PRESS RELEASE For immediate release |
NVE Corporation Reports NVE Corporation Reports First Quarter Results
EDEN PRAIRIE, Minn.—July 18, 2012—NVE Corporation (Nasdaq: NVEC) announced today financial results for the quarter ended June 30, 2012.
Total revenue for the first quarter of fiscal 2013 decreased 9% to $7.46 million from $8.21 million in the prior-year quarter. The revenue decrease was due to a 64% decrease in contract research and development revenue, partially offset by a slight percentage increase in product sales. Net income for the first quarter of fiscal 2013 decreased 2% to $3.38 million, or $0.69 per diluted share, compared to $3.44 million, or $0.70 per diluted share, for the prior-year quarter.
“We are pleased to report strong earnings for the quarter, record gross margin as a percentage of revenue, and increased product sales,” 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 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 ENDED JUNE 30, 2012 AND 2011 (UNAUDITED) Quarter Ended June 30 2012 2011 ------------ ------------ Revenue Product sales $ 7,030,745 $ 7,023,274 Contract research and development 432,160 1,190,488 ------------ ------------ Total revenue 7,462,905 8,213,762 Cost of sales 1,802,353 2,595,592 ------------ ------------ Gross profit 5,660,552 5,618,170 Expenses Selling, general, and administrative 536,110 615,830 Research and development 688,026 494,876 ------------ ------------ Total expenses 1,224,136 1,110,706 ------------ ------------ Income from operations 4,436,416 4,507,464 Interest income 562,618 565,529 ------------ ------------ Income before taxes 4,999,034 5,072,993 Provision for income taxes 1,621,376 1,633,765 ------------ ------------ Net income $ 3,377,658 $ 3,439,228 ============ ============ Net income per share -- basic $ 0.70 $ 0.72 ============ ============ Net income per share -- diluted $ 0.69 $ 0.70 ============ ============ Weighted average shares outstanding Basic 4,824,745 4,776,198 Diluted 4,886,873 4,893,915 |
NVE CORPORATION BALANCE SHEETS JUNE 30 AND MARCH 31, 2012 March 31, June 30, 2012 2012 ------------- ------------- ASSETS Current assets Cash and cash equivalents $ 1,493,518 $ 1,544,536 Marketable securities, short term 18,903,884 17,551,629 Accounts receivable, net of allowance for uncollectible accounts of $15,000 2,947,096 2,684,840 Inventories 3,547,096 3,229,376 Prepaid expenses and other assets 1,199,691 1,159,852 ------------- ------------- Total current assets 28,091,285 26,170,233 Fixed assets Machinery and equipment 7,876,694 7,488,211 Leasehold improvements 777,585 720,882 ------------- ------------- 8,654,279 8,209,093 Less accumulated depreciation 5,837,132 5,697,861 ------------- ------------- Net fixed assets 2,817,147 2,511,232 Marketable securities, long term 56,664,385 54,445,298 ------------- ------------- Total assets $ 87,572,817 $ 83,126,763 ============= ============= LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 603,056 $ 663,702 Accrued payroll and other 730,440 867,331 Income taxes payable 1,397,138 -- Deferred taxes 91,295 136,872 ------------- ------------- Total current liabilities 2,821,929 1,667,905 Shareholders' equity Common stock 48,247 48,247 Additional paid-in capital 20,974,477 20,974,477 Accumulated other comprehensive income 1,001,828 1,087,456 Retained earnings 62,726,336 59,348,678 ------------- ------------- Total shareholders' equity 84,750,888 81,458,858 ------------- ------------- Total liabilities and shareholders' equity $ 87,572,817 $ 83,126,763 ============= ============= |