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Home > Press > NVE Corporation Reports Fourth Quarter and Fiscal Year Results

Abstract:
Net Income Increases 151 Percent for Fourth Quarter and 166 Percent for Fiscal Year

NVE Corporation Reports Fourth Quarter and Fiscal Year Results

EDEN PRAIRIE, MN | Posted on May 2nd, 2007

NVE Corporation (Nasdaq:NVEC) announced today financial results for the quarter and fiscal year ended March 31, 2007.

Product sales for the fourth quarter of fiscal 2007 increased 50% over the prior-year quarter to $4.19 million from $2.80 million. Total revenue, consisting of product sales and contract research and development revenue, increased 31% to $4.57 million for the fourth quarter of fiscal 2007 from $3.48 million in the prior-year quarter. Net income for the fourth quarter of fiscal 2007 increased 151% to $1.55 million, or $0.33 per diluted share, compared to $619,744, or $0.13 per share, for the prior-year quarter.

For fiscal 2007, product sales increased 73% to $14.4 million from $8.35 million for fiscal 2006. Total revenue increased 35% to $16.5 million for fiscal 2007 from $12.2 million for the prior year. Net income for fiscal 2007 increased 166% to $4.78 million, or $1.00 per diluted share, compared to $1.80 million, or $0.39 per share, for fiscal 2006.

"We are pleased to report record revenue and net income for the fourth quarter and fiscal year," said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D. "Net income for the quarter more than doubled, driven by strong product sales and increased gross profit margins. We enter fiscal 2008 with a solid balance sheet, products that are in demand, and an excellent intellectual property portfolio."

####

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.

The NVE Corporation logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3120

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.

NVE CORPORATION
                         STATEMENTS OF INCOME
        QUARTERS AND YEARS ENDED MARCH 31, 2007 AND 2006 (Unaudited)

                                           Quarter Ended March 31
                                              2007         2006
                                          -----------  -----------
 Revenue

  Product sales                           $ 4,192,307  $ 2,797,882
  Contract research and development           372,911      684,892
                                          -----------  -----------
 Total revenue                              4,565,218    3,482,774
 Cost of sales                              1,563,493    1,600,990
                                          -----------  -----------
 Gross profit                               3,001,725    1,881,784
 Expenses
  Research and development                    534,967      487,470
  Selling, general, and administrative        529,667      517,385
                                          -----------  -----------
 Total expenses                             1,064,634    1,004,855
                                          -----------  -----------
 Income from operations                     1,937,091      876,929
 Interest income                              202,894       99,178
 Interest expense                                  --         (967)
 Other income                                      --        3,353
                                          -----------  -----------
 Income before taxes                        2,139,985      978,493
 Provision for income taxes                   586,032      358,749
                                          -----------  -----------
 Net income                               $ 1,553,953  $   619,744
                                          ===========  ===========
 Net income per share - basic             $      0.34  $      0.13
                                          ===========  ===========
 Net income per share - diluted           $      0.33  $      0.13
                                          ===========  ===========
 Weighted average shares outstanding
  Basic                                     4,627,383    4,603,634
  Diluted                                   4,778,309    4,690,943
 Supplemental financial data

  Stock-based compensation                $     8,167  $        --
  Cash paid for income taxes              $        --  $    37,000

                                             Year Ended March 31
                                              2007         2006
                                          -----------  -----------
 Revenue
  Product sales                           $14,425,632  $ 8,345,967
  Contract research and development         2,035,198    3,824,559
                                          -----------  -----------
 Total revenue                             16,460,830   12,170,526
 Cost of sales                              5,787,658    6,218,533
                                          -----------  -----------
 Gross profit                              10,673,172    5,951,993
 Expenses
  Research and development                  2,176,604    1,724,825
  Selling, general, and administrative      1,950,999    1,756,142
                                          -----------  -----------
 Total expenses                             4,127,603    3,480,967
                                          -----------  -----------
 Income from operations                     6,545,569    2,471,026
 Interest income                              621,577      332,784
 Interest expense                                (589)      (6,051)
 Other income                                  25,246       43,020
                                          -----------  -----------
 Income before taxes                        7,191,803    2,840,779
 Provision for income taxes                 2,411,020    1,043,033
                                          -----------  -----------
 Net income                               $ 4,780,783  $ 1,797,746
                                          ===========  ===========
 Net income per share - basic             $      1.03  $      0.39
                                          ===========  ===========
 Net income per share - diluted           $      1.00  $      0.39
                                          ===========  ===========
 Weighted average shares outstanding
  Basic                                     4,620,371    4,580,684
  Diluted                                   4,771,297    4,667,994
 Supplemental financial data
  Stock-based compensation                $   136,370  $        --
  Cash paid for income taxes              $    44,300  $    52,950

                            NVE CORPORATION
                             BALANCE SHEETS
                         MARCH 31, 2007 AND 2006

                                             (Unaudited)
                                              March 31,    March 31, 
                                                2007         2006
                                             -----------  -----------
 ASSETS
 Current assets
  Cash and cash equivalents                  $   397,423  $ 1,288,362
  Marketable securities                          982,415    1,248,103
  Accounts receivable, net of allowance for
   uncollectible accounts of $15,000           2,005,005    1,667,029
  Inventories                                  2,016,858    2,149,769
  Deferred tax assets                          1,328,106    1,576,472
  Prepaid expenses and other assets              333,587      231,412
                                             -----------  -----------
 Total current assets                          7,063,394    8,161,147
 Fixed assets
  Machinery and equipment                      4,458,948    4,149,080
  Leasehold improvements                         413,482      413,482
                                             -----------  -----------
                                               4,872,430    4,562,562
      Less accumulated depreciation            3,834,683    3,319,651
                                             -----------  -----------
 Net fixed assets                              1,037,747    1,242,911
 Marketable securities, long term             16,909,353    8,354,861
                                             -----------  -----------
 Total assets                                $25,010,494  $17,758,919
                                             ===========  ===========

 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities
  Accounts payable                           $   502,595  $   399,762
  Accrued payroll and other                      590,287      470,392
  Deferred revenue                                29,357       77,373
  Capital lease obligations                           --       33,281
                                             -----------  -----------
 Total current liabilities                     1,122,239      980,808

 Shareholders' equity
  Common stock                                    46,274       46,150
  Additional paid-in capital                  18,289,248   16,042,637
  Accumulated other comprehensive loss           (84,282)    (166,908)
  Retained earnings                            5,637,015      856,232
                                             -----------  -----------
 Total shareholders' equity                   23,888,255   16,778,111
                                             -----------  -----------
 Total liabilities and shareholders' equity  $25,010,494  $17,758,919
                                             ===========  ===========

For more information, please click here

Contacts:
NVE Corporation
Curt A. Reynders, CFO
(952) 829-9217

Copyright © PrimeNewswire

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