NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS AND YEARS ENDED MARCH 31, 2008 AND 2007
(Unaudited)
Quarter Ended March 31
2008 2007
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Revenue
Product sales $ 5,674,879 $ 4,192,307
Contract research and development 374,505 372,911
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Total revenue 6,049,384 4,565,218
Cost of sales 1,876,335 1,563,493
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Gross profit 4,173,049 3,001,725
Expenses
Selling, general, and administrative 526,882 529,667
Research and development 318,889 534,967
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Total expenses 845,771 1,064,634
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Income from operations 3,327,278 1,937,091
Interest income 243,747 202,894
Other loss (6,695) --
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Income before taxes 3,564,330 2,139,985
Provision for income taxes 1,311,348 586,032
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Net income $ 2,252,982 $ 1,553,953
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Net income per share - basic $ 0.49 $ 0.34
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Net income per share - diluted $ 0.47 $ 0.33
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Weighted average shares outstanding
Basic 4,638,683 4,627,383
Diluted 4,766,529 4,778,309
Supplemental financial data
Stock-based compensation $ 5,598 $ 8,167
Cash paid for income taxes $ 1,045,000 $ --
Year Ended March 31
2008 2007
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Revenue
Product sales $ 18,505,650 $ 14,425,632
Contract research and development 2,023,162 2,035,198
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Total revenue 20,528,812 16,460,830
Cost of sales 6,833,308 5,787,658
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Gross profit 13,695,504 10,673,172
Expenses
Selling, general, and administrative 2,158,818 1,950,999
Research and development 1,487,907 2,176,604
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Total expenses 3,646,725 4,127,603
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Income from operations 10,048,779 6,545,569
Interest income 974,990 621,577
Interest expense -- (589)
Other income 56,235 25,246
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Income before taxes 11,080,004 7,191,803
Provision for income taxes 3,892,620 2,411,020
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Net income $ 7,187,384 $ 4,780,783
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Net income per share - basic $ 1.55 $ 1.03
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Net income per share - diluted $ 1.51 $ 1.00
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Weighted average shares outstanding
Basic 4,635,470 4,620,371
Diluted 4,763,101 4,771,297
Supplemental financial data
Stock-based compensation $ 169,606 $ 136,370
Cash paid for income taxes $ 3,254,313 $ 44,300
NVE CORPORATION
BALANCE SHEETS
MARCH 31, 2008 AND 2007
March 31,
2008 2007
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(Unaudited)
ASSETS
Current assets
Cash and cash equivalents $ 1,885,867 $ 397,423
Marketable securities, short term 795,728 982,415
Accounts receivable, net of allowance
for uncollectible accounts of $15,000 3,226,027 2,005,005
Inventories 2,456,804 2,016,858
Deferred tax assets 453,405 1,328,106
Prepaid expenses and other assets 529,616 333,587
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Total current assets 9,347,447 7,063,394
Fixed assets
Machinery and equipment 5,205,288 4,458,948
Leasehold improvements 436,794 413,482
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5,642,082 4,872,430
Less accumulated depreciation 4,276,680 3,834,683
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Net fixed assets 1,365,402 1,037,747
Marketable securities, long term 22,055,279 16,909,353
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Total assets $ 32,768,128 $ 25,010,494
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $ 434,808 $ 502,595
Accrued payroll and other 632,338 590,287
Deferred revenue 187,500 29,357
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Total current liabilities 1,254,646 1,122,239
Shareholders' equity
Common stock 46,387 46,274
Additional paid-in capital 18,539,538 18,289,248
Accumulated other comprehensive
income (loss) 103,158 (84,282)
Retained earnings 12,824,399 5,637,015
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Total shareholders' equity 31,513,482 23,888,255
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Total liabilities and
shareholders' equity $ 32,768,128 $ 25,010,494
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