UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934


Date of Report (Date of earliest event reported)  May 4, 2022

NVE Logo
NVE Corporation
(Exact name of registrant as specified in its charter)

 

Minnesota
000-12196

41-1424202

(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)


11409 Valley View Road, Eden Prairie, Minnesota

55344

(Address of principal executive offices)

(Zip Code)


Registrant’s telephone number, including area code (952) 829-9217

                                                                                                                                
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company  [  ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  [  ] 
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading symbol(s) Name of each exchange on which registered
Common Stock, $0.01 par value NVEC The NASDAQ Stock Market, LLC
 
Item 2.02. Results of Operations and Financial Condition.
     Furnished as Exhibit 99 is a press release of NVE Corporation reporting results for the quarter and fiscal year ended March 31, 2022.


Item 8.01. Other Events.
     NVE Corporation announced that its Board of Directors approved a quarterly cash dividend to shareholders of $1.00 per share of common stock, payable May 31, 2022 to shareholders of record as of May 16, 2022.

 

 

 
2
SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date  May 4, 2022 NVE CORPORATION
(Registrant)

 /s/ JOSEPH R. SCHMITZ
Joseph R. Schmitz
Chief Financial Officer

 

 

 

3
INDEX TO EXHIBITS
Exhibit #
Description
 
  99 Press release of NVE Corporation reporting results for the quarter and fiscal year ended March 31, 2022 and announcing a quarterly dividend.

 

 

 


4

NVE LogoPRESS RELEASE
For immediate release

NVE Corporation Reports Fourth Quarter and Fiscal Year Results
and Announces Quarterly Dividend

EDEN PRAIRIE, Minn.—May 4, 2022—NVE Corporation (Nasdaq: NVEC) announced today financial results for the quarter and fiscal year ended March 31, 2022.

Total revenue for the fourth quarter of fiscal 2022 increased 15% to $6.72 million from $5.86 million for the prior-year quarter. The increase was due to a 12% increase in product sales and a 104% increase in contract research and development revenue. Net income for the fourth quarter of fiscal 2022 increased 22% to $3.82 million, or $0.79 per diluted share, compared to $3.13 million, or $0.65 per share, for the prior-year quarter.

For fiscal 2022, total revenue increased 26% to $27.0 million from $21.4 million for the prior fiscal year. The increase was due to a 26% increase in product sales and a 36% increase in contract research and development revenue. Net income increased 24% to $14.5 million, or $3.00 per diluted share, compared to $11.7 million, or $2.42 per share, for fiscal 2021.

The company also announced a quarterly cash dividend to shareholders of $1.00 per share of common stock, payable May 31, 2022 to shareholders of record as of May 16, 2022.

“We are pleased to report strong revenue and earnings growth for the fourth quarter and fiscal year despite industry supply-chain disruptions,” said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D.

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.

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 and uncertainties related to future sales and revenues, our dependence on critical suppliers and packaging vendors, and risks related to supply-chain disruptions, 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 for the fiscal year ended March 31, 2022.
 
###
NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS AND YEARS ENDED MARCH 31, 2022 AND 2021 (Unaudited)
 
Quarter Ended March 31
2022 2021
Revenue
Product sales
 $ 6,367,082 $ 5,690,400
Contract research and development
 352,455   172,437  
Total revenue   6,719,537 5,862,837
Cost of sales 1,564,370   1,268,704  
Gross profit 5,155,167 4,594,133
Expenses
Research and development
   813,244   785,590
Selling, general, and administrative
 247,428   291,878  
Total expenses 1,060,672   1,077,468  
Income from operations   4,094,495   3,516,665
Interest income   302,609     332,046  
Income before taxes   4,397,104   3,848,711
Provision for income taxes 581,084   714,241  
Net income $ 3,816,020   $ 3,134,470  
Net income per share – basic $ 0.79   $ 0.65  
Net income per share – diluted $ 0.79   $ 0.65  
Weighted average shares outstanding
Basic
 4,832,630 4,833,232  
Diluted
 4,833,253 4,835,370  
 
 
Year Ended March 31
2022 2021
Revenue
Product sales
 $ 25,867,649 $ 20,540,557
Contract research and development
 1,119,321   825,689  
Total revenue   26,986,970   21,366,246
Cost of sales 6,263,090   4,121,461  
Gross profit 20,723,880 17,244,785
Expenses
Research and development
   2,925,874   3,184,754
Selling, general, and administrative
 1,469,321   1,316,427  
Total expenses 4,395,195   4,501,181  
Income from operations   16,328,685   12,743,604
Interest income   1,171,128     1,498,148  
Income before taxes   17,499,813   14,241,752
Provision for income taxes 2,992,312   2,547,368  
Net income $ 14,507,501   $ 11,694,384  
Net income per share – basic $ 3.00   $ 2.42  
Net income per share – diluted $ 3.00   $ 2.42  
Weighted average shares outstanding
Basic
 4,833,661 4,834,054  
Diluted
 4,835,639 4,834,462  
 
 
NVE CORPORATION
BALANCE SHEETS
MARCH 31, 2022 AND 2021
March 31, 2022 March 31, 2021
ASSETS
Current assets
Cash and cash equivalents
 $ 10,449,510     $ 10,427,340
Marketable securities, short-term
 20,839,683     7,678,957
Accounts receivable, net of allowance for uncollectible accounts of $15,000
   4,704,829       1,964,281
Inventories
   5,088,635       3,900,777
Prepaid expenses and other assets
   420,520       391,278  
Total current assets   41,503,177       24,362,633  
Fixed assets              
Machinery and equipment 
   9,739,244       9,254,664
Leasehold improvements
 1,810,872     1,810,872  
  11,550,116       11,065,536
Less accumulated depreciation and amortization 
 10,943,731     10,728,853  
Net fixed assets   606,385       336,683
Deferred tax assets 483,469   73,538  
Marketable securities, long-term 24,314,211   47,038,669
Right-of-use asset – operating lease 560,250     689,216  
Total assets $ 67,467,492     $ 72,500,739  
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable
 $ 943,535     $ 336,591
Accrued payroll and other
 1,356,689     540,474
Operating lease
 156,121     150,273
Total current liabilities   2,456,345       1,027,338
Operating lease 446,018     581,459  
Total liabilities 2,902,363 1,608,797
               
Shareholders’ equity              
Common stock
   48,308 48,332
Additional paid-in capital
   19,256,485   19,338,127
Accumulated other comprehensive income
   (318,120 )   1,101,119  
Retained earnings
 45,578,456   50,404,364  
Total shareholders’ equity 64,565,129   70,891,942  
Total liabilities and shareholders’ equity $ 67,467,492   $ 72,500,739