EDEN PRAIRIE, Minn., May 2, 2012 (GLOBE NEWSWIRE) -- NVE Corporation (Nasdaq:NVEC) announced today financial results for the quarter and fiscal year ended March 31, 2012.
Total revenue for the fourth quarter of fiscal 2012 decreased 7% to $7.61 million from $8.18 million in the prior-year quarter. Product sales increased 7%, and contract research and development revenue decreased 70%. Net income for the fourth quarter of fiscal 2012 decreased 16% to $3.10 million, or $0.63 per diluted share, compared to $3.67 million, or $0.75 per diluted share, for the prior-year quarter.
For fiscal 2012, total revenue decreased 8% to $28.6 million from $31.2 million for the prior fiscal year. Product sales decreased 3% and contract research and development revenue decreased 34%. Net income for fiscal 2012 was $11.4 million, or $2.34 per diluted share, compared to $13.4 million, or $2.76 per diluted share, for fiscal 2011.
"We are pleased to report record product sales for the quarter," said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D. "We generated solid earnings for the fourth quarter and fiscal year despite significant challenges in the past year."
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 of decreased revenues, risks in the enforcement of our patents, litigation risks, 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, 2012.
NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS AND YEARS ENDED MARCH 31, 2012 AND 2011 (Unaudited)
Quarter Ended March 31
2012 2011
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Revenue
Product sales $ 7,176,491 $ 6,733,984
Contract research and development 431,808 1,449,117
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Total revenue 7,608,299 8,183,101
Cost of sales 2,277,115 2,641,170
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Gross profit 5,331,184 5,541,931
Expenses
Selling, general, and administrative 637,882 573,312
Research and development 774,899 286,910
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Total expenses 1,412,781 860,222
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Income from operations 3,918,403 4,681,709
Interest income 595,605 535,762
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Income before taxes 4,514,008 5,217,471
Provision for income taxes 1,416,325 1,547,552
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Net income $ 3,097,683 $ 3,669,919
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Net income per share - basic $ 0.64 $ 0.77
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Net income per share - diluted $ 0.63 $ 0.75
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Weighted average shares outstanding
Basic 4,824,745 4,771,954
Diluted 4,889,291 4,887,185
Year Ended March 31
2012 2011
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Revenue
Product sales $ 25,151,822 $ 26,024,823
Contract research and development 3,427,398 5,172,240
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Total revenue 28,579,220 31,197,063
Cost of sales 9,325,511 9,783,698
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Gross profit 19,253,709 21,413,365
Expenses
Selling, general, and administrative 2,380,603 2,474,468
Research and development 2,600,058 1,269,127
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Total expenses 4,980,661 3,743,595
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Income from operations 14,273,048 17,669,770
Interest income 2,350,191 2,021,426
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Income before taxes 16,623,239 19,691,196
Provision for income taxes 5,242,144 6,330,251
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Net income $ 11,381,095 $ 13,360,945
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Net income per share - basic $ 2.37 $ 2.83
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Net income per share - diluted $ 2.34 $ 2.76
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Weighted average shares outstanding
Basic 4,796,227 4,729,035
Diluted 4,863,471 4,844,266
NVE CORPORATION
BALANCE SHEETS
MARCH 31, 2012 AND 2011
March 31, March 31,
2012 2011
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ASSETS
Current assets
Cash and cash equivalents $ 1,544,536 $ 952,209
Marketable securities, short term 17,551,629 7,970,358
Accounts receivable, net of allowance
for uncollectible accounts of
$15,000 2,684,840 3,596,239
Inventories 3,229,376 3,343,857
Prepaid expenses and other assets 1,159,852 1,185,306
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Total current assets 26,170,233 17,047,969
Fixed assets
Machinery and equipment 7,488,211 6,178,207
Leasehold improvements 720,882 612,682
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8,209,093 6,790,889
Less accumulated depreciation 5,697,861 5,259,773
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Net fixed assets 2,511,232 1,531,116
Marketable securities, long term 54,445,298 53,257,140
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Total assets $ 83,126,763 $ 71,836,225
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $ 663,702 $ 731,580
Accrued payroll and other 867,331 987,403
Deferred taxes 136,872 146,693
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Total current liabilities 1,667,905 1,865,676
Shareholders' equity
Common stock 48,247 47,762
Additional paid-in capital 20,974,477 20,894,766
Accumulated other comprehensive income 1,087,456 1,060,438
Retained earnings 59,348,678 47,967,583
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Total shareholders' equity 81,458,858 69,970,549
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Total liabilities and shareholders'
equity $ 83,126,763 $ 71,836,225
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