-----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, BaxKC2A5aVjsI8pZ6bI5pwHO0Aqz5umS1Drf47qya1ZznwMHHrMthcObzzGLBKwF 48Mw3nf/AgKyfXo36lHn+w== 0000724910-06-000017.txt : 20061018 0000724910-06-000017.hdr.sgml : 20061018 20061018160453 ACCESSION NUMBER: 0000724910-06-000017 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20061018 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20061018 DATE AS OF CHANGE: 20061018 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: 061150984 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 q2-07cvr.htm

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) October 18, 2006

NVE Corporation
(Exact name of registrant as specified in its charter)

Minnesota	000-12196	41-1424202
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer 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.)

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 (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 and six months ended September 30, 2006.

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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.

Date October 18, 2006	NVE CORPORATION
	(Registrant)

	/s/ CURT A. REYNDERS
	By: Curt A. Reynders
	Chief Financial Officer

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INDEX TO EXHIBITS

Exhibit #		Description

99		Press release of NVE Corporation dated October 18, 2006 reporting results for the quarter ended September 30, 2006

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EX-99 2 q2-07pr.htm PRESS RELEASE OF NVE CORPORATION DATED OCTOBER 18, 2006 REPORTING RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2006

NVE Corporation Reports Second Quarter Fiscal 2007 Results
Product sales increase 87%; net income more than triples to $0.27 per diluted share

EDEN PRAIRIE, Minn.--October 18, 2006--NVE Corporation (Nasdaq: NVEC) today announced financial results for the quarter and six months ended September 30, 2006.

Product sales for the quarter increased 87% over the prior-year quarter to $3.78 million from $2.02 million. Total revenue, consisting of product sales and contract research and development revenue, increased 44% to $4.40 million for the second quarter of fiscal 2007 from $3.05 million in the prior-year quarter. Net income for second quarter fiscal 2007 was $1.28 million, or $0.27 per diluted share compared to $363,968, or $0.08 per diluted share, for the prior-year quarter.

For the first six months of fiscal 2007, product sales increased 79% to $6.83 million from $3.81 million for the first six months of fiscal 2006. Total revenue increased 32% to $8.03 million for the first half of fiscal 2007 from $6.08 million for the prior-year period. Net income for the first half of fiscal 2007 was $2.18 million, or $0.45 per diluted share compared to $776,617, or $0.17 per diluted share, for the first half of fiscal 2006.

Net income for the quarter and six months ended September 30, 2006 included the effects of non-cash stock-based compensation due to the implementation of SFAS 123(R). This expense, net of tax, amounted to $78,402, or $0.02 per diluted share, in the second quarter of fiscal 2007 and $80,971, or $0.02 per share, in the first six months of fiscal 2007. Net income for fiscal 2007 and 2006 also includes primarily non-cash provisions for income taxes recognized in accordance with SFAS 109.

"We are pleased with our financial results in the second quarter," said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D. "Strong product sales drove record revenues and profits. NVE's gross profit margin increased to 67%, our eighth consecutive quarter of sequential increase, and our operating margin increased to 42%."

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-K and other reports filed with the SEC.

###

                               NVE CORPORATION
                             STATEMENTS OF INCOME
    QUARTERS AND SIX MONTHS ENDED SEPTEMBER 30, 2006 AND 2005 (Unaudited)

                                            Quarter Ended September 30
                                                2006           2005
                                            ------------   ------------
Revenue
  Product sales                             $ 3,777,060    $ 2,021,672
  Contract research and development             621,308      1,030,250
                                            ------------   ------------
Total revenue                                 4,398,368      3,051,922

Cost of sales                                 1,439,181      1,627,673
                                            ------------   ------------
Gross profit                                  2,959,187      1,424,249

Expenses
  Research and development                      566,246        517,939
  Selling, general, and administrative          535,213        394,980
                                            ------------   ------------
Total expenses                                1,101,459        912,919
                                            ------------   ------------

