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<SEC-DOCUMENT>0000724910-07-000007.txt : 20070502
<SEC-HEADER>0000724910-07-000007.hdr.sgml : 20070502
<ACCEPTANCE-DATETIME>20070502162142
ACCESSION NUMBER:		0000724910-07-000007
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20070502
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20070502
DATE AS OF CHANGE:		20070502

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:		07810970

	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>fy07-cvr.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>May 2, 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 year ended March 31, 2007.</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>May
        2, 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 May 2, 2007 reporting results for the
        quarter and year ended March 31, 2007</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>fy07-pr.htm
<DESCRIPTION>PRESS RELEASE REPORTING RESULTS FOR THE QUARTER AND YEAR ENDED 3/31/07
<TEXT>
<html> <img src="sml-logo.gif">
<p align="center"> <b>NVE Corporation Reports Fourth Quarter and Fiscal Year Results</b><br>
  <i>Net income increases 151 percent for fourth quarter and 166 percent for fiscal
  year</i>
<p>EDEN PRAIRIE, Minn.--May 2, 2007--NVE Corporation (Nasdaq: NVEC) announced
  today financial results for the quarter and fiscal year ended March 31, 2007.</p>
<p>Product sales for the fourth quarter of fiscal 2007 increased 50% over the
  prior-year quarter to $4.19 million from $2.80 million. Total revenue, consisting
  of product sales and contract research and development revenue, increased 31%
  to $4.57 million for the fourth quarter of fiscal 2007 from $3.48 million in
  the prior-year quarter. Net income for the fourth quarter of fiscal 2007 increased
  151% to $1.55 million, or $0.33 per diluted share, compared to $619,744, or
  $0.13 per share, for the prior-year quarter.</p>
<p>For fiscal 2007, product sales increased 73% to $14.4 million from $8.35 million
  for fiscal 2006. Total revenue increased 35% to $16.5 million for fiscal 2007
  from $12.2 million for the prior year. Net income for fiscal 2007 increased
  166% to $4.78 million, or $1.00 per diluted share, compared to $1.80 million,
  or $0.39 per share, for fiscal 2006.</p>
<p>&quot;We are pleased to report record revenue and net income for the fourth
  quarter and fiscal year,&quot; said NVE President and Chief Executive Officer
  Daniel A. Baker, Ph.D. &quot;Net income for the quarter more than doubled, driven
  by strong product sales and increased gross profit margins. We enter fiscal
  2008 with a solid balance sheet, products that are in demand, and an excellent
  intellectual property portfolio.&quot;<br>
</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><br>
</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 YEARS ENDED MARCH 31, 2007 AND 2006 (Unaudited)</b>

