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NVE Corporation Reports First Quarter Results and Announces Quarterly Dividend
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NVE Corporation Reports First Quarter Results and Announces Quarterly Dividend

EDEN PRAIRIE, Minn., July 20, 2022 (GLOBE NEWSWIRE) — NVE Corporation (Nasdaq: NVEC) announced today financial results for the quarter ended June 30, 2022.

Total revenue for the first quarter of fiscal 2023 increased 3% to $7.34 million from $7.15 million for the prior-year quarter. Net income for the first quarter of fiscal 2023 increased 16% to $4.14 million, or $0.86 per diluted share, compared to $3.58 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, 2022 to shareholders of record as of August 1, 2022.

“We are pleased to report strong earnings growth for the quarter,” 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.

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NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS ENDED JUNE 30, 2022 AND 2021 (Unaudited)

 
  Quarter Ended June 30
  2022   2021
Revenue
Product sales $ 7,072,961     $ 6,953,766  
Contract research and development   263,446     199,397  
Total revenue   7,336,407       7,153,163  
Cost of sales   1,651,847     1,769,581  
Gross profit   5,684,560       5,383,582  
Expenses              
Research and development   601,918       808,142  
Selling, general, and administrative   371,320     466,618  
Total expenses   973,238     1,274,760  
Income from operations   4,711,322       4,108,822  
Interest income   283,059     289,720  
Income before taxes   4,994,381       4,398,542  
Provision for income taxes   854,265     818,976  
Net income $ 4,140,116     $ 3,579,566  
Net income per share – basic $ 0.86     $ 0.74  
Net income per share – diluted $ 0.86     $ 0.74  
  $ 1.00     $ 1.00  
Weighted average shares outstanding              
Basic   4,830,826 4,833,232  
Diluted   4,830,871 4,836,821  

  

NVE CORPORATION
BALANCE SHEETS
JUNE 30 AND MARCH 31, 2022
  June 30, 2022   March 31, 2022
ASSETS
Current assets
Cash and cash equivalents $ 13,299,264     $ 10,449,510  
Marketable securities, short-term   14,888,372       20,839,683  
Accounts receivable, net of allowance for uncollectible accounts of $15,000   3,513,216       4,704,829  
Inventories   5,544,037       5,088,635  
Prepaid expenses and other assets   721,989       420,520  
Total current assets   37,966,878       41,503,177  
Fixed assets              
Machinery and equipment    9,603,049       9,739,244  
Leasehold improvements   1,826,334     1,810,872  
    11,429,383       11,550,116  
Less accumulated depreciation and amortization    10,945,847     10,943,731  
Net fixed assets   483,536       606,385  
Deferred tax assets   578,291     483,469  
Marketable securities, long-term   25,517,937     24,314,211  
Right-of-use asset – operating lease   527,553     560,250  
Total assets $ 65,074,195     $ 67,467,492  
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable $ 295,443     $ 943,535  
Accrued payroll and other   667,372     1,356,689  
Operating lease   156,975     156,121  
Total current liabilities   1,119,790       2,456,345  
Operating lease   411,405     446,018  
Total liabilities   1,531,195     2,902,363  
               
Shareholders’ equity              
Common stock   48,308       48,308  
Additional paid-in capital   19,263,619       19,256,485  
Accumulated other comprehensive income   (656,673 )     (318,120 )
Retained earnings   44,887,746     45,578,456  
Total shareholders’ equity   63,543,000     64,565,129  
Total liabilities and shareholders’ equity $ 65,074,195     $ 67,467,492  

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