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<SEC-DOCUMENT>0000724910-09-000001.txt : 20090121
<SEC-HEADER>0000724910-09-000001.hdr.sgml : 20090121
<ACCEPTANCE-DATETIME>20090121160610
ACCESSION NUMBER:		0000724910-09-000001
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20090121
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20090121
DATE AS OF CHANGE:		20090121

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:		09536799

	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>q3-09cvr.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>January 21, 2009</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 rowspan="2" width="25%"></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="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):<br>
  <br>
  [&nbsp;&nbsp;] Written communications pursuant to Rule 425 under the Securities
  Act (17 CFR 230.425)<br>
  <br>
  [&nbsp;&nbsp;] Soliciting material pursuant to Rule 14a-12 under the Exchange
  Act (17 CFR 240.14a-12)<br>
  <br>
  [&nbsp;&nbsp;] Pre-commencement communications pursuant to Rule 14d-2(b) under
  the Exchange Act (17 CFR 240.14d-2(b))<br>
  <br>
  [&nbsp;&nbsp;] Pre-commencement communications pursuant to Rule 13e-4(c) under
  the Exchange Act (17 CFR 240.13e-4(c))<br><br>
</font>
<hr><br clear="all" style="page-break-before:always;">
<font face="Times New Roman, Times, serif" size="2"><b>Item 2.02. Results of Operations and Financial Condition</b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furnished as Exhibit 99 is a press release of NVE Corporation reporting results for the quarter ended December 31, 2008.<br>
<br>
<br>
<b>Item 8.01. Other Events</b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board of Directors authorized a stock repurchase program as described in the press release furnished as Exhibit 99.<br>
<br>
<br>
<br>
<br>
<div align="center">2</div></font>
<hr><br clear="all" style="page-break-before:always;">
<font face="Times New Roman, Times, serif" size="2"><div align="center"><b>SIGNATURE</b><br><br></div>&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="100%">
  <tr>
    <td width="25%" valign="top">
      <p><font face="Times New Roman, Times, serif" size="2">Date&nbsp;&nbsp;<b><u>January 21, 2009</u></b></font>
    </td>
    <td valign="top">
      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;<b><u>NVE CORPORATION<br>
        </u></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant)<br>
        <br>
        <u>/s/ CURT A. REYNDERS</u><br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curt A. Reynders<br>
        &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;">
<div align="center"><font face="Times New Roman, Times, serif" size="2"><b>INDEX
  TO EXHIBITS</b><br>
  <br>
  </font> </div>
<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 colspan="3"><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 January 21, 2009 reporting results
        for the quarter ended December&nbsp;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>q3-09pr.htm
<DESCRIPTION>PRESS RELEASE FOR THE QUARTER ENDED 12/31/08
<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 Third Quarter Results and<br>
Announces Stock Repurchase Program</b></font>
<p>EDEN PRAIRIE, Minn.&#151;January 21, 2009&#151;NVE Corporation (Nasdaq: NVEC) announced today financial results for the quarter and nine months ended December&nbsp;31, 2008.
<p>Total revenue for the third quarter of fiscal 2009 increased 23% to $5.88 million from
$4.77 million in the prior-year quarter. The revenue increase was due to an 8% increase in
product sales and a 150% increase in contract research and development revenue. Net income for
the third quarter of fiscal 2009 increased 45% to $2.47 million, or $0.52 per diluted share,
compared to $1.70 million, or $0.36 per diluted share, for the prior-year quarter.
<p>For the first nine months of fiscal 2009, total revenue increased 14% to $16.5 million from
$14.5 million for the first nine months of fiscal 2008. The revenue increase for the first nine
months of fiscal 2009 was due to a 9% increase in product sales and a 49% increase in contract
research and development revenue. Net income for the first nine months of fiscal 2009 was
$6.67 million, or $1.40 per diluted share compared to $4.93 million, or $1.04 per diluted share,
for the first nine months of fiscal 2008.
<p>
&#147;Despite a challenging economic environment, increases in product sales and contract research
and development revenue drove record net income in the third quarter,&#148; said NVE President and
Chief Executive Officer Daniel A. Baker, Ph.D.
<p>The company also announced today that its Board of Directors authorized the repurchase of up
to $2.5 million of the company&#146;s common stock from time to time in open market, block, or
privately negotiated transactions. The timing and extent of any repurchases will depend on
market conditions, the trading price of the company&#146;s stock, and other factors, and subject to the
restrictions relating to volume, price, and timing under applicable law. The repurchase program
may be modified or discontinued at any time without notice. The company intends to finance any
stock repurchases through cash provided by operating activities.
<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><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 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, 2008 AND 2007 (Unaudited)</b>

