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 1, 2019

NVE Logo
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 and fiscal year ended March 31, 2019.


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 May 31, 2019 to shareholders of record as of May 13, 2019.

 

 

 
2
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  May 1, 2019 NVE CORPORATION
(Registrant)

 /s/ CURT A. REYNDERS
Curt A. Reynders
Chief Financial Officer

 

 

 

3
INDEX TO EXHIBITS
Exhibit #
Description
 
  99 Press release of NVE Corporation reporting results for the quarter and fiscal year ended March 31, 2019 and announcing a quarterly dividend.

 

 

 


4

NVE LogoPRESS RELEASE
For immediate release

NVE Corporation Reports Fourth Quarter and Fiscal Year Results
and Announces Quarterly Dividend

EDEN PRAIRIE, Minn.—May 1, 2019—NVE Corporation (Nasdaq: NVEC) announced today financial results for the quarter and fiscal year ended March 31, 2019.

Total revenue for the fourth quarter of fiscal 2019 decreased 29% to $5.59 million from $7.90 million in the prior-year quarter. The decrease was due to a 29% decrease in product sales and a 28% decrease in contract research and development revenue. Net income for the fourth quarter of fiscal 2019 decreased 26% to $2.86 million, or $0.59 per diluted share, compared to $3.88 million, or $0.80 per share, for the prior-year quarter.

For fiscal 2019, total revenue decreased 11% to $26.5 million from $29.9 million for the prior fiscal year. The decrease was due to a 7% decrease in product sales and a 54% decrease in contract research and development revenue. Net income for fiscal 2019 increased 4% to $14.5 million, or $2.99 per diluted share, compared to $13.9 million, or $2.87 per diluted share, for fiscal 2018.

The company also announced a quarterly cash dividend to shareholders of $1.00 per share of common stock, payable May 31, 2019 to shareholders of record as of May 13, 2019.

“We are pleased to report record earnings for the year despite a decrease in total revenue, due to a decrease in the Federal tax rate,” said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D. “Investments in smart sensor product development will drive future growth.”

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. NVE has also licensed its spintronic magnetoresistive random access memory technology, commonly known as MRAM.

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, risks related to changes in tariffs and other trade barriers, 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, 2019 and other reports filed with the SEC.
###
NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS AND YEARS ENDED MARCH 31, 2019 AND 2018 (Unaudited)
 
Quarter Ended March 31
2019 2018
Revenue
Product sales
 $ 5,374,442 $ 7,603,226
Contract research and development
 214,509   295,966  
Total revenue 5,588,951   7,899,192
Cost of sales 1,297,856   1,465,509  
Gross profit 4,291,095 6,433,683
Expenses
Research and development
 1,019,728   913,950
Selling, general, and administrative
 248,857   374,835  
Total expenses 1,268,585   1,288,785  
Income from operations   3,022,510   5,144,898
Interest income 459,978     403,894  
Income before taxes   3,482,488   5,548,792
Provision for income taxes 623,616   1,666,372  
Net income $ 2,858,872   $ 3,882,420  
Net income per share – basic $ 0.59   $ 0.80  
Net income per share – diluted $ 0.59   $ 0.80  
Weighted average shares outstanding
Basic
 4,844,010 4,842,010  
Diluted
 4,850,284 4,847,349  
 
 
Year Ended March 31
2019 2018
Revenue
Product sales
 $ 25,291,306 $ 27,321,810
Contract research and development
 1,181,031   2,542,071  
Total revenue 26,472,337   29,863,881
Cost of sales 5,216,112   6,274,744  
Gross profit 21,256,225 23,589,137
Expenses
Research and development
 4,107,692   3,702,918
Selling, general, and administrative
 1,223,971   1,435,592  
Total expenses 5,331,663   5,138,510  
Income from operations   15,924,562   18,450,627
Interest income 1,785,277     1,558,197  
Income before taxes   17,709,839   20,008,824
Provision for income taxes 3,201,903   6,096,152  
Net income $ 14,507,936   $ 13,912,672  
Net income per share – basic $ 3.00   $ 2.87  
Net income per share – diluted $ 2.99   $ 2.87  
Weighted average shares outstanding
Basic
 4,844,010 4,841,347  
Diluted
 4,850,567 4,846,212  
 
 
NVE CORPORATION
BALANCE SHEETS
MARCH 31, 2019 AND 2018
 
March 31, 2019 March 31, 2018
ASSETS
Current assets
Cash and cash equivalents
 $ 6,877,304     $ 4,755,082
Marketable securities, short-term
 12,487,821     20,765,809
Accounts receivable, net of allowance for uncollectible accounts of $15,000
 2,995,638       2,888,779
Inventories
 4,264,876       3,650,439
Prepaid expenses and other assets
 816,045     635,160  
Total current assets 27,441,684       32,695,269  
Fixed assets
Machinery and equipment 
 9,365,806       9,395,987
Leasehold improvements
 1,787,269     1,749,284  
  11,153,075       11,145,271
Less accumulated depreciation and amortization 
 10,258,240     9,819,888  
Net fixed assets 894,835       1,325,383
Deferred tax assets 353,735   572,655  
Marketable securities, long-term 54,925,633     52,838,158  
Total assets $ 83,615,887     $ 87,431,465  
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable
 $ 375,188     $ 414,970
Accrued payroll and other
 460,488     574,755  
Total current liabilities 835,676       989,725
 
Shareholders’ equity
Common stock, $0.01 par value, 6,000,000 shares authorized;
4,846,010 issued and outstanding as of March 31, 2019 and 4,842,010 as of March 31, 2018
 48,460       48,420
Additional paid-in capital
 19,910,558       19,599,298
Accumulated other comprehensive loss
 (82,725 )     (915,635 )
Retained earnings
 62,903,918     67,709,657  
Total shareholders’ equity 82,780,211     86,441,740  
Total liabilities and shareholders’ equity $ 83,615,887     $ 87,431,465