0000724910 false 0000724910 2023-07-19 2023-07-19

 

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 19, 2023

Picture 8
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, 2023.

 

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, 2023 to shareholders of record as of July 31, 2023.

 

 

 

 

 

 

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 19, 2023

NVE CORPORATION
(Registrant)


 /s/ DANIEL NELSON
Daniel Nelson
Principal Financial Officer

 

 

 

 

 

 

 

3

 

INDEX TO EXHIBITS

Exhibit #

Description

99

Press release of NVE Corporation reporting results for the quarter ended June 30, 2023 and announcing a quarterly dividend.

 

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

 

 

 

 

 

 

4

 

 


NVE Corporation Reports First Quarter Results and Announces Quarterly Dividend

 
EDEN PRAIRIE, Minn.—July 19, 2023—NVE Corporation (Nasdaq: NVEC) announced today financial results for the quarter ended June 30, 2023.

Total revenue for the first quarter of fiscal 2024 increased 20% to $8.83 million from $7.34 million for the prior-year quarter. The increase was due to a 23% increase in product sales partially offset by a 50% decrease in contract research and development revenue. Net income for the first quarter of fiscal 2024 increased 6% to $4.40 million, or $0.91 per diluted share, compared to $4.14 million, or $0.86 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, 2023, to shareholders of record as of July 31, 2023.

“We are pleased to report strong revenue growth for the quarter compared to the prior year,” 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 of credit losses, risks and uncertainties related to future stock repurchases and 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, 2023, as updated in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2023.
 

###

NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS ENDED JUNE 30, 2023 AND 2022
(Unaudited)
 

 

 

Quarter Ended June 30,

 

 

 

2023

 

 

2022

 

Revenue

 

 

 

 

 

 

 

 

Product sales

 

$

8,700,092

 

 

$

7,072,961

 

Contract research and development

 

 

131,322

 

 

 

263,446

 

Total revenue

 

 

8,831,414

 

 

 

7,336,407

 

Cost of sales

 

 

2,079,623

 

 

 

1,651,847

 

Gross profit

 

 

6,751,791

 

 

 

5,684,560

 

Expenses

 

 

 

 

 

 

 

 

Research and development

 

 

695,992

 

 

 

601,918

 

Selling, general, and administrative

 

 

475,115

 

 

 

371,320

 

Credit loss expense

 

 

212,440

 

 

 

-

 

Total expenses

 

 

1,383,547

 

 

 

973,238

 

Income from operations

 

 

5,368,244

 

 

 

4,711,322

 

Interest income

 

 

436,526

 

 

 

283,059

 

Income before taxes

 

 

5,804,770

 

 

 

4,994,381

 

Provision for income taxes

 

 

1,401,040

 

 

 

854,265

 

Net income

 

$

4,403,730

 

 

$

4,140,116

 

Net income per share – basic

 

$

0.91

 

 

$

0.86

 

Net income per share – diluted

 

$

0.91

 

 

$

0.86

 

Cash dividends declared per common share

 

$

1.00

 

 

$

1.00

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

Basic

 

 

4,832,166

 

 

 

4,830,826

 

Diluted

 

 

4,840,571

 

 

 

4,830,871

 

 

 

NVE CORPORATION
BALANCE SHEETS
JUNE 30, 2023 AND MARCH 31, 2023

 

 

 

 

 

 

(Unaudited)

June 30,
2023

 

 

March 31,
2023

 

ASSETS

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,439,933

 

 

$

1,669,896

 

Marketable securities, short-term (amortized cost of $12,300,315 as of June 30, 2023,
and $15,696,135 as of March 31, 2023)

 

 

12,173,737

 

 

 

15,513,095

 

Accounts receivable, net of allowance for credit losses of $227,440 as of June 30, 2023,
and $15,000 as of March 31, 2023

 

 

5,397,032

 

 

 

6,523,344

 

Inventories

 

 

6,292,162

 

 

 

6,417,010

 

Prepaid expenses and other assets

 

 

707,175

 

 

 

663,459

 

Total current assets

 

 

26,010,039

 

 

 

30,786,804

 

Fixed assets

 

 

 

 

 

 

 

 

Machinery and equipment

 

 

10,488,496

 

 

 

10,484,365

 

Leasehold improvements

 

 

1,956,309

 

 

 

1,956,309

 

 

 

 

12,444,805

 

 

 

12,440,674

 

Less accumulated depreciation and amortization

 

 

11,172,258

 

 

 

11,095,236

 

Net fixed assets

 

 

1,272,547

 

 

 

1,345,438

 

Deferred tax assets

 

 

724,773

 

 

 

572,038

 

Marketable securities, long-term (amortized cost of $41,447,065 as of June 30, 2023, and $37,495,846 as of March 31, 2023)

 

 

39,719,369

 

 

 

36,125,047

 

Right-of-use asset – operating lease

 

 

392,370

 

 

 

425,843

 

Total assets

 

$

68,119,098

 

 

$

69,255,170

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

159,155

 

 

$

281,712

 

Accrued payroll and other

 

 

935,621

 

 

 

1,375,250

 

Operating lease

 

 

176,688

 

 

 

175,798

 

Total current liabilities

 

 

1,271,464

 

 

 

1,832,760

 

Operating lease

 

 

301,866

 

 

 

342,908

 

Total liabilities

 

 

1,573,330

 

 

 

2,175,668

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

 

Common stock, $0.01 par value, 6,000,000 shares authorized; 4,833,401 issued and outstanding as of June 30, 2023, and 4,830,826 as of March 31, 2023

 

 

48,334

 

 

 

48,308

 

Additional paid-in capital

 

 

19,423,479

 

 

 

19,295,442

 

Accumulated other comprehensive loss

 

 

(1,448,559

)

 

 

(1,213,858

)

Retained earnings

 

 

48,522,514

 

 

 

48,949,610

 

Total shareholders’ equity

 

 

66,545,768

 

 

 

67,079,502

 

Total liabilities and shareholders’ equity

 

$

68,119,098

 

 

$

69,255,170

 

 

v3.23.2
Document and Entity Information
Jul. 19, 2023
Details  
Registrant CIK 0000724910
Document Type 8-K
Document Period End Date Jul. 19, 2023
Document Effective Date Jul. 19, 2023
Entity Registrant Name NVE Corp
Entity Incorporation, State or Country Code MN
Entity File Number 000-12196
Entity Tax Identification Number 41-1424202
Entity Address, Address Line One 11409 Valley View Road
Entity Address, City or Town Eden Prairie
Entity Address, State or Province MN
Entity Address, Postal Zip Code 55344
Entity Address, Address Description Address of principal executive offices
Phone Fax Number Description Registrant’s telephone number, including area code
City Area Code 952
Local Phone Number 829-9217
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol NVEC
Security Exchange Name NASDAQ
Amendment Flag false
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