Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Sep. 30, 2014 | Oct. 17, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Document Fiscal Year Focus | '2015 | ' |
Entity Registrant Name | 'NVE CORP /NEW/ | ' |
Entity Central Index Key | '0000724910 | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 4,857,953 |
Balance_Sheets
Balance Sheets (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
ASSETS | ' | ' |
Cash and cash equivalents | $3,281,500 | $1,262,300 |
Marketable securities, short term | 14,624,615 | 12,360,091 |
Accounts receivable, net of allowance for uncollectible accounts of $15,000 | 3,678,396 | 2,331,574 |
Inventories | 3,389,393 | 3,207,333 |
Deferred tax assets | 169,671 | 237,387 |
Prepaid expenses and other assets | 848,528 | 816,276 |
Total current assets | 25,992,103 | 20,214,961 |
Fixed assets | ' | ' |
Machinery and equipment | 8,563,720 | 8,536,010 |
Leasehold improvements | 1,499,454 | 1,499,454 |
Gross fixed assets | 10,063,174 | 10,035,464 |
Less accumulated depreciation | 7,495,209 | 7,030,692 |
Net fixed assets | 2,567,965 | 3,004,772 |
Marketable securities, long term | 84,551,529 | 82,022,310 |
Total assets | 113,111,597 | 105,242,043 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' |
Accounts payable | 337,462 | 374,127 |
Accrued payroll and other | 855,927 | 808,675 |
Total current liabilities | 1,193,389 | 1,182,802 |
Deferred Tax Liabilities, Net, Noncurrent | 224,769 | 354,600 |
Shareholders' equity | ' | ' |
Common stock, $0.01 par value, 6,000,000 shares authorized; 4,857,953 issued and outstanding as of September 30, 2014 and 4,851,043 issued and outstanding as of March 31, 2014 | 48,580 | 48,510 |
Additional paid-in capital | 20,850,762 | 20,464,883 |
Accumulated other comprehensive income | 567,974 | 877,857 |
Retained earnings | 90,226,123 | 82,313,391 |
Total shareholders' equity | 111,693,439 | 103,704,641 |
Total liabilities and shareholders' equity | $113,111,597 | $105,242,043 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
Balance Sheets | ' | ' |
Accounts receivable, allowance for uncollectible accounts | $15,000 | $15,000 |
Common stock par value | $0.01 | $0.01 |
Common stock, shares authorized | 6,000,000 | 6,000,000 |
Common stock shares, issued | 4,857,953 | 4,851,043 |
Common stock shares, outstanding | 4,857,953 | 4,851,043 |
Statements_Of_Income
Statements Of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Revenue | ' | ' | ' | ' |
Product sales | $8,113,806 | $7,231,149 | $16,461,887 | $13,205,755 |
Contract research and development | 153,567 | 70,031 | 258,521 | 272,358 |
Total revenue | 8,267,373 | 7,301,180 | 16,720,408 | 13,478,113 |
Cost of sales | 1,609,632 | 1,503,546 | 3,167,978 | 2,881,901 |
Gross profit | 6,657,741 | 5,797,634 | 13,552,430 | 10,596,212 |
Expenses | ' | ' | ' | ' |
Selling, general , and administrative | 625,599 | 660,076 | 1,255,249 | 1,212,880 |
Research and development | 787,279 | 876,463 | 1,590,707 | 1,839,374 |
Total expenses | 1,412,878 | 1,536,539 | 2,845,956 | 3,052,254 |
Income from operations | 5,244,863 | 4,261,095 | 10,706,474 | 7,543,958 |
Interest income | 562,923 | 520,802 | 1,111,477 | 1,047,141 |
Income before taxes | 5,807,786 | 4,781,897 | 11,817,951 | 8,591,099 |
Provision for income taxes | 1,932,164 | 1,552,246 | 3,905,219 | 2,794,623 |
Net income | $3,875,622 | $3,229,651 | $7,912,732 | $5,796,476 |
Net income per share - basic | $0.80 | $0.67 | $1.63 | $1.19 |
Net income per share - diluted | $0.80 | $0.66 | $1.63 | $1.19 |
Weighted average shares outstanding | ' | ' | ' | ' |
Basic | 4,855,071 | 4,852,178 | 4,853,068 | 4,857,279 |
Diluted | 4,872,029 | 4,873,106 | 4,868,769 | 4,878,599 |
Statements_of_Comprehensive_In
Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $3,875,622 | $3,229,651 | $7,912,732 | $5,796,476 |
Unrealized loss from marketable securities, net of tax | -404,731 | 244,389 | -309,883 | -610,646 |
