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 17, 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 ended June 30, 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 August 30, 2019 to shareholders of record as of July 29, 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  July 17, 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 ended June 30, 2019 and announcing a quarterly dividend.

 

 

 


4

NVE LogoPRESS RELEASE
For immediate release

NVE Corporation Reports First Quarter Results and Announces Quarterly Dividend

EDEN PRAIRIE, Minn.—July 17, 2019—NVE Corporation (Nasdaq: NVEC) announced today financial results for the quarter ended June 30, 2019.

Total revenue for the first quarter of fiscal 2020 decreased 11% to $6.29 million from $7.11 million in the prior-year quarter. The decrease was due to a 11% decrease in product sales and a 12% decrease in contract research and development revenue. Product sales decreased to $6.09 million from $6.87 million in the prior-year quarter. Net income for the first quarter of fiscal 2020 decreased 9% to $3.61 million, or $0.74 per diluted share, compared to $3.95 million, or $0.81 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 30, 2019 to shareholders of record as of July 29, 2019.

“We are pleased to report sequential revenue and net income growth, and we launched important new products the past quarter,” 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, 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.
 
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NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS ENDED JUNE 30, 2019 AND 2018 (Unaudited)
 
Quarter Ended June 30
2019 2018
Revenue
Product sales
 $ 6,085,364 $ 6,870,646  
Contract research and development
 209,332   237,260  
Total revenue 6,294,696 7,107,906
Cost of sales 1,092,037   1,396,005  
Gross profit   5,202,659 5,711,901
Expenses
Research and development
   973,067 989,026
Selling, general, and administrative
 330,009   328,761  
Total expenses 1,303,076   1,317,787  
Income from operations   3,899,583 4,394,114
Interest income 459,039   424,770  
Income before taxes   4,358,622 4,818,884
Provision for income taxes 751,203   873,835  
Net income $ 3,607,419     $ 3,945,049  
Net income per share – basic $ 0.74     $ 0.81  
Net income per share – diluted $ 0.74     $ 0.81  
Cash dividends declared per common share $ 1.00     $ 1.00  
Weighted average shares outstanding
Basic
 4,846,010 4,842,010
Diluted
 4,850,388 4,850,479
 
 
NVE CORPORATION
BALANCE SHEETS
JUNE 30 AND MARCH 31, 2019
(Unaudited)
June 30, 2019		 March 31, 2019
ASSETS
Current assets
Cash and cash equivalents
 $ 13,039,292     $ 6,877,304
Marketable securities, short-term
 2,999,689     12,487,821
Accounts receivable, net of allowance for uncollectible accounts of $15,000
 2,746,683     2,995,638
Inventories
 4,219,783     4,264,876
Prepaid expenses and other assets
 646,917     816,045  
Total current assets 23,652,364     27,441,684  
Fixed assets
Machinery and equipment 
 9,381,906     9,365,806
Leasehold improvements
 1,787,269     1,787,269  
11,169,175     11,153,075
Less accumulated depreciation and amortization 
 10,348,140     10,258,240  
Net fixed assets 821,035     894,835
Deferred tax assets 194,735   353,735  
Marketable securities, long-term 58,612,189   54,925,633
Right-of-use asset – operating lease 225,373     -  
Total assets $ 83,505,696     $ 83,615,887  
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable
 $ 237,718     $ 375,188
Accrued payroll and other
 455,814     460,488
Income taxes payable
 442,493     -
Operating lease
 172,796     -
Total current liabilities 1,308,821     835,676
 
Operating lease 85,192     -  
Total liabilities 1,394,013 835,676
 
Shareholders’ equity
Common stock
 48,460 48,460
Additional paid-in capital
 19,910,558 19,910,558
Accumulated other comprehensive income (loss)
 487,338 (82,725 )
Retained earnings
 61,665,327   62,903,918  
Total shareholders’ equity 82,111,683   82,780,211  
Total liabilities and shareholders’ equity $ 83,505,696   $ 83,615,887