NVE (NVEC) 10-Q 20 Jul 16 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jun. 30, 2016	Jul. 15, 2016
Document Information [Line Items]
Entity Registrant Name	NVE CORP /NEW/
Entity Central Index Key	724,910
Trading Symbol	nvec
Current Fiscal Year End Date	--03-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		4,835,010
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false

Balance Sheets (Current Period

Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2016	Mar. 31, 2016	[1]
Current assets
Cash and cash equivalents	$ 1,905,697	$ 7,534,593
Marketable securities, short-term	19,559,795	19,697,384
Accounts receivable, net of allowance for uncollectible accounts of $15,000	2,651,926	2,244,086
Inventories	3,186,450	3,205,233
Prepaid expenses and other assets	701,867	734,524
Total current assets	28,005,735	33,415,820
Fixed assets
Machinery and equipment	8,839,621	8,840,033
Leasehold improvements	1,539,965	1,539,965
	10,379,586	10,379,998
Less accumulated depreciation and amortization	8,882,264	8,688,285
Net fixed assets	1,497,322	1,691,713
Long-term deferred tax assets		51,188
Marketable securities, long-term	71,170,799	65,695,335
Total assets	100,673,856	100,854,056
Current liabilities
Accounts payable	297,831	317,990
Accrued payroll and other	591,821	556,674
Income taxes payable	1,281,154
Deferred revenue	714,805	714,805
Total current liabilities	2,885,611	1,589,469
Long-term deferred tax liabilities	520
Shareholders’ equity
Common stock, $0.01 par value, 6,000,000 shares authorized; 4,835,010 issued and outstanding as of June 30, 2016 and March 31, 2016	48,350	48,350
Additional paid-in capital	19,205,682	19,205,682
Accumulated other comprehensive income	676,962	451,359
Retained earnings	77,856,731	79,559,196
Total shareholders’ equity	97,787,725	99,264,587
Total liabilities and shareholders’ equity	$ 100,673,856	$ 100,854,056
[1]	The March 31, 2016 Balance Sheet is derived from the audited financial statements contained in our Annual Report on Form 10-K for the fiscal year ended March 31, 2016.

Balance Sheets (Current Period3

Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Jun. 30, 2016	Mar. 31, 2016	[1]
Allowance for uncollectible accounts	$ 15,000	$ 15,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	6,000,000	6,000,000
Common stock, shares issued (in shares)	4,835,010	4,835,010
Common stock, shares outstanding (in shares)	4,835,010	4,835,010
[1]	The March 31, 2016 Balance Sheet is derived from the audited financial statements contained in our Annual Report on Form 10-K for the fiscal year ended March 31, 2016.

Statements of Income (Unaudited

Statements of Income (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Revenue
Product sales	$ 5,851,214	$ 7,735,865
Contract research and development	856,558	585,054
Total revenue	6,707,772	8,320,919
Cost of sales	1,385,178	1,993,928
Gross profit	5,322,594	6,326,991
Expenses
Selling, general, and administrative	389,915	484,764
Research and development	758,368	681,001
Total expenses	1,148,283	1,165,765
Income from operations	4,174,311	5,161,226
Interest income	437,734	485,798
Income before taxes	4,612,045	5,647,024
Provision for income taxes	1,479,500	1,843,798
Net income	$ 3,132,545	$ 3,803,226
Net income per share – basic (in dollars per share)	$ 0.65	$ 0.78
Net income per share – diluted (in dollars per share)	0.65	0.78
Cash dividends declared per common share (in dollars per share)	$ 1	$ 1
Weighted average shares outstanding
Basic (in shares)	4,835,010	4,854,841
Diluted (in shares)	4,837,095	4,860,848

Statements of Comprehensive Inc

Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Net income	$ 3,132,545	$ 3,803,226
Unrealized gain (loss) from marketable securities, net of tax	225,603	(308,499)
Comprehensive income	$ 3,358,148	$ 3,494,727

