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<SEC-DOCUMENT>0000724910-08-000005.txt : 20080507
<SEC-HEADER>0000724910-08-000005.hdr.sgml : 20080507
<ACCEPTANCE-DATETIME>20080507161024
ACCESSION NUMBER:		0000724910-08-000005
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20080507
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20080507
DATE AS OF CHANGE:		20080507

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:		08810065

	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>q4-08cvr.htm
<DESCRIPTION>CURRENT REPORT ON FORM 8-K
<TEXT>
<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 7, 2008</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>
      <p align="center"><font size="2" face="Times New Roman, Times, serif">(State
        or other jurisdiction of incorporation)</font></p>
    </td>
    <td>
      <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>
<font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furnished
as Exhibit 99 is a press release of NVE Corporation reporting results for the
quarter and fiscal year ended March 31, 2008.</font>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p align="center"><font face="Times New Roman, Times, serif" size="2">2</font>
<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><font face="Times New Roman, Times, serif" size="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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="102%">
  <tr>
    <td width="25%">
      <p><font face="Times New Roman, Times, serif" size="2">Date&nbsp;&nbsp;<b><u>May
        7, 2008</u></b></font></p>
    </td>
    <td>
      <p><font face="Times New Roman, Times, serif" size="2"><b><u>NVE
        CORPORATION</u></b></font></p>
    </td>
  </tr>
  <tr>
    <td>
    </td>
    <td>
      <p><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><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td></td>
  </tr>
  <tr>
    <td></td>
    <td>
      <font face="Times New Roman, Times, serif" size="2"><u>/s/
        CURT A. REYNDERS&nbsp;</u></font>
    </td>
  </tr>
  <tr>
    <td></td>
    <td> <font face="Times New Roman, Times, serif" size="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curt
      A. Reynders</font></td>
  </tr>
  <tr>
    <td></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>
<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>
    </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></td>
    <td></td>
    <td><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
    </td>
  </tr>
  <tr>
    <td>
      <div align="center"><font face="Times New Roman, Times, serif" size="2">99</font></div>
    </td>
    <td></td>
    <td>
      <div align="center"><font face="Times New Roman, Times, serif" size="2">
        Press release of NVE Corporation dated May 7, 2008 reporting results for
        the quarter and fiscal year ended March 31, 2008</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>
<hr>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>q4-08pr.htm
<DESCRIPTION>PRESS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED 3/31/08
<TEXT>
<p><hr color="#225EAC" noshade size="1">
<table width="100%" border="0" cellspacing="00" cellpadding="0">
  <tr>
    <td valign="middle"><img src="sml-logo.gif"></td>
    <td align="right"><font face="Arial, Helvetica, sans-serif"><b><font size="3">PRESS
      RELEASE</font></b></font><br>
      <font face="Arial, Helvetica, sans-serif" size="2">For immediate release</font></td>
  </tr>
</table>
<hr color="#225EAC" noshade size="1">
<p align="center"><font face="Arial, Helvetica, sans-serif"><b>NVE Corporation
  Reports Fourth Quarter and Fiscal Year Results</b><br>
  <i>Net income increases 50 percent for fiscal year</i></font>
<p>EDEN PRAIRIE, Minn.&#151;May 7, 2008&#151;NVE Corporation (Nasdaq: NVEC) announced
  today financial results for the quarter and fiscal year ended March 31, 2008.
<p>Total revenue for the fourth quarter of fiscal 2008 increased 33% to $6.05
  million from $4.57 million in the prior-year quarter. The revenue increase was
  primarily due to a 35% increase in product sales to $5.67 million for the fourth
  quarter of fiscal 2008 from $4.19 million in the prior-year quarter. Net income
  for the fourth quarter of fiscal 2008 increased 45% to $2.25 million, or $0.47
  per diluted share, compared to $1.55 million, or $0.33 per diluted share, for
  the prior-year quarter. Gross margin was 69% of revenue, operating margin 55%,
  pretax margin 59%, and net margin 37% for the quarter.</p>
<p>For fiscal 2008, total revenue increased 25% to $20.5 million from $16.5 million
  for the prior year, driven by a 28% increase in product sales to $18.5 million
  from $14.4 million for fiscal 2007. Net income for fiscal 2008 increased 50%
  to $7.19 million, or $1.51 per diluted share compared to $4.78 million, or $1.00
  per diluted share, for fiscal 2007. For fiscal 2008 gross margin was 67%, operating
  margin 49%, pretax margin 54%, and net margin 35%.</p>
<p>&quot;We are pleased to report record revenue and net income for the quarter
  and fiscal year,&quot; said NVE President and Chief Executive Officer Daniel
  A. Baker, Ph.D. &quot;Increases in product sales and operating margins drove
  an extraordinary quarter and fiscal year.</p>
<p>&quot;In the past fiscal year we introduced new world-class spintronic products,
  expanded our production capacity, and were granted four U.S. patents,&quot;
  said Baker. &quot;We enter fiscal 2009 with products that are in demand, an
  excellent intellectual property portfolio, and a solid balance sheet.&quot;</p>
<p>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. NVE
  has also licensed its spintronic magnetoresistive random access memory technology,
  commonly known as MRAM.</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 growth in revenue and 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>
<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, 2008 AND 2007
                             (Unaudited)
                                            Quarter Ended March 31
                                             2008            2007
                                         ------------    ------------</b>
 Revenue
  Product sales                          $  5,674,879    $  4,192,307
  Contract research and development           374,505         372,911
                                         ------------    ------------
   Total revenue                            6,049,384       4,565,218
   Cost of sales                            1,876,335       1,563,493
                                         ------------    ------------
 Gross profit                               4,173,049       3,001,725
 Expenses
  Selling, general, and administrative        526,882         529,667
  Research and development                    318,889         534,967
                                         ------------    ------------
   Total expenses                             845,771       1,064,634
                                         ------------    ------------
 Income from operations                     3,327,278       1,937,091
 Interest income                              243,747         202,894
 Other loss                                    (6,695)             --
                                         ------------    ------------
 Income before taxes                        3,564,330       2,139,985
 Provision for income taxes                 1,311,348         586,032
                                         ------------    ------------
 Net income                              $  2,252,982    $  1,553,953
                                         ============    ============
 Net income per share - basic            $       0.49    $       0.34
                                         ============    ============
 Net income per share - diluted          $       0.47    $       0.33
                                         ============    ============
 Weighted average shares outstanding
  Basic                                     4,638,683       4,627,383
  Diluted                                   4,766,529       4,778,309
 Supplemental financial data
  Stock-based compensation               $      5,598    $      8,167
  Cash paid for income taxes             $  1,045,000    $         --


