NVE Corporation Reports Quarterly Results
Commercial product revenues more than double
EDEN PRAIRIE, Minn.--July 17, 2003--NVE Corporation (NasdaqSC: NVEC) today
announced financial results for its first quarter ended June 30, 2003.
Total revenue was $2.82 million compared to $2.16 million for the prior-year
quarter, an increase of 30%. Commercial product sales for the current
quarter increased 108% over the prior-year quarter. Net income for the
current quarter was $334,418 or $.07 per diluted share, compared to $92,229
or $.02 per share for the prior-year quarter.
The prior-year quarter included $247,917 in non-recurring license and
technology partnership revenue. Those non-recurring items contributed income
of $.06 per diluted share in the prior-year quarter. The cessation of non-
recurring items was more than offset by increases in product sales and
contract research and development revenue.
"We're pleased to report that quarterly results exceeded our expectations,"
commented President and Chief Executive Officer Daniel A. Baker, Ph.D.
"Product sales grew rapidly and improved product yields led to higher than
expected profit margins."
The company revised its guidance to $0.10 to $0.15 per diluted share net
income for the fiscal year ending March 31, 2004. The company had previously
issued guidance of $0.01 to $0.08 per diluted share net income.
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, the awarding of future government
contracts, continued eligibility for SBIR awards, 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
THREE MONTHS ENDED JUNE 30, 2003 AND 2002
(IN THOUSANDS EXCEPT PER SHARE; UNAUDITED)
Three months ended June 30, 2003 June 30, 2002
Revenue:
Contract research and development $ 1,721 $ 1,536
Product sales 1,099 529
License revenue - 98
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Total revenue 2,820 2,163
Total expenses 2,486 2,071
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Net income $ 334 $ 92
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Weighted average shares outstanding 4,571 4,342
Net income per share - diluted $ 0.07 $ 0.02
NVE Corporation
CONDENSED BALANCE SHEETS
JUNE 30, 2003 AND MARCH 31, 2003
(IN THOUSANDS)
(UNAUDITED)
June 30, March 31,
2003 2003
ASSETS
Current assets:
Cash $ 1,455 $ 596
Investment securities 5,052 5,880
Other current assets 2,155 2,039
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Total current assets 8,662 8,515
Fixed assets 1,360 1,167
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Total assets $ 10,022 $ 9,682
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities 1,991 1,980
Other long-term liabilities 182 223
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Total liabilities 2,173 2,203
Shareholders' equity:
Common stock 42 42
Additional paid-in capital 12,179 12,171
Accumulated other comprehensive income 101 73
Accumulated deficit (4,473) (4,807)
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Total shareholders' equity 7,849 7,479
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Total liabilities and shareholders' equity $ 10,022 $ 9,682
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