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2016		Jun. 30, 2015
OPERATING ACTIVITIES
Net income	$ 3,132,545		$ 3,803,226
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	193,979		206,751
Excess tax benefits			(318,521)
Deferred income taxes	(77,021)		311,876
Changes in operating assets and liabilities:
Accounts receivable	(407,840)		(75,764)
Inventories	18,783		571,891
Prepaid expenses and other assets	32,657		(271,633)
Accounts payable and accrued expenses	1,296,142		944,896
Net cash provided by operating activities	4,189,245		5,172,722
INVESTING ACTIVITIES
Purchases of fixed assets	412		(23,057)
Purchases of marketable securities	(4,983,543)		136,978
Proceeds from maturities and sales of marketable securities			2,400,000
Net cash (used in) provided by investing activities	(4,983,131)		2,513,921
FINANCING ACTIVITIES
Proceeds from sale of common stock			262,749
Excess tax benefits			318,521
Repurchase of common stock			(556,787)
Payment of dividends to shareholders	(4,835,010)		(4,857,953)
Net cash used in financing activities	(4,835,010)		(4,833,470)
(Decrease) increase in cash and cash equivalents	(5,628,896)		2,853,173
Cash and cash equivalents at beginning of period	7,534,593	[1]	9,437,262
Cash and cash equivalents at end of period	1,905,697		12,290,435
Supplemental disclosures of cash flow information:
Cash paid during the quarter for income taxes
[1]	The March 31, 2016 Balance Sheet is derived from the audited financial statements contained in our Annual Report on Form 10-K for the fiscal year ended March 31, 2016.

Note 1 - Description of Busines

Note 1 - Description of Business	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	NOTE 1. DESCRIPTION OF BUSINESS

Note 2 - Interim Financial Info

Note 2 - Interim Financial Information	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Quarterly Financial Information [Text Block]	NOTE 2. INTERIM FINANCIAL INFORMATION

Note 3 - Recently Issued Accoun

Note 3 - Recently Issued Accounting Standards	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	NOTE 3. RECENTLY ISSUED ACCOUNTING STANDARDS Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Statements

Note 4 - Net Income Per Share

Note 4 - Net Income Per Share	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE 4. NET INCOME PER SHARE Quarter Ended June 30 2016 2015 Weighted average common shares outstanding – basic 4,835,010 4,854,841 Dilutive effect of stock options 2,085 6,007 Shares used in computing net income per share – diluted 4,837,095 4,860,848

Note 5 - Marketable Securities

Note 5 - Marketable Securities	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	NOTE 5. MARKETABLE SECURITIES Total <1 Year 1–3 Years 3–5 Years $ 90,730,594 $ 19,559,795 $ 50,581,928 $ 20,588,871 As of June 30, 2016 As of March 31, 2016 Gross Gross Fair Gross Gross Fair Corporate bonds $ 88,332,907 $ 1,060,409 $ - $ 89,393,316 $ 83,339,487 $ 717,206 $ (10,824 ) $ 84,045,869 Municipal bonds 1,334,451 2,827 - 1,337,278 1,344,328 2,522 - 1,346,850 Total $ 89,667,358 $ 1,063,236 $ - $ 90,730,594 $ 84,683,815 $ 719,728 $ (10,824 ) $ 85,392,719 Less Than 12 Months 12 Months or Greater Total Fair Gross Fair Gross Fair Gross As of June 30, 2016 Corporate bonds $ - $ - $ - $ - $ - $ - Municipal bonds - - - - - - Total $ - $ - $ - $ - $ - $ - As of March 31, 2016 Corporate bonds $ 3,003,606 $ (6,703 ) $ 2,599,870 $ (4,121 ) $ 5,603,476 $ (10,824 ) Municipal bonds - - - - - - Total $ 3,003,606 $ (6,703 ) $ 2,599,870 $ (4,121 ) $ 5,603,476 $ (10,824 )

Note 6 - Inventories

Note 6 - Inventories	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE 6. INVENTORIES June 30, March 31, Raw materials $ 703,983 $ 810,987 Work in process 1,880,969 1,653,800 Finished goods 601,498 740,446 Total inventories $ 3,186,450 $ 3,205,233

