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<SEC-DOCUMENT>0000724910-10-000006.txt : 20100505
<SEC-HEADER>0000724910-10-000006.hdr.sgml : 20100505
<ACCEPTANCE-DATETIME>20100505160659
ACCESSION NUMBER:		0000724910-10-000006
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20100505
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20100505
DATE AS OF CHANGE:		20100505

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:		10801928

	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>q4-10cvr.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 5, 2010</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>
(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 and year ended March 31, 2010.<br>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<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.<br>
&nbsp;
</font>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td width="33%" valign="top">
<font face="Times New Roman, Times, serif" size="2">Date&nbsp;&nbsp;<b><u>May&nbsp;5,&nbsp;2010</u></b>
</font>
</td>
<td align="center" width="34%"><font face="Times New Roman, Times, serif" size="2"><b><u>NVE CORPORATION<br>
</u></b>(Registrant)<br>
<br>
<u>&nbsp;/s/&nbsp;CURT&nbsp;A.&nbsp;REYNDERS</u><br>
Curt A. Reynders<br>
Chief Financial Officer</font></td>
<td width="33%"></td>
</tr>
</table>
<p>
<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="1%">
<div align="center"><font face="Times New Roman, Times, serif" size="2"><b><u>Exhibit&nbsp;#</u></b></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 colspan="2"><font face="Times New Roman, Times, serif" size="2"></font></td>
</tr>
<tr>
<td valign="top">
<font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;99</font></td>
<td align="center"><font face="Times New Roman, Times, serif" size="2">Press release of NVE Corporation dated May&nbsp;5, 2010 reporting results
for the quarter and year ended March&nbsp;31, 2010.&nbsp;
</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"><br>
4</font>
<hr>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>q4-10pr.htm
<DESCRIPTION>PRESS RELEASE FOR THE QUARTER AND YEAR ENDED MARCH 31, 2010
<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" size="3"><b>PRESS RELEASE</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 increased 23 percent to $12 million for fiscal year</i>
</font>
<p>EDEN PRAIRIE, Minn.&#151;May 5, 2010&#151;NVE Corporation (Nasdaq: NVEC) announced today financial results for the quarter and fiscal year ended March&nbsp;31, 2010.<p>Total revenue for the fourth quarter of fiscal 2010 increased 19% to $8.18 million from $6.90 million in the prior-year quarter. The revenue increase was due to a 17% increase in product sales and a 27% increase in contract research and development revenue. Net income for the fourth quarter of fiscal 2010 increased 16% to $3.60 million, or $0.74 per diluted share, compared to $3.11 million, or $0.65 per diluted share, for the prior-year quarter.</p><p>For fiscal 2010, total revenue increased 20% to $28.1 million from $23.4 million for the prior fiscal year. The increase was due to a 15% increase in product sales and a 50% increase in contract research and development revenue. Net income for fiscal 2010 increased 23% to $12.0 million, or $2.47 per diluted share, compared to $9.78 million, or $2.04 per diluted share, for fiscal 2009.</p>
<p>&#147;We are pleased to report strong growth and record revenue and net income for both the fourth quarter and fiscal year, despite a challenging economy during the fiscal year,&#148; said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D.</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 reli
ance on several large customers, uncertainties related to research and development contract funding, uncertainties related to seasonal patterns to our business, and uncertainties related to economic environments, 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 for the fiscal year ended March&nbsp;31, 2010 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, 2010 AND 2009 (Unaudited)</b>

