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Nve Corp (NVEC) SEC Filing 10-K Annual Report for the fiscal year ending Thursday, March 31, 2022

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Nve Corp

CIK: 724910 Ticker: NVEC
EX-99 2 q3-22pr.htm PRESS RELEASE FOR QUARTER ENDED DEC. 31, 2021


NVE LogoPRESS RELEASE
For immediate release


NVE Corporation Reports Third Quarter Results and Announces Quarterly Dividend

EDEN PRAIRIE, Minn.—January 19, 2022—NVE Corporation (Nasdaq: NVEC) announced today financial results for the quarter and nine months ended December 31, 2021.

Total revenue for the third quarter of fiscal 2022 decreased 4% to $6.29 million from $6.53 million in the prior-year quarter. The decrease was due to a 7% decrease in product sales partially offset by an 86% increase in contract research and development revenue. Net income for the third quarter of fiscal 2022 decreased 12% to $3.47 million, or $0.72 per diluted share, compared to $3.93 million, or $0.81 per share, for the prior-year quarter.

For the first nine months of fiscal 2022, total revenue increased 31% to $20.3 million from $15.5 million for the first nine months of the prior year. The increase was due to a 31% increase in product sales and a 17% increase in contract research and development revenue. Net income increased 25% to $10.7 million, or $2.21 per diluted share, from $8.56 million, or $1.77 per share, for the nine months of fiscal 2021.

The company also announced a quarterly cash dividend to shareholders of $1.00 per share of common stock, payable February 28, 2022 to shareholders of record as of January 31, 2022.

“We are pleased to report solid earnings for the quarter despite supply-chain disruptions that delayed product shipments,” said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D. “We ended the quarter well-positioned with work-in-process product inventories.”

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 the COVID-19 pandemic, 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, 2021 and other reports filed with the SEC.
 
###
 
 
NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS ENDED DECMBER 31, 2021 AND 2020 (Unaudited)

 
Quarter Ended Dec. 31
2021 2020
Revenue
Product sales
$ 5,916,790 $ 6,332,349  
Contract research and development
  374,019   201,013  
Total revenue   6,290,809   6,533,362
Cost of sales   1,385,006   1,075,048  
Gross profit   4,905,803   5,458,314
Expenses              
Research and development
  596,492   702,216
Selling, general, and administrative
  272,159   311,356  
Total expenses   868,651   1,013,572  
Income from operations   4,037,152   4,444,742
Interest income   283,940   365,498  
Income before taxes   4,321,092   4,810,240
Provision for income taxes   855,685   884,531  
Net income $ 3,465,407     $ 3,925,709  
Net income per share – basic $ 0.72     $ 0.81  
Net income per share – diluted $ 0.72     $ 0.81  
Cash dividends declared per common share $ 1.00     $ 1.00  
Weighted average shares outstanding              
Basic
  4,833,604   4,833,232
Diluted
  4,835,770   4,833,261
 
 
NVE CORPORATION
STATEMENTS OF INCOME
NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (Unaudited)

 
Nine Months  Ended Dec. 31
2021 2020
Revenue
Product sales
$ 19,500,567 $ 14,850,157  
Contract research and development
  766,866   653,252  
Total revenue   20,267,433   15,503,409
Cost of sales   4,698,720   2,852,757  
Gross profit   15,568,713   12,650,652
Expenses              
Research and development
  2,112,630   2,399,164
Selling, general, and administrative
  1,221,893   1,024,549  
Total expenses   3,334,523   3,423,713  
Income from operations   12,234,190   9,226,939
Interest income   868,519   1,166,102  
Income before taxes   13,102,709   10,393,041
Provision for income taxes   2,411,228   1,833,127  
Net income $ 10,691,481     $ 8,559,914  
Net income per share – basic $ 2.21     $ 1.77  
Net income per share – diluted $ 2.21     $ 1.77  
Cash dividends declared per common share $ 3.00     $ 3.00  
Weighted average shares outstanding              
Basic
  4,833,356 4,834,324
Diluted
  4,835,781 4,834,411
 
