8-K

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)  July 19, 2021

NVE Corporation
(Exact name of registrant as specified in its charter)

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)

Registrant’s telephone number, including area code (952) 829-9217

                                                                                                                                
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 

Emerging growth company  [  ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  [  ] 
 
Securities registered pursuant to Section 12(b) of the Act:

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

Item 2.02. Results of operations and financial condition.
     Furnished as Exhibit 99 is a press release of NVE Corporation reporting results for the quarter ended June 30, 2021.

Item 5.02. Departure of directors or certain officers; election of directors; appointment of certain officers; compensatory arrangements of certain officers.
     On July 19, 2021, Curt A. Reynders, our Chief Financial Officer, notified our Board of Directors that he will retire from NVE Corporation effective October 1, 2021.

Item 8.01. Other events.
     NVE Corporation announced that its Board of Directors approved a quarterly cash dividend to shareholders of $1.00 per share of common stock, payable August 31, 2021 to shareholders of record as of August 2, 2021.

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SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 

Date  July 21, 2021 NVE CORPORATION
(Registrant)

 /s/ DANIEL A. BAKER
Daniel A. Baker
President and Chief Executive Officer

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INDEX TO EXHIBITS

Exhibit #	Description
99	Press release of NVE Corporation reporting results for the quarter ended June 30, 2021 and announcing a quarterly dividend.

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EX-99

PRESS RELEASE
For immediate release

NVE Corporation Reports First Quarter Results and Announces Quarterly Dividend

EDEN PRAIRIE, Minn.—July 21, 2021—NVE Corporation (Nasdaq: NVEC) announced today financial results for the quarter ended June 30, 2021.

Total revenue for the first quarter of fiscal 2022 increased 56% to $7.15 million from $4.59 million in the prior-year quarter. The increase was due to a 60% increase in product sales partially offset by a 14% decrease in contract research and development revenue. Product sales increased to $6.95 million from $4.36 million in the prior-year quarter. Net income for the first quarter of fiscal 2022 increased 48% to $3.58 million, or $0.74 per diluted share, compared to $2.41 million, or $0.50 per share, for the prior-year quarter.

The company also announced a quarterly cash dividend to shareholders of $1.00 per share of common stock, payable August 31, 2021 to shareholders of record as of August 2, 2021.

“We are pleased to report large increases in product sales, total revenue, and earnings for the quarter as the effects of the COVID-19 pandemic on our revenue subsided,” said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D.

NVE is a leader in the practical commercialization of spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store and transmit information. The company manufactures high-performance spintronic products including sensors and couplers that are used to acquire and transmit data.

Statements used in this press release that relate to future plans, events, financial results or performance are forward-looking statements that are subject to certain risks and uncertainties including, among others, such factors as risks and uncertainties related to future sales and revenues and risks related to the COVID-19 pandemic, as well as the risk factors listed from time to time in our filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2021 and other reports filed with the SEC.
 

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NVE CORPORATION STATEMENTS OF INCOME QUARTERS ENDED JUNE 30, 2021 AND 2020 (Unaudited)
	Quarter Ended June 30
	2021		2020
Revenue
Product sales	$	6,953,766	$	4,358,635
Contract research and development	199,397		230,627
Total revenue		7,153,163		4,589,262
Cost of sales	1,769,581		836,422
Gross profit		5,383,582		3,752,840
Expenses
Research and development		808,142		880,983
Selling, general, and administrative	466,618		355,011
Total expenses	1,274,760		1,235,994
Income from operations		4,108,822		2,516,846
Interest income	289,720		399,212
Income before taxes		4,398,542		2,916,058
Provision for income taxes	818,976		504,193
Net income	$	3,579,566	$	2,411,865
Net income per share – basic	$	0.74	$	0.50
Net income per share – diluted	$	0.74	$	0.50
Cash dividends declared per common share	$	1.00	$	1.00
Weighted average shares outstanding
Basic		4,833,232		4,835,038
Diluted		4,836,821		4,835,157

NVE CORPORATION BALANCE SHEETS JUNE 30 AND MARCH 31, 2021
	(Unaudited) June 30, 2021		March 31, 2021
ASSETS
Current assets
Cash and cash equivalents	$	8,868,823	$	10,427,340
Marketable securities, short-term		17,061,711		7,678,957
Accounts receivable, net of allowance for uncollectible accounts of $15,000		3,319,838		1,964,281
Inventories		3,670,026		3,900,777
Prepaid expenses and other assets	658,238		391,278
Total current assets		33,578,636		24,362,633
Fixed assets
Machinery and equipment		9,280,343		9,254,664
Leasehold improvements	1,810,872		1,810,872
		11,091,215		11,065,536
Less accumulated depreciation and amortization	10,791,821		10,728,853
Net fixed assets		299,394		336,683
Deferred tax assets	101,660		73,538
Marketable securities, long-term	37,463,037		47,038,669
Right-of-use asset – operating lease	657,662		689,216
Total assets	$	72,100,389	$	72,500,739
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	359,394	$	336,591
Accrued payroll and other	651,194		540,474
Income taxes payable	834,483		-
Operating lease	151,110		150,273
Total current liabilities		1,996,181		1,027,338
Operating lease	548,859		581,459
Total liabilities	2,545,040		1,608,797
Shareholders’ equity
Common stock		48,332		48,332
Additional paid-in capital		19,345,365		19,338,127
Accumulated other comprehensive income		1,010,954		1,101,119
Retained earnings	49,150,698		50,404,364
Total shareholders’ equity	69,555,349		70,891,942
Total liabilities and shareholders’ equity	$	72,100,389	$	72,500,739