EDEN PRAIRIE, Minn., July 20, 2011 (GLOBE NEWSWIRE) -- NVE Corporation (Nasdaq:NVEC) announced today financial results for the quarter ended June 30, 2011.
Total revenue for the first quarter of fiscal 2012 increased 13% to $8.21 million from $7.24 million in the prior-year quarter. The revenue increase was due to a 13% increase in product sales and a 14% increase in contract research and development revenue. Net income for the first quarter of fiscal 2012 increased 11% to $3.44 million, or $0.70 per diluted share, compared to $3.10 million, or $0.64 per diluted share, for the prior-year quarter.
"We are pleased to report strong earnings for the quarter, driven by record product sales and total revenue," 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. NVE has also licensed its spintronic magnetoresistive random access memory technology, commonly known as MRAM.
The NVE Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3120
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 in continued growth in revenue and profits and uncertainties related to economic environments, 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, 2011 and other reports filed with the SEC.
NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS ENDED JUNE 30, 2011 AND 2010 (Unaudited)
Quarter Ended June 30
2011 2010
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Revenue
Product sales $ 7,023,274 $ 6,193,876
Contract research and
development 1,190,488 1,047,418
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Total revenue 8,213,762 7,241,294
Cost of sales 2,595,592 2,075,804
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Gross profit 5,618,170 5,165,490
Expenses
Selling, general, and
administrative 615,830 628,386
Research and
development 494,876 341,663
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Total expenses 1,110,706 970,049
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Income from operations 4,507,464 4,195,441
Interest income 565,529 475,730
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Income before taxes 5,072,993 4,671,171
Provision for income
taxes 1,633,765 1,570,074
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Net income $ 3,439,228 $ 3,101,097
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Net income per share --
basic $ 0.72 $ 0.66
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Net income per share --
diluted $ 0.70 $ 0.64
============ ============
Weighted average shares
outstanding
Basic 4,776,198 4,700,583
Diluted 4,893,915 4,861,331
NVE CORPORATION
BALANCE SHEETS
JUNE 30 AND MARCH 31, 2011
March 31,
June 30, 2011 2011
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ASSETS
Current assets
Cash and cash equivalents $ 1,677,431 $ 952,209
Marketable securities,
short term 9,599,679 7,970,358
Accounts receivable, net
of allowance for
uncollectible accounts of
$15,000 3,402,982 3,596,239
Inventories 3,368,728 3,343,857
Prepaid expenses and other
assets 1,037,664 1,185,306
------------- -------------
Total current assets 19,086,484 17,047,969
Fixed assets
Machinery and equipment 6,376,673 6,178,207
Leasehold improvements 612,682 612,682
------------- -------------
6,989,355 6,790,889
Less accumulated
depreciation 5,372,405 5,259,773
------------- -------------
Net fixed assets 1,616,950 1,531,116
Marketable securities, long
term 55,938,489 53,257,140
------------- -------------
Total assets $ 76,641,923 $ 71,836,225
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $ 724,420 $ 731,580
Accrued payroll and other 832,950 987,403
Income taxes payable 1,374,763 --
Deferred taxes 198,723 146,693
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Total current liabilities 3,130,856 1,865,676
Shareholders' equity
Common stock 47,762 47,762
Additional paid-in capital 20,894,766 20,894,766
Accumulated other
comprehensive income 1,161,728 1,060,438
Retained earnings 51,406,811 47,967,583
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Total shareholders' equity 73,511,067 69,970,549
------------- -------------
Total liabilities and
shareholders' equity $ 76,641,923 $ 71,836,225
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