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Home > Press > NVE Corporation Reports Third Quarter Fiscal 2007 Results

Abstract:
NVE Corporation (Nasdaq:NVEC) today announced financial results for the quarter and nine months ended December 31, 2006.

Product sales for the quarter increased 95% over the prior-year quarter to $3.40 million from $1.74 million. Total revenue, consisting of product sales and contract research and development revenue, increased 48% to $3.86 million for the third quarter of fiscal 2007 from $2.61 million in the prior-year quarter. Net income for the third quarter of fiscal 2007 was $1.05 million, or $0.22 per diluted share compared to $401,385, or $0.09 per diluted share, for the prior-year quarter.

NVE Corporation Reports Third Quarter Fiscal 2007 Results

EDEN PRAIRIE, Minn | Posted on January 17th, 2007

For the first nine months of fiscal 2007, product sales increased 84% to $10.23 million from $5.55 million for the first nine months of fiscal 2006. Total revenue increased 37% to $11.90 million for the first nine months of fiscal 2007 from $8.69 million for the prior-year period. Net income for the first nine months of fiscal 2007 was $3.23 million, or $0.67 per diluted share compared to $1.18 million, or $0.25 per diluted share, for the first nine months of fiscal 2006. Net income for the quarter and nine months ended December 31, 2006 included the effects of non-cash stock-based compensation due to the implementation of SFAS 123(R). This expense, net of tax, amounted to $6,263, or nil per diluted share, in the third quarter of fiscal 2007 and $87,234, or $0.02 per share, in the first nine months of fiscal 2007. Net income for fiscal 2007 and fiscal 2006 also includes primarily non-cash provisions for income taxes recognized in accordance with SFAS 109. "We are pleased with our financial results for the third quarter," said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D. "Product sales drove revenue and net income growth, resulting in our third consecutive quarter of triple-digit earnings increases."



                          NVE CORPORATION
                        STATEMENTS OF INCOME

QUARTERS AND NINE MONTHS ENDED DECEMBER 31, 2006 AND 2005 (Unaudited)

                                           Quarter Ended December 31
                                              2006           2005
                                         -------------   -------------
Revenue
  Product sales                           $  3,402,937    $ 1,742,163
  Contract research and development            459,112        868,119
                                          -------------  -------------
Total revenue                                3,862,049      2,610,282
Cost of sales                                1,385,163      1,308,752
                                          -------------  -------------
Gross profit                                 2,476,886      1,301,530
Expenses
  Research and development                     544,779        342,616
  Selling, general, and administrative         479,387        434,183
                                          -------------  -------------
Total expenses                               1,024,166        776,799
                                          -------------  -------------
Income from operations                       1,452,720        524,731
Interest income                                157,337         88,168
Interest expense                                     -         (1,336)
Other income                                         -          3,101
                                          -------------  -------------
Income before taxes                          1,610,057        614,664
Provision for income taxes                     558,504        213,279
                                          -------------  -------------
Net income                                $  1,051,553    $   401,385
                                          =============  =============
Net income per share - basic              $       0.23    $      0.09
                                          =============  =============
Net income per share - diluted            $       0.22    $      0.09
                                          =============  =============
Weighted average shares outstanding
  Basic                                      4,620,835      4,576,454
  Diluted                                    4,786,868      4,677,712
Supplemental financial data
  Non-cash stock-based compensation       $      8,167    $         -
  Non-cash income tax expense             $    558,504    $   210,329

                                         Nine Months Ended December 31
                                              2006             2005
                                          -------------  -------------
Revenue
  Product sales                           $ 10,233,325    $ 5,548,085
  Contract research and development          1,662,287      3,139,667
                                          -------------  -------------
Total revenue                               11,895,612      8,687,752
Cost of sales                                4,224,165      4,617,543
                                          -------------  -------------
Gross profit                                 7,671,447      4,070,209
Expenses
  Research and development                   1,641,637      1,237,355
  Selling, general, and administrative       1,421,332      1,238,757
                                          -------------  -------------
Total expenses                               3,062,969      2,476,112
                                          -------------  -------------
Income from operations                       4,608,478      1,594,097
Interest income                                418,683        233,606
Interest expense                                  (589)        (5,084)
Other income                                    25,246         39,667
                                          -------------  -------------
Income before taxes                          5,051,818      1,862,286
Provision for income taxes                   1,824,988        684,284
                                          -------------  -------------
Net income                                $  3,226,830    $ 1,178,002
                                          =============  =============
Net income per share - basic              $       0.70    $      0.26
                                          =============  =============
Net income per share - diluted            $       0.67    $      0.25
                                          =============  =============
Weighted average shares outstanding
  Basic                                      4,618,086      4,573,173
  Diluted                                    4,784,118      4,674,431
Supplemental financial data
  Non-cash stock-based compensation       $    128,203    $         -
  Non-cash income tax expense             $  1,780,688    $   668,334


                              NVE CORPORATION
                              BALANCE SHEETS

                    DECEMBER 31, 2006 AND MARCH 31, 2006

                                         (Unaudited)
                                        Dec. 31, 2006   March 31, 2006
                                       --------------- ---------------
ASSETS

Current assets
   Cash and cash equivalents           $    423,282     $   1,288,362
   Short-term investments                   838,579         1,248,103
   Accounts receivable, net of
     allowance for uncollectible
     accounts of $15,000                  1,907,637         1,667,029
   Inventories                            2,189,125         2,149,769
   Deferred tax assets                    1,598,321         1,576,472
   Prepaid expenses and other assets        275,718           231,412
                                       --------------- ---------------
Total current assets                      7,232,662         8,161,147
Fixed assets
   Machinery and equipment                4,395,392         4,149,080
   Leasehold improvements                   413,482           413,482
                                       --------------- ---------------
                                          4,808,874         4,562,562
   Less accumulated depreciation          3,707,237         3,319,651
                                       --------------- ---------------
Net fixed assets                          1,101,637         1,242,911
Long-term investments                    14,710,657         8,354,861
                                       --------------- ---------------
Total assets                           $ 23,044,956     $  17,758,919
                                       =============== ===============

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
   Accounts payable                    $    502,480     $     399,762
   Accrued payroll and other                524,084           470,392
   Deferred revenue                               -            77,373
   Capital lease obligations                      -            33,281
                                       --------------- ---------------
Total current liabilities                 1,026,564           980,808

Shareholders' equity
   Common stock                              46,274            46,150
   Additional paid-in capital            18,018,851        16,042,637
   Accumulated other comprehensive loss    (129,795)         (166,908)
   Retained earnings                      4,083,062           856,232
                                       --------------- ---------------
Total shareholders' equity               22,018,392        16,778,111
                                       --------------- ---------------
Total liabilities and
  shareholders' equity                 $ 23,044,956     $  17,758,919
                                       =============== ===============

####

About NVE Corporation
NVE is a leader in the practical commercialization of spintronics, a nanotechnology that many experts believe represents the next generation of microelectronics. NVE licenses its MRAM intellectual property and sells spintronic sensors and couplers to revolutionize data sensing and transmission.

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 in continued profitability, risks associated with our reliance on several large customers, 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 and other reports filed with the SEC.

For more information, please click here

Contacts:
NVE Corporation
Curt A. Reynders, Chief Financial Officer
(952) 829-9217

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