Comprehensive income | $3,470,891 | $3,474,040 | $7,602,849 | $5,185,830 |
Statements_Of_Cash_Flows
Statements Of Cash Flows (USD $) | 6 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
OPERATING ACTIVITIES | ' | ' |
Net income | $7,912,732 | $5,796,476 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 464,517 | 380,272 |
Stock-based compensation | 58,960 | 53,200 |
Excess tax benefits | -24,288 | 0 |
Deferred income taxes | 138,992 | 28,457 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -1,346,822 | -509,632 |
Inventories | -182,060 | 236,147 |
Prepaid expenses and other assets | -32,252 | 63,341 |
Accounts payable and other current liabilities | 10,587 | -54,230 |
Net cash provided by operating activities | 7,000,366 | 5,994,031 |
INVESTING ACTIVITIES | ' | ' |
Purchases of fixed assets | -27,710 | 0 |
Purchases of marketable securities | -9,280,445 | -11,533,738 |
Proceeds from maturities and sales of marketable securities | 4,000,000 | 5,855,000 |
Net cash used in investing activities | -5,308,155 | -5,678,738 |
FINANCING ACTIVITIES | ' | ' |
Net proceeds from sale of common stock | 302,701 | 0 |
Excess tax benefits | 24,288 | 0 |
Repurchase of common stock | 0 | -1,263,405 |
Net cash provided by financing activities | 326,989 | -1,263,405 |
Increase in cash and cash equivalents | 2,019,200 | -948,112 |
Cash and cash equivalents at beginning of period | 1,262,300 | 2,509,683 |
Cash and cash equivalents at end of period | 3,281,500 | 1,561,571 |
Supplemental disclosures of cash flow information: | ' | ' |
Cash paid during the period for income taxes | $3,760,500 | $2,838,033 |
Description_Of_Business
Description Of Business | 6 Months Ended |
Sep. 30, 2014 | |
Description Of Business [Abstract] | ' |
Description Of Business | ' |
NOTE 1. DESCRIPTION OF BUSINESS | |
We develop and sell devices that use spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information. | |
Interim_Financial_Information
Interim Financial Information | 6 Months Ended |
Sep. 30, 2014 | |
Interim Financial Information [Abstract] | ' |
Interim Financial Information | ' |
NOTE 2. INTERIM FINANCIAL INFORMATION | |
The accompanying unaudited financial statements of NVE Corporation are prepared consistent with accounting principles generally accepted in the United States and in accordance with Securities and Exchange Commission rules and regulations. In the opinion of management, these financial statements reflect all adjustments, consisting only of normal and recurring adjustments, necessary for a fair presentation of the financial statements. Although we believe that the disclosures are adequate to make the information presented not misleading, it is suggested that these unaudited financial statements be read in conjunction with the audited financial statements and the notes included in our latest annual financial statements included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2014. The results of operations for the quarter or six months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the full fiscal year ending March 31, 2015. | |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 6 Months Ended |
Sep. 30, 2014 | |
Recent Accounting Pronouncements [Abstract] | ' |
Recent Accounting Pronouncements | ' |
NOTE 3. RECENT ACCOUNTING PRONOUNCEMENTS | |
In May 2014, the Financial Accounting Standards Board issued Accounting Standard Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification 605, Revenue Recognition. ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period, which will be our first quarter of fiscal 2018. We have not yet evaluated the impact of ASU 2014-09 on our financial statements. | |
Net_Income_Per_Share
Net Income Per Share | 6 Months Ended | |||
Sep. 30, 2014 | ||||
Net Income Per Share [Abstract] | ' | |||
Net Income Per Share | ' | |||
NOTE 4. NET INCOME PER SHARE | ||||
