<SEC-DOCUMENT>0000724910-11-000010.txt : 20110504
<SEC-HEADER>0000724910-11-000010.hdr.sgml : 20110504
<ACCEPTANCE-DATETIME>20110504161942
ACCESSION NUMBER:		0000724910-11-000010
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20110504
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20110504
DATE AS OF CHANGE:		20110504

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:		11810480

	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>q4-11cvr.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 4, 2011</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" alt="NVE Logo"><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><br>
<div align="center"><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.)</div><br><br>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 fiscal year and quarter ended March 31, 2011.<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;4,&nbsp;2011</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 reporting results for the fiscal year and quarter ended March 31, 2011.&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>q4-11pr.htm
<DESCRIPTION>PRESS RELEASE REPORTING RESULTS FOR THE FISCAL YEAR AND QUARTER ENDED MARCH 31, 2011
<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" alt="NVE Logo"></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 Record Fiscal Year and Fourth Quarter</b></font>
<p>EDEN PRAIRIE, Minn.&#151;May 4, 2011&#151;NVE Corporation (Nasdaq: NVEC) announced today
financial results for the fiscal year and quarter ended March 31, 2011.
<br>
     <br>
For fiscal 2011, total revenue increased 11% to $31.2 million from $28.1 million for the prior
fiscal year. The increase was due to a 15% increase in product sales, partially offset by a 6%
decrease in contract research and development revenue. Net income for fiscal 2011 increased
11% to $13.4 million, or $2.76 per diluted share, compared to $12.0 million, or $2.47 per diluted
share, for fiscal 2010.
<br>
     <br>
Total revenue for the fourth quarter of fiscal 2011 increased slightly to $8.183 million from
$8.179 million in the prior-year quarter. The revenue increase was due to a 1% increase in
product sales, which offset a 4% decrease in contract research and development
revenue. Net income for the fourth quarter of fiscal 2011 increased 2% to $3.67 million, or
$0.75 per diluted share, compared to $3.60 million, or $0.74 per diluted share, for the prior-year
quarter.<br>
     <br>
     &#147;We are pleased to report record revenue, product sales, and net income for both the fiscal year
and fourth quarter,&#148; said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D.
<br>
     <br>
     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.
<br>
     <br>
     <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 profits 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 31, 2011.</i><br>
     <br>
<div align=center>###</div><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, 2011 AND 2010 (Unaudited)</b>

                                            Quarter Ended March 31
                                               2011          2010
                                           -----------   -----------
 Revenue
   Product sales                           $ 6,733,984   $ 6,662,150
   Contract research and development         1,449,117     1,517,145
                                           -----------   -----------
 Total revenue                               8,183,101     8,179,295
 Cost of sales                               2,641,170     2,333,637
                                           -----------   -----------
 Gross profit                                5,541,931     5,845,658
 Expenses
   Selling, general, and administrative        573,312       607,534
   Research and development                    286,910       310,564
                                           -----------   -----------
 Total expenses                                860,222       918,098
                                           -----------   -----------
 Income from operations                      4,681,709     4,927,560
 Interest income                               535,762       439,988
                                           -----------   -----------
 Income before taxes                         5,217,471     5,367,548
 Provision for income taxes                  1,547,552     1,768,802
                                           -----------   -----------
 Net income                                $ 3,669,919   $ 3,598,746
                                           ===========   ===========
 Net income per share - basic              $      0.77   $      0.77
                                           ===========   ===========
 Net income per share - diluted            $      0.75   $      0.74
                                           ===========   ===========
 Weighted average shares outstanding
   Basic                                     4,771,954     4,700,583
   Diluted                                   4,887,185     4,865,189


                                              Year Ended March 31
                                              2011           2010
                                           -----------   -----------
 Revenue
   Product sales                           $26,024,823   $22,665,860
   Contract research and development         5,172,240     5,481,325
                                           -----------   -----------
 Total revenue                              31,197,063    28,147,185
 Cost of sales                               9,783,698     8,313,015
                                           -----------   -----------
 Gross profit                               21,413,365    19,834,170
 Expenses
   Selling, general, and administrative      2,474,468     2,414,584
   Research and development                  1,269,127     1,121,050
                                           -----------   -----------
 Total expenses                              3,743,595     3,535,634
                                           -----------   -----------
 Income from operations                     17,669,770    16,298,536
 Interest income                             2,021,426     1,617,880
                                           -----------   -----------
 Income before taxes                        19,691,196    17,916,416
 Provision for income taxes                  6,330,251     5,917,072
                                           -----------   -----------
 Net income                                $13,360,945   $11,999,344
                                           ===========   ===========
 Net income per share - basic              $      2.83   $      2.56
                                           ===========   ===========
 Net income per share - diluted            $    $ 2.76   $      2.47
                                           ===========   ===========
 Weighted average shares outstanding
   Basic                                     4,729,035     4,692,496
   Diluted                                   4,844,266     4,857,044
</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, 2011 AND 2010</b>

                                              March 31,    March 31,
                                                2011         2010
                                             -----------  -----------
 ASSETS
 Current assets
   Cash and cash equivalents                 $   952,209  $ 1,389,288
   Marketable securities, short term           7,970,358    1,566,666
   Accounts receivable, net of allowance
    for uncollectible accounts of $15,000      3,596,239    4,221,564
   Inventories                                 3,343,857    1,706,427
   Prepaid expenses and other assets           1,185,306      781,294
                                             -----------  -----------
 Total current assets                         17,047,969    9,665,239
 Fixed assets
   Machinery and equipment                     6,178,207    5,617,136
   Leasehold improvements                        612,682      450,546
                                             -----------  -----------
                                               6,790,889    6,067,682
   Less accumulated depreciation               5,259,773    4,857,819
                                             -----------  -----------
 Net fixed assets                              1,531,116    1,209,863
 Marketable securities, long term             53,257,140   46,587,812
                                             -----------  -----------
 Total assets                                $71,836,225  $57,462,914
                                             ===========  ===========

 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities
   Accounts payable                          $   731,580  $   665,782
   Accrued payroll and other                     987,403      720,867
   Deferred taxes                                146,693      102,138
   Deferred revenue                                   --       20,833
                                             -----------  -----------
 Total current liabilities                     1,865,676    1,509,620

 Shareholders' equity
   Common stock                                   47,762       47,006
   Additional paid-in capital                 20,894,766   20,169,924
   Accumulated other comprehensive income      1,060,438    1,129,726
   Retained earnings                          47,967,583   34,606,638
                                             -----------  -----------
 Total shareholders' equity                   69,970,549   55,953,294
                                             -----------  -----------
 Total liabilities and shareholders' equity  $71,836,225  $57,462,914
                                             ===========  ===========</pre>
</td></tr>
</table><hr>
</TEXT>
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<FILENAME>nve-logo.gif
<DESCRIPTION>NVE CORPORATION LOGO
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end
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<DESCRIPTION>NVE CORPORATION LOGO
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
