NVE Corporation Reports Fourth Quarter and Fiscal Year Results and Announces Quarterly Dividend

Eden Prairie, Minnesota, UNITED STATES


EDEN PRAIRIE, Minn., May 05, 2021 (GLOBE NEWSWIRE) -- NVE Corporation (Nasdaq: NVEC) announced today financial results for the quarter and fiscal year ended March 31, 2021.

Total revenue for the fourth quarter of fiscal 2021 decreased 5% to $5.86 million from $6.15 million for the prior-year quarter. The decrease was due to a 5% decrease in product sales and a 7% decrease in contract research and development revenue. Net income for the fourth quarter of fiscal 2021 decreased 7% to $3.13 million, or $0.65 per diluted share, compared to $3.37 million, or $0.69 per share, for the prior-year quarter.

For fiscal 2021, total revenue decreased 16% to $21.4 million from $25.4 million for the prior fiscal year. The decrease was due to a 16% decrease in product sales and an 18% decrease in contract research and development revenue. Net income decreased 19% to $11.7 million, or $2.42 per diluted share, compared to $14.5 million, or $3.00 per share, for fiscal 2020.

The company also announced a quarterly cash dividend to shareholders of $1.00 per share of common stock, payable May 31, 2021 to shareholders of record as of May 17, 2021.

“We are pleased to report solid earnings for the fourth quarter and fiscal year despite the impact of the COVID-19 pandemic,” 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.

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 and uncertainties related to future sales and revenues and risks related to the COVID-19 pandemic, 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, 2021 and other reports filed with the SEC.

###

NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS AND YEARS ENDED MARCH 31, 2021 AND 2020 (Unaudited)

 
 Quarter Ended March 31
 2021 2020
Revenue
Product sales$5,690,400  $5,966,153 
Contract research and development172,437  184,773 
Total revenue 5,862,837   6,150,926 
Cost of sales1,268,704  1,187,354 
Gross profit4,594,133  4,963,572 
Expenses
Research and development 785,590   1,019,408 
Selling, general, and administrative291,878  291,095 
Total expenses1,077,468  1,310,503 
Income from operations 3,516,665   3,653,069 
Interest income 332,046   428,291 
Income before taxes 3,848,711   4,081,360 
Provision for income taxes714,241  714,863 
Net income$3,134,470  $3,366,497 
Net income per share – basic$0.65  $0.69 
Net income per share – diluted$0.65  $0.69 
Weighted average shares outstanding
Basic4,833,2324,844,470 
Diluted4,835,3704,845,922 

 

 Year Ended March 31
2021 2020
Revenue
Product sales$20,540,557  $24,400,192 
Contract research and development825,689  1,011,971 
Total revenue 21,366,246   25,412,163 
Cost of sales4,121,461  4,889,295 
Gross profit17,244,785  20,522,868 
Expenses
Research and development 3,184,754   3,690,539 
Selling, general, and administrative1,316,427  1,317,543 
Total expenses4,501,181  5,008,082 
Income from operations 12,743,604   15,514,786 
Interest income 1,498,148   1,787,117 
Income before taxes 14,241,752   17,301,903 
Provision for income taxes2,547,368  2,775,261 
Net income$11,694,384  $14,526,642 
Net income per share – basic$2.42  $3.00 
Net income per share – diluted$2.42  $3.00 
Weighted average shares outstanding
Basic4,834,0544,845,627 
Diluted4,834,4624,847,294 

 

NVE CORPORATION
BALANCE SHEETS
MARCH 31, 2021 AND 2020

 
 March 31, 2021 March 31, 2020
ASSETS
Current assets
Cash and cash equivalents$10,427,340  $8,065,594 
Marketable securities, short-term 7,678,957   19,084,814 
Accounts receivable, net of allowance for uncollectible accounts of $15,000 1,964,281   2,694,018 
Inventories 3,900,777   3,884,450 
Prepaid expenses and other assets391,278  655,835 
Total current assets 24,362,633   34,384,711 
Fixed assets
Machinery and equipment  9,254,664   9,280,062 
Leasehold improvements1,810,872  1,797,245 
  11,065,536   11,077,307 
Less accumulated depreciation and amortization 10,728,853  10,494,840 
Net fixed assets 336,683   582,467 
Deferred tax assets73,538  108,119 
Marketable securities, long-term47,038,669  43,606,495 
Right-of-use asset – operating lease689,216  816,358 
Total assets$72,500,739  $79,498,150 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable$336,591  $186,993 
Accrued payroll and other540,474  482,074 
Operating lease150,273  127,134 
Total current liabilities 1,027,338   796,201 
Operating lease581,459  706,600 
Total liabilities1,608,797  1,502,801 
 
Shareholders’ equity
Common stock 48,332   48,350 
Additional paid-in capital 19,338,127   19,383,956 
Accumulated other comprehensive income 1,101,119   516,523 
Retained earnings50,404,364  58,046,520 
Total shareholders’ equity70,891,942  77,995,349 
Total liabilities and shareholders’ equity$72,500,739  $79,498,150 


 

Contact Data