Net income per basic share is computed based on the weighted-average number of common shares issued and outstanding during each period. Net income per diluted share amounts assume conversion, exercise or issuance of all potential common stock instruments (stock options and warrants). Stock options totaling 4,000 for the quarter and six months ended September 30, 2014 and 13,000 for the quarter and six months ended September 30, 2013 were not included in the computation of diluted earnings per share because the exercise prices of the options were greater than the market price of the common stock and are considered anti-dilutive. The following table reflects the components of common shares outstanding: | ||||
Quarter Ended Sept. 30 | ||||
2014 | 2013 | |||
Weighted average common shares outstanding basic | 4,855,071 | 4,852,178 | ||
Effect of dilutive securities: | ||||
Stock options | 16,958 | 20,435 | ||
Warrants | - | 493 | ||
Shares used in computing net income per share diluted | 4,872,029 | 4,873,106 | ||
Six Months Ended Sept. 30 | ||||
2014 | 2013 | |||
Weighted average common shares outstanding basic | 4,853,068 | 4,857,279 | ||
Effect of dilutive securities: | ||||
Stock options | 15,701 | 20,798 | ||
Warrants | - | 522 | ||
Shares used in computing net income per share diluted | 4,868,769 | 4,878,599 |
Marketable_Securities
Marketable Securities | 6 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||
Marketable Securities [Abstract] | ' | |||||||||||||||||||||||||
Marketable Securities | ' | |||||||||||||||||||||||||
NOTE 5. MARKETABLE SECURITIES | ||||||||||||||||||||||||||
All of our marketable securities are classified as available-for-sale. Marketable securities with remaining maturities less than one year are classified as short-term, and those with remaining maturities greater than one year are classified as long-term. The fair value of our marketable securities as of September 30, 2014, by maturity, were as follows: | ||||||||||||||||||||||||||
Total | <1 Year | 1-3 Years | 3-5 Years | |||||||||||||||||||||||
$ | 99,176,144 | $ | 14,624,615 | $ | 46,756,649 | $ | 37,794,880 | |||||||||||||||||||
As of September 30 and March 31, 2014, our marketable securities were as follows: | ||||||||||||||||||||||||||
As of September 30, 2014 | As of March 31, 2014 | |||||||||||||||||||||||||
Gross | Gross | Fair | Gross | Gross | Fair | |||||||||||||||||||||
Adjusted | Unrealized | Unrealized | Market | Adjusted | Unrealized | Unrealized | Market | |||||||||||||||||||
Cost | Gains | Losses | Value | Cost | Gains | Losses | Value | |||||||||||||||||||
Corporate bonds | $ | 95,870,410 | $ | 1,137,401 | $ | (252,010 | ) | $ | 96,755,801 | $ | 88,567,210 | $ | 1,613,822 | $ | (246,973 | ) | $ | 89,934,059 | ||||||||
Municipal bonds | 2,413,675 | 6,668 | - | 2,420,343 | 4,436,430 | 16,521 | (4,609 | ) | 4,448,342 | |||||||||||||||||
Total | $ | 98,284,085 | $ | 1,144,069 | $ | (252,010 | ) | $ | 99,176,144 | $ | 93,003,640 | $ | 1,630,343 | $ | (251,582 | ) | $ | 94,382,401 | ||||||||
The following table shows the gross unrealized losses and fair value of our investments with unrealized losses, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position as of September 30 and March 31, 2014: | ||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||||
Market | Unrealized | Market | Unrealized | Market | Unrealized | |||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||||||||
Corporate bonds | $ | 29,377,477 | $ | (172,907 | ) | $ | 8,368,641 | $ | (79,103 | ) | $ | 37,746,118 | $ | (252,010 | ) | |||||||||||
Municipal bonds | - | - | - | - | - | - | ||||||||||||||||||||
Total | $ | 29,377,477 | $ | (172,907 | ) | $ | 8,368,641 | $ | (79,103 | ) | $ | 37,746,118 | $ | (252,010 | ) | |||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||||
Corporate bonds | $ | 34,761,683 | $ | (246,973 | ) | $ | - | $ | - | $ | 34,761,683 | $ | (246,973 | ) | ||||||||||||
Municipal bonds | 1,418,742 | (4,609 | ) | - | - | 1,418,742 | (4,609 | ) | ||||||||||||||||||