                                              Quarter Ended March 31
                                                2010           2009
                                            -----------    -----------
 Revenue
    Product sales                           $ 6,662,150    $ 5,699,660
    Contract research and development         1,517,145      1,196,920
                                            -----------    -----------
 Total revenue                                8,179,295      6,896,580
 Cost of sales                                2,333,637      1,806,102
                                            -----------    -----------
 Gross profit                                 5,845,658      5,090,478
 Expenses
    Selling, general, and administrative        607,534        554,055
    Research and development                    310,564        292,679
                                            -----------    -----------
 Total expenses                                 918,098        846,734
                                            -----------    -----------
 Income from operations                       4,927,560      4,243,744
 Interest income                                439,988        333,487
                                            -----------    -----------
 Income before taxes                          5,367,548      4,577,231
 Provision for income taxes                   1,768,802      1,465,737
                                            -----------    -----------
 Net income                                 $ 3,598,746    $ 3,111,494
                                            ===========    ===========
 Net income per share - basic               $      0.77    $      0.67
                                            ===========    ===========
 Net income per share - diluted             $      0.74    $      0.65
                                            ===========    ===========
 Weighted average shares outstanding
    Basic                                     4,700,583      4,667,822
    Diluted                                   4,865,189      4,794,084


                                                Year Ended March 31
                                                2010           2009
                                            -----------    -----------
 Revenue
    Product sales                           $22,665,860    $19,715,311
    Contract research and development         5,481,325      3,656,958
                                            -----------    -----------
 Total revenue                               28,147,185     23,372,269
 Cost of sales                                8,313,015      6,724,242
                                            -----------    -----------
 Gross profit                                19,834,170     16,648,027
 Expenses
    Selling, general, and administrative      2,414,584      2,177,865
    Research and development                  1,121,050      1,218,572
                                            -----------    -----------
 Total expenses                               3,535,634      3,396,437
                                            -----------    -----------
 Income from operations                      16,298,536     13,251,590
 Interest income                              1,617,880      1,171,810
 Other income                                        --          4,200
                                            -----------    -----------
 Income before taxes                         17,916,416     14,427,600
 Provision for income taxes                   5,917,072      4,644,705
                                            -----------    -----------
 Net income                                 $11,999,344    $ 9,782,895
                                            ===========    ===========
 Net income per share - basic               $      2.56    $      2.10
                                            ===========    ===========
 Net income per share - diluted             $      2.47    $      2.04
                                            ===========    ===========
 Weighted average shares outstanding
    Basic                                     4,692,496      4,659,486
    Diluted                                   4,857,044      4,785,565
</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, 2010 AND 2009</b>

                                            (Unaudited)
                                             March 31,      March 31,
                                               2010           2009
                                            -----------    -----------
 ASSETS
 Current assets
    Cash and cash equivalents               $ 1,389,288    $ 1,875,063
    Marketable securities, short term         1,566,666             --
    Accounts receivable, net of allowance
     for uncollectible accounts of $15,000    4,221,564      3,366,698
    Inventories                               1,706,427      2,247,621
    Deferred tax assets                              --        667,729
    Prepaid expenses and other assets           781,294        669,307
                                            -----------    -----------
 Total current assets                         9,665,239      8,826,418
 Fixed assets
    Machinery and equipment                   5,617,136      5,328,237
    Leasehold improvements                      450,546        450,546
                                            -----------    -----------
                                              6,067,682      5,778,783
    Less accumulated depreciation             4,857,819      4,485,509
                                            -----------    -----------
 Net fixed assets                             1,209,863      1,293,274
 Marketable securities, long term            46,587,812     32,446,748
                                            -----------    -----------
 Total assets                               $57,462,914    $42,566,440
                                            ===========    ===========

 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities
    Accounts payable                        $   665,782    $   257,239
    Accrued payroll and other                   720,867        637,463
    Deferred taxes                              102,138             --
    Deferred revenue                             20,833        104,167
                                            -----------    -----------
 Total current liabilities                    1,509,620        998,869

 Shareholders' equity
    Common stock                                 47,006         46,693
    Additional paid-in capital               20,169,924     19,166,524
    Accumulated other comprehensive income
     (loss)                                   1,129,726       (252,940)
    Retained earnings                        34,606,638     22,607,294
                                            -----------    -----------
 Total shareholders' equity                  55,953,294     41,567,571
                                            -----------    -----------
 Total liabilities and shareholders' equity $57,462,914    $42,566,440
                                            ===========    ===========</pre></td></tr>
</table><hr>
</TEXT>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
