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 20, 2022
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 July 20, 2021 | NVE CORPORATION (Registrant) /s/ JOSEPH R. SCHMITZ Joseph R. Schmitz Chief Financial Officer |
Exhibit # |
Description |
99 | Press release of NVE Corporation reporting results for the quarter ended June 30, 2022 and announcing a quarterly dividend. |
4
PRESS
RELEASE
For immediate release |
NVE CORPORATION STATEMENTS OF INCOME QUARTERS ENDED JUNE 30, 2022 AND 2021 (Unaudited) |
|||||||
Quarter Ended June 30 | |||||||
2022 | 2021 | ||||||
Revenue | |||||||
Product sales
|
$ | 7,072,961 | $ | 6,953,766 | |||
Contract research and development
|
263,446 | 199,397 | |||||
Total revenue | 7,336,407 | 7,153,163 | |||||
Cost of sales | 1,651,847 | 1,769,581 | |||||
Gross profit | 5,684,560 | 5,383,582 | |||||
Expenses | |||||||
Research and development
|
601,918 | 808,142 | |||||
Selling, general, and administrative
|
371,320 | 466,618 | |||||
Total expenses | 973,238 | 1,274,760 | |||||
Income from operations | 4,711,322 | 4,108,822 | |||||
Interest income | 283,059 | 289,720 | |||||
Income before taxes | 4,994,381 | 4,398,542 | |||||
Provision for income taxes | 854,265 | 818,976 | |||||
Net income | $ | 4,140,116 | $ | 3,579,566 | |||
Net income per share basic | $ | 0.86 | $ | 0.74 | |||
Net income per share diluted | $ | 0.86 | $ | 0.74 | |||
$ | 1.00 | $ | 1.00 | ||||
Weighted average shares outstanding | |||||||
Basic
|
4,830,826 | 4,833,232 | |||||
Diluted
|
4,830,871 | 4,836,821 |
NVE CORPORATION BALANCE SHEETS JUNE 30 AND MARCH 31, 2022 |
|||||||
June 30, 2022 | March 31, 2022 | ||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents
|
$ | 13,299,264 | $ | 10,449,510 | |||
Marketable securities, short-term
|
14,888,372 | 20,839,683 | |||||
Accounts receivable, net of allowance for uncollectible
accounts of $15,000
|
3,513,216 | 4,704,829 | |||||
Inventories
|
5,544,037 | 5,088,635 | |||||
Prepaid expenses and other assets
|
721,989 | 420,520 | |||||
Total current assets | 37,966,878 | 41,503,177 | |||||
Fixed assets | |||||||
Machinery and equipment
|
9,603,049 | 9,739,244 | |||||
Leasehold improvements
|
1,826,334 | 1,810,872 | |||||
11,429,383 | 11,550,116 | ||||||
Less accumulated depreciation and amortization
|
10,945,847 | 10,943,731 | |||||
Net fixed assets | 483,536 | 606,385 | |||||
Deferred tax assets | 578,291 | 483,469 | |||||
Marketable securities, long-term | 25,517,937 | 24,314,211 | |||||
Right-of-use asset operating lease | 527,553 | 560,250 | |||||
Total assets | $ | 65,074,195 | $ | 67,467,492 | |||
LIABILITIES AND SHAREHOLDERS EQUITY | |||||||
Current liabilities | |||||||
Accounts payable
|
$ | 295,443 | $ | 943,535 | |||
Accrued payroll and other
|
667,372 | 1,356,689 | |||||
Operating lease
|
156,975 | 156,121 | |||||
Total current liabilities | 1,119,790 | 2,456,345 | |||||
Operating lease | 411,405 | 446,018 | |||||
Total liabilities | 1,531,195 | 2,902,363 | |||||
Shareholders equity | |||||||
Common stock
|
48,308 | 48,308 | |||||
Additional paid-in capital
|
19,263,619 | 19,256,485 | |||||
Accumulated other comprehensive income
|
(656,673 | ) | (318,120 | ) | |||
Retained earnings
|
44,887,746 | 45,578,456 | |||||
Total shareholders equity | 63,543,000 | 64,565,129 | |||||
Total liabilities and shareholders equity | $ | 65,074,195 | $ | 67,467,492 |