Total | $ | 36,180,425 | $ | (251,582 | ) | $ | - | $ | - | $ | 36,180,425 | $ | (251,582 | ) | ||||||||||||
Gross unrealized losses totaled $252,010 as of September 30, 2014, and were attributed to 12 corporate bonds out of a portfolio of 40 bonds. The gross unrealized losses were due to market-price decreases and rating downgrades after the bonds were purchased. | ||||||||||||||||||||||||||
All of the bonds we held had investment-grade credit ratings by Moodys or Standard and Poors. For each bond with an unrealized loss, we expect to recover the entire cost basis of each security based on our consideration of factors including their credit ratings, the underlying ratings of insured bonds, and historical default rates for securities of comparable credit rating. | ||||||||||||||||||||||||||
Three corporate bonds, with a total fair market value of $8,368,641, had been in continuous unrealized loss positions for 12 months or greater. For these securities, we also considered the severity of unrealized losses, which was less than 1% of adjusted cost for each security. | ||||||||||||||||||||||||||
Because we expect to recover the costs basis of investments held, we do not consider any of our marketable securities to be other-than-temporarily impaired at September 30, 2014. |
Inventories
Inventories | 6 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventories [Abstract] | ' | |||||||
Inventories | ' | |||||||
NOTE 6. INVENTORIES | ||||||||
Inventories consisted of the following: | ||||||||
Sept. 30 | 31-Mar | |||||||
2014 | 2014 | |||||||
Raw materials | $ | 898,089 | $ | 776,510 | ||||
Work in process | 2,087,528 | 1,940,809 | ||||||
Finished goods | 658,776 | 785,014 | ||||||
3,644,393 | 3,502,333 | |||||||
Less inventory reserve | (255,000 | ) | (295,000 | ) | ||||
Total inventories | $ | 3,389,393 | $ | 3,207,333 |
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended |
Sep. 30, 2014 | |
Stock-Based Compensation [Abstract] | ' |
Stock-Based Compensation | ' |
NOTE 7. STOCK-BASED COMPENSATION | |
Stock-based compensation expense was $58,960 for the second quarter and first six months of fiscal 2015, and $53,200 for the second quarter and first six months of fiscal 2014. Stock-based compensation expenses for the quarters and six months ended September 30, 2014 and 2013 were due to the issuance of automatic stock options to our non-employee directors on their election or reelection to our Board. We calculate the share-based compensation expense using the Black-Scholes standard option-pricing model. | |
Income_Taxes
Income Taxes | 6 Months Ended |
Sep. 30, 2014 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
NOTE 8. INCOME TAXES | |
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. | |
We had no unrecognized tax benefits as of September 30, 2014 or March 31, 2014, and we do not expect any significant unrecognized tax benefits within 12 months of the reporting date. We recognize interest and penalties related to income tax matters in income tax expense. As of September 30, 2014 we had no accrued interest related to uncertain tax positions. The tax years 1999 through 2013 remain open to examination by the major taxing jurisdictions to which we are subject. | |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended |
Sep. 30, 2014 | |
Fair Value Measurements [Abstract] | ' |
Fair Value Measurements | ' |
NOTE 9. FAIR VALUE MEASUREMENTS | |
Generally accepted accounting principles establish a framework for measuring fair value, provide a definition of fair value and prescribe required disclosures about fair-value measurements. Generally accepted accounting principles define fair value as the price that would be received to sell an asset or paid to transfer a liability. Fair value is a market-based measurement that should be determined using assumptions that market participants would use in pricing an asset or liability. Generally accepted accounting principles utilize a valuation hierarchy for disclosure of fair value measurements. The categorization within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The categories within the valuation hierarchy are described as follows: | |
