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 20,
2016
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 January 20, 2016 | 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 ended December 31, 2015 and announcing a quarterly dividend. |
4
PRESS
RELEASE
For immediate release |
NVE CORPORATION STATEMENTS OF INCOME QUARTERS AND NINE MONTHS ENDED DECEMBER 31, 2015 AND 2014 (Unaudited) Quarter Ended Dec. 31 2015 2014 ------------------------- Revenue Product sales $ 5,025,041 $ 5,883,690 Contract research and development 990,974 408,058 ------------------------- Total revenue 6,016,015 6,291,748 Cost of sales 1,508,361 1,473,655 ------------------------- Gross profit 4,507,654 4,818,093 Expenses Selling, general, and administrative 406,676 533,695 Research and development 738,657 694,758 ------------------------- Total expenses 1,145,333 1,228,453 ------------------------- Income from operations 3,362,321 3,589,640 Interest income 468,367 557,843 ------------------------- Income before taxes 3,830,688 4,147,483 Provision for income taxes 1,253,237 1,354,577 ------------------------- Net income $ 2,577,451 $ 2,792,906 ========================= Net income per share - basic $ 0.53 $ 0.57 ========================= Net income per share - diluted $ 0.53 $ 0.57 ========================= Weighted average shares outstanding Basic 4,844,845 4,857,953 Diluted 4,846,970 4,876,074 Nine Months Ended Dec. 31 2015 2014 ------------------------- Revenue Product sales $19,197,578 $22,345,577 Contract research and development 2,419,113 666,579 ------------------------- Total revenue 21,616,691 23,012,156 Cost of sales 5,146,803 4,641,633 ------------------------- Gross profit 16,469,888 18,370,523 Expenses Selling, general, and administrative 1,416,071 1,788,944 Research and development 2,048,620 2,285,465 ------------------------- Total expenses 3,464,691 4,074,409 ------------------------- Income from operations 13,005,197 14,296,114 Interest income 1,422,696 1,669,320 ------------------------- Income before taxes 14,427,893 15,965,434 Provision for income taxes 4,736,421 5,259,796 ------------------------- Net income $ 9,691,472 $10,705,638 ========================= Net income per share - basic $ 2.00 $ 2.21 ========================= Net income per share - diluted $ 2.00 $ 2.20 ========================= Weighted average shares outstanding Basic 4,853,970 4,854,702 Diluted 4,857,103 4,871,270 |
NVE CORPORATION BALANCE SHEETS DECEMBER 31 AND MARCH 31, 2015 Dec. 31, 2015 March 31, 2015 ------------------------------- ASSETS Current assets Cash and cash equivalents $ 3,594,164 $ 9,437,262 Marketable securities, short term 23,629,484 20,099,288 Accounts receivable, net of allowance for uncollectible accounts of $15,000 1,753,689 2,963,974 Inventories 3,108,911 3,742,492 Deferred tax assets 152,789 102,052 Prepaid expenses and other assets 903,568 574,913 ------------------------------ Total current assets 33,142,605 36,919,981 Fixed assets Machinery and equipment 8,766,708 8,604,926 Leasehold improvements 1,539,965 1,524,298 ------------------------------ 10,306,673 10,129,224 Less accumulated depreciation and amortization 8,502,002 7,873,816 ------------------------------ Net fixed assets 1,804,671 2,255,408 Long-term deferred tax assets 99,958 - Marketable securities, long term 68,127,073 70,913,807 ------------------------------ Total assets $ 103,174,307 $ 110,089,196 ============================== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 209,686 $ 358,818 Accrued payroll and other 650,846 1,127,136 Deferred revenue 714,805 - ------------------------------ Total current liabilities 1,575,337 1,485,954 Long-term deferred tax liabilities - 275,708 Shareholders' equity Common stock 48,449 48,580 Additional paid-in capital 19,665,966 20,850,762 Accumulated other comprehensive income 81,357 746,447 Retained earnings 81,803,198 86,681,745 ------------------------------ Total shareholders' equity 101,598,970 108,327,534 ------------------------------ Total liabilities and shareholders' equity $ 103,174,307 $ 110,089,196 ============================== |