EDEN PRAIRIE, Minn., May 1, 2013 (GLOBE NEWSWIRE) -- NVE Corporation (Nasdaq:NVEC) announced today financial results for the quarter and fiscal year ended March 31, 2013.
Total revenue for the fourth quarter of fiscal 2013 decreased 5% to $7.22 million from $7.61 million in the prior-year quarter. Product sales decreased 11% and contract research and development revenue increased 88%. Net income for the fourth quarter of fiscal 2013 increased to $3.11 million, or $0.64 per diluted share, compared to $3.10 million, or $0.63 per diluted share, for the prior-year quarter.
For fiscal 2013, total revenue decreased 5% to $27.0 million from $28.6 million for the prior fiscal year. Product sales decreased 3% and contract research and development revenue decreased 24%. Net income for fiscal 2013 increased 4% to $11.8 million, or $2.43 per diluted share, compared to $11.4 million, or $2.34 per diluted share, for fiscal 2012.
"We are pleased to report growth in net income for the quarter and the year, and record gross and net margins for the year," 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.
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, 2013.
NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS AND YEARS ENDED MARCH 31, 2013 AND 2012
(Unaudited)
Quarter Ended March 31
2013 2012
------------- -------------
Revenue
Product sales $ 6,409,821 $ 7,176,491
Contract research
and development 812,676 431,808
------------- -------------
Total revenue 7,222,497 7,608,299
Cost of sales 1,877,297 2,277,115
------------- -------------
Gross profit 5,345,200 5,331,184
Expenses
Selling, general,
and administrative 526,018 637,882
Research and
development 769,212 774,899
------------- -------------
Total expenses 1,295,230 1,412,781
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Income from
operations 4,049,970 3,918,403
Interest income 574,640 595,605
------------- -------------
Income before taxes 4,624,610 4,514,008
Provision for income
taxes 1,515,655 1,416,325
------------- -------------
Net income $ 3,108,955 $ 3,097,683
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Net income per share
-- basic $ 0.64 $ 0.64
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Net income per share
-- diluted $ 0.64 $ 0.63
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Weighted average
shares outstanding
Basic 4,861,747 4,824,745
Diluted 4,885,865 4,889,291
Year Ended March 31
2013 2012
------------- -------------
Revenue
Product sales $ 24,434,823 $ 25,151,822
Contract research
and development 2,598,596 3,427,398
------------- -------------
Total revenue 27,033,419 28,579,220
Cost of sales 7,025,181 9,325,511
------------- -------------
Gross profit 20,008,238 19,253,709
Expenses
Selling, general,
and administrative 2,240,563 2,380,603
Research and
development 2,570,821 2,600,058
------------- -------------
Total expenses 4,811,384 4,980,661
------------- -------------
Income from
operations 15,196,854 14,273,048
Interest income 2,359,603 2,350,191
------------- -------------
Income before taxes 17,556,457 16,623,239
Provision for income
taxes 5,727,619 5,242,144
------------- -------------
Net income $ 11,828,838 $ 11,381,095
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Net income per share
-- basic $ 2.44 $ 2.37
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Net income per share
-- diluted $ 2.43 $ 2.34
============= =============
Weighted average
shares outstanding
Basic 4,839,810 4,796,227
Diluted 4,863,546 4,863,471
NVE CORPORATION
BALANCE SHEETS
MARCH 31, 2013 AND 2012
March 31, March 31,
2013 2012
------------- -------------
ASSETS
Current assets
Cash and cash equivalents $ 2,509,683 $ 1,544,536
Marketable securities,
short term 9,711,029 17,551,629
Accounts receivable, net of
allowance for
uncollectible accounts of
$15,000 2,521,395 2,684,840
Inventories 3,336,592 3,229,376
Prepaid expenses and other
assets 958,147 1,159,852
------------- -------------
Total current assets 19,036,846 26,170,233
Fixed assets
Machinery and equipment 8,417,061 7,488,211
Leasehold improvements 1,499,454 720,882
------------- -------------
9,916,515 8,209,093
Less accumulated
depreciation 6,228,122 5,697,861
------------- -------------
Net fixed assets 3,688,393 2,511,232
Marketable securities, long
term 73,040,257 54,445,298
------------- -------------
Total assets $ 95,765,496 $ 83,126,763
============= =============
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $ 422,092 $ 663,702
Accrued payroll and other 918,060 867,331
Deferred taxes 440,736 136,872
------------- -------------
Total current liabilities 1,780,888 1,667,905
Shareholders' equity
Common stock 48,624 48,247
Additional paid-in capital 21,200,742 20,974,477
Accumulated other
comprehensive income 1,557,726 1,087,456
Retained earnings 71,177,516 59,348,678
------------- -------------
Total shareholders' equity 93,984,608 81,458,858
------------- -------------
Total liabilities and
shareholders' equity $ 95,765,496 $ 83,126,763
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