<b>                                              Year Ended March 31
                                             2008            2007
                                         ------------    ------------
</b> Revenue
  Product sales                          $ 18,505,650    $ 14,425,632
  Contract research and development         2,023,162       2,035,198
                                         ------------    ------------
    Total revenue                          20,528,812      16,460,830
    Cost of sales                           6,833,308       5,787,658
                                         ------------    ------------
 Gross profit                              13,695,504      10,673,172
 Expenses
  Selling, general, and administrative      2,158,818       1,950,999
  Research and development                  1,487,907       2,176,604
                                         ------------    ------------
    Total expenses                          3,646,725       4,127,603
                                         ------------    ------------
 Income from operations                    10,048,779       6,545,569
 Interest income                              974,990         621,577
 Interest expense                                  --            (589)
 Other income                                  56,235          25,246
                                         ------------    ------------
 Income before taxes                       11,080,004       7,191,803
 Provision for income taxes                 3,892,620       2,411,020
                                         ------------    ------------
 Net income                              $  7,187,384    $  4,780,783
                                         ============    ============
 Net income per share - basic            $       1.55    $       1.03
                                         ============    ============
 Net income per share - diluted          $       1.51    $       1.00
                                         ============    ============
 Weighted average shares outstanding
    Basic                                   4,635,470       4,620,371
    Diluted                                 4,763,101       4,771,297
 Supplemental financial data
  Stock-based compensation               $    169,606    $    136,370
  Cash paid for income taxes             $  3,254,313    $     44,300</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, 2008 AND 2007

                                                    March 31,
                                               2008           2007
                                           ------------   ------------
                                           (Unaudited)
</b> ASSETS
 Current assets
  Cash and cash equivalents                $  1,885,867   $    397,423
  Marketable securities, short term             795,728        982,415
  Accounts receivable, net of allowance
   for uncollectible accounts of $15,000      3,226,027      2,005,005
  Inventories                                 2,456,804      2,016,858
  Deferred tax assets                           453,405      1,328,106
  Prepaid expenses and other assets             529,616        333,587
                                           ------------   ------------
 Total current assets                         9,347,447      7,063,394
 Fixed assets
  Machinery and equipment                     5,205,288      4,458,948
  Leasehold improvements                        436,794        413,482
                                           ------------   ------------
                                              5,642,082      4,872,430
   Less accumulated depreciation              4,276,680      3,834,683
                                           ------------   ------------
 Net fixed assets                             1,365,402      1,037,747
 Marketable securities, long term            22,055,279     16,909,353
                                           ------------   ------------
 Total assets                              $ 32,768,128   $ 25,010,494
                                           ============   ============

 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities
  Accounts payable                         $    434,808   $    502,595
  Accrued payroll and other                     632,338        590,287
  Deferred revenue                              187,500         29,357
                                           ------------   ------------
 Total current liabilities                    1,254,646      1,122,239

 Shareholders' equity
  Common stock                                   46,387         46,274
  Additional paid-in capital                 18,539,538     18,289,248
  Accumulated other comprehensive
   income (loss)                                103,158        (84,282)
  Retained earnings                          12,824,399      5,637,015
                                           ------------   ------------
 Total shareholders' equity                  31,513,482     23,888,255
                                           ------------   ------------
 Total liabilities and
  shareholders' equity                     $ 32,768,128   $ 25,010,494
                                           ============   ============</pre>
    </td>
  </tr>
</table>
<hr>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>nve-logo.gif
<DESCRIPTION>NVE CORPORATION LOGO
<TEXT>
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