EDEN PRAIRIE, Minn., Oct. 17, 2012 (GLOBE NEWSWIRE) -- NVE Corporation (Nasdaq:NVEC) announced today financial results for the quarter and six months ended September 30, 2012.

Total revenue for the second quarter of fiscal 2013 decreased 12% to $5.82 million from $6.60 million in the prior-year quarter. The revenue decrease was due to a 6% decrease in product sales and a 43% decrease in contract research and development revenue. Net income for the second quarter of fiscal 2013 decreased 4% to $2.44 million, or $0.50 per diluted share, compared to $2.56 million, or $0.52 per diluted share, for the prior-year quarter.

For the first six months of fiscal 2013, total revenue decreased 10% to $13.3 million from $14.8 million for the first six months of the prior year. The decrease was due primarily to a 54% decrease in contract research and development revenue. Net income for the first half of fiscal 2013 was $5.82 million, or $1.19 per diluted share, compared to $5.99 million, or $1.22 per diluted share, for the first half of fiscal 2012.

"We are able to report solid earnings for the quarter and first half despite decreases in total revenue due primarily to decreases in contract research and development 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 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 and other reports filed with the SEC.

                    NVE CORPORATION                   
                 STATEMENTS OF INCOME                
   QUARTERS AND SIX MONTHS ENDED SEPTEMBER 30, 2012  
                  AND 2011 (Unaudited)               
                                                     
                         Quarter Ended September 30  
                             2012           2011     
                        -------------  ------------- 
  Revenue                                            
   Product sales          $ 5,231,332    $ 5,557,299 
   Contract research                                 
    and development           591,464      1,041,334 
                        -------------  ------------- 
  Total revenue             5,822,796      6,598,633 
  Cost of sales             1,606,913      2,277,926 
                        -------------  ------------- 
  Gross profit              4,215,883      4,320,707 
  Expenses                                           
   Selling, general,                                 
    and administrative        607,694        606,847 
   Research and                                      
    development               612,258        611,595 
                        -------------  ------------- 
  Total expenses            1,219,952      1,218,442 
                        -------------  ------------- 
  Income from                                        
   operations               2,995,931      3,102,265 
  Interest income             621,950        597,363 
                        -------------  ------------- 
  Income before taxes       3,617,881      3,699,628 
  Provision for income                               
   taxes                    1,174,998      1,144,535 
                        -------------  ------------- 
  Net income              $ 2,442,883    $ 2,555,093 
                        =============  ============= 
  Net income per share                               
   -- basic                    $ 0.51         $ 0.53 
                        =============  ============= 
  Net income per share                               
   -- diluted                  $ 0.50         $ 0.52 
                        =============  ============= 
  Weighted average                                   
   shares outstanding                                
   Basic                    4,825,441      4,776,198 
   Diluted                  4,884,656      4,896,525 
                                                     
                                                     
                              Six Months Ended 
                                September 30             
                             2012           2011     
                        -------------  ------------- 
  Revenue                                            
   Product sales         $ 12,262,077   $ 12,580,573 
   Contract research                                 
    and development         1,023,624      2,231,822 
                        -------------  ------------- 
  Total revenue            13,285,701     14,812,395 
  Cost of sales             3,409,266      4,873,518 
                        -------------  ------------- 
  Gross profit              9,876,435      9,938,877 
  Expenses                                           
   Selling, general,                                 
    and administrative      1,143,804      1,222,677 
   Research and                                      
    development             1,300,284      1,106,471 
                        -------------  ------------- 
  Total expenses            2,444,088      2,329,148 
                        -------------  ------------- 
  Income from                                        
   operations               7,432,347      7,609,729 
  Interest income           1,184,568      1,162,892 
                        -------------  ------------- 
  Income before taxes       8,616,915      8,772,621 
  Provision for income                               
   taxes                    2,796,374      2,778,300 
                        -------------  ------------- 
  Net income              $ 5,820,541    $ 5,994,321 
                        =============  ============= 
  Net income per share                               
   -- basic                    $ 1.21         $ 1.26 
                        =============  ============= 
  Net income per share                               
   -- diluted                  $ 1.19         $ 1.22 
                        =============  ============= 
  Weighted average                                   
   shares outstanding                                
   Basic                    4,825,095      4,776,198 
   Diluted                  4,882,524      4,896,525 

                        NVE CORPORATION                       
                        BALANCE SHEETS                       
               SEPTEMBER 30 AND MARCH 31, 2012               
                                                             
                                                             
                                  Sept. 30,      March 31,   
                                     2012           2012     
                                -------------  ------------- 
  ASSETS                                                     
  Current assets                                             
   Cash and cash equivalents      $ 1,934,562    $ 1,544,536 
   Marketable securities,                                    
    short term                     15,907,264     17,551,629 
   Accounts receivable, net of                               
    allowance for                                            
    uncollectible accounts of                                
    $15,000                         1,961,682      2,684,840 
   Inventories                      3,522,488      3,229,376 
   Prepaid expenses and other                                 
    assets                          1,287,755      1,159,852 
                                -------------  ------------- 
  Total current assets             24,613,751     26,170,233 
  Fixed assets                                               
   Machinery and equipment          8,211,475      7,488,211 
   Leasehold improvements           1,016,887        720,882 
                                -------------  ------------- 
                                    9,228,362      8,209,093 
   Less accumulated                                          
    depreciation                    5,989,392      5,697,861 
                                -------------  ------------- 
  Net fixed assets                  3,238,970      2,511,232 
  Marketable securities, long                                
   term                            62,020,033     54,445,298 
                                -------------  ------------- 
  Total assets                   $ 89,872,754   $ 83,126,763 
                                =============  ============= 
                                                             
  LIABILITIES AND                                            
   SHAREHOLDERS' EQUITY                                      
  Current liabilities                                        
   Accounts payable                 $ 657,070      $ 663,702 
   Accrued payroll and other          813,407        867,331 
   Deferred taxes                     452,328        136,872 
                                -------------  ------------- 
  Total current liabilities         1,922,805      1,667,905 
                                                             
  Shareholders' equity                                       
   Common stock                        48,267         48,247 
   Additional paid-in capital      21,112,980     20,974,477 
   Accumulated other                                         
    comprehensive income            1,619,483      1,087,456 
   Retained earnings               65,169,219     59,348,678 
                                -------------  ------------- 
  Total shareholders' equity       87,949,949     81,458,858 
                                -------------  ------------- 
  Total liabilities and                                      
   shareholders' equity          $ 89,872,754   $ 83,126,763 
                                =============  ============= 

Curt A. Reynders, CFO
(952) 829-9217