Note 7 - Stock-based Compensati

Note 7 - Stock-based Compensation	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	NOTE 7. STOCK-BASED COMPENSATION

Note 8 - Income Taxes

Note 8 - Income Taxes	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 8. INCOME TAXES

Note 9 - Fair Value Measurement

Note 9 - Fair Value Measurements	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE 9. FAIR VALUE MEASUREMENTS

Note 10 - Stock Repurchase Prog

Note 10 - Stock Repurchase Program	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Stock Repurchase Plan Disclosure [Text Block]	NOTE 10. STOCK REPURCHASE PROGRAM

Note 11 - Dividends

Note 11 - Dividends	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Dividends [Text Block]	NOTE 11. DIVIDENDS

Note 4 - Net Income Per Share (

Note 4 - Net Income Per Share (Tables)	3 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Quarter Ended June 30 2016 2015 Weighted average common shares outstanding – basic 4,835,010 4,854,841 Dilutive effect of stock options 2,085 6,007 Shares used in computing net income per share – diluted 4,837,095 4,860,848

Note 5 - Marketable Securities

Note 5 - Marketable Securities (Tables)	3 Months Ended
	Jun. 30, 2016
Notes Tables
Marketable Securities [Table Text Block]	Total <1 Year 1–3 Years 3–5 Years $ 90,730,594 $ 19,559,795 $ 50,581,928 $ 20,588,871
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	As of June 30, 2016 As of March 31, 2016 Gross Gross Fair Gross Gross Fair Corporate bonds $ 88,332,907 $ 1,060,409 $ - $ 89,393,316 $ 83,339,487 $ 717,206 $ (10,824 ) $ 84,045,869 Municipal bonds 1,334,451 2,827 - 1,337,278 1,344,328 2,522 - 1,346,850 Total $ 89,667,358 $ 1,063,236 $ - $ 90,730,594 $ 84,683,815 $ 719,728 $ (10,824 ) $ 85,392,719
Schedule of Unrealized Loss on Investments [Table Text Block]	Less Than 12 Months 12 Months or Greater Total Fair Gross Fair Gross Fair Gross As of June 30, 2016 Corporate bonds $ - $ - $ - $ - $ - $ - Municipal bonds - - - - - - Total $ - $ - $ - $ - $ - $ - As of March 31, 2016 Corporate bonds $ 3,003,606 $ (6,703 ) $ 2,599,870 $ (4,121 ) $ 5,603,476 $ (10,824 ) Municipal bonds - - - - - - Total $ 3,003,606 $ (6,703 ) $ 2,599,870 $ (4,121 ) $ 5,603,476 $ (10,824 )

Note 6 - Inventories (Tables)

Note 6 - Inventories (Tables)	3 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, March 31, Raw materials $ 703,983 $ 810,987 Work in process 1,880,969 1,653,800 Finished goods 601,498 740,446 Total inventories $ 3,186,450 $ 3,205,233

Note 4 - Net Income Per Share21

Note 4 - Net Income Per Share (Details Textual)	3 Months Ended
	Jun. 30, 2016shares
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	10,000

Note 4 - Components of Common S

Note 4 - Components of Common Shares Outstanding (Details) - shares	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Weighted average common shares outstanding – basic (in shares)	4,835,010	4,854,841
Dilutive effect of stock options (in shares)	2,085	6,007
Shares used in computing net income per share – diluted (in shares)	4,837,095	4,860,848

Note 5 - Marketable Securitie23

Note 5 - Marketable Securities (Details Textual)	3 Months Ended	12 Months Ended
	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss	$ 0	$ 10,824
Number of Other-than-temporarily Impaired Marketable Securities	0

Note 5 - Fair Value of Marketab

Note 5 - Fair Value of Marketable Securities (Details)	Jun. 30, 2016USD ($)
Less than 1 Year	$ 19,559,795
1-3 Years	50,581,928
3-5 Years	$ 20,588,871

