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 20, 2022

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, 2022.


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 31, 2022 to shareholders of record as of August 1, 2022.

 

 

 
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 20, 2021 NVE CORPORATION
(Registrant)

 /s/ JOSEPH R. SCHMITZ
Joseph R. Schmitz
Chief Financial Officer

 

 

 

3
INDEX TO EXHIBITS
Exhibit #
Description
 
  99 Press release of NVE Corporation reporting results for the quarter ended June 30, 2022 and announcing a quarterly dividend.

 

 

 


4

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NVE LogoPRESS RELEASE
For immediate release

NVE Corporation Reports First Quarter Results and Announces Quarterly Dividend

EDEN PRAIRIE, Minn.—July 20, 2022—NVE Corporation (Nasdaq: NVEC) announced today financial results for the quarter ended June 30, 2022.

Total revenue for the first quarter of fiscal 2023 increased 3% to $7.34 million from $7.15 million for the prior-year quarter. Net income for the first quarter of fiscal 2023 increased 16% to $4.14 million, or $0.86 per diluted share, compared to $3.58 million, or $0.74 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 31, 2022 to shareholders of record as of August 1, 2022.

“We are pleased to report strong earnings growth for the 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, our dependence on critical suppliers and packaging vendors, and risks related to supply-chain disruptions, 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, 2022.
 
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NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS ENDED JUNE 30, 2022 AND 2021 (Unaudited)
 
Quarter Ended June 30
2022 2021
Revenue
Product sales
 $ 7,072,961 $ 6,953,766
Contract research and development
   263,446   199,397  
Total revenue   7,336,407   7,153,163
Cost of sales   1,651,847   1,769,581  
Gross profit   5,684,560   5,383,582
Expenses              
Research and development
   601,918   808,142
Selling, general, and administrative
   371,320   466,618  
Total expenses   973,238   1,274,760  
Income from operations   4,711,322   4,108,822
Interest income   283,059   289,720  
Income before taxes   4,994,381   4,398,542
Provision for income taxes   854,265   818,976  
Net income $ 4,140,116   $ 3,579,566  
Net income per share – basic $ 0.86   $ 0.74  
Net income per share – diluted $ 0.86   $ 0.74  
  $ 1.00     $ 1.00  
Weighted average shares outstanding              
Basic
   4,830,826 4,833,232  
Diluted
   4,830,871 4,836,821  
 
 
 
NVE CORPORATION
BALANCE SHEETS
JUNE 30 AND MARCH 31, 2022
June 30, 2022 March 31, 2022
ASSETS
Current assets
Cash and cash equivalents
 $ 13,299,264     $ 10,449,510
Marketable securities, short-term
   14,888,372     20,839,683
Accounts receivable, net of allowance for uncollectible accounts of $15,000
   3,513,216       4,704,829
Inventories
   5,544,037       5,088,635
Prepaid expenses and other assets
   721,989       420,520  
Total current assets   37,966,878       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 
   10,945,847     10,943,731  
Net fixed assets   483,536       606,385
Deferred tax assets 578,291   483,469  
Marketable securities, long-term 25,517,937   24,314,211
Right-of-use asset – operating lease 527,553     560,250  
Total assets $ 65,074,195     $ 67,467,492  
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable
 $ 295,443     $ 943,535
Accrued payroll and other
   667,372     1,356,689
Operating lease
   156,975     156,121
Total current liabilities   1,119,790       2,456,345
Operating lease   411,405     446,018  
Total liabilities   1,531,195 2,902,363
             
Shareholders’ equity            
Common stock
   48,308   48,308
Additional paid-in capital
   19,263,619   19,256,485
Accumulated other comprehensive income
   (656,673 )   (318,120 )
Retained earnings
   44,887,746   45,578,456  
Total shareholders’ equity   63,543,000   64,565,129  
Total liabilities and shareholders’ equity $ 65,074,195   $ 67,467,492