NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS AND SIX MONTHS ENDED SEPTEMBER 30, 2013
AND 2012 (Unaudited)
Quarter Ended September 30
2013 2012
------------- -------------
Revenue
Product sales $ 7,231,149 $ 5,231,332
Contract research
and development 70,031 591,464
------------- -------------
Total revenue 7,301,180 5,822,796
Cost of sales 1,503,546 1,606,913
------------- -------------
Gross profit 5,797,634 4,215,883
Expenses
Selling, general,
and
administrative 660,076 607,694
Research and
development 876,463 612,258
------------- -------------
Total expenses 1,536,539 1,219,952
------------- -------------
Income from
operations 4,261,095 2,995,931
Interest income 520,802 621,950
------------- -------------
Income before taxes 4,781,897 3,617,881
Provision for income
taxes 1,552,246 1,174,998
------------- -------------
Net income $ 3,229,651 $ 2,442,883
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Net income per share
-- basic $ 0.67 $ 0.51
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Net income per share
-- diluted $ 0.66 $ 0.50
============= =============
Weighted average
shares outstanding
Basic 4,852,178 4,825,441
Diluted 4,873,106 4,884,656
Six Months Ended September
30
2013 2012
------------- -------------
Revenue
Product sales $ 13,205,755 $ 12,262,077
Contract research
and development 272,358 1,023,624
------------- -------------
Total revenue 13,478,113 13,285,701
Cost of sales 2,881,901 3,409,266
------------- -------------
Gross profit 10,596,212 9,876,435
Expenses
Selling, general,
and
administrative 1,212,880 1,143,804
Research and
development 1,839,374 1,300,284
------------- -------------
Total expenses 3,052,254 2,444,088
------------- -------------
Income from
operations 7,543,958 7,432,347
Interest income 1,047,141 1,184,568
------------- -------------
Income before taxes 8,591,099 8,616,915
Provision for income
taxes 2,794,623 2,796,374
------------- -------------
Net income $ 5,796,476 $ 5,820,541
============= =============
Net income per share
-- basic $ 1.19 $ 1.21
============= =============
Net income per share
-- diluted $ 1.19 $ 1.19
============= =============
Weighted average
shares outstanding
Basic 4,857,279 4,825,095
Diluted 4,878,599 4,882,524
NVE CORPORATION
BALANCE SHEETS
SEPTEMBER 30 AND MARCH 31, 2013
Sept. 30, March 31,
2013 2013
------------- -------------
ASSETS
Current assets
Cash and cash equivalents $ 1,561,571 $ 2,509,683
Marketable securities,
short term 8,330,034 9,711,029
Accounts receivable, net
of allowance for
uncollectible accounts of
$15,000 3,031,027 2,521,395
Inventories 3,100,445 3,336,592
Deferred tax assets 256,472 --
Prepaid expenses and other
assets 894,806 958,147
------------- -------------
Total current assets 17,174,355 19,036,846
Fixed assets
Machinery and equipment 8,417,061 8,417,061
Leasehold improvements 1,499,454 1,499,454
------------- -------------
9,916,515 9,916,515
Less accumulated
depreciation 6,608,394 6,228,122
------------- -------------
Net fixed assets 3,308,121 3,688,393
Marketable securities, long
term 79,140,911 73,040,257
------------- -------------
Total assets $ 99,623,387 $ 95,765,496
============= =============
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $ 391,640 $ 422,092
Accrued payroll and other 894,282 918,060
Deferred taxes -- 440,736
------------- -------------
Total current liabilities 1,285,922 1,780,888
Long-term deferred tax
liabilities 377,232 --
Shareholders' equity
Common stock 48,370 48,624
Additional paid-in capital 19,990,791 21,200,742
Accumulated other
comprehensive income 947,080 1,557,726
Retained earnings 76,973,992 71,177,516
------------- -------------
Total shareholders' equity 97,960,233 93,984,608
------------- -------------
Total liabilities and
shareholders' equity $ 99,623,387 $ 95,765,496
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