Form 8-K - Current report

0000724910 false 0000724910 2024-10-23 2024-10-23

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)  October 23, 2024

NVE Corporation
(Exact name of registrant as specified in its charter)

 

Minnesota	000-12196	41-1424202
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

 

	11409 Valley View Road, Eden Prairie, Minnesota	55344
	(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code [phone]

                                                                                                                                
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
 
Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	NVEC	The NASDAQ Stock Market, LLC

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

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Item 2.02. Results of Operations and Financial Condition.

Furnished as Exhibit 99 is a press release of NVE Corporation reporting results for the quarter ended September 30, 2024.

 

Item 8.01. Other Events.

NVE Corporation announced that its Board of Directors approved a quarterly cash dividend to shareholders of $1.00 per share of common stock, payable November 29, 2024 to shareholders of record as of November 4, 2024.

 

 

 

 

 

 

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SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 

Date  October 23, 2024

NVE CORPORATION (Registrant)  /s/ DANIEL NELSON Daniel Nelson Principal Financial Officer

 

 

 

 

 

 

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INDEX TO EXHIBITS

Exhibit #	Description
99	Press release of NVE Corporation reporting results for the quarter ended September 30, 2024 and announcing a quarterly dividend.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

 

 

 

 

 

 

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NVE Corporation Reports Second Quarter Results and Announces Quarterly Dividend

 
EDEN PRAIRIE, Minn.—October 23, 2024—NVE Corporation (Nasdaq: NVEC) announced today financial results for the quarter ended September 30, 2024.

Total revenue for the second quarter of fiscal 2025 decreased 5% to $6.76 million from $7.13 million for the prior-year quarter. The decrease was due to a 14% decrease in product sales partially offset by a 3,950% increase in contract research and development revenue. Net income for the second quarter of fiscal 2025 decreased 15% to $4.03 million, or $0.83 per diluted share, compared to $4.72 million, or $0.98 per share, for the prior-year quarter.

For the first six months of fiscal 2025, total revenue decreased 15% to $13.5 million from $16.0 million for the first six months of the prior year. The decrease was due to a 20% decrease in product sales partially offset by a 457% increase in contract research and development revenue. Net income decreased 11% to $8.12 million, or $1.68 per diluted share, from $9.13 million, or $1.89 per share, for the first half of fiscal 2024.

The company also announced a quarterly cash dividend to shareholders of $1.00 per share of common stock, payable November 29, 2024, to shareholders of record as of November 4, 2024.

“We are pleased to report solid earnings for the quarter despite a slow industry recovery,” 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 our reliance on several large customers for a significant percentage of revenue, uncertainties related to the economic environments in the industries we serve, uncertainties related to future sales and revenues, risks and uncertainties related to future dividend payments, 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, 2024.

 

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NVE CORPORATION STATEMENTS OF INCOME QUARTERS AND SIX MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 (Unaudited)

		Quarter Ended September 30,
		2024				2023
Revenue
Product sales		$	6,104,433			$	7,117,122
Contract research and development			654,257				16,154
Total revenue			6,758,690				7,133,276
Cost of sales			947,254				1,599,866
Gross profit			5,811,436				5,533,410
Expenses
Research and development			847,603				683,208
Selling, general, and administrative			568,241				433,785
Recovery of credit losses			-				(202,926	)
Total expenses			1,415,844				914,067
Income from operations			4,395,592				4,619,343
Interest income			464,429				512,092
Income before taxes			4,860,021				5,131,435
Provision for income taxes			833,876				407,869
Net income		$	4,026,145			$	4,723,566
Net income per share – basic		$	0.83			$	0.98
Net income per share – diluted		$	0.83			$	0.98
Cash dividends declared per common share		$	1.00			$	1.00
Weighted average shares outstanding
Basic			4,833,855				4,833,401
Diluted			4,839,291				4,840,770
		Six Months Ended September 30,
		2024				2023
Revenue
Product sales		$	12,720,292			$	15,817,214
Contract research and development			821,642				147,476
Total revenue			13,541,934				15,964,690
Cost of sales			1,922,748				3,679,489
Gross profit			11,619,186				12,285,201
Expenses
Research and development			1,726,131				1,379,200
Selling, general, and administrative			1,108,645				908,900
Provision for credit losses			-				9,514
Total expenses			2,834,776				2,297,614
Income from operations			8,784,410				9,987,587
Interest income			958,388				948,618
Income before taxes			9,742,798				10,936,205
Provision for income taxes			1,619,066				1,808,909
Net income		$	8,123,732			$	9,127,296
Net income per share – basic		$	1.68			$	1.89
Net income per share – diluted		$	1.68			$	1.89
Cash dividends declared per common share		$	2.00			$	2.00
Weighted average shares outstanding
Basic			4,833,766				4,832,786
Diluted			4,839,145				4,840,688

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NVE CORPORATION BALANCE SHEETS SEPTEMBER 30 AND MARCH 31, 2024

		(Unaudited) September 30, 2024				March 31, 2024
ASSETS
Current assets
Cash and cash equivalents		$	3,096,179			$	10,283,550
Marketable securities, short-term (amortized cost of $20,002,199 as of September 30, 2024, and $12,283,630 as of March 31, 2024)			19,836,293				11,917,779
Accounts receivable, net of allowance for credit losses of $15,000			2,952,431				3,144,833
Inventories			7,417,611				7,158,585
Prepaid expenses and other assets			533,233				689,349
Total current assets			33,835,747				33,194,096
Fixed assets
Machinery and equipment			11,626,533				10,501,096
Leasehold improvements			1,956,309				1,956,309
			13,582,842				12,457,405
Less accumulated depreciation and amortization			11,560,984				11,403,383
Net fixed assets			2,021,858				1,054,022
Deferred tax assets			1,518,646				1,453,704
Marketable securities, long-term (amortized cost of $28,203,595 as of September 30, 2024, and $31,417,890 as of March 31, 2024)			28,281,803				30,788,301
Right-of-use asset – operating lease			219,747				289,910
Total assets		$	65,877,801			$	66,780,033
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable		$	170,077			$	127,154
Accrued payroll and other			580,274				729,215
Operating lease			181,159				179,372
Total current liabilities			931,510				1,035,741
Operating lease			88,651				175,775
Total liabilities			1,020,161				1,211,516
Shareholders’ equity
Common stock			48,340				48,337
Additional paid-in capital			19,678,425				19,554,812
Accumulated other comprehensive loss			(68,510	)			(777,637	)
Retained earnings			45,199,385				46,743,005
Total shareholders’ equity			64,857,640				65,568,517
Total liabilities and shareholders’ equity		$	65,877,801			$	66,780,033

 

Document and Entity Information	Oct. 23, 2024
Details
Registrant CIK	0000724910
Document Type	8-K
Document Period End Date	Oct. 23, 2024
Document Effective Date	Oct. 23, 2024
Entity Registrant Name	NVE Corp
Entity Incorporation, State or Country Code	MN
Securities Act File Number	000-12196
Entity Tax Identification Number	41-1424202
Entity Address, Address Line One	11409 Valley View Road
Entity Address, City or Town	Eden Prairie
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55344
Entity Address, Address Description	Address of principal executive offices
Phone Fax Number Description	Registrant’s telephone number, including area code
City Area Code	952
Local Phone Number	829-9217
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	NVEC
Security Exchange Name	NASDAQ
Amendment Flag	false

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