-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AlXzOtYZ8PtmZQEbJs8IlcU01BrxnGaGkg45TSYSG23isN3mcPiaA3kbbI2Uoo0H eCe9dbxLg0+zsjmhf8GwpA== 0000724910-03-000009.txt : 20030717 0000724910-03-000009.hdr.sgml : 20030717 20030717162005 ACCESSION NUMBER: 0000724910-03-000009 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030717 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030717 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NVE CORP /NEW/ CENTRAL INDEX KEY: 0000724910 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 411424202 STATE OF INCORPORATION: MN FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-12196 FILM NUMBER: 03791445 BUSINESS ADDRESS: STREET 1: 11409 VALLEY VIEW ROAD CITY: EDEN PRAIRIE STATE: MN ZIP: 55344 BUSINESS PHONE: 9528299217 MAIL ADDRESS: STREET 1: 11409 VALLEY VIEW ROAD CITY: EDEN PRAIRIE STATE: MN ZIP: 55344 FORMER COMPANY: FORMER CONFORMED NAME: PREMIS CORP DATE OF NAME CHANGE: 19920703 8-K 1 pr8k1q.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) July 17, 2003 ------------- NVE Corporation --------------- (Exact name of registrant as specified in its charter) Minnesota 000-12196 41-1424202 - ------------------------------------------------------------------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 11409 Valley View Road, Eden Prairie, Minnesota 55344 - ------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Issuer's telephone number, including area code (952) 829-9217 -------------- - ------------------------------------------------------------------------------- (Former name or former address, if changed since last report.) Item 7. Financial Statements and Exhibits (c) Exhibits Exhibit 99 - Press release of NVE Corporation dated July 17, 2003 reporting results for the quarter ended June 30, 2003. Item 9. Regulation FD Disclosure Attached as Exhibit 99 is a press release of NVE Corporation reporting results from the quarter ended June 30, 2003 and updating the Company's earnings guidance. This information is being provided under Item 12, Results of Operations and Financial Condition. The information in this report, including the exhibits hereto, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. The information contained herein and in the accompanying exhibits shall not be incorporated by reference into any filing with the U.S. Securities and Exchange Commission made by us, whether made before or after the date hereof, regardless of any general incorporation language in such filing. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized: NVE CORPORATION Date: July 17, 2003 /s/ Daniel A. Baker ------------------- By: Daniel A. Baker President and Chief Executive Officer EX-99 3 nr1q04.txt PRESS RELEASE - NVE REPORTS QUARTERLY RESULTS 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. ### 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 -------------- -------------- Total revenue 2,820 2,163 Total expenses 2,486 2,071 -------------- -------------- Net income $ 334 $ 92 ============== ============== 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 ----------- ----------- Total current assets 8,662 8,515 Fixed assets 1,360 1,167 ----------- ----------- Total assets $ 10,022 $ 9,682 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities 1,991 1,980 Other long-term liabilities 182 223 ----------- ----------- 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) ----------- ----------- Total shareholders' equity 7,849 7,479 ----------- ----------- Total liabilities and shareholders' equity $ 10,022 $ 9,682 =========== =========== -----END PRIVACY-ENHANCED MESSAGE-----