Level 1 Financial instruments with quoted prices in active markets for identical assets or liabilities. Our Level 1 financial instruments consist of publicly-traded marketable corporate debt securities, which are classified as available-for-sale. On the balance sheets, these securities are included in Marketable securities, short term and Marketable securities, long term. The fair value of our Level 1 marketable securities was $96,755,801 at September 30, 2014 and $89,934,059 at March 31, 2014. | |
Level 2 Financial instruments with quoted prices in active markets for similar assets or liabilities. Level 2 fair value measurements are determined using either prices for similar instruments or inputs that are either directly or indirectly observable, such as interest rates. Our Level 2 financial instruments consist of municipal debt securities, which are classified as available-for-sale. On the balance sheets, these securities are included in Marketable securities, short term and Marketable securities, long term. The fair value of our Level 2 marketable securities was $2,420,343 at September 30, 2014 and $4,448,342 at March 31, 2014. | |
Level 3 Inputs to the fair value measurement are unobservable inputs or valuation techniques. We do not have any financial assets or liabilities being measured at fair value that are classified as Level 3 financial instruments. | |
Stock_Repurchase_Plan
Stock Repurchase Plan | 6 Months Ended |
Sep. 30, 2014 | |
Stock Repurchase Plan [Abstract] | ' |
Stock Repurchase Plan | ' |
NOTE 10. STOCK REPURCHASE PLAN | |
On January 21, 2009 we announced that our Board of Directors authorized the repurchase of up to $2,500,000 of our Common Stock, $1,236,595 of which remained available as of September 30, 2014. The repurchase program may be modified or discontinued at any time without notice. We did not repurchase any of our Common Stock during the quarter ended September 30, 2014. | |
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 6 Months Ended | |||
Sep. 30, 2014 | ||||
Net Income Per Share [Abstract] | ' | |||
Schedule Of Weighted Average Number Of Shares | ' | |||
Quarter Ended Sept. 30 | ||||
2014 | 2013 | |||
Weighted average common shares outstanding basic | 4,855,071 | 4,852,178 | ||
Effect of dilutive securities: | ||||
Stock options | 16,958 | 20,435 | ||
Warrants | - | 493 | ||
Shares used in computing net income per share diluted | 4,872,029 | 4,873,106 | ||
Six Months Ended Sept. 30 | ||||
2014 | 2013 | |||
Weighted average common shares outstanding basic | 4,853,068 | 4,857,279 | ||
Effect of dilutive securities: | ||||
Stock options | 15,701 | 20,798 | ||
Warrants | - | 522 | ||
Shares used in computing net income per share diluted | 4,868,769 | 4,878,599 |
Marketable_Securities_Tables
Marketable Securities (Tables) | 6 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||
Marketable Securities [Abstract] | ' | |||||||||||||||||||||||||
Fair Value Of Marketable Securities By Maturity | ' | |||||||||||||||||||||||||
Total | <1 Year | 1-3 Years | 3-5 Years | |||||||||||||||||||||||
$ | 99,176,144 | $ | 14,624,615 | $ | 46,756,649 | $ | 37,794,880 | |||||||||||||||||||
Amortized Cost And Approximate Fair Values Of Marketable Securities | ' | |||||||||||||||||||||||||
As of September 30, 2014 | As of March 31, 2014 | |||||||||||||||||||||||||
Gross | Gross | Fair | Gross | Gross | Fair | |||||||||||||||||||||
Adjusted | Unrealized | Unrealized | Market | Adjusted | Unrealized | Unrealized | Market | |||||||||||||||||||
Cost | Gains | Losses | Value | Cost | Gains | Losses | Value | |||||||||||||||||||
