EDEN PRAIRIE, Minn., July 22, 2009 (GLOBE NEWSWIRE) -- NVE Corporation (Nasdaq:NVEC) announced today financial results for the quarter ended June 30, 2009.
Total revenue for the first quarter of fiscal 2010 increased 41% to $6.83 million from $4.86 million in the prior-year quarter. The revenue increase was due to a 22% increase in product sales and a 311% increase in contract research and development revenue. Net income for the first quarter of fiscal 2010 increased 54% to $2.94 million, or $0.61 per diluted share, compared to $1.90 million, or $0.40 per diluted share, for the prior-year quarter.
"We are pleased to report strong revenue and 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. 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 profitability, risks associated with our reliance on several large customers, 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 and other reports filed with the SEC.
NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS ENDED JUNE 30, 2009 AND 2008 (Unaudited)
Quarter Ended June 30
2009 2008
----------- -----------
Revenue
Product sales $ 5,534,037 $ 4,547,322
Contract research and development 1,300,495 316,464
----------- -----------
Total revenue 6,834,532 4,863,786
Cost of sales 1,891,423 1,407,432
----------- -----------
Gross profit 4,943,109 3,456,354
Expenses
Selling, general, and administrative 635,723 529,484
Research and development 267,321 386,032
----------- -----------
Total expenses 903,044 915,516
----------- -----------
Income from operations 4,040,065 2,540,838
Interest income 370,025 254,435
Other income -- 3,400
----------- -----------
Income before taxes 4,410,090 2,798,673
Provision for income taxes 1,471,158 896,057
----------- -----------
Net income $ 2,938,932 $ 1,902,616
=========== ===========
Net income per share - basic $ 0.63 $ 0.41
=========== ===========
Net income per share - diluted $ 0.61 $ 0.40
=========== ===========
Weighted average shares outstanding
Basic 4,676,209 4,643,402
Diluted 4,855,525 4,788,460
NVE CORPORATION
BALANCE SHEETS
JUNE 30 AND MARCH 31, 2009
(Unaudited)
June 30, March 31,
2009 2009
----------- -----------
ASSETS
Current assets
Cash and cash equivalents $ 1,251,561 $ 1,875,063
Marketable securities, short term 750,790 --
Accounts receivable, net of allowance
for uncollectible accounts of $15,000 3,072,700 3,366,698
Inventories 2,067,937 2,247,621
Deferred tax assets 202,784 667,729
Prepaid expenses and other assets 711,718 669,307
----------- -----------
Total current assets 8,057,490 8,826,418
Fixed assets
Machinery and equipment 5,364,158 5,328,237
Leasehold improvements 450,546 450,546
----------- -----------
5,814,704 5,778,783
Less accumulated depreciation 4,576,414 4,485,509
----------- -----------
Net fixed assets 1,238,290 1,293,274
Marketable securities, long term 38,616,304 32,446,748
----------- -----------
Total assets $47,912,084 $42,566,440
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $ 324,873 $ 257,239
Accrued payroll and other 1,910,087 637,463
Deferred revenue 83,333 104,167
----------- -----------
Total current liabilities 2,318,293 998,869
Shareholders' equity
Common stock 46,826 46,693
Additional paid-in capital 19,441,783 19,166,524
Accumulated other comprehensive
income (loss) 558,956 (252,940)
Retained earnings 25,546,226 22,607,294
----------- -----------
Total shareholders' equity 45,593,791 41,567,571
----------- -----------
Total liabilities and shareholders'
equity $47,912,084 $42,566,440
=========== ===========