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Home > Press > NVE Corporation Reports Third Quarter Results

Abstract:
NVE Corporation (Nasdaq:NVEC) announced today financial results for the quarter and nine months ended December 31, 2007.

NVE Corporation Reports Third Quarter Results

EDEN PRAIRIE, MN | Posted on January 23rd, 2008

Product sales for the quarter increased 25% over the prior-year quarter to $4.25 million from $3.40 million. Total revenue, consisting of product sales and contract research and development revenue, increased 23% to $4.77 million for the third quarter of fiscal 2008 from $3.86 million in the prior-year quarter. Net income for the third quarter of fiscal 2008 increased 62% to $1.70 million, or $0.36 per diluted share, compared to $1.05 million, or $0.22 per share, for the prior-year quarter.

For the first nine months of fiscal 2008, product sales increased 25% to $12.83 million from $10.23 million for the first nine months of fiscal 2007. Total revenue increased 22% to $14.48 million for the first nine months of fiscal 2008 from $11.90 million for the prior-year period. Net income for the nine months of fiscal 2008 was $4.93 million, or $1.04 per diluted share compared to $3.23 million, or $0.67 per diluted share, for the first nine months of fiscal 2007.

"We are pleased to report our best third quarter ever," said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D. "Increases in product sales and operating margins drove record earnings."

####

About NVE Corporation

NVE is a leader in the practical commercialization of spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store and transmit information. The company manufactures high-performance spintronic products including sensors and couplers that are used to acquire and transmit data. NVE has also licensed its spintronic magnetoresistive random access memory technology, commonly known as MRAM.

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 AND NINE MONTHS ENDED DECEMBER 31, 2007 AND 2006 (Unaudited)

                                            Quarter Ended December 31
                                              2007             2006
                                           -----------     -----------
 Revenue
  Product sales                            $ 4,249,809     $ 3,402,937
  Contract research and
   development                                 515,716         459,112
                                           -----------     -----------
 Total revenue                               4,765,525       3,862,049
 Cost of sales                               1,663,045       1,385,163
                                           -----------     -----------
 Gross profit                                3,102,480       2,476,886
 Expenses
  Selling, general, and
   administrative                              492,771         479,387
  Research and development                     347,344         544,779
                                           -----------     -----------
 Total expenses                                840,115       1,024,166
                                           -----------     -----------
 Income from operations                      2,262,365       1,452,720
 Interest income                               259,865         157,337
 Other income                                   62,930             --
                                           -----------     -----------
 Income before taxes                         2,585,160       1,610,057
 Provision for income taxes                    882,867         558,504
                                           -----------     -----------
 Net income                                $ 1,702,293     $ 1,051,553
                                           ===========     ===========
 Net income per share - basic              $      0.37     $      0.23
                                           ===========     ===========
 Net income per share - diluted            $      0.36     $      0.22
                                           ===========     ===========
 Weighted average shares outstanding
  Basic                                      4,637,275       4,620,835
  Diluted                                    4,764,430       4,786,868
 Supplemental financial data
  Stock-based compensation                 $     5,598     $     8,167
  Cash paid for income taxes               $   725,000     $      --

                                            Nine Months Ended Dec. 31
                                               2007            2006
                                           -----------     -----------
 Revenue
  Product sales                            $12,830,771     $10,233,325
  Contract research and
   development                               1,648,657       1,662,287
                                           -----------     -----------
 Total revenue                              14,479,428      11,895,612
 Cost of sales                               4,956,973       4,224,165
                                           -----------     -----------
 Gross profit                                9,522,455       7,671,447
 Expenses
  Selling, general,
   and administrative                        1,631,936       1,421,332
  Research and development                   1,169,018       1,641,637
                                           -----------     -----------
 Total expenses                              2,800,954       3,062,969
                                           -----------     -----------
 Income from operations                      6,721,501       4,608,478
 Interest income                               731,243         418,683
 Interest expense                                   --            (589)
 Other income                                   62,930          25,246
                                           -----------     -----------
 Income before taxes                         7,515,674       5,051,818
 Provision for income taxes                  2,581,272       1,824,988
                                           -----------     -----------
 Net income                                $ 4,934,402     $ 3,226,830
                                           ===========     ===========
 Net income per share - basic              $      1.06     $      0.70
                                           ===========     ===========
 Net income per share - diluted            $      1.04     $      0.67
                                           ===========     ===========
 Weighted average shares
  outstanding
  Basic                                      4,634,102       4,618,086
  Diluted                                    4,761,112       4,784,118
 Supplemental financial data
  Stock-based compensation                 $   164,008     $   128,203
  Cash paid for income taxes               $ 2,209,313     $    44,300


                           NVE CORPORATION
                            BALANCE SHEETS
                    DECEMBER 31 AND MARCH 31, 2007

                                          (Unaudited)
                                            Dec. 31,       March 31,
                                              2007            2007
                                         -------------   -------------
 ASSETS
 Current assets
   Cash and cash
    equivalents                            $ 1,251,701       $ 397,423
   Marketable securities,
    short term                               1,693,149         982,415
   Accounts receivable,
     net of allowance for
     uncollectible accounts
     of $15,000                              2,182,762       2,005,005
   Inventories                               2,493,812       2,016,858
   Deferred tax assets                         473,289       1,328,106
   Prepaid expenses and
    other assets                               839,037         333,587
                                         -------------   -------------
 Total current assets                        8,933,750       7,063,394
 Fixed assets
   Machinery and equipment                   5,061,407       4,458,948
   Leasehold improvements                      436,794         413,482
                                         -------------   -------------
                                             5,498,201       4,872,430
   Less accumulated
    depreciation                             4,173,394       3,834,683
                                         -------------   -------------
 Net fixed assets                            1,324,807       1,037,747
 Marketable securities,
  long term                                 20,109,098      16,909,353
                                         -------------   -------------
 Total assets                             $ 30,367,655    $ 25,010,494
                                         =============   =============

 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities
   Accounts payable                       $    435,175    $    502,595
   Accrued payroll and other                   550,276         590,287
   Deferred revenue                            237,101          29,357
                                         -------------   -------------
 Total current liabilities                   1,222,552       1,122,239

 Shareholders' equity
   Common stock                                 46,387          46,274
   Additional paid-in capital               18,533,940      18,289,248
   Accumulated other
    comprehensive loss                          (6,641)        (84,282)
   Retained earnings                        10,571,417       5,637,015
                                         -------------   -------------
 Total shareholders' equity                 29,145,103      23,888,255
                                         -------------   -------------
 Total liabilities and
  shareholders' equity                    $ 30,367,655    $ 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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