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NVE Corporation Reports Second Quarter Results and Announces Quarterly Dividend

NVE Corporation
NVE Corporation

EDEN PRAIRIE, Minn., Oct. 19, 2022 (GLOBE NEWSWIRE) -- NVE Corporation (Nasdaq: NVEC) announced today financial results for the quarter and six months ended September 30, 2022.

Total revenue for the second quarter of fiscal 2023 increased 57% to $10.7 million from $6.82 million for the prior-year quarter. The increase was due to a 59% increase in product sales and a 5% increase in contract research and development revenue. Net income for the second quarter of fiscal 2023 increased 67% to $6.09 million, or $1.26 per diluted share, compared to $3.65 million, or $0.75 per share, for the prior-year quarter.

For the first six months of fiscal 2023, total revenue increased 29% to $18.1 million from $14.0 million for the first six months of the prior year. The increase was due to a 29% increase in product sales and a 19% increase in contract research and development revenue. Net income increased 42% to $10.2 million, or $2.12 per diluted share, from $7.23 million, or $1.49 per share, for the first half of fiscal 2022.

The company also announced a quarterly cash dividend to shareholders of $1.00 per share of common stock, payable November 30, 2022 to shareholders of record as of October 31, 2022.

“We are pleased to report record revenue and earnings 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 AND SIX MONTHS ENDED SEPTEMBER 30, 2022 AND 2021 (Unaudited)

 

Quarter Ended Sept. 30

 

2022

 

2021

Revenue

Product sales

$

10,514,539

 

 

$

6,630,012

 

Contract research and development

 

203,285

 

 

 

193,450

 

Total revenue

 

10,717,824

 

 

 

6,823,462

 

Cost of sales

 

2,402,781

 

 

 

1,544,134

 

Gross profit

 

8,315,043

 

 

 

5,279,328

 

Expenses

 

 

 

 

 

 

 

Research and development

 

669,978

 

 

 

707,997

 

Selling, general, and administrative

 

435,625

 

 

 

483,116

 

Total expenses

 

1,105,603

 

 

 

1,191,113

 

Income from operations

 

7,209,440

 

 

 

4,088,215

 

Interest income

 

351,375

 

 

 

294,858

 

Income before taxes

 

7,560,815

 

 

 

4,383,073

 

Provision for income taxes

 

1,470,442

 

 

 

736,566

 

Net income

$

6,090,373

 

 

$

3,646,507

 

Net income per share – basic

$

1.26

 

 

$

0.75

 

Net income per share – diluted

$

1.26

 

 

$

0.75

 

Weighted average shares outstanding

 

 

 

 

 

 

 

Basic

 

4,830,826

 

 

 

4,833,232

 

Diluted

 

4,830,956

 

 

 

4,836,603

 


 

Six Months  Ended Sept. 30

2022

 

2021

Revenue

Product sales

$

17,587,500

 

 

$

13,583,778

 

Contract research and development

 

466,731

 

 

 

392,847

 

Total revenue

 

18,054,231

 

 

 

13,976,625

 

Cost of sales

 

4,054,628

 

 

 

3,313,715

 

Gross profit

 

13,999,603

 

 

 

10,662,910

 

Expenses

 

 

 

 

 

 

 

Research and development

 

1,271,896

 

 

 

1,516,139

 

Selling, general, and administrative

 

806,946

 

 

 

949,734

 

Total expenses

 

2,078,842

 

 

 

2,465,873

 

Income from operations

 

11,920,761

 

 

 

8,197,037

 

Interest income

 

634,436

 

 

 

584,578

 

Income before taxes

 

12,555,197

 

 

 

8,781,615

 

Provision for income taxes

 

2,324,707

 

 

 

1,555,542

 

Net income

$

10,230,490

 

 

$

7,226,073

 

Net income per share – basic

$

2.12

 

 

$

1.50

 

Net income per share – diluted

$

2.12

 

 

$

1.49

 

Weighted average shares outstanding

 

 

 

 

 

 

 

Basic

 

4,830,826

 

 

 

4,833,232

 

Diluted

 

4,830,927

 

 

 

4,836,621

 

 

NVE CORPORATION
BALANCE SHEETS
SEPTEMBER 30 AND MARCH 31, 2022

 

Sept. 30, 2022

 

March 31, 2022

ASSETS

Current assets

Cash and cash equivalents

$

3,583,539

 

 

$

10,449,510

 

Marketable securities, short-term

 

10,326,647

 

 

 

20,839,683

 

Accounts receivable, net of allowance for uncollectible accounts of $15,000

 

5,860,414

 

 

 

4,704,829

 

Inventories

 

5,794,849

 

 

 

5,088,635

 

Prepaid expenses and other assets

 

600,913

 

 

 

420,520

 

Total current assets

 

26,166,362

 

 

 

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

 

10,990,224

 

 

10,943,731

 

Net fixed assets

 

439,159

 

 

 

606,385

 

Deferred tax assets

 

894,045

 

 

483,469

 

Marketable securities, long-term

 

39,514,685

 

 

24,314,211

 

Right-of-use asset – operating lease

 

494,070

 

 

560,250

 

Total assets

$

67,508,321

 

 

$

67,467,492

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities

Accounts payable

$

399,263

 

 

$

943,535

 

Accrued payroll and other

 

2,861,151

 

 

1,356,689

 

Operating lease

 

157,830

 

 

156,121

 

Total current liabilities

 

3,418,244

 

 

 

2,456,345

 

Operating lease

 

374,941

 

 

446,018

 

Total liabilities

 

3,793,185

 

 

2,902,363

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

Common stock

 

48,308

 

 

 

48,308

 

Additional paid-in capital

 

19,303,570

 

 

 

19,256,485

 

Accumulated other comprehensive income

 

(1,784,035

)

 

 

(318,120

)

Retained earnings

 

46,147,293

 

 

45,578,456

 

Total shareholders’ equity

 

63,715,136

 

 

64,565,129

 

Total liabilities and shareholders’ equity

$

67,508,321

 

 

$

67,467,492

 

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