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)  July 22, 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 ended June 30, 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 August 31, 2020 to shareholders of record as of August 3, 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  July 22, 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 ended June 30, 2020 and announcing a quarterly dividend.

 

 

 


4

NVE LogoPRESS RELEASE
For immediate release

NVE Corporation Reports First Quarter Results and Announces Quarterly Dividend

EDEN PRAIRIE, Minn.—July 22, 2020—NVE Corporation (Nasdaq: NVEC) announced today financial results for the quarter ended June 30, 2020.

Total revenue for the first quarter of fiscal 2021 decreased 27% to $4.59 million from $6.29 million in the prior-year quarter. The decrease was due to a 28% decrease in product sales partially offset by a 10% increase in contract research and development revenue. Product sales decreased to $4.36 million from $6.09 million in the prior-year quarter. Net income for the first quarter of fiscal 2020 decreased 33% to $2.41 million, or $0.50 per diluted share, compared to $3.61 million, or $0.74 per share, for the prior-year quarter.

The company also announced a quarterly cash dividend to shareholders of $1.00 per share of common stock, payable August 31, 2020 to shareholders of record as of August 3, 2020.

“We are pleased to report a solid profit for the quarter despite a significant impact from COVID-19 pandemic on our product sales,” 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 and 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 ENDED JUNE 30, 2020 AND 2019 (Unaudited)
 
Quarter Ended June 30
2020 2019
Revenue
Product sales
 $ 4,358,635 $ 6,085,364  
Contract research and development
 230,627   209,332  
Total revenue   4,589,262 6,294,696
Cost of sales 836,422   1,092,037  
Gross profit   3,752,840 5,202,659
Expenses
Research and development
   880,983 973,067
Selling, general, and administrative
 355,011   330,009  
Total expenses 1,235,994   1,303,076  
Income from operations   2,516,846 3,899,583
Interest income 399,212   459,039  
Income before taxes   2,916,058 4,358,622
Provision for income taxes 504,193   751,203  
Net income $ $2,411,865     $ 3,607,419  
Net income per share – basic $ 0.50     $ 0.74  
Net income per share – diluted $ 0.50     $ 0.74  
Cash dividends declared per common share $ 1.00     $ 1.00  
Weighted average shares outstanding
Basic
 4,835,038 4,846,010
Diluted
   4,835,157 4,850,388
 
 
NVE CORPORATION
BALANCE SHEETS
JUNE 30 AND MARCH 31, 2020
  (Unaudited)
June 30, 2020		   March 31, 2020
ASSETS
Current assets
Cash and cash equivalents
 $ 6,402,983     $ 8,065,594  
Marketable securities, short-term
   19,179,495       19,084,814  
Accounts receivable, net of allowance for uncollectible accounts of $15,000
   2,297,850       2,694,018  
Inventories
   3,943,738       3,884,450  
Prepaid expenses and other assets
 718,122     655,835  
Total current assets   32,542,188       34,384,711  
Fixed assets
Machinery and equipment 
   9,280,062       9,280,062  
Leasehold improvements
 1,797,245     1,797,245  
    11,077,307       11,077,307  
Less accumulated depreciation and amortization 
 10,571,515     10,494,840  
Net fixed assets   505,792       582,467  
Deferred tax assets -     108,119  
Marketable securities, long-term 45,049,578     43,606,495  
Right-of-use asset – operating lease 784,774     816,358  
Total assets $ 78,882,332     $ 79,498,150  
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable
 $ 180,338     $ 186,993  
Accrued payroll and other
 492,243     482,074  
Income taxes payable
 406,326     -  
Operating lease
 120,429     127,134  
Total current liabilities   1,199,336       796,201  
Deferred tax liabilities   189,523       -  
Operating lease 675,928     706,600  
Total liabilities 2,064,787     1,502,801  
 
Shareholders’ equity
Common stock
   48,350       48,350  
Additional paid-in capital
   19,386,663       19,383,956  
Accumulated other comprehensive income
  1,759,185       516,523  
Retained earnings
 55,623,347     58,046,520  
Total shareholders’ equity 76,817,545     77,995,349  
Total liabilities and shareholders’ equity $ 78,882,332     $ 79,498,150