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 21,
2020
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 21, 2020 | NVE CORPORATION (Registrant) /s/ CURT A. REYNDERS Curt A. Reynders Chief Financial Officer |
Exhibit # |
Description |
99 | Press release of NVE Corporation reporting results for the quarter and six months ended September 30, 2020 and announcing a quarterly dividend. |
4
PRESS
RELEASE
For immediate release |
NVE CORPORATION STATEMENTS OF INCOME QUARTERS AND SIX MONTHS ENDED SEPTEMBER 30, 2020 AND 2019 (Unaudited) |
|||||||
Quarter Ended Sept. 30 | |||||||
2020 | 2019 | ||||||
Revenue | |||||||
Product sales
|
$ | 4,159,173 | $ | 6,187,708 | |||
Contract research and development
|
221,612 | 314,237 | |||||
Total revenue | 4,380,785 | 6,501,945 | |||||
Cost of sales | 941,287 | 1,346,098 | |||||
Gross profit | 3,439,498 | 5,155,847 | |||||
Expenses | |||||||
Research and development
|
815,965 | 926,596 | |||||
Selling, general, and administrative
|
358,182 | 368,450 | |||||
Total expenses | 1,174,147 | 1,295,046 | |||||
Income from operations | 2,265,351 | 3,860,801 | |||||
Interest income | 401,392 | 456,309 | |||||
Income before taxes | 2,666,743 | 4,317,110 | |||||
Provision for income taxes | 444,403 | 495,048 | |||||
Net income | $ | 2,222,340 | $ | 3,822,062 | |||
Net income per share basic | $ | 0.46 | $ | 0.79 | |||
Net income per share diluted | $ | 0.46 | $ | 0.79 | |||
Cash dividends declared per common share | $ | 1.00 | $ | 1.00 | |||
Weighted average shares outstanding | |||||||
Basic
|
4,834,709 | 4,846,010 | |||||
Diluted
|
4,834,809 | 4,847,881 | |||||
Six Months Ended Sept. 30 | |||||||
2020 | 2019 | ||||||
Revenue | |||||||
Product sales
|
$ | 8,517,808 | $ | 12,273,072 | |||
Contract research and development
|
452,239 | 523,569 | |||||
Total revenue | 8,970,047 | 12,796,641 | |||||
Cost of sales | 1,777,709 | 2,438,135 | |||||
Gross profit | 7,192,338 | 10,358,506 | |||||
Expenses | |||||||
Research and development
|
1,696,948 | 1,899,663 | |||||
Selling, general, and administrative
|
713,193 | 698,459 | |||||
Total expenses | 2,410,141 | 2,598,122 | |||||
Income from operations | 4,782,197 | 7,760,384 | |||||
Interest income | 800,604 | 915,348 | |||||
Income before taxes | 5,582,801 | 8,675,732 | |||||
Provision for income taxes | 948,596 | 1,246,251 | |||||
Net income | $ | 4,634,205 | $ | 7,429,481 | |||
Net income per share basic | $ | 0.96 | $ | 1.53 | |||
Net income per share diluted | $ | 0.96 | $ | 1.53 | |||
Cash dividends declared per common share | $ | 2.00 | $ | 2.00 | |||
Weighted average shares outstanding | |||||||
Basic
|
4,834,872 | 4,846,010 | |||||
Diluted
|
4,834,986 | 4,849,357 |
NVE CORPORATION BALANCE SHEETS SEPTEMBER 30 AND MARCH 31, 2020 |
|||||||
(Unaudited) Sept. 30, 2020 |
March 31, 2020 | ||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents
|
$ | 3,845,070 | $ | 8,065,594 | |||
Marketable securities, short-term
|
23,231,981 | 19,084,814 | |||||
Accounts receivable, net of allowance for uncollectible
accounts of $15,000
|
1,922,076 | 2,694,018 | |||||
Inventories
|
3,928,524 | 3,884,450 | |||||
Prepaid expenses and other assets
|
610,635 | 655,835 | |||||
Total current assets | 33,538,286 | 34,384,711 | |||||
Fixed assets | |||||||
Machinery and equipment
|
9,280,062 | 9,280,062 | |||||
Leasehold improvements
|
1,797,245 | 1,797,245 | |||||
11,077,307 | 11,077,307 | ||||||
Less accumulated depreciation and amortization
|
10,648,191 | 10,494,840 | |||||
Net fixed assets | 429,116 | 582,467 | |||||
Deferred tax assets | - | 108,119 | |||||
Marketable securities, long-term | 40,777,322 | 43,606,495 | |||||
Right-of-use asset operating lease | 752,861 | 816,358 | |||||
Total assets | $ | 75,497,585 | $ | 79,498,150 | |||
LIABILITIES AND SHAREHOLDERS EQUITY | |||||||
Current liabilities | |||||||
Accounts payable
|
$ | 154,566 | $ | 186,993 | |||
Accrued payroll and other
|
424,957 | 482,074 | |||||
Operating lease
|
113,666 | 127,134 | |||||
Total current liabilities | 693,189 | 796,201 | |||||
Deferred tax liabilities | 141,990 | - | |||||
Operating lease | 644,987 | 706,600 | |||||
Total liabilities | 1,480,166 | 1,502,801 | |||||
Shareholders equity | |||||||
Common stock
|
48,332 | 48,350 | |||||
Additional paid-in capital
|
19,329,577 | 19,383,956 | |||||
Accumulated other comprehensive income
|
1,628,861 | 516,523 | |||||
Retained earnings
|
53,010,649 | 58,046,520 | |||||
Total shareholders equity | 74,017,419 | 77,995,349 | |||||
Total liabilities and shareholders equity | $ | 75,497,585 | $ | 79,498,150 |