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NVE Corporation (NVEC)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
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50.00-0.11 (-0.22%)
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Previous Close50.11
Bid49.79 x 2900
Ask65.00 x 900
Day's Range49.18 - 50.73
52 Week Range42.85 - 76.40
Avg. Volume19,731
Market Cap241.752M
Beta (5Y Monthly)1.26
PE Ratio (TTM)18.16
EPS (TTM)2.75
Earnings DateJul 22, 2020
Forward Dividend & Yield4.00 (7.98%)
Ex-Dividend DateMay 15, 2020
1y Target EstN/A
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
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-18% Est. Return
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  • GlobeNewswire

    NVE Corporation Reports First Quarter Results and Announces Quarterly Dividend

    EDEN PRAIRIE, Minn., July 22, 2020 (GLOBE NEWSWIRE) -- 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 development230,627  209,332  Total revenue 4,589,262   6,294,696  Cost of sales836,422  1,092,037  Gross profit 3,752,840   5,202,659  Expenses Research and development 880,983   973,067  Selling, general, and administrative355,011  330,009  Total expenses1,235,994  1,303,076  Income from operations 2,516,846   3,899,583  Interest income399,212  459,039  Income before taxes 2,916,058   4,358,622  Provision for income taxes504,193  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 assets718,122  655,835  Total current assets 32,542,188   34,384,711  Fixed assets Machinery and equipment  9,280,062   9,280,062  Leasehold improvements1,797,245  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-term45,049,578  43,606,495  Right-of-use asset – operating lease784,774  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 other492,243  482,074  Income taxes payable406,326  -  Operating lease120,429  127,134  Total current liabilities 1,199,336   796,201  Deferred tax liabilities 189,523   -  Operating lease675,928  706,600  Total liabilities2,064,787  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 earnings55,623,347  58,046,520  Total shareholders' equity76,817,545  77,995,349  Total liabilities and shareholders' equity$78,882,332  $79,498,150    CONTACT: Curt Reynders, Chief Financial Officer, 952-829-9217