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NVE Corporation Reports First Quarter Results and Announces Quarterly Dividend

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NVE Corporation
NVE Corporation

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.

###

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

 

CONTACT: Joe Schmitz, CFO (952) 829-9217