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) May 7, 2014
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 May 7, 2014 | NVE CORPORATION (Registrant) /s/ CURT A. REYNDERS Curt A. Reynders Chief Financial Officer |
Exhibit # |
Description |
99 | Press release of NVE Corporation reporting results for the quarter and fiscal year ended March 31, 2014. |
4
![]() | PRESS
RELEASE For immediate release |
NVE CORPORATION STATEMENTS OF INCOME QUARTERS AND YEARS ENDED MARCH 31, 2014 AND 2013 (Unaudited) Quarter Ended March 31 2014 2013 --------------------------- Revenue Product sales $ 5,857,866 $ 6,409,821 Contract research and development 125,231 812,676 --------------------------- Total revenue 5,983,097 7,222,497 Cost of sales 1,388,980 1,877,297 --------------------------- Gross profit 4,594,117 5,345,200 Expenses Selling, general, and administrative 478,897 526,018 Research and development 840,719 769,212 --------------------------- Total expenses 1,319,616 1,295,230 --------------------------- Income from operations 3,274,501 4,049,970 Interest income 544,609 574,640 --------------------------- Income before taxes 3,819,110 4,624,610 Provision for income taxes 1,256,885 1,515,655 --------------------------- Net income $ 2,562,225 $ 3,108,955 =========================== Net income per share - basic $ 0.53 $ 0.64 =========================== Net income per share - diluted $ 0.53 $ 0.64 =========================== Weighted average shares outstanding Basic 4,848,721 4,861,747 Diluted 4,866,382 4,885,865 Year Ended March 31 2014 2013 --------------------------- Revenue Product sales $ 25,512,028 $ 24,434,823 Contract research and development 422,879 2,598,596 --------------------------- Total revenue 25,934,907 27,033,419 Cost of sales 5,720,277 7,025,181 --------------------------- Gross profit 20,214,630 20,008,238 Expenses Selling, general, and administrative 2,235,475 2,240,563 Research and development 3,585,339 2,570,821 --------------------------- Total expenses 5,820,814 4,811,384 --------------------------- Income from operations 14,393,816 15,196,854 Interest income 2,122,133 2,359,603 --------------------------- Income before taxes 16,515,949 17,556,457 Provision for income taxes 5,380,074 5,727,619 --------------------------- Net income $ 11,135,875 $ 11,828,838 =========================== Net income per share - basic $ 2.30 $ 2.44 =========================== Net income per share - diluted $ 2.29 $ 2.43 =========================== Weighted average shares outstanding Basic 4,851,460 4,839,810 Diluted 4,867,691 4,863,546 |
NVE CORPORATION BALANCE SHEETS MARCH 31, 2014 AND 2013 March 31, March 31, 2014 2013 --------------------------- ASSETS Current assets Cash and cash equivalents $ 1,262,300 $ 2,509,683 Marketable securities, short term 12,360,091 9,711,029 Accounts receivable, net of allowance for uncollectible accounts of $15,000 2,331,574 2,521,395 Inventories 3,207,333 3,336,592 Deferred tax assets 237,387 -- Prepaid expenses and other assets 816,276 958,147 --------------------------- Total current assets 20,214,961 19,036,846 Fixed assets Machinery and equipment 8,536,010 8,417,061 Leasehold improvements 1,499,454 1,499,454 --------------------------- 10,035,464 9,916,515 Less accumulated depreciation 7,030,692 6,228,122 --------------------------- Net fixed assets 3,004,772 3,688,393 Marketable securities, long term 82,022,310 73,040,257 --------------------------- Total assets $ 105,242,043 $ 95,765,496 =========================== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 374,127 $ 422,092 Accrued payroll and other 808,675 918,060 Deferred taxes -- 440,736 --------------------------- Total current liabilities 1,182,802 1,780,888 Long-term deferred tax liabilities 354,600 -- Shareholders' equity Common stock 48,510 48,624 Additional paid-in capital 20,464,883 21,200,742 Accumulated other comprehensive income 877,857 1,557,726 Retained earnings 82,313,391 71,177,516 --------------------------- Total shareholders' equity 103,704,641 93,984,608 --------------------------- Total liabilities and shareholders' equity $ 105,242,043 $ 95,765,496 =========================== |