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,
2021
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 January 20, 2021 | 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 nine months ended December 31, 2020 and announcing a quarterly dividend. |
4
![]() | PRESS
RELEASE
For immediate release |
NVE CORPORATION STATEMENTS OF INCOME QUARTERS AND NINE MONTHS ENDED DECEMBER 31, 2020 AND 2019 (Unaudited) |
|||||||
Quarter Ended Dec. 31 | |||||||
2020 | 2019 | ||||||
Revenue | |||||||
Product sales
|
$ | 6,332,349 | $ | 6,160,967 | |||
Contract research and development
|
201,013 | 303,629 | |||||
Total revenue | 6,533,362 | 6,464,596 | |||||
Cost of sales | 1,075,048 | 1,263,806 | |||||
Gross profit | 5,458,314 | 5,200,790 | |||||
Expenses | |||||||
Research and development
|
702,216 | 771,468 | |||||
Selling, general, and administrative
|
311,356 | 327,989 | |||||
Total expenses | 1,013,572 | 1,099,457 | |||||
Income from operations | 4,444,742 | 4,101,333 | |||||
Interest income | 365,498 | 443,478 | |||||
Income before taxes | 4,810,240 | 4,544,811 | |||||
Provision for income taxes | 884,531 | 814,147 | |||||
Net income | $ | 3,925,709 | $ | 3,730,664 | |||
Net income per share basic | $ | 0.81 | $ | 0.77 | |||
Net income per share diluted | $ | 0.81 | $ | 0.77 | |||
Cash dividends declared per common share | $ | 1.00 | $ | 1.00 | |||
Weighted average shares outstanding | |||||||
Basic
|
4,833,232 | 4,846,010 | |||||
Diluted
|
4,833,261 | 4,847,436 |
Nine Months Ended Dec. 31 | |||||||
2020 | 2019 | ||||||
Revenue | |||||||
Product sales
|
$ | 14,850,157 | $ | 18,434,039 | |||
Contract research and development
|
653,252 | 827,198 | |||||
Total revenue | 15,503,409 | 19,261,237 | |||||
Cost of sales | 2,852,757 | 3,701,941 | |||||
Gross profit | 12,650,652 | 15,559,296 | |||||
Expenses | |||||||
Research and development
|
2,399,164 |
2,671,131 | |||||
Selling, general, and administrative
|
1,024,549 |
1,026,448 | |||||
Total expenses | 3,423,713 | 3,697,579 | |||||
Income from operations |
9,226,939 |
11,861,717 | |||||
Interest income | 1,166,102 | 1,358,826 | |||||
Income before taxes |
10,393,041 |
13,220,543 | |||||
Provision for income taxes | 1,833,127 | 2,060,398 | |||||
Net income | $ |
8,559,914 |
$ | 11,160,145 | |||
Net income per share basic | $ | 1.77 | $ | 2.30 | |||
Net income per share diluted | $ | 1.77 | $ | 2.30 | |||
Cash dividends declared per common share | $ | 3.00 | $ | 3.00 | |||
Weighted average shares outstanding | |||||||
Basic
|
4,834,324 | 4,846,010 | |||||
Diluted
|
4,834,411 | 4,848,506 |
NVE CORPORATION BALANCE SHEETS DECEMBER 31 AND MARCH 31, 2020 |
|||||||
(Unaudited) Dec. 31, 2020 |
March 31, 2020 | ||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents
|
$ | 13,988,308 | $ | 8,065,594 | |||
Marketable securities, short-term
|
11,115,094 | 19,084,814 | |||||
Accounts receivable, net of allowance for uncollectible
accounts of $15,000
|
3,161,308 | 2,694,018 | |||||
Inventories
|
3,842,477 | 3,884,450 | |||||
Prepaid expenses and other assets
|
570,018 | 655,835 | |||||
Total current assets | 32,677,205 | 34,384,711 | |||||
Fixed assets | |||||||
Machinery and equipment
|
9,280,062 | 9,280,062 | |||||
Leasehold improvements
|
1,810,872 | 1,797,245 | |||||
11,090,934 | 11,077,307 | ||||||
Less accumulated depreciation and amortization
|
10,724,866 | 10,494,840 | |||||
Net fixed assets | 366,068 | 582,467 | |||||
Deferred tax assets | - | 108,119 | |||||
Marketable securities, long-term | 40,656,967 | 43,606,495 | |||||
Right-of-use asset operating lease | 720,618 | 816,358 | |||||
Total assets | $ | 74,420,858 | $ | 79,498,150 | |||
LIABILITIES AND SHAREHOLDERS EQUITY | |||||||
Current liabilities | |||||||
Accounts payable
|
$ | 136,673 | $ | 186,993 | |||
Accrued payroll and other
|
505,428 | 482,074 | |||||
Operating lease
|
106,843 | 127,134 | |||||
Total current liabilities | 748,944 | 796,201 | |||||
Deferred tax liabilities | 89,420 | - | |||||
Operating lease | 613,775 | 706,600 | |||||
Total liabilities | 1,452,139 | 1,502,801 | |||||
Shareholders equity | |||||||
Common stock
|
48,332 | 48,350 | |||||
Additional paid-in capital
|
19,333,852 | 19,383,956 | |||||
Accumulated other comprehensive income
|
1,483,409 | 516,523 | |||||
Retained earnings
|
52,103,126 | 58,046,520 | |||||
Total shareholders equity | 72,968,719 | 77,995,349 | |||||
Total liabilities and shareholders equity | $ | 74,420,858 | $ | 79,498,150 |