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<SEC-DOCUMENT>0000724910-07-000004.txt : 20070117
<SEC-HEADER>0000724910-07-000004.hdr.sgml : 20070117
<ACCEPTANCE-DATETIME>20070117164757
ACCESSION NUMBER:		0000724910-07-000004
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20070117
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20070117
DATE AS OF CHANGE:		20070117

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:		07535498

	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>q3-07cvr.htm
<DESCRIPTION>CURRENT REPORT ON FORM 8-K
<TEXT>
<html>
<p align="center"> <font face="Times New Roman, Times, serif" size="5"><b>UNITED STATES<br>
  SECURITIES AND EXCHANGE COMMISSION</b></font><b><font face="Times New Roman, Times, serif" size="2"><br>
  Washington, D.C.&nbsp;&nbsp;20549</font></b></p>
<p align="center"><b><font face="Times New Roman, Times, serif" size="2"> <font size="5">FORM
  8-K</font></font></b></p>
<p align="center"><b><font face="Times New Roman, Times, serif" size="3">CURRENT REPORT<br>
  </font></b><font face="Times New Roman, Times, serif" size="3"><b>Pursuant to
  Section 13 OR 15(d) of The Securities Exchange Act of 1934</b></font></p>
<p><font face="Times New Roman, Times, serif" size="2"><br>
  Date of Report (Date of earliest event reported)&nbsp;&nbsp;<b><u>January 17,
  2007</u></b><br>
  </font></p>
<div align="center"><b><font size="6" face="Arial, Helvetica, sans-serif"><img src="nve-logo.gif" width="276" height="55"><br>
  NVE Corporation</font></b><font face="Times New Roman, Times, serif" size="2"><br>
  (Exact name of registrant as specified in its charter)</font></div>
<font face="Times New Roman, Times, serif" size="2">
<div align="center">
  <p>&nbsp;</p>
</div>
</font>
<div align="center"></div>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
  <tr>
    <td width="33%">
      <p align="center"><font face="Times New Roman, Times, serif"><b><font size="2" ><u>Minnesota</u></font></b></font></p>
    </td>
    <td width="33%">
      <div align="center"><font face="Times New Roman, Times, serif" size="2"><b><u>000-12196</u>
        </b> </font></div>
    </td>
    <td>
      <p align="center"><b><font size="2" face="Times New Roman"><u>41-1424202</u></font></b></p>
    </td>
  </tr>
  <tr>
    <td width="33%">
      <p align="center"><font size="2" face="Times New Roman, Times, serif">(State
        or other jurisdiction of incorporation)</font></p>
    </td>
    <td width="33%">
      <div align="center"><font face="Times New Roman, Times, serif" size="2">(Commission File Number) </font></div>
    </td>
    <td>
      <div align="center"><font size="2" face="Times New Roman, Times, serif">(IRS Employer Identification No.)</font></div>
    </td>
  </tr>
</table>
<br>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
  <tr>
    <td width="25%">
      <p align="center"><font face="Times New Roman, Times, serif"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td width="50%">
      <p align="center"><font size="2"><b><u>11409 Valley View Road, Eden Prairie, Minnesota</u></b></font></p>
    </td>
    <td>
      <p align="center"><font size="2"><b><font face="Times New Roman" ><u>55344</u></font></b></font></p>
    </td>
  </tr>
  <tr>
    <td width="25%">
      <p align="center"><font size="2">&nbsp;</font></p>
    </td>
    <td width="50%">
      <p align="center"><font size="2" face="Times New Roman, Times, serif">(Address of principal executive offices)</font></p>
    </td>
    <td>
      <p align="center"><font size="2">(Zip Code)</font></p>
    </td>
  </tr>
</table>
<br>
<font size="2" face="Times New Roman, Times, serif"> Registrant&#146;s telephone
number, including area code <b><u>(952) 829-9217</u></b><br>
</font>
<p align="center"><font face="Times New Roman, Times, serif" size="2"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>
  </font><font face="Times New Roman, Times, serif" size="2">(Former name or former
