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2024-05-01
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, 2024
NVE Corp
oration
(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 55344
,
Eden Prairie
,
Minnesota
( (Zip Code)
Address of principal executive offices
)
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 ((s)230.405 of this chapter)
or Rule 12b-2 of the Securities Exchange Act of 1934 ((s)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
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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
3
1
, 202
4
.
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, 2024, to shareholders of record as of May 13, 2024.
2
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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 NVE CORPORATION
M (Registrant)
ay /s/ DANIEL NELSON
Daniel Nelson
1 Principal Financial Officer
, 202
4
3
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INDEX TO EXHIBITS
Exhibit # Description
99 Press release of NVE Corporation reporting results for the quarter
and fiscal year
ended
Ma
r
ch
3
1
, 202
4
,
and announcing a quarterly dividend.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
4
NVE Corporation Reports Fourth Quarter and Fiscal Year Results
and Announces Quarterly Dividend
EDEN PRAIRIE, Minn.-May 1, 2024-NVE Corporation (Nasdaq: NVEC) announced today
financial results for the quarter and fiscal year ended March 31, 2024.
Total revenue for the fourth quarter of fiscal 2024 decreased 45% to $7.08
million from $12.8 million for the prior-year quarter. The decrease was due to
a 43% decrease in product sales and an 88% decrease in contract research and
development revenue. Net income for the fourth quarter of fiscal 2024
decreased 54% to $3.81 million, or $0.79 per diluted share, compared to $8.23
million, or $1.70 per diluted share, for the prior-year quarter.
For fiscal 2024, total revenue decreased 22% to $29.8 million, compared to
$38.3 million in the prior year. The decrease was due to a 21% decrease in
product sales and a 45% decrease in contract research and development revenue.
Net income for fiscal 2024 decreased 25% to $17.1 million, or $3.54 per
diluted share, from $22.7 million, or $4.70 per share, for fiscal 2023.
The company also announced a quarterly cash dividend to shareholders of $1.00
per share of common stock, payable May 31, 2024 to shareholders of record as
of May 13, 2024.
"We are pleased to report solid earnings for the quarter and fiscal year
despite a semiconductor industry downturn," 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 our reliance on several large customers for a significant
percentage of revenue, uncertainties related to the economic environments in
the industries we serve, uncertainties related to future sales and revenues,
risks and uncertainties related to future dividend payments, 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, 2024.
###
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NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS AND YEARS ENDED MARCH 31, 2024 AND 2023
Quarter Ended March 31,
2024 2023
Revenue
Product sales $ 7,034,840 $ 12,408,832
Contract research and development 48,389 388,851
Total revenue 7,083,229 12,797,683
Cost of sales 1,737,977 2,529,311
Gross profit 5,345,252 10,268,372
Expenses
Research and development 811,339 611,489
Selling, general, and administrative 473,622 752,710
Total expenses 1,284,961 1,364,199
Income from operations 4,060,291 8,904,173
Interest income 508,431 408,127
Income before taxes 4,568,722 9,312,300
Provision for income taxes 755,741 1,079,656
Net income $ 3,812,981 $ 8,232,644
Net income per share - basic $ 0.79 $ 1.70
Net income per share - diluted $ 0.79 $ 1.70
Weighted average shares outstanding
Basic 4,833,610 4,830,826
Diluted 4,839,556 4,836,365
Year Ended March 31,
2024 2023
Revenue
Product sales $ 29,218,063 $ 37,196,717
Contract research and development 586,116 1,056,875
Total revenue 29,804,179 38,253,592
Cost of sales 6,772,533 8,062,311
Gross profit 23,031,646 30,191,281
Expenses
Research and development 2,731,434 2,583,994
Selling, general, and administrative 1,771,833 1,963,105
Provision for credit losses 9,514 -
Total expenses 4,512,781 4,547,099
Income from operations 18,518,865 25,644,182
Interest income 1,948,720 1,448,655
Income before taxes 20,467,585 27,092,837
Provision for income taxes 3,342,886 4,398,379
Net income $ 17,124,699 $ 22,694,458
Net income per share - basic $ 3.54 $ 4.70
Net income per share - diluted $ 3.54 $ 4.70
Weighted average shares outstanding
Basic 4,833,146 4,830,826
Diluted 4,839,705 4,832,096
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NVE CORPORATION
BALANCE SHEETS
MARCH 31, 2024 AND 2023
March 31, 2024 March 31, 2023
ASSETS
Current assets
Cash and cash equivalents $ 10,283,550 $ 1,669,896
Marketable securities, short-term (amortized cost of $12,283,630 11,917,779 15,513,095
as of March 31, 2024 and $15,696,135 as of March 31, 2023)
Accounts receivable, net of allowance for credit losses of $15,000 3,144,833 6,523,344
Inventories 7,158,585 6,417,010
Prepaid expenses and other assets 689,349 663,459
Total current assets 33,194,096 30,786,804
Fixed assets
Machinery and equipment 10,501,096 10,484,365
Leasehold improvements 1,956,309 1,956,309
12,457,405 12,440,674
Less accumulated depreciation and amortization 11,403,383 11,095,236
Net fixed assets 1,054,022 1,345,438
Deferred tax assets 1,453,704 572,038
Marketable securities, long-term (amortized cost of $31,417,890 30,788,301 36,125,047
as of March 31, 2024, and $37,495,846 as of March 31, 2023)
Right-of-use asset - operating lease 289,910 425,843
Total assets $ 66,780,033 $ 69,255,170
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $ 127,154 $ 281,712
Accrued payroll and other 729,215 1,375,250
Operating lease 179,372 175,798
Total current liabilities 1,035,741 1,832,760
Operating lease 175,775 342,908
Total liabilities 1,211,516 2,175,668
Shareholders' equity
Common stock 48,337 48,308
Additional paid-in capital 19,554,812 19,295,442
Accumulated other comprehensive income (777,637 ) (1,213,858 )
Retained earnings 46,743,005 48,949,610
Total shareholders' equity 65,568,517 67,079,502
Total liabilities and shareholders' equity $ 66,780,033 $ 69,255,170
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