NVE Reports Fiscal Year Results
Commercial product revenues up 57%
EDEN PRAIRIE, Minn.--April 24, 2003--NVE Corporation (NasdaqSC: NVEC) today
announced financial results for the fourth quarter and fiscal year ended
March 31, 2003.
Total revenue for fiscal 2003 was $9.45 million, compared to $7.00 million the
prior-year period, an increase of 35%. Commercial product sales for the year
increased 57% over the prior-year period. For fiscal 2003, the company
reported net income of $646,850 or $.15 per diluted share compared to a loss
of $2.10 million or $.62 per share for the prior-year period.
Total revenue for the fourth quarter of fiscal 2003 was $2.60 million compared
to $2.09 million for the prior-year quarter, an increase of 25%. Commercial
product sales for the current quarter increased 61% over the prior-year
quarter. Net income for the current quarter was $160,164 or $.04 per diluted
share, compared to loss of $894,123 or $.26 per share for the prior-year
quarter.
The company met its previously issued guidance of income of $0.15 per diluted
share and revenue of between $9.1 million and $9.5 million for the fiscal year
ending March 31, 2003, and met its expectation of 50% or more increase in
commercial product revenues for the fiscal year ending March 31, 2003.
"These results are in line with our expectations for strong, profitable
growth," commented President and Chief Executive Officer Daniel A. Baker,
Ph.D. "Because of the unique benefits of our technology, our product sales
grew rapidly despite weak economic conditions in the electronics industry.
"For the fiscal year ending March 31, 2004," continued Baker, "we expect $0.01
to $0.08 per diluted share net income, despite the completion of certain
license and technology partnership revenues. Those completed items contributed
income of $.28 per diluted share in the past fiscal year. We expect to
continue our rapid growth in commercial product sales, and that growth will
allow us to maintain profitability."
NVE is a leader in the practical commercialization of "spintronics," which
many experts believe represents the next generation of microelectronics. NVE's
products include sensors and couplers which revolutionize data acquisition and
transfer in industrial automation and networks.
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 industry economic trends, the company's ability to meet stringent
customer technical requirements, as well as the risk factors listed from time
to time in the company's filings with the SEC, including the company's Annual
Report on Form 10-KSB and other periodic reports filed with the SEC.
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Contact: Daniel A. Baker, President and Chief Executive Officer, 952-996-1628
NVE Corporation
CONDENSED STATEMENTS OF OPERATIONS
QUARTER AND YEAR ENDED MARCH 31, 2003 AND 2002
(IN THOUSANDS EXCEPT PER SHARE; UNAUDITED)
Quarter ended March 31, 2003 March 31, 2002
Revenue:
Contract research and development $ 1,709 $ 1,497
Product sales 795 495
License revenue 98 98
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Total revenue 2,602 2,090
Total expenses 2,442 2,984
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Net income (loss) $ 160 $ (894)
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Weighted average shares outstanding 4,366 3,439
Net income (loss) per share - diluted $ 0.04 $ (0.26)
Year ended March 31, 2003 March 31, 2002
Revenue:
Contract research and development $ 6,553 $ 4,816
Product sales 2,503 1,593
License revenue 391 586
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Total revenue 9,447 6,995
Total expenses 8,800 9,095
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Net income (loss) $ 647 $ (2,100)
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Weighted average shares outstanding 4,324 3,406
Net income (loss) per share - diluted $ 0.15 $ (0.62)
NVE Corporation
CONDENSED BALANCE SHEETS
MARCH 31, 2003 AND MARCH 31, 2002
(IN THOUSANDS)
(UNAUDITED)
March 31, 2003 March 31, 2002
ASSETS
Current assets:
Cash $ 596 $ 537
Investment securities 5,880 -
Other current assets 2,039 1,833
Total current assets 8,515 2,370
Fixed assets 1,167 1,226
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Total assets $ 9,682 $ 3,596
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities 1,980 2,742
Other long-term liabilities 223 377
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Total liabilities 2,203 3,119
Shareholders' equity:
Common stock 42 173
Additional paid-in capital 12,171 5,758
Accumulated other comprehensive income 73 -
Accumulated deficit (4,807) (5,454)
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Total shareholders' equity 7,479 477
--------- ---------
Total liabilities and shareholders' equity $ 9,682 $ 3,596
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