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 5, 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 May 5, 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 fiscal year ended March 31, 2021 and announcing a quarterly dividend. |
4
![]() | PRESS
RELEASE
For immediate release |
NVE CORPORATION STATEMENTS OF INCOME QUARTERS AND YEARS ENDED MARCH 31, 2021 AND 2020 (Unaudited) |
|||||||
Quarter Ended March 31 | |||||||
2021 | 2020 | ||||||
Revenue | |||||||
Product sales
|
$ | 5,690,400 | $ | 5,966,153 | |||
Contract research and development
|
172,437 | 184,773 | |||||
Total revenue | 5,862,837 | 6,150,926 | |||||
Cost of sales | 1,268,704 | 1,187,354 | |||||
Gross profit | 4,594,133 | 4,963,572 | |||||
Expenses | |||||||
Research and development
|
785,590 | 1,019,408 | |||||
Selling, general, and administrative
|
291,878 | 291,095 | |||||
Total expenses | 1,077,468 | 1,310,503 | |||||
Income from operations | 3,516,665 | 3,653,069 | |||||
Interest income | 332,046 | 428,291 | |||||
Income before taxes | 3,848,711 | 4,081,360 | |||||
Provision for income taxes | 714,241 | 714,863 | |||||
Net income | $ | 3,134,470 | $ | 3,366,497 | |||
Net income per share basic | $ | 0.65 | $ | 0.69 | |||
Net income per share diluted | $ | 0.65 | $ | 0.69 | |||
Weighted average shares outstanding | |||||||
Basic
|
4,833,232 | 4,844,470 | |||||
Diluted
|
4,835,370 | 4,845,922 |
Year Ended March 31 | |||||||
2021 | 2020 | ||||||
Revenue | |||||||
Product sales
|
$ | 20,540,557 | $ | 24,400,192 | |||
Contract research and development
|
825,689 | 1,011,971 | |||||
Total revenue | 21,366,246 | 25,412,163 | |||||
Cost of sales | 4,121,461 | 4,889,295 | |||||
Gross profit | 17,244,785 | 20,522,868 | |||||
Expenses | |||||||
Research and development
|
3,184,754 | 3,690,539 | |||||
Selling, general, and administrative
|
1,316,427 | 1,317,543 | |||||
Total expenses | 4,501,181 | 5,008,082 | |||||
Income from operations | 12,743,604 | 15,514,786 | |||||
Interest income | 1,498,148 | 1,787,117 | |||||
Income before taxes | 14,241,752 | 17,301,903 | |||||
Provision for income taxes | 2,547,368 | 2,775,261 | |||||
Net income | $ | 11,694,384 | $ | 14,526,642 | |||
Net income per share basic | $ | 2.42 | $ | 3.00 | |||
Net income per share diluted | $ | 2.42 | $ | 3.00 | |||
Weighted average shares outstanding | |||||||
Basic
|
4,834,054 | 4,845,627 | |||||
Diluted
|
4,834,462 | 4,847,294 |
NVE CORPORATION BALANCE SHEETS MARCH 31, 2021 AND 2020 |
|||||||
March 31, 2021 | March 31, 2020 | ||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents
|
$ | 10,427,340 | $ | 8,065,594 | |||
Marketable securities, short-term
|
7,678,957 | 19,084,814 | |||||
Accounts receivable, net of allowance for uncollectible
accounts of $15,000
|
1,964,281 | 2,694,018 | |||||
Inventories
|
3,900,777 | 3,884,450 | |||||
Prepaid expenses and other assets
|
391,278 | 655,835 | |||||
Total current assets | 24,362,633 | 34,384,711 | |||||
Fixed assets | |||||||
Machinery and equipment
|
9,254,664 | 9,280,062 | |||||
Leasehold improvements
|
1,810,872 | 1,797,245 | |||||
11,065,536 | 11,077,307 | ||||||
Less accumulated depreciation and amortization
|
10,728,853 | 10,494,840 | |||||
Net fixed assets | 336,683 | 582,467 | |||||
Deferred tax assets | 73,538 | 108,119 | |||||
Marketable securities, long-term | 47,038,669 | 43,606,495 | |||||
Right-of-use asset operating lease | 689,216 | 816,358 | |||||
Total assets | $ | 72,500,739 | $ | 79,498,150 | |||
LIABILITIES AND SHAREHOLDERS EQUITY | |||||||
Current liabilities | |||||||
Accounts payable
|
$ | 336,591 | $ | 186,993 | |||
Accrued payroll and other
|
540,474 | 482,074 | |||||
Operating lease
|
150,273 | 127,134 | |||||
Total current liabilities | 1,027,338 | 796,201 | |||||
Operating lease | 581,459 | 706,600 | |||||
Total liabilities | 1,608,797 | 1,502,801 | |||||
Shareholders equity | |||||||
Common stock
|
48,332 | 48,350 | |||||
Additional paid-in capital
|
19,338,127 | 19,383,956 | |||||
Accumulated other comprehensive income
|
1,101,119 | 516,523 | |||||
Retained earnings
|
50,404,364 | 58,046,520 | |||||
Total shareholders equity | 70,891,942 | 77,995,349 | |||||
Total liabilities and shareholders equity | $ | 72,500,739 | $ | 79,498,150 |