-----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, ODdDL/tNddm95sljmvMPZkQFRby5FfH3A85xgTkfVR1Mhb4n3YLGm1Y9K3S1OEW9 p8Qc9X/n5cbsC7OjDef4wQ== 0000724910-06-000004.txt : 20060118 0000724910-06-000004.hdr.sgml : 20060118 20060118161449 ACCESSION NUMBER: 0000724910-06-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060118 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20060118 DATE AS OF CHANGE: 20060118 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: 06535785 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 pr8k3q06.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) January 18, 2006 ---------------- 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) Registrant's telephone number, including area code (952) 829-9217 -------------- ------------------------------------------------------------- (Former name or former address, if changed since last report) --------------- [ ] 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 (17 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 December 31, 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 January 18, 2006 /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 January 18, 2006 reporting results for the quarter ended December 31, 2005 -4- EX-99 2 q3-06pr.txt PRESS RELEASE OF NVE CORPORATION DATED JANUARY 18, 2006 REPORTING RESULTS FOR THE QUARTER ENDED DECEMBER 31, 2005 PRESS RELEASE For immediate release NVE Corporation Reports Third Quarter Fiscal 2006 Results Product sales increase 56%; pretax income up 64% EDEN PRAIRIE, Minn.--January 18, 2006--NVE Corporation (Nasdaq: NVEC) today announced financial results for the quarter and nine months ended December 31, 2005. Product sales for the quarter increased 56% over the prior year to $1.74 million from $1.12 million. Total revenue, consisting of product sales and contract research and development revenue, increased 2% to $2.61 million for the third quarter of fiscal 2006 compared to $2.56 million in the prior- year quarter. Income before taxes for the quarter was $614,664 or $0.13 per diluted share, compared to $375,172 or $0.08 per diluted share for the prior- year quarter. After the effect of a provision for income taxes of $213,279, net income for the third quarter of fiscal 2006 was $401,385 or $0.09 per diluted share, compared to $375,172 or $0.08 per diluted share in the third quarter of fiscal 2005. Product sales in the first nine months of fiscal 2006 increased 41% to $5.55 million from $3.93 million for the first nine months of fiscal 2005. Total revenue was $8.69 million for the first nine months of fiscal 2006 compared to $8.54 million for the first nine months of fiscal 2005. Income before taxes for the first nine months of fiscal 2006 was $1.86 million or $0.40 per diluted share, compared to $1.28 million or $0.26 per diluted share for the prior-year period. After the effect of a provision for income taxes of $684,284, net income for the first nine months of fiscal 2006 was $1.18 million or $0.25 per diluted share, compared to $1.28 million or $0.26 per diluted share in the prior nine-month period. "We are pleased with the increase in product sales and our solid profitability in the quarter," said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D. "Pretax income improved to 24% of revenue for the quarter, driven by an increase in gross profit margin to 50% from 39% compared to the prior- year quarter. Our cash plus investments is approaching $10 million as we continue to build liquidity." 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 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, 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 AND NINE MONTHS ENDED DECEMBER 31, 2005 AND 2004 (Unaudited)
Quarter Ended December 31 2005 2004 ------------ ------------ Revenue Product sales $ 1,742,163 $ 1,118,210 Contract research and development 868,119 1,440,262 ------------ ------------ Total revenue 2,610,282 2,558,472 Cost of sales 1,308,752 1,570,826 ------------ ------------ Gross profit 1,301,530 987,646 Expenses Research and development 342,616 257,284 Selling, general, and administrative 434,183 437,839 ------------ ------------ Total expenses 776,799 695,123 ------------ ------------ Income from operations 524,731 292,523 Interest income 88,168 60,177 Interest expense (1,336) (2,796) Other income 3,101 25,268 ------------ ------------ Income before taxes 614,664 $ 375,172 Provision for income taxes 213,279 - ------------ ------------ Net income $ 401,385 $ 375,172 ============ ============ Net income per share - basic $ 0.09 $ 0.08 ============ ============ Net income per share - diluted $ 0.09 $ 0.08 ============ ============ Weighted average shares outstanding Basic 4,576,454 4,501,345 Diluted 4,677,712 4,883,402
Nine Months Ended December 31 2005 2004 ------------ ------------ Revenue Product sales $ 5,548,085 $ 3,931,402 Contract research and development 3,139,667 4,612,011 ------------ ------------ Total revenue 8,687,752 8,543,413 Cost of sales 4,617,543 5,157,504 ------------ ------------ Gross profit 4,070,209 3,385,909 Expenses Research and development 1,237,355 925,136 Selling, general, and administrative 1,238,757 1,404,083 ------------ ------------ Total expenses 2,476,112 2,329,219 ------------ ------------ Income from operations 1,594,097 1,056,690 Interest income 233,606 173,543 Interest expense (5,084) (10,858) Other income 39,667 62,766 ------------ ------------ Income before taxes 1,862,286 1,282,141 Provision for income taxes 684,284 - ------------ ------------ Net income $ 1,178,002 $ 1,282,141 ============ ============ Net income per share - basic $ 0.26 $ 0.29 ============ ============ Net income per share - diluted $ 0.25 $ 0.26 ============ ============ Weighted average shares outstanding Basic 4,573,173 4,497,919 Diluted 4,674,431 4,879,976
NVE CORPORATION BALANCE SHEETS DECEMBER 31, 2005 AND MARCH 31, 2005
(Unaudited) December 31 March 31 2005 2005 ------------- -------------- ASSETS Current assets Cash and cash equivalents $ 1,111,009 $ 1,240,205 Short-term investments 998,205 252,775 Accounts receivable, net of allowance for uncollectible accounts of $15,000 1,741,367 2,285,472 Inventories 2,033,941 1,572,759 Deferred tax assets 1,042,877 756,074 Prepaid expenses and other assets 138,311 130,873 -------------- -------------- Total current assets 7,065,710 6,238,158 Fixed assets Machinery and equipment 4,122,662 4,140,307 Leasehold improvements 413,482 413,482 -------------- -------------- 4,536,144 4,553,789 Less accumulated depreciation 3,205,085 2,826,227 -------------- -------------- Net fixed assets 1,331,059 1,727,562 Long-term investments 7,669,263 6,224,284 -------------- -------------- Total assets $ 16,066,032 $ 14,190,004 ============== ============== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 270,447 $ 319,427 Accrued payroll and other 503,991 465,930 Deferred revenue 99,015 267,355 Capital lease obligations 50,685 67,430 -------------- -------------- Total current liabilities 924,138 1,120,142 Capital lease obligations, less current portion - 33,281 -------------- -------------- Total liabilities 924,138 1,153,423 Shareholders' equity: Common stock 45,765 45,698 Additional paid-in capital 14,983,963 14,064,625 Accumulated other comprehensive loss (124,322) (132,228) Retained earnings (deficit) 236,488 (941,514) -------------- -------------- Total shareholders' equity 15,141,894 13,036,581 -------------- -------------- Total liabilities and shareholders' equity $ 16,066,032 $ 14,190,004 ============== ==============
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