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 1, 2019
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) |
Title of each class |
Trading symbol(s) |
Name of each exchange on which registered |
Common Stock, $0.01 par value |
NVEC |
The NASDAQ Stock Market, LLC |
Date May 1, 2019 | 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, 2019 and announcing a quarterly dividend. |
4
PRESS
RELEASE
For immediate release |
NVE CORPORATION STATEMENTS OF INCOME QUARTERS AND YEARS ENDED MARCH 31, 2019 AND 2018 (Unaudited) |
|||||||
Quarter Ended March 31 | |||||||
2019 | 2018 | ||||||
Revenue | |||||||
Product sales
|
$ | 5,374,442 | $ | 7,603,226 | |||
Contract research and development
|
214,509 | 295,966 | |||||
Total revenue | 5,588,951 | 7,899,192 | |||||
Cost of sales | 1,297,856 | 1,465,509 | |||||
Gross profit | 4,291,095 | 6,433,683 | |||||
Expenses | |||||||
Research and development
|
1,019,728 | 913,950 | |||||
Selling, general, and administrative
|
248,857 | 374,835 | |||||
Total expenses | 1,268,585 | 1,288,785 | |||||
Income from operations | 3,022,510 | 5,144,898 | |||||
Interest income | 459,978 | 403,894 | |||||
Income before taxes | 3,482,488 | 5,548,792 | |||||
Provision for income taxes | 623,616 | 1,666,372 | |||||
Net income | $ | 2,858,872 | $ | 3,882,420 | |||
Net income per share basic | $ | 0.59 | $ | 0.80 | |||
Net income per share diluted | $ | 0.59 | $ | 0.80 | |||
Weighted average shares outstanding | |||||||
Basic
|
4,844,010 | 4,842,010 | |||||
Diluted
|
4,850,284 | 4,847,349 |
Year Ended March 31 | |||||||
2019 | 2018 | ||||||
Revenue | |||||||
Product sales
|
$ | 25,291,306 | $ | 27,321,810 | |||
Contract research and development
|
1,181,031 | 2,542,071 | |||||
Total revenue | 26,472,337 | 29,863,881 | |||||
Cost of sales | 5,216,112 | 6,274,744 | |||||
Gross profit | 21,256,225 | 23,589,137 | |||||
Expenses | |||||||
Research and development
|
4,107,692 | 3,702,918 | |||||
Selling, general, and administrative
|
1,223,971 | 1,435,592 | |||||
Total expenses | 5,331,663 | 5,138,510 | |||||
Income from operations | 15,924,562 | 18,450,627 | |||||
Interest income | 1,785,277 | 1,558,197 | |||||
Income before taxes | 17,709,839 | 20,008,824 | |||||
Provision for income taxes | 3,201,903 | 6,096,152 | |||||
Net income | $ | 14,507,936 | $ | 13,912,672 | |||
Net income per share basic | $ | 3.00 | $ | 2.87 | |||
Net income per share diluted | $ | 2.99 | $ | 2.87 | |||
Weighted average shares outstanding | |||||||
Basic
|
4,844,010 | 4,841,347 | |||||
Diluted
|
4,850,567 | 4,846,212 |
NVE CORPORATION BALANCE SHEETS MARCH 31, 2019 AND 2018 |
|||||||
March 31, 2019 | March 31, 2018 | ||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents
|
$ | 6,877,304 | $ | 4,755,082 | |||
Marketable securities, short-term
|
12,487,821 | 20,765,809 | |||||
Accounts receivable, net of allowance for uncollectible
accounts of $15,000
|
2,995,638 | 2,888,779 | |||||
Inventories
|
4,264,876 | 3,650,439 | |||||
Prepaid expenses and other assets
|
816,045 | 635,160 | |||||
Total current assets | 27,441,684 | 32,695,269 | |||||
Fixed assets | |||||||
Machinery and equipment
|
9,365,806 | 9,395,987 | |||||
Leasehold improvements
|
1,787,269 | 1,749,284 | |||||
11,153,075 | 11,145,271 | ||||||
Less accumulated depreciation and amortization
|
10,258,240 | 9,819,888 | |||||
Net fixed assets | 894,835 | 1,325,383 | |||||
Deferred tax assets | 353,735 | 572,655 | |||||
Marketable securities, long-term | 54,925,633 | 52,838,158 | |||||
Total assets | $ | 83,615,887 | $ | 87,431,465 | |||
LIABILITIES AND SHAREHOLDERS EQUITY | |||||||
Current liabilities | |||||||
Accounts payable
|
$ | 375,188 | $ | 414,970 | |||
Accrued payroll and other
|
460,488 | 574,755 | |||||
Total current liabilities | 835,676 | 989,725 | |||||
Shareholders equity | |||||||
Common stock, $0.01 par value,
6,000,000 shares authorized;
4,846,010 issued and outstanding as of March 31, 2019 and 4,842,010 as of March 31, 2018 |
48,460 | 48,420 | |||||
Additional paid-in capital
|
19,910,558 | 19,599,298 | |||||
Accumulated other comprehensive loss
|
(82,725 | ) | (915,635 | ) | |||
Retained earnings
|
62,903,918 | 67,709,657 | |||||
Total shareholders equity | 82,780,211 | 86,441,740 | |||||
Total liabilities and shareholders equity | $ | 83,615,887 | $ | 87,431,465 |