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NVE Corporation Reports First Quarter Results and Announces Quarterly Dividend

Written by Customer Service on . Posted in Dividend Reports And Estimates.

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 4,830,8264,833,232 
Diluted 4,830,8714,836,821 

  

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

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