<SEC-DOCUMENT>0000724910-14-000045.txt : 20141022
<SEC-HEADER>0000724910-14-000045.hdr.sgml : 20141022
<ACCEPTANCE-DATETIME>20141022160718
ACCESSION NUMBER:		0000724910-14-000045
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20141022
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20141022
DATE AS OF CHANGE:		20141022

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:		141167828

	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_FY2015_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 22,
2014</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="54" 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><DIV STYLE="page-break-after: always;"><HR></DIV>
<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, 2014.<br>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p></font>
<DIV STYLE="page-break-after: always;">
<DIV STYLE="width: 100%; text-align: center;"><font face="Times New Roman, Times, serif" size="2">2</FONT></DIV>
<HR>
</DIV>
<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
22, 2014</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><DIV STYLE="page-break-after: always;">
<DIV STYLE="width: 100%; text-align: center;"><font face="Times New Roman, Times, serif" size="2">3</FONT></DIV>
<HR>
</DIV>
<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, 2014.&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>q2-15pr.htm
<DESCRIPTION>PRESS RELEASE FOR QUARTER ENDED SEPT. 30, 2014
<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 22, 2014&#151;NVE Corporation (Nasdaq: NVEC)
announced today financial results for the quarter and six months ended September&nbsp;30,
2014.<br>
<br>Total revenue for the second quarter of fiscal 2015 increased 13% to $8.27&nbsp;million from
$7.30 million in the prior-year quarter. The increase was due to a 12% increase in product sales
and a 119% increase in contract research and development revenue. Net income for the second
quarter of fiscal 2015 increased 20% to $3.88&nbsp;million, or $0.80&nbsp;per diluted share, compared to
$3.23&nbsp;million, or $0.66&nbsp;per share, for the prior-year quarter.<br>
<br>
For the first six months of fiscal 2015, total revenue increased 24% to $16.7&nbsp;million from
$13.5&nbsp;million for the first six months of the prior year. The increase was due to a 25% increase in
product sales partially offset by a 5% decrease in contract research and development revenue.
Net income increased 37% to $7.91&nbsp;million, or $1.63&nbsp;per diluted share, for the first half of fiscal
2015 compared to $5.80&nbsp;million, or $1.19&nbsp;per diluted share, for the first half of fiscal 2014.<br>
<br>
&#147;We are pleased to report a 20% increase in net income for the quarter, driven
by increased revenue and increased margins,&#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, uncertainties related to
direct and indirect U.S. Government funding, risks related to material weaknesses in our
internal control over financial reporting, 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, 2014.</b><br>
<br>
<DIV STYLE="page-break-after: always;">
<DIV STYLE="width: 100%; text-align: center;"><font face="Times New Roman, Times, serif" size="2">###</font></DIV>
<HR>
</DIV><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, 2014 AND 2013 (Unaudited)

                                            Quarter Ended September 30
                                                2014           2013</b>
                                          ------------------------------
  Revenue
    Product sales                             $ 8,113,806    $ 7,231,149
    Contract research and development             153,567         70,031
                                          ------------------------------
  Total revenue                                 8,267,373      7,301,180
  Cost of sales                                 1,609,632      1,503,546
                                          ------------------------------
  Gross profit                                  6,657,741      5,797,634
  Expenses
    Selling, general, and administrative          625,599        660,076
    Research and development                      787,279        876,463
                                          ------------------------------
  Total expenses                                1,412,878      1,536,539
                                          ------------------------------
  Income from operations                        5,244,863      4,261,095
  Interest income                                 562,923        520,802
                                          ------------------------------
  Income before taxes                           5,807,786      4,781,897
  Provision for income taxes                    1,932,164      1,552,246
                                          ------------------------------
  Net income                                  $ 3,875,622    $ 3,229,651
                                          ==============================
  Net income per share - basic                     $ 0.80         $ 0.67
                                          ==============================
  Net income per share - diluted                   $ 0.80         $ 0.66
                                          ==============================
  Weighted average shares outstanding
    Basic                                       4,855,071      4,852,178
    Diluted                                     4,872,029      4,873,106


