<SEC-DOCUMENT>0000724910-13-000035.txt : 20131023
<SEC-HEADER>0000724910-13-000035.hdr.sgml : 20131023
<ACCEPTANCE-DATETIME>20131023160544
ACCESSION NUMBER:		0000724910-13-000035
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20131023
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20131023
DATE AS OF CHANGE:		20131023

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:		131165796

	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>NVE_Q2_FY2014_8K.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>October 23, 2013</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 quarter ended September&nbsp;30, 2013.<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>October&nbsp;23,&nbsp;2013</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 quarter ended September 30, 2013.&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>q2-14pr.htm
<DESCRIPTION>PRESS RELEASE FOR QUARTER ENDED SEPT. 30, 2013
<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">
<div align="center"><font face="Arial, Helvetica, sans-serif"><br>
<b>NVE Corporation Reports Second Quarter Results</b></font></div>
<br>
EDEN PRAIRIE, Minn.&#151;October 23, 2013&#151;NVE Corporation (Nasdaq: NVEC)
announced today financial results for the quarter and six months ended September&nbsp;30,
2013.<br>
<br>
Total revenue for the second quarter of fiscal 2014 increased 25% to $7.30&nbsp;million
from $5.82&nbsp;million in the prior-year quarter. The increase was due to a 38%
increase in product sales partially offset by an 88% decrease in contract research
and development revenue. Net income for the second quarter of fiscal 2014 increased
32% to $3.23 million, or $0.66 per diluted share, compared to $2.44&nbsp;million,
or $0.50&nbsp;per share, for the prior-year quarter.<br>
<br>
For the first six months of fiscal 2014, total revenue increased 1% to $13.5&nbsp;million
from $13.3&nbsp;million for the first six months of the prior year. The increase was
due to an 8% increase in product sales partially offset by a 73% decrease in contract
research and development revenue. Net income was $5.80&nbsp;million, or $1.19 per diluted share,
for the first half of fiscal 2014 compared to $5.82&nbsp;million,
or $1.19 per diluted share, for the first half of fiscal 2013.<br>
<br>
&#147;We are pleased to report record product sales and record gross margin as
a percentage of revenue for the quarter,&#148; said NVE President and Chief Executive
Officer Daniel&nbsp;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>
<b>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
of decreased revenues, risks related to interruptions in the Government funding
process, risks in the enforcement of our patents, litigation risks, 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, 2013.</b><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 SIX MONTHS ENDED SEPTEMBER 30, 2013
                  AND 2012 (Unaudited)</b>

<b>                         Quarter Ended September 30
                             2013           2012
</b>                        -------------  -------------
  Revenue
    Product sales         $ 7,231,149    $ 5,231,332
    Contract research
     and development           70,031        591,464
                        -------------  -------------
  Total revenue             7,301,180      5,822,796
  Cost of sales             1,503,546      1,606,913
                        -------------  -------------
  Gross profit              5,797,634      4,215,883
  Expenses
    Selling, general,
     and
     administrative           660,076        607,694
    Research and
     development              876,463        612,258
                        -------------  -------------
  Total expenses            1,536,539      1,219,952
                        -------------  -------------
  Income from
   operations               4,261,095      2,995,931
  Interest income             520,802        621,950
                        -------------  -------------
  Income before taxes       4,781,897      3,617,881
  Provision for income
   taxes                    1,552,246      1,174,998
                        -------------  -------------
  Net income              $ 3,229,651    $ 2,442,883
                        =============  =============
  Net income per share
   -- basic                    $ 0.67         $ 0.51
                        =============  =============
  Net income per share
   -- diluted                  $ 0.66         $ 0.50
                        =============  =============
  Weighted average
   shares outstanding
    Basic                   4,852,178      4,825,441
    Diluted                 4,873,106      4,884,656


                         <b>Six Months Ended September
                                     30
                             2013           2012</b>
                        -------------  -------------
  Revenue
    Product sales        $ 13,205,755   $ 12,262,077
    Contract research
     and development          272,358      1,023,624
                        -------------  -------------
  Total revenue            13,478,113     13,285,701
  Cost of sales             2,881,901      3,409,266
                        -------------  -------------
  Gross profit             10,596,212      9,876,435
  Expenses
    Selling, general,
     and
     administrative         1,212,880      1,143,804
    Research and
     development            1,839,374      1,300,284
                        -------------  -------------
  Total expenses            3,052,254      2,444,088
                        -------------  -------------
  Income from
   operations               7,543,958      7,432,347
  Interest income           1,047,141      1,184,568
                        -------------  -------------
  Income before taxes       8,591,099      8,616,915
  Provision for income
   taxes                    2,794,623      2,796,374
                        -------------  -------------
  Net income              $ 5,796,476    $ 5,820,541
                        =============  =============
  Net income per share
   -- basic                    $ 1.19         $ 1.21
                        =============  =============
  Net income per share
   -- diluted                  $ 1.19         $ 1.19
                        =============  =============
  Weighted average
   shares outstanding
    Basic                   4,857,279      4,825,095
    Diluted                 4,878,599      4,882,524
</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
               SEPTEMBER 30 AND MARCH 31, 2013</b>

                                  Sept. 30,      March 31,
                                     2013           2013
                                -------------  -------------
  ASSETS
  Current assets
    Cash and cash equivalents     $ 1,561,571    $ 2,509,683
    Marketable securities,
     short term                     8,330,034      9,711,029
    Accounts receivable, net
     of allowance for
     uncollectible accounts of
     $15,000                        3,031,027      2,521,395
    Inventories                     3,100,445      3,336,592
    Deferred tax assets               256,472             --
    Prepaid expenses and other
     assets                           894,806        958,147
                                -------------  -------------
  Total current assets             17,174,355     19,036,846
  Fixed assets
    Machinery and equipment         8,417,061      8,417,061
    Leasehold improvements          1,499,454      1,499,454
                                -------------  -------------
                                    9,916,515      9,916,515
    Less accumulated
     depreciation                   6,608,394      6,228,122
                                -------------  -------------
  Net fixed assets                  3,308,121      3,688,393
  Marketable securities, long
   term                            79,140,911     73,040,257
                                -------------  -------------
  Total assets                   $ 99,623,387   $ 95,765,496
                                =============  =============

  LIABILITIES AND
   SHAREHOLDERS' EQUITY
  Current liabilities
    Accounts payable                $ 391,640      $ 422,092
    Accrued payroll and other         894,282        918,060
    Deferred taxes                         --        440,736
                                -------------  -------------
  Total current liabilities         1,285,922      1,780,888

  Long-term deferred tax
   liabilities                        377,232             --

  Shareholders' equity
    Common stock                       48,370         48,624
    Additional paid-in capital     19,990,791     21,200,742
    Accumulated other
     comprehensive income             947,080      1,557,726
    Retained earnings              76,973,992     71,177,516
                                -------------  -------------
  Total shareholders' equity       97,960,233     93,984,608
                                -------------  -------------
  Total liabilities and
   shareholders' equity          $ 99,623,387   $ 95,765,496
                                =============  =============
</pre>
</td>
</tr>
</table><hr>
</TEXT>
</DOCUMENT>
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<TYPE>GRAPHIC
<SEQUENCE>3
<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>