  address, if changed since last report.)</font></p>
<p><font face="Times New Roman, Times, serif" size="2">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):</font></p>
<p><font face="Times New Roman, Times, serif" size="2">[&nbsp;&nbsp;] Written
  communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>
<p><font face="Times New Roman, Times, serif" size="2">[&nbsp;&nbsp;] Soliciting
  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
<p><font face="Times New Roman, Times, serif" size="2">[&nbsp;&nbsp;] Pre-commencement communications
  pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
<p><font face="Times New Roman, Times, serif" size="2">[&nbsp;&nbsp;] Pre-commencement communications
  pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
<hr> <br clear="all" style="page-break-before:always;"><p><font face="Times New Roman, Times, serif" size="2"><b>Item 2.02. Results of
  Operations and Financial Condition</b><br>
  </font></p>
<p style="text-indent:.5in;"><font face="Times New Roman, Times, serif" size="2">Furnished
  as Exhibit 99 is a press release of NVE Corporation reporting results for the
  quarter and nine months ended December 31, 2006.</font></p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p align="center"><font face="Times New Roman, Times, serif" size="2">2</font></p>
<hr> <br clear="all" style="page-break-before:always;"><p align="center"><font face="Times New Roman, Times, serif" size="2"> <b>SIGNATURE</b></font></p>
<p style="text-indent:.5in;"><font face="Times New Roman, Times, serif" size="2">
  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.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
  <tr>
    <td width="25%">
      <p align="left"><font face="Times New Roman, Times, serif" size="2">Date&nbsp;&nbsp;<b><u>January
        17, 2007</u></b></font></p>
    </td>
    <td>
      <p align="left"><font face="Times New Roman, Times, serif" size="2"><b><u>NVE
        CORPORATION</u></b></font></p>
    </td>
  </tr>
  <tr>
    <td width="25%">
      <p align="center"><font size="2">&nbsp;</font></p>
    </td>
    <td>
      <p align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant)</font></p>
    </td>
  </tr>
  <tr>
    <td width="25%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="25%">&nbsp;</td>
    <td>
      <div align="left"><font face="Times New Roman, Times, serif" size="2"><u>/s/
        CURT A. REYNDERS&nbsp;</u></font></div>
    </td>
  </tr>
  <tr>
    <td width="25%">&nbsp;</td>
    <td><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Signature)</font></td>
  </tr>
  <tr>
    <td width="25%">&nbsp;</td>
    <td>
      <div align="left"><font face="Times New Roman, Times, serif" size="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curt
        A. Reynders</font></div>
    </td>
  </tr>
  <tr>
    <td width="25%">&nbsp;</td>
    <td> <font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;Chief
      Financial Officer</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p align="center"><font face="Times New Roman, Times, serif" size="2">3</font></p>
<hr> <br clear="all" style="page-break-before:always;"><p align="center"><font face="Times New Roman, Times, serif" size="2"><b>INDEX
  TO EXHIBITS</b></font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="8%">
      <div align="center"><font face="Times New Roman, Times, serif" size="2"><b><u>Exhibit #</u></b></font></div>
    </td>
    <td>
      <div align="center"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></div>
    </td>
    <td width="88%">
      <div align="center"><font face="Times New Roman, Times, serif" size="2"><b><u>Description</u></b></font></div>
    </td>
  </tr>
  <tr>
    <td width="8%">
      <div align="center"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></div>
    </td>
    <td>
      <div align="center"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></div>
    </td>
    <td width="88%">
      <div align="center"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></div>