                                          <b> Six Months Ended September 30
                                                2014            2013    </b>
                                          ------------------------------
  Revenue
    Product sales                            $ 16,461,887   $ 13,205,755
    Contract research and development             258,521        272,358
                                          ------------------------------
  Total revenue                                16,720,408     13,478,113
  Cost of sales                                 3,167,978      2,881,901
                                          ------------------------------
  Gross profit                                 13,552,430     10,596,212
  Expenses
    Selling, general, and administrative        1,255,249      1,212,880
    Research and development                    1,590,707      1,839,374
                                          ------------------------------
  Total expenses                                2,845,956      3,052,254
                                          ------------------------------
  Income from operations                       10,706,474      7,543,958
  Interest income                               1,111,477      1,047,141
                                          ------------------------------
  Income before taxes                          11,817,951      8,591,099
  Provision for income taxes                    3,905,219      2,794,623
                                          ------------------------------
  Net income                                  $ 7,912,732    $ 5,796,476
                                          ==============================
  Net income per share - basic                     $ 1.63         $ 1.19
                                          ==============================
  Net income per share - diluted                   $ 1.63         $ 1.19
                                          ==============================
  Weighted average shares outstanding
    Basic                                       4,853,068      4,857,279
    Diluted                                     4,868,769      4,878,599

</pre>
</td>
</tr>
</table><DIV STYLE="page-break-after: always;">
<HR>
</div>
<table border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td>
<pre><b>                              NVE CORPORATION
                               BALANCE SHEETS
                       SEPTEMBER 30 AND MARCH 31, 2014

                                             Sept. 30, 2014  March 31, 2014</b>
                                             ------------------------------
  ASSETS
  Current assets
   Cash and cash equivalents                  $   3,281,500   $   1,262,300
   Marketable securities, short term             14,624,615      12,360,091
   Accounts receivable, net of allowance
    for uncollectible accounts of $15,000         3,678,396       2,331,574
   Inventories                                    3,389,393       3,207,333
   Deferred tax assets                              169,671         237,387
   Prepaid expenses and other assets                848,528         816,276
                                             ------------------------------
  Total current assets                           25,992,103      20,214,961
  Fixed assets
   Machinery and equipment                        8,563,720       8,536,010
   Leasehold improvements                         1,499,454       1,499,454
                                             ------------------------------
                                                 10,063,174      10,035,464
   Less accumulated depreciation                  7,495,209       7,030,692
                                             ------------------------------
  Net fixed assets                                2,567,965       3,004,772
  Marketable securities, long term               84,551,529      82,022,310
                                             ------------------------------
  Total assets                                $ 113,111,597   $ 105,242,043
                                             ==============================

  LIABILITIES AND SHAREHOLDERS' EQUITY
  Current liabilities
   Accounts payable                           $     337,462   $     374,127
   Accrued payroll and other                        855,927         808,675
                                             ------------------------------
  Total current liabilities                       1,193,389       1,182,802

  Long-term deferred tax liabilities                224,769         354,600

  Shareholders' equity
   Common stock                                      48,580          48,510
   Additional paid-in capital                    20,850,762      20,464,883
   Accumulated other comprehensive income           567,974         877,857
   Retained earnings                             90,226,123      82,313,391
                                             ------------------------------
  Total shareholders' equity                    111,693,439     103,704,641
                                             ------------------------------
  Total liabilities and shareholders' equity  $ 113,111,597   $ 105,242,043
                                             ==============================
</pre>
</td>
</tr>
</table>
<hr>
</TEXT>
</DOCUMENT>
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<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>nve-logo.gif
<DESCRIPTION>NVE CORPORATION LOGO
<TEXT>
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end
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<DESCRIPTION>NVE CORPORATION LOGO
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
