NVE Corporation Reports Second Quarter Results and Announces Quarterly Dividend

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EDEN PRAIRIE, Minn., Oct. 20, 2021 (GLOBE NEWSWIRE) — NVE Corporation (Nasdaq: NVEC) announced today financial results for the quarter and six months ended September 30, 2021.

Total revenue for the second quarter of fiscal 2022 increased 56% to $6.82 million from $4.38 million in the prior-year quarter. The increase was due to a 59% increase in product sales partially offset by a 13% decrease in contract research and development revenue. Net income for the second quarter of fiscal 2022 increased 64% to $3.65 million, or $0.75 per diluted share, compared to $2.22 million, or $0.46 per share, for the prior-year quarter.

For the first six months of fiscal 2022, total revenue increased 56% to $14.0 million from $8.97 million for the first six months of the prior year. The increase was due to a 59% increase in product sales partially offset by a 13% decrease in contract research and development revenue. Net income increased 56% to $7.23 million, or $1.49 per diluted share, from $4.63 million, or $0.96 per share, for the first half of fiscal 2021.

The company also announced a quarterly cash dividend to shareholders of $1.00 per share of common stock, payable November 30, 2021 to shareholders of record as of November 1, 2021.

“We are pleased to report our second consecutive quarter of large year-over-year increases in product sales, total revenue, and earnings,” 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, 2021 and other reports filed with the SEC.

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NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS ENDED SEPTEMBER 30, 2021 AND 2020 (Unaudited)

 
  Quarter Ended Sept. 30
2021   2020
Revenue
Product sales $ 6,630,012     $ 4,159,173  
Contract research and development   193,450       221,612  
Total revenue   6,823,462       4,380,785  
Cost of sales   1,544,134       941,287  
Gross profit   5,279,328       3,439,498  
Expenses              
Research and development   707,997       815,965  
Selling, general, and administrative   483,116       358,182  
Total expenses   1,191,113       1,174,147  
Income from operations   4,088,215       2,265,351  
Interest income   294,858       401,392  
Income before taxes   4,383,073       2,666,743  
Provision for income taxes   736,566       444,403  
Net income $ 3,646,507     $ 2,222,340  
Net income per share – basic $ 0.75     $ 0.46  
Net income per share – diluted $ 0.75     $ 0.46  
Cash dividends declared per common share $ 1.00     $ 1.00  
Weighted average shares outstanding              
Basic   4,833,232       4,834,709  
Diluted   4,836,603       4,834,809  
NVE CORPORATION
STATEMENTS OF INCOME
SIX MONTHS ENDED SEPTEMBER 30, 2021 AND 2020 (Unaudited)

 
  Six Months  Ended Sept. 30
2021   2020
Revenue
Product sales $ 13,583,778     $ 8,517,808  
Contract research and development   392,847       452,239  
Total revenue   13,976,625       8,970,047  
Cost of sales   3,313,715       1,777,709  
Gross profit   10,662,910       7,192,338  
Expenses              
Research and development   1,516,139       1,696,948  
Selling, general, and administrative   949,734       713,193  
Total expenses   2,465,873       2,410,141  
Income from operations   8,197,037       4,782,197  
Interest income   584,578       800,604  
Income before taxes   8,781,615       5,582,801  
Provision for income taxes   1,555,542       948,596  
Net income $ 7,226,073     $ 4,634,205  
Net income per share – basic $ 1.50     $ 0.96  
Net income per share – diluted $ 1.49     $ 0.96  
Cash dividends declared per common share $ 2.00     $ 2.00  
Weighted average shares outstanding              
Basic   4,833,232       4,834,872  
Diluted   4,836,621       4,834,986  
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NVE CORPORATION
BALANCE SHEETS
SEPTEMBER 30 AND MARCH 31, 2021
 
 
    (Unaudited) Sept. 30, 2021     March 31, 2021  
ASSETS                
Current assets                
Cash and cash equivalents   $ 11,145,156     $ 10,427,340  
Marketable securities, short-term     22,660,959       7,678,957  
Accounts receivable, net of allowance for uncollectible accounts of $15,000     2,876,102       1,964,281  
Inventories     3,982,771       3,900,777  
Prepaid expenses and other assets     752,764       391,278  
Total current assets     41,417,752       24,362,633  
Fixed assets                
Machinery and equipment     9,328,581       9,254,664  
Leasehold improvements     1,810,872       1,810,872  
      11,139,453       11,065,536  
Less accumulated depreciation and amortization     10,855,501       10,728,853  
Net fixed assets     283,952       336,683  
Deferred tax assets     137,439       73,538  
Marketable securities, long-term     27,544,468       47,038,669  
Right-of-use asset – operating lease     625,829       689,216  
Total assets   $ 70,009,440     $ 72,500,739  
                 
LIABILITIES AND SHAREHOLDERS’ EQUITY                
Current liabilities                
Accounts payable   $ 411,218     $ 336,591  
Accrued payroll and other     701,705       540,474  
Operating lease     151,955       150,273  
Total current liabilities     1,264,878       1,027,338  
Operating lease     515,973       581,459  
Total liabilities     1,780,851       1,608,797  
                 
Shareholders’ equity                
Common stock     48,332       48,332  
Additional paid-in capital     19,402,364       19,338,127  
Accumulated other comprehensive income     813,920       1,101,119  
Retained earnings     47,963,973       50,404,364  
Total shareholders’equity     68,228,589       70,891,942  
Total liabilities and shareholders’ equity   $ 70,009,440     $ 72,500,739  

NVE Corporation Reports Second Quarter Results and Announces Quarterly Dividend

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