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<SEC-DOCUMENT>0000724910-04-000011.txt : 20040720
<SEC-HEADER>0000724910-04-000011.hdr.sgml : 20040720
<ACCEPTANCE-DATETIME>20040720162004
ACCESSION NUMBER:		0000724910-04-000011
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040720
ITEM INFORMATION:		
FILED AS OF DATE:		20040720

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NVE CORP /NEW/
		CENTRAL INDEX KEY:			0000724910
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				411424202
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12196
		FILM NUMBER:		04922247

	BUSINESS ADDRESS:	
		STREET 1:		11409 VALLEY VIEW ROAD
		CITY:			EDEN PRAIRIE
		STATE:			MN
		ZIP:			55344
		BUSINESS PHONE:		9528299217

	MAIL ADDRESS:	
		STREET 1:		11409 VALLEY VIEW ROAD
		CITY:			EDEN PRAIRIE
		STATE:			MN
		ZIP:			55344

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PREMIS CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>pr8kq105.txt
<DESCRIPTION>CURRENT REPORT
<TEXT>
                                 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)  July 20, 2004
                                                  -------------

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

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


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

Issuer's telephone number, including area code  (952) 829-9217
                                                --------------


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

<PAGE>
Item 12. Results of Operations and Financial Condition
       Furnished as Exhibit 99 is a press release of NVE Corporation reporting
results for the quarter ended June 30, 2004.

                                       -2-
<PAGE>
                                    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.

                                           NVE CORPORATION
                                            (Registrant)

Date  July 20, 2004                        /s/ Daniel A. Baker
                                           -------------------
                                           By: Daniel A. Baker
                                           President and Chief Executive Officer

                                       -3-
<PAGE>
                                 INDEX TO EXHIBITS

   Exhibit                           Description
   -------                           -----------
     99       Press release of NVE Corporation dated July 20, 2004 reporting
              results for the quarter ended June 30, 2004

                                       -4-

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>nrq105.txt
<DESCRIPTION>PRESS RELEASE DATED JULY 20, 2004 REPORTING RESULTS FOR THE QUARTER ENDED JUNE 30, 2004
<TEXT>
         NVE Corporation Reports First Quarter Fiscal 2005 Results

EDEN PRAIRIE, Minn.--July 20, 2004--NVE Corporation (NasdaqSC: NVEC) today
announced financial results for the three months ended June 30, 2004.

Net income for the first quarter was $483,671 or $0.10 per diluted share,
compared to $334,418 or $0.07 per share for the prior-year quarter. Total
revenue was $2.89 million, compared to $2.82 million for the prior-year
quarter, an increase of 2 percent. Product sales increased 24 percent to $1.36
million from $1.10 million in the prior-year quarter.

Research and development expenses increased 102 percent in the quarter while
contract research and development revenue decreased 11 percent as the company
shifted resources from government research contracts to company-funded
research in order to develop new and improved commercial products.

"We are pleased with our results for the first quarter," commented President
and Chief Executive Officer Daniel A. Baker, Ph.D. "Strong product sales in
our core industrial markets more than offset an anticipated decline in product
sales to St. Jude Medical and a decline in contract research revenue due to
stepped-up product development."

"We expect to be profitable in the upcoming quarters but we may post lower net
income compared to last year's quarters due to higher research and development
expenses; expenses associated with rolling out MRAM manufactured under our
technology agreement with Cypress Semiconductor; and expenses associated with
license procurement and enforcement in the current fiscal year," added Baker.
"These expenditures will enable NVE's continued growth and strengthen our
intellectual property position."

NVE is a leader in the practical commercialization of spintronics, a
nanotechnology which many experts believe represents the next generation of
microelectronics. NVE licenses its MRAM intellectual property and sells
spintronic products including sensors and couplers to revolutionize data
sensing and transmission.

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 uncertainties relating to MRAM production by our licensees, our
dependence on Cypress for potential supply of MRAM devices, risks relating to
making commercially viable MRAMs, risks in the enforcement of our patents,
risks in continued profitability, as well as the risk factors listed from time
to time in the company's filings with the SEC, including our Annual Report on
Form 10-KSB and other reports filed with the SEC.

                                     ###

<PAGE>
                            NVE Corporation
                    CONDENSED STATEMENTS OF INCOME
              THREE MONTHS ENDED JUNE 30, 2004 AND 2003
              (IN THOUSANDS EXCEPT PER SHARE; UNAUDITED)

<TABLE>
<CAPTION>
Three Months Ended                      June 30, 2004   June 30, 2003
<S>                                     <C>             <C>
Revenue:
  Contract research and development           $ 1,526         $ 1,721
  Product sales                                 1,363           1,099
                                        --------------  --------------
Total revenue                                   2,889           2,820

Cost of sales                                   1,626           1,909
                                        --------------  --------------
Gross profit                                    1,263             911

Expenses:
  Research and development                        361             179
  Selling, general & administrative               485             451
                                        --------------  --------------
Total expenses                                    846             630
                                        --------------  --------------
Income from operations                            417             281

Interest income                                    55              49
Interest expense                                   (4)             (8)
Other income                                       16              12
                                        --------------  --------------
Net income                                    $   484         $   334
                                        ==============  ==============

Weighted average shares outstanding             4,977           4,571
Net income per share - diluted                $  0.10         $  0.07
</TABLE>

<PAGE>
                           NVE Corporation
                       CONDENSED BALANCE SHEETS
                   MARCH 31, 2004 AND MARCH 31, 2003
                            (IN THOUSANDS)

<TABLE>
<CAPTION>
                                               (UNAUDITED)
                                                 June 30,    March 31,
                                                   2004        2004
<S>                                            <C>         <C>
ASSETS
Current assets:
  Cash                                           $  1,098    $  1,056
  Investment securities                             6,347       6,489
  Accounts receivable, net                          1,951       1,739
  Inventories                                       1,120       1,150
  Other current assets                                573         547
                                               ----------- -----------
Total current assets                               11,089      10,981
Fixed assets                                        1,558       1,439
                                               ----------- -----------
Total assets                                     $ 12,647    $ 12,420
                                               =========== ===========

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
  Accounts payable                                    352         327
  Accrued payroll and other                           611         712
  Other current liabilities                           491         547
                                               ----------- -----------
Total current liabilities                           1,454       1,586
Long-term liabilities                                  84         101
                                               ----------- -----------
Total liabilities                                   1,538       1,687

Shareholders' equity:
  Common stock                                         45          45
  Additional paid-in capital                       13,348      13,298
  Accumulated other comprehensive income              (68)         90
  Accumulated deficit                              (2,216)     (2,700)
                                               ----------- -----------
Total shareholders' equity                         11,109      10,733
                                               ----------- -----------
Total liabilities and shareholders' equity       $ 12,647    $ 12,420
                                               =========== ===========
</TABLE>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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