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Home > Press > NVE Corporation Reports Second Quarter Results

Abstract:
NVE Corporation (Nasdaq:NVEC) announced today financial results for the quarter and six months ended September 30, 2007.

NVE Corporation Reports Second Quarter Results

EDEN PRAIRIE, MN | Posted on October 17th, 2007

Product sales for the quarter increased 14% over the prior-year quarter to $4.31 million from $3.78 million. Total revenue, consisting of product sales and contract research and development revenue, increased 14% to $5.00 million for the second quarter of fiscal 2008 from $4.40 million in the prior-year quarter. Net income for the second quarter of fiscal 2008 increased 28% to $1.64 million, or $0.34 per diluted share, compared to $1.28 million, or $0.27 per share, for the prior-year quarter.

For the first six months of fiscal 2008, product sales increased 26% to $8.58 million from $6.83 million for the first six months of fiscal 2007. Total revenue increased 21% to $9.71 million for the first half of fiscal 2008 from $8.03 million for the prior-year period. Net income for the first half of fiscal 2008 was $3.23 million, or $0.67 per diluted share compared to $2.18 million, or $0.45 per diluted share, for the first half of fiscal 2007.

"We are pleased with our results for the quarter," said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D. "Record revenues drove strong earnings. We also renewed agreements with two important customers, St. Jude Medical and Avago Technologies."

####

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, uncertainties related to the renewal of agreements with 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 SIX MONTHS ENDED SEPTEMBER 30, 2007 AND 2006 (Unaudited)

                                            Quarter Ended September 30
                                                2007          2006
                                             -----------   -----------
 Revenue
   Product sales                             $ 4,311,862   $ 3,777,060
   Contract research and development             692,758       621,308
                                             -----------   -----------
 Total revenue                                 5,004,620     4,398,368
 Cost of sales                                 1,850,960     1,439,181
                                             -----------   -----------
 Gross profit                                  3,153,660     2,959,187
 Expenses
   Research and development                      314,037       566,246
   Selling, general, and
    administrative                               575,422       535,213
                                             -----------   -----------
 Total expenses                                  889,459     1,101,459
                                             -----------   -----------
 Income from operations                        2,264,201     1,857,728
 Interest income                                 246,857       149,440
 Other income                                        --         25,246
                                             -----------   -----------
 Income before taxes                           2,511,058     2,032,414
 Provision for income taxes                      866,284       748,943
                                             -----------   -----------
 Net income                                  $ 1,644,774   $ 1,283,471
                                             ===========   ===========
 Net income per share - basic                     $ 0.35        $ 0.28
                                             ===========   ===========
 Net income per share - diluted                   $ 0.34        $ 0.27
                                             ===========   ===========
 Weighted average shares outstanding
   Basic                                       4,634,442     4,616,819
   Diluted                                     4,794,855     4,791,160
 Supplemental financial data
   Stock-based compensation                  $   151,118    $  117,467
   Cash paid for income taxes                $ 1,405,000    $     --


                                                 Six Months Ended
                                                    September 30
                                                 2007         2006
                                             -----------   -----------
 Revenue
   Product sales                             $ 8,580,962   $ 6,830,388
   Contract research and development           1,132,941     1,203,175
                                             -----------   -----------
 Total revenue                                 9,713,903     8,033,563
 Cost of sales                                 3,293,928     2,839,002
                                             -----------   -----------
 Gross profit                                  6,419,975     5,194,561
 Expenses
   Research and development                      821,674     1,096,858
   Selling, general, and
    administrative                             1,139,165       941,945
                                             -----------   -----------
 Total expenses                                1,960,839     2,038,803
                                             -----------   -----------
 Income from operations                        4,459,136     3,155,758
 Interest income                                 471,378       261,346
 Interest expense                                    --           (589)
 Other income                                        --         25,246
                                             -----------   -----------
 Income before taxes                           4,930,514     3,441,761
 Provision for income taxes                    1,698,405     1,266,484
                                             -----------   -----------
 Net income                                  $ 3,232,109   $ 2,175,277
                                             ===========   ===========
 Net income per share - basic                $      0.70   $      0.47
                                             ===========   ===========
 Net income per share - diluted              $      0.67   $      0.45
                                             ===========   ===========
 Weighted average shares outstanding
   Basic                                       4,632,506     4,616,704
   Diluted                                     4,792,882     4,791,046
 Supplemental financial data
   Stock-based compensation                  $   158,410   $   120,036
   Cash paid for income taxes                $ 1,484,313   $    44,300
                                           

                            NVE CORPORATION
                            BALANCE SHEETS
                    SEPTEMBER 30 AND MARCH 31, 2007

                                             (Unaudited)
                                              Sept. 30,     March 31,
                                                2007          2007
 ASSETS                                     ------------  ------------
 Current assets
    Cash and cash equivalents                $ 1,159,314     $ 397,423
    Marketable securities, short term          1,482,194       982,415
    Accounts receivable, net of
     allowance for uncollectible
     accounts of $15,000                       2,330,794     2,005,005
    Inventories                                2,145,163     2,016,858
    Deferred tax assets                          434,791     1,328,106
    Prepaid expenses and other assets          1,035,310       333,587
                                            ------------  ------------
 Total current assets                          8,587,566     7,063,394
 Fixed assets
    Machinery and equipment                    4,937,848     4,458,948
    Leasehold improvements                       436,794       413,482
                                            ------------  ------------
                                               5,374,642     4,872,430
    Less accumulated depreciation              4,047,854     3,834,683
                                            ------------  ------------
 Net fixed assets                              1,326,788     1,037,747
 Marketable securities, long term             18,389,978    16,909,353
                                            ------------  ------------
 Total assets                               $ 28,304,332  $ 25,010,494
                                            ============  ============
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities
    Accounts payable                        $    406,795  $    502,595
    Accrued payroll and other                    422,966       590,287
    Deferred revenue                             110,448        29,357
                                            ------------  ------------
 Total current liabilities                       940,209     1,122,239
 Shareholders' equity
    Common stock                                  46,352        46,274
    Additional paid-in capital                18,491,604    18,289,248
    Accumulated other comprehensive
     loss                                        (42,957)      (84,282)
    Retained earnings                          8,869,124     5,637,015
                                            ------------  ------------
 Total shareholders' equity                   27,364,123    23,888,255
                                            ------------  ------------
 Total liabilities and shareholders'
  equity                                    $ 28,304,332  $ 25,010,494
                                            ============  ============

For more information, please click here

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

Copyright © PrimeNewswire

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