 
NVE CORPORATION
BALANCE SHEETS
DECEMBER 31 AND MARCH 31, 2021
(Unaudited)
Dec. 31, 2021
March 31, 2021
ASSETS
Current assets
Cash and cash equivalents
$ 8,967,657     $ 10,427,340
Marketable securities, short-term
22,482,494     7,678,957
Accounts receivable, net of allowance for uncollectible accounts of $15,000
  3,038,203       1,964,281
Inventories
  4,367,675       3,900,777
Prepaid expenses and other assets
  921,846       391,278  
Total current assets   39,777,875       24,362,633  
Fixed assets              
Machinery and equipment 
  9,312,982       9,254,664
Leasehold improvements
1,810,872     1,810,872  
  11,123,854       11,065,536
Less accumulated depreciation and amortization 
10,886,378     10,728,853  
Net fixed assets   237,476       336,683
Deferred tax assets 260,134   73,538  
Marketable securities, long-term 27,179,552   47,038,669
Right-of-use asset – operating lease 593,715     689,216  
Total assets $ 68,048,752     $ 72,500,739  
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable
$ 111,243     $ 336,591
Accrued payroll and other
812,502     540,474
Operating lease
152,807     150,273
Total current liabilities   1,076,552       1,027,338
Operating lease 482,798     581,459  
Total liabilities 1,559,350 1,608,797
               
Shareholders’ equity              
Common stock
  48,337 48,332
Additional paid-in capital
  19,411,158   19,338,127
Accumulated other comprehensive income
  433,759   1,101,119  
Retained earnings
46,596,148   50,404,364  
Total shareholders’ equity 66,489,402   70,891,942  
Total liabilities and shareholders’ equity $ 68,048,752   $ 72,500,739  

The following information was filed by Nve Corp (NVEC) on Wednesday, January 19, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Nve Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Balance Sheets
Balance Sheets (Parentheticals)
Statements Of Cash Flows
Statements Of Comprehensive Income
Statements Of Income
Statements Of Shareholders' Equity
Statements Of Shareholders' Equity (Parentheticals)
Note 1 - Description Of Business
Note 1 - Description Of Business (Details Textual)
Note 10 - Information As To Employee Stock Purchase, Savings, And Similar Plans
Note 10 - Information As To Employee Stock Purchase, Savings, And Similar Plans (Details Textual)
Note 11 - Subsequent Events
Note 11 - Subsequent Events (Details Textual)
Note 2 - Summary Of Significant Accounting Policies
Note 2 - Summary Of Significant Accounting Policies (Details Textual)
Note 2 - Summary Of Significant Accounting Policies (Tables)
Note 2 - Summary Of Significant Accounting Policies - Weighted Average Number Of Shares (Details)
Note 3 - Fair Value Of Financial Instruments
Note 3 - Fair Value Of Financial Instruments (Details Textual)
Note 3 - Fair Value Of Financial Instruments (Tables)
Note 3 - Fair Value Of Financial Instruments - Assets Measured On Recurring Basis (Details)
Note 3 - Fair Value Of Financial Instruments - Fair Value Of Available-For-Sale Securities (Details)
Note 3 - Fair Value Of Financial Instruments - Investment Securities With Unrealized Losses (Details)
Note 3 - Fair Value Of Financial Instruments - Reconciliation Of Available-For-Sale Securities (Details)
Note 4 - Inventories
Note 4 - Inventories (Tables)
Note 4 - Inventories - Summary Of Inventories (Details)
Note 5 - Stock-Based Compensation
Note 5 - Stock-Based Compensation (Details Textual)
Note 5 - Stock-Based Compensation (Tables)
Note 5 - Stock-Based Compensation - Schedule Of Valuation Assumptions (Details)
Note 5 - Stock-Based Compensation - Summary Of Options Outstanding (Details)
Note 5 - Stock-Based Compensation - Summary Of Stock Options (Details)
Note 6 - Income Taxes
Note 6 - Income Taxes (Details Textual)
Note 6 - Income Taxes (Tables)
Note 6 - Income Taxes - Deferred Tax Assets And Liabilities (Details)
Note 6 - Income Taxes - Reconciliation Of Income Tax Provisions (Details)
Note 6 - Income Taxes - Schedule Of Income Tax Provisions (Details)
Note 7 - Leases
Note 7 - Leases (Tables)
Note 7 - Leases - Maturities Of Lease Liabilities (Details)
Note 7 - Leases - Operating Lease (Details)
Note 8 - Concentrations
Note 8 - Concentrations (Details Textual)
Note 8 - Concentrations (Tables)
Note 8 - Concentrations - Revenue By Major Customers (Details)
Note 9 - Stock Repurchase Program
Note 9 - Stock Repurchase Program (Details Textual)
Significant Accounting Policies (Policies)
Ticker: NVEC
CIK: 724910
Form Type: 10-K Annual Report
Accession Number: 0001437749-22-010855
Submitted to the SEC: Wed May 04 2022 4:16:16 PM EST
Accepted by the SEC: Wed May 04 2022
Period: Thursday, March 31, 2022
Industry: Semiconductors And Related Devices

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