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) October 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 October 20, 2021 | NVE CORPORATION (Registrant) /s/ DANIEL A. BAKER Daniel A. Baker President and Chief Executive Officer |
Exhibit # |
Description |
99 | Press release of NVE Corporation reporting results for the quarter and six months ended September 30, 2021 and announcing a quarterly dividend. |
4
PRESS
RELEASE
For immediate release |
NVE CORPORATION STATEMENTS OF INCOME QUARTERS ENDED SEPTEMBER 30, 2021 AND 2020 (Unaudited) |
|||||||
Quarter Ended Sept. 30 | |||||||
2021 | 2020 | ||||||
Revenue | |||||||
Product sales
|
$ | 6,630,012 | $ | 4,159,173 | |||
Contract research and development
|
193,450 | 221,612 | |||||
Total revenue | 6,823,462 | 4,380,785 | |||||
Cost of sales | 1,544,134 | 941,287 | |||||
Gross profit | 5,279,328 | 3,439,498 | |||||
Expenses | |||||||
Research and development
|
707,997 | 815,965 | |||||
Selling, general, and administrative
|
483,116 | 358,182 | |||||
Total expenses | 1,191,113 | 1,174,147 | |||||
Income from operations | 4,088,215 | 2,265,351 | |||||
Interest income | 294,858 | 401,392 | |||||
Income before taxes | 4,383,073 | 2,666,743 | |||||
Provision for income taxes | 736,566 | 444,403 | |||||
Net income | $ | 3,646,507 | $ | 2,222,340 | |||
Net income per share basic | $ | 0.75 | $ | 0.46 | |||
Net income per share diluted | $ | 0.75 | $ | 0.46 | |||
Cash dividends declared per common share | $ | 1.00 | $ | 1.00 | |||
Weighted average shares outstanding | |||||||
Basic
|
4,833,232 | 4,834,709 | |||||
Diluted
|
4,836,603 | 4,834,809 |
NVE CORPORATION STATEMENTS OF INCOME SIX MONTHS ENDED SEPTEMBER 30, 2021 AND 2020 (Unaudited) |
|||||||
Six Months Ended Sept. 30 | |||||||
2021 | 2020 | ||||||
Revenue | |||||||
Product sales
|
$ | 13,583,778 | $ | 8,517,808 | |||
Contract research and development
|
392,847 | 452,239 | |||||
Total revenue | 13,976,625 | 8,970,047 | |||||
Cost of sales | 3,313,715 | 1,777,709 | |||||
Gross profit | 10,662,910 | 7,192,338 | |||||
Expenses | |||||||
Research and development
|
1,516,139 | 1,696,948 | |||||
Selling, general, and administrative
|
949,734 | 713,193 | |||||
Total expenses | 2,465,873 | 2,410,141 | |||||
Income from operations | 8,197,037 | 4,782,197 | |||||
Interest income | 584,578 | 800,604 | |||||
Income before taxes | 8,781,615 | 5,582,801 | |||||
Provision for income taxes | 1,555,542 | 948,596 | |||||
Net income | $ | 7,226,073 | $ | 4,634,205 | |||
Net income per share basic | $ | 1.50 | $ | 0.96 | |||
Net income per share diluted | $ | 1.49 | $ | 0.96 | |||
Cash dividends declared per common share | $ | 2.00 | $ | 2.00 | |||
Weighted average shares outstanding | |||||||
Basic
|
4,833,232 | 4,834,872 | |||||
Diluted
|
4,836,621 | 4,834,986 |
NVE CORPORATION BALANCE SHEETS SEPTEMBER 30 AND MARCH 31, 2021 |
||||||||
(Unaudited) Sept. 30, 2021 | March 31, 2021 | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents
|
$ | 11,145,156 | $ | 10,427,340 | ||||
Marketable securities, short-term | 22,660,959 | 7,678,957 | ||||||
Accounts receivable, net of allowance for uncollectible
accounts of $15,000
|
2,876,102 | 1,964,281 | ||||||
Inventories
|
3,982,771 | 3,900,777 | ||||||
Prepaid expenses and other assets
|
752,764 | 391,278 | ||||||
Total current assets | 41,417,752 | 24,362,633 | ||||||
Fixed assets | ||||||||
Machinery and equipment
|
9,328,581 | 9,254,664 | ||||||
Leasehold improvements
|
1,810,872 | 1,810,872 | ||||||
11,139,453 | 11,065,536 | |||||||
Less accumulated depreciation and amortization
|
10,855,501 | 10,728,853 | ||||||
Net fixed assets | 283,952 | 336,683 | ||||||
Deferred tax assets | 137,439 | 73,538 | ||||||
Marketable securities, long-term | 27,544,468 | 47,038,669 | ||||||
Right-of-use asset operating lease | 625,829 | 689,216 | ||||||
Total assets | $ | 70,009,440 | $ | 72,500,739 | ||||
LIABILITIES AND SHAREHOLDERS EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable
|
$ | 411,218 | $ | 336,591 | ||||
Accrued payroll and other
|
701,705 | 540,474 | ||||||
Operating lease
|
151,955 | 150,273 | ||||||
Total current liabilities | 1,264,878 | 1,027,338 | ||||||
Operating lease | 515,973 | 581,459 | ||||||
Total liabilities | 1,780,851 | 1,608,797 | ||||||
Shareholders equity | ||||||||
Common stock
|
48,332 | 48,332 | ||||||
Additional paid-in capital
|
19,402,364 | 19,338,127 | ||||||
Accumulated other comprehensive income
|
813,920 | 1,101,119 | ||||||
Retained earnings
|
47,963,973 | 50,404,364 | ||||||
Total shareholdersequity | 68,228,589 | 70,891,942 | ||||||
Total liabilities and shareholders equity | $ | 70,009,440 | $ | 72,500,739 |