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 24, 2013
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) |
Date July 24, 2013 | NVE CORPORATION (Registrant) /s/ CURT A. REYNDERS Curt A. Reynders Chief Financial Officer |
3
Exhibit # |
Description |
99 | Press release of NVE Corporation reporting results for the quarter ended June 30, 2013. |
4
![]() | PRESS
RELEASE For immediate release |
NVE CORPORATION STATEMENTS OF INCOME QUARTERS ENDED JUNE 30, 2013 AND 2012 (Unaudited) Quarter Ended June 30 2013 2012 ------------ ------------ Revenue Product sales $ 5,974,606 $ 7,030,745 Contract research and development 202,327 432,160 ------------ ------------ Total revenue 6,176,933 7,462,905 Cost of sales 1,378,355 1,802,353 ------------ ------------ Gross profit 4,798,578 5,660,552 Expenses Selling, general, and administrative 552,804 536,110 Research and development 962,911 688,026 ------------ ------------ Total expenses 1,515,715 1,224,136 ------------ ------------ Income from operations 3,282,863 4,436,416 Interest income 526,339 562,618 ------------ ------------ Income before taxes 3,809,202 4,999,034 Provision for income taxes 1,242,377 1,621,376 ------------ ------------ Net income $ 2,566,825 $ 3,377,658 ============ ============ Net income per share -- basic $ 0.53 $ 0.70 ============ ============ Net income per share -- diluted $ 0.53 $ 0.69 ============ ============ Weighted average shares outstanding Basic 4,862,436 4,824,745 Diluted 4,884,902 4,886,873 |
NVE CORPORATION BALANCE SHEETS JUNE 30 AND MARCH 31, 2013 June 30, March 31, 2013 2013 ------------ ------------ ASSETS Current assets Cash and cash equivalents $ 2,270,943 $ 2,509,683 Marketable securities, short term 9,913,371 9,711,029 Accounts receivable, net of allowance for uncollectible accounts of $15,000 2,470,003 2,521,395 Inventories 3,231,940 3,336,592 Deferred tax assets 250,809 -- Prepaid expenses and other assets 1,060,094 958,147 ------------ ------------ Total current assets 19,197,160 19,036,846 Fixed assets Machinery and equipment 8,417,061 8,417,061 Leasehold improvements 1,499,454 1,499,454 ------------ ------------ 9,916,515 9,916,515 Less accumulated depreciation 6,418,258 6,228,122 ------------ ------------ Net fixed assets 3,498,257 3,688,393 Marketable securities, long term 75,352,422 73,040,257 ------------ ------------ Total assets $ 98,047,839 $ 95,765,496 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 338,633 $ 422,092 Accrued payroll and other 733,982 918,060 Income taxes payable 1,044,404 -- Deferred taxes -- 440,736 ------------ ------------ Total current liabilities 2,117,019 1,780,888 Long-term deferred tax liabilities 234,422 -- Shareholders' equity Common stock 48,624 48,624 Additional paid-in capital 21,200,742 21,200,742 Accumulated other comprehensive income 702,691 1,557,726 Retained earnings 73,744,341 71,177,516 ------------ ------------ Total shareholders' equity 95,696,398 93,984,608 ------------ ------------ Total liabilities and shareholders' equity $ 98,047,839 $ 95,765,496 ============ ============ |