Corporate bonds | $ | 95,870,410 | $ | 1,137,401 | $ | (252,010 | ) | $ | 96,755,801 | $ | 88,567,210 | $ | 1,613,822 | $ | (246,973 | ) | $ | 89,934,059 | ||||||||
Municipal bonds | 2,413,675 | 6,668 | - | 2,420,343 | 4,436,430 | 16,521 | (4,609 | ) | 4,448,342 | |||||||||||||||||
Total | $ | 98,284,085 | $ | 1,144,069 | $ | (252,010 | ) | $ | 99,176,144 | $ | 93,003,640 | $ | 1,630,343 | $ | (251,582 | ) | $ | 94,382,401 | ||||||||
Gross Unrealized Losses And Fair Values Of Investments By Investment Category And Length Of Time | ' | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||||
Market | Unrealized | Market | Unrealized | Market | Unrealized | |||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||||||||
Corporate bonds | $ | 29,377,477 | $ | (172,907 | ) | $ | 8,368,641 | $ | (79,103 | ) | $ | 37,746,118 | $ | (252,010 | ) | |||||||||||
Municipal bonds | - | - | - | - | - | - | ||||||||||||||||||||
Total | $ | 29,377,477 | $ | (172,907 | ) | $ | 8,368,641 | $ | (79,103 | ) | $ | 37,746,118 | $ | (252,010 | ) | |||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||||
Corporate bonds | $ | 34,761,683 | $ | (246,973 | ) | $ | - | $ | - | $ | 34,761,683 | $ | (246,973 | ) | ||||||||||||
Municipal bonds | 1,418,742 | (4,609 | ) | - | - | 1,418,742 | (4,609 | ) | ||||||||||||||||||
Total | $ | 36,180,425 | $ | (251,582 | ) | $ | - | $ | - | $ | 36,180,425 | $ | (251,582 | ) |
Inventories_Tables
Inventories (Tables) | 6 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventories [Abstract] | ' | |||||||
Schedule Of Inventories | ' | |||||||
Sept. 30 | 31-Mar | |||||||
2014 | 2014 | |||||||
Raw materials | $ | 898,089 | $ | 776,510 | ||||
Work in process | 2,087,528 | 1,940,809 | ||||||
Finished goods | 658,776 | 785,014 | ||||||
3,644,393 | 3,502,333 | |||||||
Less inventory reserve | (255,000 | ) | (295,000 | ) | ||||
Total inventories | $ | 3,389,393 | $ | 3,207,333 |
Net_Income_Per_Share_Details
Net Income Per Share (Details) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Net Income Per Share [Abstract] | ' | ' | ' | ' |
Weighted average common shares outstanding - basic | 4,855,071 | 4,852,178 | 4,853,068 | 4,857,279 |
Stock options | 16,958 | 20,435 | 15,701 | 20,798 |
Warrants | ' | 493 | ' | 522 |
Shares used in computing net income per share - diluted | 4,872,029 | 4,873,106 | 4,868,769 | 4,878,599 |
Stock options and warrants not included in computation of diluted earnings per share | 4,000 | ' | 4,000 | 13,000 |
Marketable_Securities_Narrativ
Marketable Securities (Narrative) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Mar. 31, 2014 | |
Schedule of Investments [Line Items] | ' | ' |
Gross unrealized losses | $252,010 | $251,582 |
Marketable Securities, Continuous Unrealized Loss Position, 12 Months or Greater, Fair Market Value | 8,368,641 | ' |
Marketable Securities, Continuous Unrealized Loss Position, 12 Months or Greater, Gross Unrealized Losses | 79,103 | ' |
Municipal Bonds [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Gross unrealized losses | ' | $4,609 |
Marketable_Securities_Fair_Val
Marketable Securities (Fair Value Of Marketable Securities By Maturity) (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
Marketable Securities [Abstract] | ' | ' |
Fair Market Value | $99,176,144 | $94,382,401 |
Marketable securities, debt maturities due within one year, fair value | 14,624,615 | ' |
Marketable securities, debt maturities due after one year through three years, fair value | 46,756,649 | ' |
Marketable securities, debt maturities due after three years through five years, fair value | $37,794,880 | ' |
Marketable_Securities_Amortize
Marketable Securities (Amortized Cost And Approximate Fair Values Of Marketable Securities) (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
Schedule of Investments [Line Items] | ' | ' |
Adjusted Cost | $98,284,085 | $93,003,640 |
Gross Unrealized Gains | 1,144,069 | 1,630,343 |
Gross Unrealized Losses | -252,010 | -251,582 |