Income from operations                        1,857,728        511,330

Interest income                                 149,440         77,119
Interest expense                                   -            (1,695)
Other income                                     25,246          5,751
                                            ------------   ------------
Income before taxes                           2,032,414        592,505

Provision for income taxes                      748,943        228,537
                                            ------------   ------------
Net income                                  $ 1,283,471    $   363,968
                                            ============   ============

Net income per share - basic                $      0.28    $      0.08
                                            ============   ============
Net income per share - diluted              $      0.27    $      0.08
                                            ============   ============

Weighted average shares outstanding
  Basic                                       4,616,819      4,573,168
  Diluted                                     4,791,160      4,679,335
Supplemental financial data
  Non-cash stock-based compensation         $   117,467    $      -
  Non-cash income tax expense               $   748,943    $   217,537

                                             Six Months Ended Sept. 30
                                                2006           2005
                                            ------------   ------------
Revenue
  Product sales                             $ 6,830,388    $ 3,805,922
  Contract research and development           1,203,175      2,271,548
                                            ------------   ------------
Total revenue                                 8,033,563      6,077,470

Cost of sales                                 2,839,002      3,308,791
                                            ------------   ------------
Gross profit                                  5,194,561      2,768,679

Expenses
  Research and development                    1,096,858        894,739
  Selling, general, and administrative          941,945        804,574
                                            ------------   ------------
Total expenses                                2,038,803      1,699,313
                                            ------------   ------------

Income from operations                        3,155,758      1,069,366

Interest income                                 261,346        145,438
Interest expense                                   (589)        (3,748)
Other income                                     25,246         36,566
                                            ------------   ------------
Income before taxes                           3,441,761      1,247,622

Provision for income taxes                    1,266,484        471,005
                                            ------------   ------------
Net income                                  $ 2,175,277    $   776,617
                                            ============   ============

Net income per share - basic                $      0.47    $      0.17
                                            ============   ============
Net income per share - diluted              $      0.45    $      0.17
                                            ============   ============

Weighted average shares outstanding
  Basic                                       4,616,704      4,571,524
  Diluted                                     4,791,046      4,677,691
Supplemental financial data
  Non-cash stock-based compensation         $   120,036    $      -
  Non-cash income tax expense               $ 1,222,184    $   458,005

NVE CORPORATION BALANCE SHEETS SEPTEMBER 30, 2006 AND MARCH 31, 2006 (Unaudited) Sept. 30, 2006 March 31, 2006 -------------- -------------- ASSETS Current assets Cash and cash equivalents $ 363,268 $ 1,288,362 Short-term investments 250,100 1,248,103 Accounts receivable, net of allowance for uncollectible accounts of $15,000 2,141,414 1,667,029 Inventories 2,248,131 2,149,769 Deferred tax assets 1,589,584 1,576,472 Prepaid expenses and other assets 238,343 231,412 -------------- -------------- Total current assets 6,830,840 8,161,147 Fixed assets Machinery and equipment 4,372,765 4,149,080 Leasehold improvements 413,482 413,482 -------------- -------------- 4,786,247 4,562,562 Less accumulated depreciation 3,575,625 3,319,651 -------------- -------------- Net fixed assets 1,210,622 1,242,911 Long-term investments 13,075,943 8,354,861 -------------- -------------- Total assets $ 21,117,405 $ 17,758,919 ============== ============== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 272,300 $ 399,762 Accrued payroll and other 419,206 470,392 Deferred revenue 39,107 77,373 Capital lease obligations - 33,281 -------------- -------------- Total current liabilities 730,613 980,808 Shareholders' equity Common stock 46,170 46,150 Additional paid-in capital 17,425,642 16,042,637 Accumulated other comprehensive loss (116,529) (166,908) Retained earnings 3,031,509 856,232 -------------- -------------- Total shareholders' equity 20,386,792 16,778,111 -------------- -------------- Total liabilities and shareholders' equity $ 21,117,405 $ 17,758,919 ============== ==============

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