EX-99 2 fy04dtls.txt DETAILED FINANCIAL STATEMENTS 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 -------------- -------------- Total revenue 3,208 2,602 Cost of sales 1,890 1,638 -------------- -------------- Gross profit 1,318 964 Expenses Research and development 391 364 Selling, general and administrative 441 513 -------------- -------------- Total expenses 832 877 -------------- -------------- Income from operations 486 87 Interest Income 49 57 Interest expense (5) (8) Other Income 23 24 -------------- -------------- Income from operations before income taxes 533 160 Income tax (benefit) (237) - -------------- -------------- Net income $ 790 $ 160 ============== ============== 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 -------------- -------------- Total revenue 12,010 9,447 Cost of sales 7,445 5,911 -------------- -------------- Gross profit 4,565 3,536 Expenses Research and development 1,103 1,308 Selling, general and administrative 1,831 1,838 -------------- -------------- Total expenses 2,934 3,146 -------------- -------------- Income from operations 1,631 390 Interest Income 189 211 Interest expense (25) (40) Other Income 80 86 -------------- -------------- Income from operations before income taxes 1,875 647 Income tax (benefit) (233) - -------------- -------------- Net income $ 2,108 $ 647 ============== ============== 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 ----------- ----------- Total current assets 10,981 8,515 Fixed assets 1,439 1,167 ----------- ----------- Total assets $ 12,420 $ 9,682 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable 327 311 Accrued payroll and other 712 626 Other current liabilities 547 1,043 ----------- ----------- Total current liabilities 1,586 1,980 Long-term liabilities 101 223 ----------- ----------- 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) ----------- ----------- Total shareholders' equity 10,733 7,479 ----------- ----------- Total liabilities and shareholders' equity $ 12,420 $ 9,682 =========== ===========