Fair Market Value | 99,176,144 | 94,382,401 |
Corporate Bonds [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Adjusted Cost | 95,870,410 | 88,567,210 |
Gross Unrealized Gains | 1,137,401 | 1,613,822 |
Gross Unrealized Losses | -252,010 | -246,973 |
Fair Market Value | 96,755,801 | 89,934,059 |
Municipal Bonds [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Adjusted Cost | 2,413,675 | 4,436,430 |
Gross Unrealized Gains | 6,668 | 16,521 |
Gross Unrealized Losses | ' | -4,609 |
Fair Market Value | $2,420,343 | $4,448,342 |
Marketable_Securities_Gross_Un
Marketable Securities (Gross Unrealized Losses And Fair Values Of Investments By Investment Category And Length Of Time) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Mar. 31, 2014 | |
Schedule of Investments [Line Items] | ' | ' |
Marketable Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Market Value | $29,377,477 | $36,180,425 |
Marketable Securities, Continuous Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | -172,907 | -251,582 |
Marketable Securities, Continuous Unrealized Loss Position, 12 Months or Greater, Fair Market Value | 8,368,641 | ' |
Marketable Securities, Continuous Unrealized Loss Position, 12 Months or Greater, Gross Unrealized Losses | -79,103 | ' |
Marketable Securities, Continuous Unrealized Loss Position, Fair Market Value, Total | 37,746,118 | 36,180,425 |
Marketable Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total | -252,010 | -251,582 |
Corporate Bonds [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Marketable Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Market Value | 29,377,477 | 34,761,683 |
Marketable Securities, Continuous Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | -172,907 | -246,973 |
Marketable Securities, Continuous Unrealized Loss Position, 12 Months or Greater, Fair Market Value | 8,368,641 | ' |
Marketable Securities, Continuous Unrealized Loss Position, 12 Months or Greater, Gross Unrealized Losses | -79,103 | ' |
Marketable Securities, Continuous Unrealized Loss Position, Fair Market Value, Total | 37,746,118 | 34,761,683 |
Marketable Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total | -252,010 | -246,973 |
Municipal Bonds [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Marketable Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Market Value | ' | 1,418,742 |
Marketable Securities, Continuous Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | ' | -4,609 |
Marketable Securities, Continuous Unrealized Loss Position, Fair Market Value, Total | ' | 1,418,742 |
Marketable Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total | ' | ($4,609) |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
Inventories [Abstract] | ' | ' |
Raw materials | $898,089 | $776,510 |
Work in process | 2,087,528 | 1,940,809 |
Finished goods | 658,776 | 785,014 |
Inventory, Gross, Total | 3,644,393 | 3,502,333 |
Less inventory reserve | -255,000 | -295,000 |
Total inventories | $3,389,393 | $3,207,333 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 6 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Stock-Based Compensation [Abstract] | ' | ' |
Share-based compensation | $58,960 | $53,200 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
Available-for-sale securities, fair value | $99,176,144 | $94,382,401 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Available-for-sale securities, fair value | 96,755,801 | 89,934,059 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Available-for-sale securities, fair value | $2,420,343 | $4,448,342 |
Stock_Repurchase_Plan_Details
Stock Repurchase Plan (Details) (USD $) | 6 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Jan. 21, 2009 | |
Stock Repurchase Plan [Abstract] | ' | ' | ' |
Repurchase of common stock | $0 | $1,263,405 | ' |
Authorized common stock for repurchase | ' | ' | 2,500,000 |
Remaining authorized common stock for repurchase | $1,236,595 | ' | ' |