-----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, WeL+oxKg8cIqX8ZypqeZwmkx87cd7yuvJ+yqtcm9Ut4BAlSgPzbOhPQaxiBY2bXZ YsZgwiRkzo5KlARP0q12aw== 0000724910-05-000016.txt : 20050720 0000724910-05-000016.hdr.sgml : 20050720 20050720160655 ACCESSION NUMBER: 0000724910-05-000016 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050720 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20050720 DATE AS OF CHANGE: 20050720 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: 05963972 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 pr8k1q06.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 20, 2005 ------------- 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.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (1 7 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02. Results of Operations and Financial Condition Furnished as Exhibit 99 is a press release of NVE Corporation reporting results for the quarter ended June 30, 2005. -2- 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 (Registrant) Date July 20, 2005 /s/ Daniel A. Baker ------------------- By: Daniel A. Baker President and Chief Executive Officer -3- INDEX TO EXHIBITS Exhibit Description ------- ----------- 99 Press release of NVE Corporation dated July 20, 2005 reporting results for the quarter ended June 30, 2005 -4- EX-99 2 q1-06pr.txt PRESS RELEASE OF NVE CORPORATION DATED JULY 20, 2005 Press Release For immediate release NVE Corporation Reports First Quarter Fiscal 2006 Results EDEN PRAIRIE, Minn.--July 20, 2005--NVE Corporation (NasdaqSC: NVEC) today announced financial results for the quarter ended June 30, 2005. Product sales for the quarter increased 31% over the prior-year quarter to $1.78 million from $1.36 million. Total revenue, which consisted of product sales and contract research and development revenue, was $3.03 million for the first quarter of fiscal 2006 compared to $2.89 million for the prior-year quarter, an increase of 5%. Income before taxes for the quarter was $655,117 or $0.14 per diluted share, compared to $483,671 or $0.10 per diluted share for the prior-year quarter. After the effect of a non-cash provision for income taxes of $242,468, net income for the first quarter of fiscal 2006 was $412,649 or $0.09 per diluted share. "We are pleased to report another quarter of record product sales and solid profits," said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D. "Sales of spintronic medical sensors and spintronic couplers were especially strong. Pretax margin improved to 22% due to a more favorable revenue mix and reduced expenses. Our cash plus investments increased by $774,215 during the quarter and we eliminated all of NVE's long-term debt." NVE is a leader in the practical commercialization of spintronics, a nanotechnology that many experts believe represents the next generation of microelectronics. NVE licenses its MRAM intellectual property and sells spintronic products, including sensors and couplers, to revolutionize data sensing and transmission. 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 risks in continued profitability, uncertainties relating to MRAM production by our licensees, risks in the enforcement of our patents, uncertainties related to the awarding of future government contracts, risks related to our dependence on certain suppliers, risks associated with our reliance on several large customers, as well as the risk factors listed from time to time in our filings with the SEC, including our Annual Report on Form 10-KSB and other reports filed with the SEC. ### NVE CORPORATION STATEMENTS OF INCOME QUARTERS ENDED JUNE 30, 2005 AND 2004 (Unaudited)
Quarter Ended June 30 2005 2004 ------------ ------------ Revenue Product sales $ 1,784,250 $ 1,363,140 Contract research and development 1,241,298 1,526,087 ------------ ------------ Total revenue 3,025,548 2,889,227 Cost of sales 1,681,118 1,625,881 ------------ ------------ Gross profit 1,344,430 1,263,346 Expenses Research and development 376,800 361,259 Selling, general, and administrative 409,594 484,596 ------------ ------------ Total expenses 786,394 845,855 ------------ ------------ Income from operations 558,036 417,491 Interest income 68,319 54,869 Interest expense (2,053) (4,457) Other income 30,815 15,768 ------------ ------------ Income before taxes 655,117 $ 483,671 Provision for income taxes 242,468 - ------------ ------------ Net income $ 412,649 $ 483,671 ============ ============ Net income per share - basic $ 0.09 $ 0.11 ============ ============ Net income per share - diluted $ 0.09 $ 0.10 ============ ============ Weighted average shares outstanding Basic 4,569,861 4,493,180 Diluted 4,683,151 4,977,489
NVE CORPORATION BALANCE SHEETS JUNE 30, 2005 AND MARCH 31, 2005
(Unaudited) June 30, 2005 March 31, 2005 -------------- -------------- ASSETS Current assets Cash and cash equivalents $ 1,462,601 $ 1,240,205 Short-term investments 759,030 252,775 Accounts receivable, net of allowance for uncollectible accounts of $15,000 2,207,720 2,285,472 Inventories 1,660,158 1,572,759 Deferred tax asset 783,395 756,074 Prepaid expenses and other assets 130,990 130,873 -------------- -------------- Total current assets 7,003,894 6,238,158 Fixed assets Machinery and equipment 4,102,089 4,140,307 Leasehold improvements 413,482 413,482 -------------- -------------- 4,515,571 4,553,789 Less accumulated depreciation 2,927,035 2,826,227 -------------- -------------- Net fixed assets 1,588,536 1,727,562 Long-term investments 6,269,848 6,224,284 -------------- -------------- Total assets $ 14,862,278 $ 14,190,004 ============== ============== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 280,426 $ 319,427 Accrued payroll and other 506,061 465,930 Deferred revenue 219,914 267,355 Capital lease obligations 84,392 67,430 -------------- -------------- Total current liabilities 1,090,793 1,120,142 Capital lease obligations, less current portion - 33,281 -------------- -------------- Total liabilities 1,090,793 1,153,423 Shareholders' equity: Common stock 45,701 45,698 Additional paid-in capital 14,307,683 14,064,625 Accumulated other comprehensive loss (53,034) (132,228) Accumulated deficit (528,865) (941,514) -------------- -------------- Total shareholders' equity 13,771,485 13,036,581 -------------- -------------- Total liabilities and shareholders' equity $ 14,862,278 $ 14,190,004 ============== ==============
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