Note 5 - Reconciliation of Mark

Note 5 - Reconciliation of Marketable Securities (Details) - USD ($)	Jun. 30, 2016	Mar. 31, 2016
Corporate Bond Securities [Member]
Adjusted Cost	$ 88,332,907	$ 83,339,487
Gross Unrealized Gains	1,060,409	717,206
Gross Unrealized Losses		(10,824)
Fair Market Value	89,393,316	84,045,869
Municipal Bonds [Member]
Adjusted Cost	1,334,451	1,344,328
Gross Unrealized Gains	2,827	2,522
Gross Unrealized Losses
Fair Market Value	1,337,278	1,346,850
Adjusted Cost	89,667,358	84,683,815
Gross Unrealized Gains	1,063,236	719,728
Gross Unrealized Losses		(10,824)
Fair Market Value	$ 90,730,594	$ 85,392,719

Note 5 - Gross Unrealized Losse

Note 5 - Gross Unrealized Losses and Fair Value of Investments (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016
Corporate Bond Securities [Member]
Fair market value, less than 12 months		$ 3,003,606
Gross unrealized losses, less than 12 months		(6,703)
Fair market value, greater than 12 months		2,599,870
Gross unrealized losses, greater than 12 months		(4,121)
Total Fair Market Value		5,603,476
Total Gross Unrealized Losses		(10,824)
Municipal Bonds [Member]
Fair market value, less than 12 months
Gross unrealized losses, less than 12 months
Fair market value, greater than 12 months
Gross unrealized losses, greater than 12 months
Total Fair Market Value
Total Gross Unrealized Losses
Fair market value, less than 12 months		3,003,606
Gross unrealized losses, less than 12 months		(6,703)
Fair market value, greater than 12 months		2,599,870
Gross unrealized losses, greater than 12 months		(4,121)
Total Fair Market Value		5,603,476
Total Gross Unrealized Losses	$ 0	$ (10,824)

Note 6 - Inventories (Details)

Note 6 - Inventories (Details) - USD ($)	Jun. 30, 2016	Mar. 31, 2016
Raw materials	$ 703,983	$ 810,987
Work in process	1,880,969	1,653,800
Finished goods	601,498	740,446
Total inventories	$ 3,186,450	$ 3,205,233	[1]
[1]	The March 31, 2016 Balance Sheet is derived from the audited financial statements contained in our Annual Report on Form 10-K for the fiscal year ended March 31, 2016.

Note 7 - Stock-based Compensa28

Note 7 - Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Allocated Share-based Compensation Expense	$ 0	$ 0

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual)	3 Months Ended
	Jun. 30, 2016USD ($)
Latest Tax Year [Member]
Open Tax Year	2,015
Earliest Tax Year [Member]
Open Tax Year	2,013
Unrecognized Tax Benefits	$ 0
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	0
Unrecognized Tax Benefits, Interest on Income Taxes Accrued	$ 0
Open Tax Year	1,999

Note 9 - Fair Value Measureme30

Note 9 - Fair Value Measurements (Details Textual) - USD ($)	Jun. 30, 2016	Mar. 31, 2016
Fair Value, Inputs, Level 1 [Member]
Available-for-sale Securities	$ 89,393,316	$ 84,045,869
Fair Value, Inputs, Level 2 [Member]
Available-for-sale Securities	$ 1,337,278	$ 1,346,850

Note 10 - Stock Repurchase Pr31

Note 10 - Stock Repurchase Program (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2016	Aug. 27, 2015	Jan. 21, 2009
Stock Repurchased and Retired During Period, Value	$ 0
Stock Repurchase Program, Authorized Amount			$ 2,500,000
Stock Repurchase Program Authorized Additional Amount		$ 5,000,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 4,540,806

Note 11 - Dividends (Details Te

Note 11 - Dividends (Details Textual)	Jul. 20, 2016$ / shares
Subsequent Event [Member]
Dividends Payable, Amount Per Share	$ 1