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 6, 2020
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 6, 2020 | 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, 2020 and announcing a quarterly dividend. |
4
PRESS
RELEASE
For immediate release |
NVE CORPORATION STATEMENTS OF INCOME QUARTERS AND YEARS ENDED MARCH 31, 2020 AND 2019 (Unaudited) |
|||||||
Quarter Ended March 31 | |||||||
2020 | 2019 | ||||||
Revenue | |||||||
Product sales
|
$ | 5,966,153 | $ | 5,374,442 | |||
Contract research and development
|
184,773 | 214,509 | |||||
Total revenue | 6,150,926 | 5,588,951 | |||||
Cost of sales | 1,187,354 | 1,297,856 | |||||
Gross profit | 4,963,572 | 4,291,095 | |||||
Expenses | |||||||
Research and development
|
1,019,408 | 1,019,728 | |||||
Selling, general, and administrative
|
291,095 | 248,857 | |||||
Total expenses | 1,310,503 | 1,268,585 | |||||
Income from operations | 3,653,069 | 3,022,510 | |||||
Interest income | 428,291 | 459,978 | |||||
Income before taxes | 4,081,360 | 3,482,488 | |||||
Provision for income taxes | 714,863 | 623,616 | |||||
Net income | $ | 3,366,497 | $ | 2,858,872 | |||
Net income per share basic | $ | 0.69 | $ | 0.59 | |||
Net income per share diluted | $ | 0.69 | $ | 0.59 | |||
Weighted average shares outstanding | |||||||
Basic
|
4,844,470 | 4,844,010 | |||||
Diluted
|
4,845,922 | 4,850,284 |
Year Ended March 31 | |||||||
2020 | 2019 | ||||||
Revenue | |||||||
Product sales
|
$ | 24,400,192 | $ | 25,291,306 | |||
Contract research and development
|
1,011,971 | 1,181,031 | |||||
Total revenue | 25,412,163 | 26,472,337 | |||||
Cost of sales | 4,889,295 | 5,216,112 | |||||
Gross profit | 20,522,868 | 21,256,225 | |||||
Expenses | |||||||
Research and development
|
3,690,539 | 4,107,692 | |||||
Selling, general, and administrative
|
1,317,543 | 1,223,971 | |||||
Total expenses | 5,008,082 | 5,331,663 | |||||
Income from operations | 15,514,786 | 15,924,562 | |||||
Interest income | 1,787,117 | 1,785,277 | |||||
Income before taxes | 17,301,903 | 17,709,839 | |||||
Provision for income taxes | 2,775,261 | 3,201,903 | |||||
Net income | $ | 14,526,642 | $ | 14,507,936 | |||
Net income per share basic | $ | 3.00 | $ | 3.00 | |||
Net income per share diluted | $ | 3.00 | $ | 2.99 | |||
Weighted average shares outstanding | |||||||
Basic
|
4,845,627 | 4,844,010 | |||||
Diluted
|
4,847,294 | 4,850,567 |
NVE CORPORATION BALANCE SHEETS MARCH 31, 2020 AND 2019 |
|||||||
March 31, 2020 | March 31, 2019 | ||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents
|
$ | 8,065,594 | $ | 6,877,304 | |||
Marketable securities, short-term
|
19,084,814 | 12,487,821 | |||||
Accounts receivable, net of allowance for uncollectible
accounts of $15,000
|
2,694,018 | 2,995,638 | |||||
Inventories
|
3,884,450 | 4,264,876 | |||||
Prepaid expenses and other assets
|
655,835 | 816,045 | |||||
Total current assets | 34,384,711 | 27,441,684 | |||||
Fixed assets | |||||||
Machinery and equipment
|
9,280,062 | 9,365,806 | |||||
Leasehold improvements
|
1,797,245 | 1,787,269 | |||||
11,077,307 | 11,153,075 | ||||||
Less accumulated depreciation and amortization
|
10,494,840 | 10,258,240 | |||||
Net fixed assets | 582,467 | 894,835 | |||||
Deferred tax assets | 108,119 | 353,735 | |||||
Marketable securities, long-term | 43,606,495 | 54,925,633 | |||||
Right-of-use asset operating lease | 816,358 | - | |||||
Total assets | $ | 79,498,150 | $ | 83,615,887 | |||
LIABILITIES AND SHAREHOLDERS EQUITY | |||||||
Current liabilities | |||||||
Accounts payable
|
$ | 186,993 | $ | 375,188 | |||
Accrued payroll and other
|
482,074 | 460,488 | |||||
Operating lease
|
127,134 | - | |||||
Total current liabilities | 796,201 | 835,676 | |||||
Operating lease | 706,600 | - | |||||
Total liabilities | 1,502,801 | 835,676 | |||||
Shareholders equity | |||||||
Common stock, $0.01 par value,
6,000,000 shares authorized; 4,835,038 issued and outstanding as of March 31, 2020 and 4,846,010 as of March 31, 2019
|
48,350 | 48,460 | |||||
Additional paid-in capital
|
19,383,956 | 19,910,558 | |||||
Accumulated other comprehensive income (loss)
|
516,523 | (82,725 | ) | ||||
Retained earnings
|
58,046,520 | 62,903,918 | |||||
Total shareholders equity | 77,995,349 | 82,780,211 | |||||
Total liabilities and shareholders equity | $ | 79,498,150 | $ | 83,615,887 |