                                            Quarter Ended December 31
                                                2008          2007
                                            ------------  ------------
 Revenue
  Product sales                             $  4,596,948  $  4,249,809
  Contract research and development            1,287,165       515,716
                                            ------------  ------------
 Total revenue                                 5,884,113     4,765,525
 Cost of sales                                 1,763,090     1,663,045
                                            ------------  ------------
 Gross profit                                  4,121,023     3,102,480
 Expenses
  Selling, general, and administrative           508,953       492,771
  Research and development                       258,998       347,344
                                            ------------  ------------
 Total expenses                                  767,951       840,115
                                            ------------  ------------
 Income from operations                        3,353,072     2,262,365
 Interest income                                 306,814       259,865
 Other income                                        800        62,930
                                            ------------  ------------
 Income before taxes                           3,660,686     2,585,160
 Provision for income taxes                    1,192,282       882,867
                                            ------------  ------------
 Net income                                 $  2,468,404  $  1,702,293
                                            ============  ============
 Net income per share - basic               $       0.53  $       0.37
                                            ============  ============
 Net income per share - diluted             $       0.52  $       0.36
                                            ============  ============
 Weighted average shares outstanding
  Basic                                        4,665,333     4,637,275
  Diluted                                      4,783,633     4,764,430
 Supplemental financial data
  Stock-based compensation                  $      5,598  $      5,598
  Cash paid for income taxes                $  1,175,000  $    725,000

                                                 Nine Months Ended
                                                    December 31
                                                2008          2007
                                            ------------  ------------
 Revenue
  Product sales                             $ 14,015,651  $ 12,830,771
  Contract research and development            2,460,038     1,648,657
                                            ------------  ------------
 Total revenue                                16,475,689    14,479,428
 Cost of sales                                 4,918,140     4,956,973
                                            ------------  ------------
 Gross profit                                 11,557,549     9,522,455
 Expenses
  Selling, general, and administrative         1,623,810     1,631,936
  Research and development                       925,893     1,169,018
                                            ------------  ------------
 Total expenses                                2,549,703     2,800,954
                                            ------------  ------------
 Income from operations                        9,007,846     6,721,501
 Interest income                                 838,323       731,243
 Other income                                      4,200        62,930
                                            ------------  ------------
 Income before taxes                           9,850,369     7,515,674
 Provision for income taxes                    3,178,968     2,581,272
                                            ------------  ------------
 Net income                                 $  6,671,401  $  4,934,402
                                            ============  ============
 Net income per share - basic               $       1.43  $       1.06
                                            ============  ============
 Net income per share - diluted             $       1.40  $       1.04
                                            ============  ============
 Weighted average shares outstanding
  Basic                                        4,656,758     4,634,102
  Diluted                                      4,774,925     4,761,112
 Supplemental financial data
  Stock-based compensation                  $     81,074  $    164,008
  Cash paid for income taxes                $  2,806,000  $  2,209,313
</pre>
    </td>
  </tr>
</table>
<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
                            BALANCE SHEETS
                    DECEMBER 31 AND MARCH 31, 2008</b>

                                             (Unaudited)
                                              Dec. 31,      March 31,
                                                2008          2008
                                            ------------  ------------
 ASSETS
 Current assets
  Cash and cash equivalents                 $  2,438,109  $  1,885,867
  Marketable securities, short term              498,835       795,728
  Accounts receivable, net of allowance for
   uncollectible accounts of $15,000           2,699,346     3,226,027
  Inventories                                  2,462,098     2,456,804
  Deferred tax assets                            509,271       453,405
  Prepaid expenses and other assets              614,516       529,616
                                            ------------  ------------
 Total current assets                          9,222,175     9,347,447
 Fixed assets
  Machinery and equipment                      5,328,531     5,205,288
  Leasehold improvements                         450,546       436,794
                                            ------------  ------------
                                               5,779,077     5,642,082
  Less accumulated depreciation                4,356,826     4,276,680
                                            ------------  ------------
 Net fixed assets                              1,422,251     1,365,402
 Marketable securities, long term             29,179,003    22,055,279
                                            ------------  ------------
 Total assets                               $ 39,823,429  $ 32,768,128
                                            ============  ============

 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities
  Accounts payable                          $    405,815  $    434,808
  Accrued payroll and other                      612,011       632,338
  Deferred revenue                               125,000       187,500
                                            ------------  ------------
 Total current liabilities                     1,142,826     1,254,646

 Shareholders' equity
  Common stock                                    46,653        46,387
  Additional paid-in capital                  19,100,787    18,539,538
  Accumulated other comprehensive income          37,363       103,158
  Retained earnings                           19,495,800    12,824,399
                                            ------------  ------------
 Total shareholders' equity                   38,680,603    31,513,482
                                            ------------  ------------
 Total liabilities and shareholders' equity $ 39,823,429  $ 32,768,128
                                            ============  ============</pre>
    </td>
  </tr>
</table>
<p><hr>
</TEXT>
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<FILENAME>nve-logo.gif
<DESCRIPTION>NVE CORPORATION LOGO
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<FILENAME>sml-logo.gif
<DESCRIPTION>NVE CORPORATION LOGO
<TEXT>
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