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 6, 2020

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, 2020.


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 29, 2020 to shareholders of record as of May 18, 2020.

 

 

 
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 6, 2020 NVE CORPORATION
(Registrant)

 /s/ CURT A. REYNDERS
Curt A. Reynders
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, 2020 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 6, 2020—NVE Corporation (Nasdaq: NVEC) announced today financial results for the quarter and fiscal year ended March 31, 2020.

Total revenue for the fourth quarter of fiscal 2020 increased 10% to $6.15 million from $5.59 million in the prior-year quarter. The increase was due to a 11% increase in product sales, partially offset by a 14% decrease in contract research and development revenue. Net income for the fourth quarter of fiscal 2020 increased 18% to $3.37 million, or $0.69 per diluted share, compared to $2.86 million, or $0.59 per share, for the prior-year quarter.

For fiscal 2020, total revenue decreased 4% to $25.41 million from $26.47 million for the prior fiscal year. The decrease was due to a 4% decrease in product sales and a 14% decrease in contract research and development revenue. Net income for fiscal 2020 increased to $14.53 million, or $3.00 per diluted share, compared to $14.51 million, or $2.99 per diluted share, for fiscal 2019.

The company also announced a quarterly cash dividend to shareholders of $1.00 per share of common stock, payable May 29, 2020 to shareholders of record as of May 18, 2020.

“We are pleased to report solid growth in revenue and net income for the quarter, and record net income for the fiscal year,” said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D. “The COVID-19 pandemic will challenge us in coming quarters, but NVE has been operating effectively and serving our critical sectors thanks to the dedication and resourcefulness of our employees, suppliers, and distributors.”

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, risks and uncertainties related to changes in tariffs and other trade barriers, risks related to the COVID-19 pandemic, 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, 2020 and other reports filed with the SEC.
###
NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS AND YEARS ENDED MARCH 31, 2020 AND 2019 (Unaudited)
 
Quarter Ended March 31
2020 2019
Revenue
Product sales
 $ 5,966,153 $ 5,374,442
Contract research and development
 184,773   214,509  
Total revenue 6,150,926 5,588,951
Cost of sales 1,187,354   1,297,856  
Gross profit 4,963,572 4,291,095
Expenses
Research and development
   1,019,408 1,019,728
Selling, general, and administrative
 291,095   248,857  
Total expenses 1,310,503   1,268,585  
Income from operations   3,653,069   3,022,510
Interest income   428,291   459,978  
Income before taxes   4,081,360   3,482,488
Provision for income taxes 714,863   623,616  
Net income $ 3,366,497   $ 2,858,872  
Net income per share – basic $ 0.69   $ 0.59  
Net income per share – diluted $ 0.69   $ 0.59  
Weighted average shares outstanding
Basic
 4,844,470 4,844,010  
Diluted
 4,845,922 4,850,284  
 
 
Year Ended March 31
2020 2019
Revenue
Product sales
 $ 24,400,192 $ 25,291,306
Contract research and development
 1,011,971   1,181,031  
Total revenue 25,412,163 26,472,337
Cost of sales 4,889,295   5,216,112  
Gross profit 20,522,868 21,256,225
Expenses
Research and development
 3,690,539 4,107,692
Selling, general, and administrative
 1,317,543   1,223,971  
Total expenses 5,008,082   5,331,663  
Income from operations   15,514,786   15,924,562
Interest income   1,787,117   1,785,277  
Income before taxes   17,301,903   17,709,839
Provision for income taxes 2,775,261   3,201,903  
Net income $ 14,526,642   $ 14,507,936  
Net income per share – basic $ 3.00   $ 3.00  
Net income per share – diluted $ 3.00   $ 2.99  
Weighted average shares outstanding
Basic
 4,845,627 4,844,010  
Diluted
 4,847,294 4,850,567  
 
 
 
NVE CORPORATION
BALANCE SHEETS
MARCH 31, 2020 AND 2019
 
March 31, 2020 March 31, 2019
ASSETS
Current assets
Cash and cash equivalents
 $ 8,065,594     $ 6,877,304
Marketable securities, short-term
   19,084,814     12,487,821
Accounts receivable, net of allowance for uncollectible accounts of $15,000
   2,694,018     2,995,638
Inventories
   3,884,450     4,264,876
Prepaid expenses and other assets
 655,835     816,045  
Total current assets 34,384,711     27,441,684  
Fixed assets
Machinery and equipment 
 9,280,062     9,365,806
Leasehold improvements
 1,797,245     1,787,269  
  11,077,307     11,153,075
Less accumulated depreciation and amortization 
 10,494,840     10,258,240  
Net fixed assets   582,467     894,835
Deferred tax assets 108,119   353,735  
Marketable securities, long-term 43,606,495   54,925,633
Right-of-use asset – operating lease 816,358     -  
Total assets $ 79,498,150     $ 83,615,887  
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable
 $ 186,993     $ 375,188
Accrued payroll and other
 482,074     460,488
Operating lease
 127,134     -
Total current liabilities   796,201     835,676
   
Operating lease 706,600     -  
Total liabilities 1,502,801 835,676
 
Shareholders’ equity
Common stock, $0.01 par value, 6,000,000 shares authorized; 4,835,038 issued and outstanding as of March 31, 2020 and 4,846,010 as of March 31, 2019
 48,350 48,460
Additional paid-in capital
 19,383,956 19,910,558
Accumulated other comprehensive income (loss)
   516,523 (82,725 )
Retained earnings
 58,046,520   62,903,918  
Total shareholders’ equity 77,995,349   82,780,211  
Total liabilities and shareholders’ equity $ 79,498,150   $ 83,615,887