product sales decreased 3% and contract research and development revenue decreased 34%. Net income for fiscal 2012 was $11.4 million, or $2.34 per diluted share, compared to $13.4 million, or $2.76 per diluted share, for fiscal 2011.
“We are pleased to report record product sales for the quarter,” said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D. “We generated solid earnings for the fourth quarter and fiscal year despite significant challenges in the past year.”
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 of decreased revenues, risks in the enforcement of our patents, litigation risks, 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, 2012.
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NVE CORPORATION STATEMENTS OF INCOME QUARTERS AND YEARS ENDED MARCH 31, 2012 AND 2011 (Unaudited) Quarter Ended March 31 2012 2011 ------------- ------------- Revenue Product sales $ 7,176,491 $ 6,733,984 Contract research and development 431,808 1,449,117 ------------- ------------- Total revenue 7,608,299 8,183,101 Cost of sales 2,277,115 2,641,170 ------------- ------------- Gross profit 5,331,184 5,541,931 Expenses Selling, general, and administrative 637,882 573,312 Research and development 774,899 286,910 ------------- ------------- Total expenses 1,412,781 860,222 ------------- ------------- Income from operations 3,918,403 4,681,709 Interest income 595,605 535,762 ------------- ------------- Income before taxes 4,514,008 5,217,471 Provision for income taxes 1,416,325 1,547,552 ------------- ------------- Net income $ 3,097,683 $ 3,669,919 ============= ============= Net income per share - basic $ 0.64 $ 0.77 ============= ============= Net income per share - diluted $ 0.63 $ 0.75 ============= ============= Weighted average shares outstanding Basic 4,824,745 4,771,954 Diluted 4,889,291 4,887,185 Year Ended March 31 2012 2011 ------------- ------------- Revenue Product sales $ 25,151,822 $ 26,024,823 Contract research and development 3,427,398 5,172,240 ------------- ------------- Total revenue 28,579,220 31,197,063 Cost of sales 9,325,511 9,783,698 ------------- ------------- Gross profit 19,253,709 21,413,365 Expenses Selling, general, and administrative 2,380,603 2,474,468 Research and development 2,600,058 1,269,127 ------------- ------------- Total expenses 4,980,661 3,743,595 ------------- ------------- Income from operations 14,273,048 17,669,770 Interest income 2,350,191 2,021,426 ------------- ------------- Income before taxes 16,623,239 19,691,196 Provision for income taxes 5,242,144 6,330,251 ------------- ------------- Net income $ 11,381,095 $ 13,360,945 ============= ============= Net income per share - basic $ 2.37 $ 2.83 ============= ============= Net income per share - diluted $ 2.34 $ 2.76 ============= ============= Weighted average shares outstanding Basic 4,796,227 4,729,035 Diluted 4,863,471 4,844,266 |
NVE CORPORATION BALANCE SHEETS MARCH 31, 2012 AND 2011 March 31, March 31, 2012 2011 ------------- ------------- ASSETS Current assets Cash and cash equivalents $ 1,544,536 $ 952,209 Marketable securities, short term 17,551,629 7,970,358 Accounts receivable, net of allowance for uncollectible accounts of $15,000 2,684,840 3,596,239 Inventories 3,229,376 3,343,857 Prepaid expenses and other assets 1,159,852 1,185,306 ------------- ------------- Total current assets 26,170,233 17,047,969 Fixed assets Machinery and equipment 7,488,211 6,178,207 Leasehold improvements 720,882 612,682 ------------- ------------- 8,209,093 6,790,889 Less accumulated depreciation 5,697,861 5,259,773 ------------- ------------- Net fixed assets 2,511,232 1,531,116 Marketable securities, long term 54,445,298 53,257,140 ------------- ------------- Total assets $ 83,126,763 $ 71,836,225 ============= ============= LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 663,702 $ 731,580 Accrued payroll and other 867,331 987,403 Deferred taxes 136,872 146,693 ------------- ------------- Total current liabilities 1,667,905 1,865,676 Shareholders' equity Common stock 48,247 47,762 Additional paid-in capital 20,974,477 20,894,766 Accumulated other comprehensive income 1,087,456 1,060,438 Retained earnings 59,348,678 47,967,583 ------------- ------------- Total shareholders' equity 81,458,858 69,970,549 ------------- ------------- Total liabilities and shareholders' equity $ 83,126,763 $ 71,836,225 ============= ============= |