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11409 Valley View Road
Eden Prairie, MN 55344-3617
We were pleased to
report record net income and cash flow for fiscal 2020. As the chart at right
shows, net income has now increased every fiscal year since 2016.
We have said that the COVID-19 pandemic will have a significant impact on our
business this quarter (the quarter ending June 30), but thanks to the dedication
and resourcefulness of our employees, suppliers, and distributors, NVE has been
operating effectively through the pandemic.
With talented employees, savvy distributors, unique technology, and a strong balance
sheet, we are well-positioned to weather the present economic downturn. As the
world gets back to normal, people who needed pacemakers and hearing aids will
still need them, and automated factories will be more important than ever.
We believe our long-term future is bright, so we are preserving our workforce,
continuing to invest in new-product development, and continuing to pay generous
A Productive Year for Product Development
Fiscal 2020 was an especially productive year for product development. Our growth
strategy centers on the "Industrial Internet of Things," which could
enable a fourth wave of industrial automation. The first three waves-mechanization
in the 18th century; electricity, starting in the late 19th century; and computers
in the late 20th century-transformed humanity.
Smart Sensors are a key element of that strategy, and we launched several new
smart sensors since my last letter to you. The sensors are smart because
unlike our legacy sensors, they include analog-to-digital conversion, digital
factory calibration, and digital interfaces in one package that is less than one-tenth
of an inch square. Those features provide simple, smart connectivity to the Internet
of Things. Our spintronic technology, such as spintronic tunneling magnetoresistance,
is ideal for these products because of its inherent precision, small size, and
We launched a number of products in addition to Smart Sensors in the past year,
High-field sensors for medical and industrial
Power convertors for the Industrial Internet
Ultra-rugged couplers for more efficient motor
and power controls
New types of ultralow-power magnetic switches
for medical devices and battery-powered systems
High-speed automotive network couplers
Exploring New Worlds and Bringing Our World Closer Together
We qualified our couplers for the Europa Clipper Mission to one of Jupiters
moons, demonstrating the remarkable ruggedness and reliability of our technology.
That experience also helped us earn design wins in communication satellite constellations
and other high reliability applications. We continue to work with NASA, the Department
of Defense, and their contractors to advance transformative missions.
Putting Shareholders First
We continued to aggressively return cash to enhance your shareholder value. We
have now paid well over $100 million since starting dividends in 2015. We
also took advantage of a weak stock market late in fiscal 2020 to repurchase some
of our stock.
Im sorry we wont be able to meet some of you in person, as we have
for many years at our Annual Shareholders meeting, but of course our first
priority is the safety of our shareholders and other attendees. We invite you
to call into our virtual annual meeting and visit our Website or YouTube channel
to see new product demonstrations.
Daniel A. Baker
President and Chief Executive Officer
Statements used in this letter that relate to future plans, events, or performance
are forward-looking statements that are subject to certain risks and uncertainties
including the risk factors listed from time to time in our filings with the SEC,
including our Annual Report on Form 10-K and other reports filed with the SEC.
Actual results could differ materially from the information provided, and we undertake
no obligation to update forward-looking statements.