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Home > Press > NVE Corporation Reports First Quarter Results

Abstract:
Product Sales Increase 40 Percent; Net Income Increases 78 Percent

NVE Corporation Reports First Quarter Results

EDEN PRAIRIE, MN | Posted on July 18th, 2007

NVE Corporation (Nasdaq:NVEC) announced today financial results for the quarter ended June 30, 2007.

Product sales for the quarter increased 40% over the prior-year quarter to $4.27 million from $3.05 million. Total revenue, consisting of product sales and contract research and development revenue, increased 30% to $4.71 million for the first quarter of fiscal 2008 from $3.64 million in the prior-year quarter. Net income for the first quarter of fiscal 2008 increased 78% to $1.59 million, or $0.33 per diluted share, compared to $891,806, or $0.19 per share, for the prior-year quarter.

"We are pleased to report record net income for the quarter driven by strong product sales," said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D.

####

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 growth in revenue and 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 ENDED JUNE 30, 2007 AND 2006 (Unaudited)

                                          Quarter Ended June 30
                                         2007               2006
                                     -----------        -----------
 Revenue
   Product sales                     $ 4,269,100        $ 3,053,328
   Contract research and 
    development                          440,183            581,867
                                     -----------        -----------
 Total revenue                         4,709,283          3,635,195
 Cost of sales                         1,442,968          1,399,821
                                     -----------        -----------
 Gross profit                          3,266,315          2,235,374
 Expenses
   Research and development              507,637            530,612
   Selling, general, and
    administrative                       563,743            406,732
                                     -----------        -----------
 Total expenses                        1,071,380            937,344
                                     -----------        -----------
 Income from operations                2,194,935          1,298,030
 Interest income                         224,521            111,906
 Interest expense                             --               (589)
                                     -----------        -----------
 Income before taxes                   2,419,456          1,409,347
 Provision for income taxes              832,121            517,541
                                     -----------        -----------
 Net income                          $ 1,587,335        $   891,806
                                     ===========        ===========
 Net income per share - basic        $      0.34        $      0.19
                                     ===========        ===========
 Net income per share - diluted      $      0.33        $      0.19
                                     ===========        ===========
 Weighted average shares
  outstanding
   Basic                               4,630,570          4,616,588
   Diluted                             4,809,915          4,693,075
 Supplemental financial data
   Stock-based compensation          $     7,292        $     2,569
   Cash paid for income taxes        $    79,313        $    44,300



                            NVE CORPORATION
                            BALANCE SHEETS
                      JUNE 30 AND MARCH 31, 2007

                                   (Unaudited)
                                  June 30, 2007       March 31, 2007
                                  -------------       --------------
 ASSETS
 Current assets
   Cash and cash equivalents      $    932,140         $    397,423
   Marketable securities             1,176,845              982,415
   Accounts receivable,
    net of allowance for
    uncollectible accounts
    of $15,000                       2,295,019            2,005,005
   Inventories                       2,072,500            2,016,858
   Deferred tax assets                 554,773            1,328,106
   Prepaid expenses and
    other assets                       368,555              333,587
                                  ------------         ------------
 Total current assets                7,399,832            7,063,394
 Fixed assets
   Machinery and equipment           4,660,914            4,458,948
   Leasehold improvements              436,794              413,482
                                  ------------         ------------
                                     5,097,708            4,872,430
   Less accumulated
    depreciation                     3,940,292            3,834,683
                                  ------------         ------------
 Net fixed assets                    1,157,416            1,037,747
 Marketable securities,
  long term                         17,721,650           16,909,353
                                  ------------         ------------
 Total assets                     $ 26,278,898         $ 25,010,494
                                  ============         ============

 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities
   Accounts payable               $    311,248         $    502,595
   Accrued payroll and other           497,233              590,287
   Deferred revenue                     35,099               29,357
                                  ------------         ------------
 Total current liabilities             843,580            1,122,239

 Shareholders' equity
   Common stock                         46,324               46,274
   Additional paid-in capital       18,338,115           18,289,248
   Accumulated other
    comprehensive loss                (173,471)             (84,282)
   Retained earnings                 7,224,350            5,637,015
                                  ------------         ------------
 Total shareholders' equity         25,435,318           23,888,255
                                  ------------         ------------
 Total liabilities and
  shareholders' equity            $ 26,278,898         $ 25,010,494
                                  ============         ============

For more information, please click here

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

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