NVE Corporation
CONDENSED STATEMENTS OF OPERATIONS
QUARTER AND YEAR ENDED MARCH 31, 2004 AND 2003
(IN THOUSANDS EXCEPT PER SHARE; UNAUDITED)
Quarter ended March 31, 2004 March 31, 2003
Revenue:
Contract research and development $ 1,667 $ 1,709
Product sales 1,541 795
License revenue - 98
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Total revenue 3,208 2,602
Cost of sales 1,890 1,638
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Gross profit 1,318 964
Expenses
Research and development 391 364
Selling, general and administrative 441 513
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Total expenses 832 877
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Income from operations 486 87
Interest Income 49 57
Interest expense (5) (8)
Other Income 23 24
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Income from operations before income taxes 533 160
Income tax (benefit) (237) -
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Net income $ 790 $ 160
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Weighted average shares outstanding 4,877 4,366
Net income per share - diluted $ 0.16 $ 0.04
Year ended March 31, 2004 March 31, 2003
Revenue:
Contract research and development $ 6,617 $ 6,553
Product sales 5,393 2,503
License revenue - 391
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Total revenue 12,010 9,447
Cost of sales 7,445 5,911
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Gross profit 4,565 3,536
Expenses
Research and development 1,103 1,308
Selling, general and administrative 1,831 1,838
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Total expenses 2,934 3,146
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Income from operations 1,631 390
Interest Income 189 211
Interest expense (25) (40)
Other Income 80 86
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Income from operations before income taxes 1,875 647
Income tax (benefit) (233) -
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Net income $ 2,108 $ 647
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Weighted average shares outstanding 4,727 4,324
Net income per share - diluted $ 0.45 $ 0.15
NVE Corporation
CONDENSED BALANCE SHEETS
MARCH 31, 2004 AND MARCH 31, 2003
(IN THOUSANDS)
(UNAUDITED)
March 31, March 31,
2004 2003
ASSETS
Current assets:
Cash $ 1,056 $ 596
Investment securities 6,489 5,880
Account Receivable, net 1,739 1,028
Inventories 1,150 841
Other current assets 547 170
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Total current assets 10,981 8,515
Fixed assets 1,439 1,167
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Total assets $ 12,420 $ 9,682
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable 327 311
Accrued payroll and other 712 626
Other current liabilities 547 1,043
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Total current liabilities 1,586 1,980
Long-term liabilities 101 223
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Total liabilities 1,687 2,203
Shareholders' equity:
Common stock 45 42
Additional paid-in capital 13,298 12,171
Accumulated other comprehensive income 90 73
Accumulated deficit (2,700) (4,807)
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Total shareholders' equity 10,733 7,479
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Total liabilities and shareholders' equity $ 12,420 $ 9,682
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