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 19, 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 October 19, 2022 | 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 and six months ended September 30, 2022 and announcing a quarterly dividend. |
4
PRESS
RELEASE
For immediate release |
NVE CORPORATION STATEMENTS OF INCOME QUARTERS AND SIX MONTHS ENDED SEPTEMBER 30, 2022 AND 2021 (Unaudited) |
|||||||
Quarter Ended Sept. 30 | |||||||
2022 | 2021 | ||||||
Revenue | |||||||
Product sales
|
$ | 10,514,539 | $ | 6,630,012 | |||
Contract research and development
|
203,285 | 193,450 | |||||
Total revenue | 10,717,824 | 6,823,462 | |||||
Cost of sales | 2,402,781 | 1,544,134 | |||||
Gross profit | 8,315,043 | 5,279,328 | |||||
Expenses | |||||||
Research and development
|
669,978 | 707,997 | |||||
Selling, general, and administrative
|
435,625 | 483,116 | |||||
Total expenses | 1,105,603 | 1,191,113 | |||||
Income from operations | 7,209,440 | 4,088,215 | |||||
Interest income | 351,375 | 294,858 | |||||
Income before taxes | 7,560,815 | 4,383,073 | |||||
Provision for income taxes | 1,470,442 | 736,566 | |||||
Net income | $ | 6,090,373 | $ | 3,646,507 | |||
Net income per share basic | $ | 1.26 | $ | 0.75 | |||
Net income per share diluted | $ | 1.26 | $ | 0.75 | |||
Weighted average shares outstanding | |||||||
Basic
|
4,830,826 | 4,833,232 | |||||
Diluted
|
4,830,956 | 4,836,603 | |||||
|
|||||||
Six Months Ended Sept. 30 | |||||||
2022 | 2021 | ||||||
Revenue | |||||||
Product sales
|
$ | 17,587,500 | $ | 13,583,778 | |||
Contract research and development
|
466,731 | 392,847 | |||||
Total revenue | 18,054,231 | 13,976,625 | |||||
Cost of sales | 4,054,628 | 3,313,715 | |||||
Gross profit | 13,999,603 | 10,662,910 | |||||
Expenses | |||||||
Research and development
|
1,271,896 | 1,516,139 | |||||
Selling, general, and administrative
|
806,946 | 949,734 | |||||
Total expenses | 2,078,842 | 2,465,873 | |||||
Income from operations | 11,920,761 | 8,197,037 | |||||
Interest income | 634,436 | 584,578 | |||||
Income before taxes | 12,555,197 | 8,781,615 | |||||
Provision for income taxes | 2,324,707 | 1,555,542 | |||||
Net income | $ | 10,230,490 | $ | 7,226,073 | |||
Net income per share basic | $ | 2.12 | $ | 1.50 | |||
Net income per share diluted | $ | 2.12 | $ | 1.49 | |||
Weighted average shares outstanding | |||||||
Basic
|
4,830,826 | 4,833,232 | |||||
Diluted
|
4,830,927 | 4,836,621 |
NVE CORPORATION BALANCE SHEETS SEPTEMBER 30 AND MARCH 31, 2022 |
|||||||
Sept. 30, 2022 | March 31, 2022 | ||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents
|
$ | 3,583,539 | $ | 10,449,510 | |||
Marketable securities, short-term
|
10,326,647 | 20,839,683 | |||||
Accounts receivable, net of allowance for uncollectible
accounts of $15,000
|
5,860,414 | 4,704,829 | |||||
Inventories
|
5,794,849 | 5,088,635 | |||||
Prepaid expenses and other assets
|
600,913 | 420,520 | |||||
Total current assets | 26,166,362 | 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
|
10,990,224 | 10,943,731 | |||||
Net fixed assets | 439,159 | 606,385 | |||||
Deferred tax assets | 894,045 | 483,469 | |||||
Marketable securities, long-term | 39,514,685 | 24,314,211 | |||||
Right-of-use asset operating lease | 494,070 | 560,250 | |||||
Total assets | $ | 67,508,321 | $ | 67,467,492 | |||
LIABILITIES AND SHAREHOLDERS EQUITY | |||||||
Current liabilities | |||||||
Accounts payable
|
$ | 399,263 | $ | 943,535 | |||
Accrued payroll and other
|
2,861,151 | 1,356,689 | |||||
Operating lease
|
157,830 | 156,121 | |||||
Total current liabilities | 3,418,244 | 2,456,345 | |||||
Operating lease | 374,941 | 446,018 | |||||
Total liabilities | 3,793,185 | 2,902,363 | |||||
Shareholders equity | |||||||
Common stock
|
48,308 | 48,308 | |||||
Additional paid-in capital
|
19,303,570 | 19,256,485 | |||||
Accumulated other comprehensive income
|
(1,784,035 | ) | (318,120 | ) | |||
Retained earnings
|
46,147,293 | 45,578,456 | |||||
Total shareholders equity | 63,715,136 | 64,565,129 | |||||
Total liabilities and shareholders equity | $ | 67,508,321 | $ | 67,467,492 |