    </td>
  </tr>
  <tr>
    <td width="8%">
      <div align="center"><font face="Times New Roman, Times, serif" size="2">99</font></div>
    </td>
    <td>
      <div align="center"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></div>
    </td>
    <td width="88%">
      <div align="center"><font face="Times New Roman, Times, serif" size="2">Press
        release of NVE Corporation dated January 17, 2007 reporting
        results for the quarter ended December 31, 2006</font></div>
    </td>
  </tr>
</table>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p align="center"><font face="Times New Roman, Times, serif" size="2"><br>
  4</font></p>
<hr>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>q3-07pr.htm
<DESCRIPTION>PRESS RELEASE OF NVE CORPORATION DATED JANUARY 17, 2007 REPORTING RESULTS FOR THE QUARTER ENDED DECEMBER 31, 2006
<TEXT>
<html>
<img src="sml-logo.gif">
<p align="center"> <b>NVE Corporation Reports Third Quarter Fiscal 2007 Results</b><br>
  <i>Net income increases 162% as product sales nearly double</i>
<p>EDEN PRAIRIE, Minn.--January 17, 2007--NVE Corporation (Nasdaq: NVEC) today
  announced financial results for the quarter and nine months ended December 31,
  2006.</p>
<p>Product sales for the quarter increased 95% over the prior-year quarter to
  $3.40 million from $1.74 million. Total revenue, consisting of product sales
  and contract research and development revenue, increased 48% to $3.86 million
  for the third quarter of fiscal 2007 from $2.61 million in the prior-year quarter.
  Net income for the third quarter of fiscal 2007 was $1.05 million, or $0.22
  per diluted share compared to $401,385, or $0.09 per diluted share, for the
  prior-year quarter.</p>
<p>For the first nine months of fiscal 2007, product sales increased 84% to $10.23
  million from $5.55 million for the first nine months of fiscal 2006. Total revenue
  increased 37% to $11.90 million for the first nine months of fiscal 2007 from
  $8.69 million for the prior-year period. Net income for the first nine months
  of fiscal 2007 was $3.23 million, or $0.67 per diluted share compared to $1.18
  million, or $0.25 per diluted share, for the first nine months of fiscal 2006.</p>
<p>Net income for the quarter and nine months ended December 31, 2006 included
  the effects of non-cash stock-based compensation due to the implementation of
  SFAS 123(R). This expense, net of tax, amounted to $6,263, or nil per diluted
  share, in the third quarter of fiscal 2007 and $87,234, or $0.02 per share,
  in the first nine months of fiscal 2007. Net income for fiscal 2007 and fiscal
  2006 also includes primarily non-cash provisions for income taxes recognized
  in accordance with SFAS 109.</p>
<p>&quot;We are pleased with our financial results for the third quarter,&quot;
  said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D. &quot;Product
  sales drove revenue and net income growth, resulting in our third consecutive
  quarter of triple-digit earnings increases.&quot;</p>
<p>NVE is a leader in the practical commercialization of spintronics, a nanotechnology
  that many experts believe represents the next generation of microelectronics.
  NVE licenses its MRAM intellectual property and sells spintronic sensors and
  couplers to revolutionize data sensing and transmission.</p>
<p><i>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
  risks in continued profitability, risks associated with our reliance on several
  large customers, 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 and other reports
  filed with the SEC.</i></p>
<p align=center>###
<p>
<hr> <br clear="all" style="page-break-before:always;">
<table border="0" cellspacing="0" cellpadding="0" align="center">
  <tr>
    <td>
      <pre><b>                            NVE CORPORATION
                          STATEMENTS OF INCOME
 QUARTERS AND NINE MONTHS ENDED DECEMBER 31, 2006 AND 2005 (Unaudited)</b>