                                              Quarter Ended March 31
                                                2007           2006
                                            ------------   ------------
Revenue
  Product sales                             $ 4,192,307    $ 2,797,882
  Contract research and development             372,911        684,892
                                            ------------   ------------
Total revenue                                 4,565,218      3,482,774
Cost of sales                                 1,563,493      1,600,990
                                            ------------   ------------
Gross profit                                  3,001,725      1,881,784
Expenses
  Research and development                      534,967        487,470
  Selling, general, and administrative          529,667        517,385
                                            ------------   ------------
Total expenses                                1,064,634      1,004,855
                                            ------------   ------------
Income from operations                        1,937,091        876,929
Interest income                                 202,894         99,178
Interest expense                                   -              (967)
Other income                                       -             3,353
                                            ------------   ------------
Income before taxes                           2,139,985        978,493
Provision for income taxes                      586,032        358,749
                                            ------------   ------------
Net income                                  $ 1,553,953    $   619,744
                                            ============   ============
Net income per share - basic                $      0.34    $      0.13
                                            ============   ============
Net income per share - diluted              $      0.33    $      0.13
                                            ============   ============
Weighted average shares outstanding
  Basic                                       4,627,383      4,603,634
  Diluted                                     4,778,309      4,690,943
Supplemental financial data
  Stock-based compensation                  $     8,167    $      -
  Cash paid for income taxes                $      -       $    37,000 </pre>
    </td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" align="center">
  <tr>
    <td>
      <pre>
                                                Year Ended March 31
                                                2007           2006
                                            ------------   ------------
Revenue
  Product sales                             $14,425,632   $  8,345,967
  Contract research and development           2,035,198      3,824,559
                                            ------------   ------------
Total revenue                                16,460,830     12,170,526
Cost of sales                                 5,787,658      6,218,533
                                            ------------   ------------
Gross profit                                 10,673,172      5,951,993
Expenses
  Research and development                    2,176,604      1,724,825
  Selling, general, and administrative        1,950,999      1,756,142
                                            ------------   ------------
Total expenses                                4,127,603      3,480,967
                                            ------------   ------------
Income from operations                        6,545,569      2,471,026
Interest income                                 621,577        332,784
Interest expense                                   (589)        (6,051)
Other income                                     25,246         43,020
                                            ------------   ------------
Income before taxes                           7,191,803      2,840,779
Provision for income taxes                    2,411,020      1,043,033
                                            ------------   ------------
Net income                                  $ 4,780,783    $ 1,797,746
                                            ============   ============
Net income per share - basic                $      1.03    $      0.39
                                            ============   ============
Net income per share - diluted              $      1.00    $      0.39
                                            ============   ============
Weighted average shares outstanding
  Basic                                        4,620,371     4,580,684
  Diluted                                      4,771,297     4,667,994
Supplemental financial data
  Stock-based compensation                  $    136,370   $      -
  Cash paid for income taxes                $     44,300   $    52,950
</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
                      MARCH 31, 2007 AND MARCH 31, 2006</b>

                                                (Unaudited)
                                               March 31, 2007   March 31, 2006
                                               --------------   --------------
ASSETS
Current assets
  Cash and cash equivalents                    $     397,423    $   1,288,362
  Marketable securities                              982,415        1,248,103
  Accounts receivable, net of allowance for
    uncollectible accounts of $15,000              2,005,005        1,667,029
  Inventories                                      2,016,858        2,149,769
  Deferred tax assets                              1,328,106        1,576,472
  Prepaid expenses and other assets                  333,587          231,412
                                               --------------   --------------
Total current assets                               7,063,394        8,161,147
Fixed assets
  Machinery and equipment                          4,458,948        4,149,080
  Leasehold improvements                             413,482          413,482
                                               --------------   --------------
                                                   4,872,430        4,562,562
  Less accumulated depreciation                    3,834,683        3,319,651
                                               --------------   --------------
Net fixed assets                                   1,037,747        1,242,911
Marketable securities, long term                  16,909,353        8,354,861
                                               --------------   --------------
Total assets                                   $  25,010,494    $  17,758,919
                                               ==============   ==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
  Accounts payable                             $     502,595    $     399,762
  Accrued payroll and other                          590,287          470,392
  Deferred revenue                                    29,357           77,373
  Capital lease obligations                             -              33,281
                                               --------------   --------------
Total current liabilities                          1,122,239          980,808

Shareholders' equity
  Common stock                                        46,274           46,150
  Additional paid-in capital                      18,289,248       16,042,637
  Accumulated other comprehensive loss               (84,282)        (166,908)
  Retained earnings                                5,637,015          856,232
                                               --------------   --------------
Total shareholders' equity                        23,888,255       16,778,111
                                               --------------   --------------
Total liabilities and shareholders' equity     $  25,010,494    $  17,758,919
                                               ==============   ==============
</pre>
    </td>
  </tr>
</table>
<hr>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>sml-logo.gif
<DESCRIPTION>NVE CORPORATION LOGO
<TEXT>
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`
end
</TEXT>
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>nve-logo.gif
<DESCRIPTION>NVE CORPORATION LOGO
<TEXT>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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