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<SEC-DOCUMENT>0000724910-04-000014.txt : 20041020
<SEC-HEADER>0000724910-04-000014.hdr.sgml : 20041020
<ACCEPTANCE-DATETIME>20041020160815
ACCESSION NUMBER:		0000724910-04-000014
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040930
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20041020
DATE AS OF CHANGE:		20041020

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:		041087651

	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>pr8kq205.txt
<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)  October 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 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, 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  October 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 October 20, 2004 reporting
              results for the quarter ended September 30, 2004



                                       -4-

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>nrq205.txt
<DESCRIPTION>EXHIBIT 99 - PRESS RELEASE DATED OCTOBER 20, 2004
<TEXT>
          NVE Corporation Reports Second Quarter Fiscal 2005 Results

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

Net income for the second quarter was $423,298, or $0.09 per diluted share,
compared to $406,476, or $0.09 per diluted share for the prior-year quarter.
Total revenue was $3.10 million, compared to $2.86 million for the prior-year
quarter, an increase of 8 percent. Product sales increased 14 percent to $1.45
million, from $1.27 million in the prior-year quarter and contract research
and development revenue increased 3 percent to $1.65 million, from $1.60
million.

For the six months ended September 30, 2004, the company reported net income
of $906,969, or $0.18 per diluted share, compared to $740,894, or $0.16 per
share for the six months ended September 30, 2003. Total revenue for the first
six months of fiscal 2005 was $5.98 million, compared to $5.68 million
reported in the first six months of fiscal 2004, a 5-percent increase. Product
sales in the first half of fiscal 2005 increased 19 percent and contract
research and development revenue decreased 4 percent compared with the prior-
year period.

"We are pleased with our results for the second quarter," said Daniel A.
Baker, Ph.D., NVE president and chief executive officer. "Strong product sales
in our core industrial markets more than offset an anticipated decline in
product sales to St. Jude Medical, and we maintained solid profitability."

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, risks
in the enforcement of our patents, uncertainties related to the awarding of
future government contracts, risks related to competitive threats, risks
associated with our reliance on several large customers, and risks associated
with meeting stringent customer technical requirements, risks in continued
profitability, as well as the risk factors listed from time to time in our
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 OPERATIONS
      THREE MONTHS AND SIX MONTHS ENDED SEPTEMBER 30, 2004 AND 2003
              (IN THOUSANDS EXCEPT PER SHARE; UNAUDITED)

<TABLE>
<CAPTION>
Three Months Ended                      Sept. 30, 2004  Sept. 30, 2003
<S>                                     <C>             <C>
Revenue:
  Contract research and development           $ 1,646         $ 1,596
  Product sales                                 1,450           1,269
                                        --------------  --------------
Total revenue                                   3,096           2,865

Cost of sales                                   1,961           1,739
                                        --------------  --------------
Gross profit                                    1,135           1,126

Expenses:
  Research and development                        306             303
  Selling, general & administrative               482             476
                                        --------------  --------------
Total expenses                                    788             779
                                        --------------  --------------
Income from operations                            347             347

Interest income                                    58              44
Interest expense                                   (4)             (7)
Other income                                       22              22
                                        --------------  --------------
Net income                                    $   423         $   406
                                        ==============  ==============

Weighted average shares outstanding             4,933           4,679
Net income per share - diluted                $  0.09         $  0.09
</TABLE>


<TABLE>
<CAPTION>
Six Months Ended                        Sept. 30, 2004  Sept. 30, 2003
<S>                                     <C>             <C>
Revenue:
  Contract research and development           $ 3,172         $ 3,317
  Product sales                                 2,813           2,367
                                        --------------  --------------
Total revenue                                   5,985           5,684

Cost of sales                                   3,587           3,648
                                        --------------  --------------
Gross profit                                    2,398           2,036

Expenses:
  Research and development                        668             481
  Selling, general & administrative               966             926
                                        --------------  --------------
Total expenses                                  1,634           1,407
                                        --------------  --------------
Income from operations                            764             629

Interest income                                   113              93
Interest expense                                   (8)            (15)
Other income                                       38              34
                                        --------------  --------------
Net income                                    $   907         $   741
                                        ==============  ==============

Weighted average shares outstanding             4,929           4,646
Net income per share - diluted                $  0.18        $   0.16
</TABLE>

<PAGE>
                           NVE Corporation
                       CONDENSED BALANCE SHEETS
                 SEPTEMBER 30, 2004 AND MARCH 31, 2004
                            (IN THOUSANDS)

<TABLE>
<CAPTION>
                                               (UNAUDITED)
                                                Sept. 30,   March 31,
                                                   2004       2004
<S>                                            <C>         <C>
ASSETS
Current assets:
  Cash                                           $    809    $  1,056
  Investment securities                             6,416       6,489
  Accounts receivable, net                          2,548       1,739
  Inventories                                       1,090       1,150
  Other current assets                                429         547
                                               ----------- -----------
Total current assets                               11,292      10,981
Fixed assets                                        1,872       1,439
                                               ----------- -----------
Total assets                                     $ 13,164    $ 12,420
                                               =========== ===========

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
  Accounts payable                                    447         327
  Accrued payroll and other                           593         712
  Other current liabilities                           422         547
                                               ----------- -----------
Total current liabilities                           1,462       1,586
Long-term liabilities                                  68         101
                                               ----------- -----------
Total liabilities                                   1,530       1,687

Shareholders' equity:
  Common stock                                         45          45
  Additional paid-in capital                       13,377      13,298
  Accumulated other comprehensive income                5          90
  Accumulated deficit                              (1,793)     (2,700)
                                               ----------- -----------
Total shareholders' equity                         11,634      10,733
                                               ----------- -----------
Total liabilities and shareholders' equity       $ 13,164    $ 12,420
                                               =========== ===========
</TABLE>

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