                                             Quarter Ended December 31
                                                2006           2005
                                            ------------   ------------
Revenue
  Product sales                             $ 3,402,937    $ 1,742,163
  Contract research and development             459,112        868,119
                                            ------------   ------------
Total revenue                                 3,862,049      2,610,282

Cost of sales                                 1,385,163      1,308,752
                                            ------------   ------------
Gross profit                                  2,476,886      1,301,530
Expenses
  Research and development                      544,779        342,616
  Selling, general, and administrative          479,387        434,183
                                            ------------   ------------
Total expenses                                1,024,166        776,799
                                            ------------   ------------
Income from operations                        1,452,720        524,731

Interest income                                 157,337         88,168
Interest expense                                   -            (1,336)
Other income                                       -             3,101
                                            ------------   ------------
Income before taxes                           1,610,057        614,664

Provision for income taxes                      558,504        213,279
                                            ------------   ------------
Net income                                  $ 1,051,553    $   401,385
                                            ============   ============
Net income per share - basic                $      0.23    $      0.09
                                            ============   ============
Net income per share - diluted              $      0.22    $      0.09
                                            ============   ============
Weighted average shares outstanding
  Basic                                       4,620,835      4,576,454
  Diluted                                     4,786,868      4,677,712
Supplemental financial data
  Non-cash stock-based compensation         $     8,167    $      -
  Non-cash income tax expense               $   558,504    $   210,329</pre>
    </td>
  </tr>
</table>
<table border="0" cellspacing="0" cellpadding="0" align="center">
  <tr>
    <td>
      <pre>
                                             Nine Months Ended Dec. 31
                                                2006           2005
                                            ------------   ------------
Revenue
  Product sales                             $10,233,325    $ 5,548,085
  Contract research and development           1,662,287      3,139,667
                                            ------------   ------------
Total revenue                                11,895,612      8,687,752

Cost of sales                                 4,224,165      4,617,543
                                            ------------   ------------
Gross profit                                  7,671,447      4,070,209

Expenses
  Research and development                    1,641,637      1,237,355
  Selling, general, and administrative        1,421,332      1,238,757
                                            ------------   ------------
Total expenses                                3,062,969      2,476,112
                                            ------------   ------------

Income from operations                        4,608,478      1,594,097

Interest income                                 418,683        233,606
Interest expense                                   (589)        (5,084)
Other income                                     25,246         39,667
                                            ------------   ------------
Income before taxes                           5,051,818      1,862,286

Provision for income taxes                    1,824,988        684,284
                                            ------------   ------------
Net income                                  $ 3,226,830    $ 1,178,002
                                            ============   ============

Net income per share - basic                $      0.70    $      0.26
                                            ============   ============
Net income per share - diluted              $      0.67    $      0.25
                                            ============   ============
Weighted average shares outstanding
  Basic                                       4,618,086      4,573,173
  Diluted                                     4,784,118      4,674,431
Supplemental financial data
  Non-cash stock-based compensation         $   128,203    $      -
  Non-cash income tax expense               $ 1,780,688    $   668,334</pre>
    </td>
  </tr>
</table>
<hr> <br clear="all" style="page-break-before:always;">
<table border="0" cellspacing="0" cellpadding="0" align="center" >
  <tr>
    <td>
      <pre><b>                                NVE CORPORATION
                                BALANCE SHEETS
                     DECEMBER 31, 2006 AND MARCH 31, 2006</b>

                                                (Unaudited)
                                               Dec. 31, 2006    March 31, 2006
                                               --------------   --------------
ASSETS
Current assets
  Cash and cash equivalents                    $     423,282    $   1,288,362
  Short-term investments                             838,579        1,248,103
  Accounts receivable, net of allowance for
    uncollectible accounts of $15,000              1,907,637        1,667,029
  Inventories                                      2,189,125        2,149,769
  Deferred tax assets                              1,598,321        1,576,472
  Prepaid expenses and other assets                  275,718          231,412
                                               --------------   --------------
Total current assets                               7,232,662        8,161,147
Fixed assets
  Machinery and equipment                          4,395,392        4,149,080
  Leasehold improvements                             413,482          413,482
                                               --------------   --------------
                                                   4,808,874        4,562,562
  Less accumulated depreciation                    3,707,237        3,319,651
                                               --------------   --------------
Net fixed assets                                   1,101,637        1,242,911
Long-term investments                             14,710,657        8,354,861
                                               --------------   --------------
Total assets                                   $  23,044,956    $  17,758,919
                                               ==============   ==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
  Accounts payable                             $     502,480    $     399,762
  Accrued payroll and other                          524,084          470,392
  Deferred revenue                                      -              77,373
  Capital lease obligations                             -              33,281
                                               --------------   --------------
Total current liabilities                          1,026,564          980,808

Shareholders' equity
  Common stock                                        46,274           46,150
  Additional paid-in capital                      18,018,851       16,042,637
  Accumulated other comprehensive loss              (129,795)        (166,908)
  Retained earnings                                4,083,062          856,232
                                               --------------   --------------
Total shareholders' equity                        22,018,392       16,778,111
                                               --------------   --------------
Total liabilities and shareholders' equity     $  23,044,956    $  17,758,919
                                               ==============   ==============
</pre>
    </td>
  </tr>
</table>
<hr>
</TEXT>
</DOCUMENT>
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<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>sml-logo.gif
<DESCRIPTION>NVE CORPORATION LOGO
<TEXT>
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