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, 2007Product 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
If you have a comment, please Contact us.Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.
Bookmark:
| Related News Press |
Spintronics
Quantum materials: Electron spin measured for the first time June 9th, 2023
Linearly assembled Ag-Cu nanoclusters: Spin transfer and distance-dependent spin coupling November 4th, 2022
Announcements
NRL charters Navy’s quantum inertial navigation path to reduce drift April 5th, 2024
Discovery points path to flash-like memory for storing qubits: Rice find could hasten development of nonvolatile quantum memory April 5th, 2024
Financial Reports
Arrowhead Pharmaceuticals to Webcast Fiscal 2021 Second Quarter Results April 16th, 2021
Arrowhead Pharmaceuticals to Webcast Fiscal 2021 Second Quarter Results April 16th, 2021
 |
||
 |
||
| The latest news from around the world, FREE | ||
 |
||
|
|
||
| Premium Products | ||
 |
||
|
Only the news you want to read!
Learn More |
||
 |
||
|
Full-service, expert consulting
Learn More |
||
|
|
||