<SEC-DOCUMENT>0000724910-15-000009.txt : 20150506
<SEC-HEADER>0000724910-15-000009.hdr.sgml : 20150506
<ACCEPTANCE-DATETIME>20150506160557
ACCESSION NUMBER:		0000724910-15-000009
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20150506
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20150506
DATE AS OF CHANGE:		20150506

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:		15836972

	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_Q4_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>May 6, 2015</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>
<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 and fiscal year ended March&nbsp;31,
2015.<br>
<br>
<br>
<b>Item 8.01. Other Events.</b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVE Corporation announced that its Board of Directors
approved a quarterly cash dividend to shareholders of $1.00 per share of common stock, payable May 29, 2015 to
shareholders of record as of May 18, 2015.<br>
<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>May
6, 2015</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"><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">&nbsp;</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 and fiscal year ended March
31, 2015 and announcing a quarterly dividend.&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>q4-15pr.htm
<DESCRIPTION>PRESS RELEASE FOR QUARTER AND FISCAL YEAR ENDED MARCH 31, 2015
<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 Fourth Quarter and Fiscal Year Results<br>
and Announces $1.00 Per Share Quarterly Dividend</b></font></div>
<br>
EDEN PRAIRIE, Minn.&#151;May 6, 2015&#151;NVE Corporation (Nasdaq: NVEC) announced
today financial results for the quarter and fiscal year ended March&nbsp;31, 2015.<br>
<br>
Total revenue for the fourth quarter of fiscal 2015 increased 27% to $7.57&nbsp;million
from $5.98&nbsp;million in the prior-year quarter. The increase was due to a 29%
increase in product sales partially offset by an 81% decrease in contract research
and development revenue. Net income for the fourth quarter of fiscal 2015 increased
43% to $3.66&nbsp;million, or $0.75 per diluted share, compared to $2.56&nbsp;million,
or $0.53 per diluted share, for the prior-year quarter.<br>
<br>
For fiscal 2015, total revenue increased 18% to $30.6 million from $25.9 million
for the prior fiscal year. Product sales increased 17% to $29.9 million and contract
research and development revenue increased 63% to $690,000. Net income for fiscal
2015 increased 29% to $14.4&nbsp;million, or $2.95 per diluted share, compared
to $11.1&nbsp;million, or $2.29 per diluted share, for fiscal 2014.<br>
<br>The company also announced today that its Board of Directors approved a quarterly cash
dividend to shareholders of $1.00 per share of common stock, payable May&nbsp;29, 2015 to
shareholders of record as of May&nbsp;18, 2015. This represents an aggregate amount of $4.86&nbsp;million
based on shares outstanding as of May&nbsp;1, 2015.<br>
<br>&#147;We are pleased to report record net income for the year driven by record
product sales,&#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 our reliance on several large customers for a significant percentage of revenue,
uncertainties in dividend payments to our shareholders, 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, 2015 and other reports filed with the SEC.</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 YEARS ENDED MARCH 31, 2015 AND 2014 (Unaudited)

                                             Quarter Ended March 31
                                               2015          2014</b>
                                          ---------------------------
  Revenue
     Product sales                          $ 7,548,468   $ 5,857,866
     Contract research and development           23,464       125,231
                                          ---------------------------
  Total revenue                               7,571,932     5,983,097
  Cost of sales                               1,378,235     1,388,980
                                          ---------------------------
  Gross profit                                6,193,697     4,594,117
  Expenses
     Selling, general, and administrative       523,132       478,897
     Research and development                   714,728       840,719
                                          ---------------------------
  Total expenses                              1,237,860     1,319,616
                                          ---------------------------
  Income from operations                      4,955,837     3,274,501
  Interest income                               518,403       544,609
                                          ---------------------------
  Income before taxes                         5,474,240     3,819,110
  Provision for income taxes                  1,811,524     1,256,885
                                          ---------------------------
  Net income                                $ 3,662,716   $ 2,562,225
                                          ===========================
  Net income per share - basic                   $ 0.75        $ 0.53
                                          ===========================
  Net income per share - diluted                 $ 0.75        $ 0.53
                                          ===========================
  Weighted average shares outstanding
     Basic                                    4,857,953     4,848,721
     Diluted                                  4,875,295     4,866,382


                                              <b>Year Ended March 31
                                               2015          2014</b>
                                          ---------------------------
  Revenue
     Product sales                         $ 29,894,045  $ 25,512,028
     Contract research and development          690,043       422,879
                                          ---------------------------
  Total revenue                              30,584,088    25,934,907
  Cost of sales                               6,019,868     5,720,277
                                          ---------------------------
  Gross profit                               24,564,220    20,214,630
  Expenses
     Selling, general, and administrative     2,312,076     2,235,475
     Research and development                 3,000,193     3,585,339
                                          ---------------------------
  Total expenses                              5,312,269     5,820,814
                                          ---------------------------
  Income from operations                     19,251,951    14,393,816
  Interest income                             2,187,723     2,122,133
                                          ---------------------------
  Income before taxes                        21,439,674    16,515,949
  Provision for income taxes                  7,071,320     5,380,074
                                          ---------------------------
  Net income                               $ 14,368,354  $ 11,135,875
                                          ===========================
  Net income per share - basic                   $ 2.96        $ 2.30
                                          ===========================
  Net income per share - diluted                 $ 2.95        $ 2.29
                                          ===========================
  Weighted average shares outstanding
     Basic                                    4,855,504     4,851,460
     Diluted                                  4,871,935     4,867,691</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
                          MARCH 31, 2015 AND 2014

                                             March 31, 2015   March 31, 2014</b>
                                             -------------------------------
  ASSETS
  Current assets
   Cash and cash equivalents                  $   9,437,262   $   1,262,300
   Marketable securities, short term             20,099,288      12,360,091
   Accounts receivable, net of allowance
    for uncollectible accounts of $15,000         2,963,974       2,331,574
   Inventories                                    3,742,492       3,207,333
   Deferred tax assets                              102,052         237,387
   Prepaid expenses and other assets                574,913         816,276
                                             ------------------------------
  Total current assets                           36,919,981      20,214,961
  Fixed assets
   Machinery and equipment                        8,604,926       8,536,010
   Leasehold improvements                         1,524,298       1,499,454
                                             ------------------------------
                                                 10,129,224      10,035,464
   Less accumulated depreciation                  7,873,816       7,030,692
                                             ------------------------------
  Net fixed assets                                2,255,408       3,004,772
  Marketable securities, long term               70,913,807      82,022,310
                                             ------------------------------
  Total assets                                $ 110,089,196   $ 105,242,043
                                             ==============================

  LIABILITIES AND SHAREHOLDERS' EQUITY
  Current liabilities
   Accounts payable                           $     358,818   $     374,127
   Accrued payroll and other                      1,127,136         808,675
                                             ------------------------------
  Total current liabilities                       1,485,954       1,182,802

  Long-term deferred tax liabilities                275,708         354,600

  Shareholders' equity
   Common stock                                      48,580          48,510
   Additional paid-in capital                    20,850,762      20,464,883
   Accumulated other comprehensive income           746,447         877,857
   Retained earnings                             86,681,745      82,313,391
                                             ------------------------------
  Total shareholders' equity                    108,327,534     103,704,641
                                             ------------------------------
  Total liabilities and shareholders' equity  $ 110,089,196   $ 105,242,043
                                             ==============================
</pre>
</td>
</tr>
</table>
<hr>
</TEXT>
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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>
