<SEC-DOCUMENT>0000724910-16-000043.txt : 20160120
<SEC-HEADER>0000724910-16-000043.hdr.sgml : 20160120
<ACCEPTANCE-DATETIME>20160120160809
ACCESSION NUMBER:		0000724910-16-000043
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20160120
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20160120
DATE AS OF CHANGE:		20160120

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:		161351101

	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_Q3_FY2016_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>January 20,
2016</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 ended December&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 $<b><font color="#FF0000">1.00</font></b>
per share of common stock, payable February 29, 2016 to shareholders of record
as of February 1, 2016.<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>January
20, 2016</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 ended December 31, 2015 and
announcing a quarterly dividend.</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>q3-16pr.htm
<DESCRIPTION>PRESS RELEASE FOR QUARTER ENDED DEC. 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 Third Quarter Results and Announces Quarterly Dividend</b></font></div>
<font face="Times New Roman, Times, serif" size="2"><br>
EDEN PRAIRIE, Minn.&#151;January 20, 2016&#151;NVE Corporation (Nasdaq: NVEC)
announced today financial results for the quarter and nine months ended December&nbsp;31,
2015.<br>
<br>
Total revenue for the third quarter of fiscal 2016 decreased 4% to $6.02&nbsp;million
from $6.29&nbsp;million in the prior-year quarter. The decrease was due to a 15%
decrease in product sales, partially offset by a 143% increase in contract research
and development revenue. Net income for the third quarter of fiscal 2016 decreased
8% to $2.58&nbsp;million, or $0.53&nbsp; per diluted share, compared to $2.79&nbsp;million,
or $0.57&nbsp;per share, for the prior-year quarter.<br>
<br>
For the first nine months of fiscal 2016, total revenue decreased 6% to $21.6&nbsp;million
from $23.0&nbsp;million for the first nine months of the prior year. The decrease
was due to a 14% decrease in product sales, partially offset by a 263% increase
in contract research and development revenue. Net income decreased 9% to $9.69&nbsp;million,
or $2.00&nbsp;per diluted share, for the first nine months of fiscal 2016 compared
to $10.7&nbsp;million, or $2.20&nbsp;per share, for the prior-year period.<br>
<br>
The company also announced a quarterly cash dividend to shareholders of $1.00&nbsp;per share of common stock, payable February 29, 2016 to shareholders of record
as of February&nbsp;1, 2016.<br>
<br>
&#147;We are pleased to report solid results for the quarter
despite decreased product sales,&#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.<font color="#FF0000"><br>
</font><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 31, 2015 and other reports filed with the SEC.</b><br>
<br>
</font>
<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 NINE MONTHS ENDED DECEMBER 31, 2015 AND 2014 (Unaudited)

                                          Quarter Ended Dec. 31
                                             2015         2014</b>
                                        -------------------------
  Revenue
   Product sales                         $ 5,025,041  $ 5,883,690
   Contract research and development         990,974      408,058
                                        -------------------------
  Total revenue                            6,016,015    6,291,748
  Cost of sales                            1,508,361    1,473,655
                                        -------------------------
  Gross profit                             4,507,654    4,818,093
  Expenses
   Selling, general, and administrative      406,676      533,695
   Research and development                  738,657      694,758
                                        -------------------------
  Total expenses                           1,145,333    1,228,453
                                        -------------------------
  Income from operations                   3,362,321    3,589,640
  Interest income                            468,367      557,843
                                        -------------------------
  Income before taxes                      3,830,688    4,147,483
  Provision for income taxes               1,253,237    1,354,577
                                        -------------------------
  Net income                             $ 2,577,451  $ 2,792,906
                                        =========================
  Net income per share - basic                $ 0.53       $ 0.57
                                        =========================
  Net income per share - diluted              $ 0.53       $ 0.57
                                        =========================
  Weighted average shares outstanding
   Basic                                   4,844,845    4,857,953
   Diluted                                 4,846,970    4,876,074

<b>
                                        Nine Months Ended Dec. 31
                                             2015         2014</b>
                                        -------------------------
  Revenue
   Product sales                         $19,197,578  $22,345,577
   Contract research and development       2,419,113      666,579
                                        -------------------------
  Total revenue                           21,616,691   23,012,156
  Cost of sales                            5,146,803    4,641,633
                                        -------------------------
  Gross profit                            16,469,888   18,370,523
  Expenses
   Selling, general, and administrative    1,416,071    1,788,944
   Research and development                2,048,620    2,285,465
                                        -------------------------
  Total expenses                           3,464,691    4,074,409
                                        -------------------------
  Income from operations                  13,005,197   14,296,114
  Interest income                          1,422,696    1,669,320
                                        -------------------------
  Income before taxes                     14,427,893   15,965,434
  Provision for income taxes               4,736,421    5,259,796
                                        -------------------------
  Net income                             $ 9,691,472  $10,705,638
                                        =========================
  Net income per share - basic                $ 2.00       $ 2.21
                                        =========================
  Net income per share - diluted              $ 2.00       $ 2.20
                                        =========================
  Weighted average shares outstanding
   Basic                                   4,853,970    4,854,702
   Diluted                                 4,857,103    4,871,270</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
                       DECEMBER 31 AND MARCH 31, 2015

                                              Dec. 31, 2015   March 31, 2015</b>
                                             -------------------------------
  ASSETS
  Current assets
   Cash and cash equivalents                  $   3,594,164   $   9,437,262
   Marketable securities, short term             23,629,484      20,099,288
   Accounts receivable, net of allowance for
    uncollectible accounts of $15,000             1,753,689       2,963,974
   Inventories                                    3,108,911       3,742,492
   Deferred tax assets                              152,789         102,052
   Prepaid expenses and other assets                903,568         574,913
                                             ------------------------------
  Total current assets                           33,142,605      36,919,981
  Fixed assets
   Machinery and equipment                        8,766,708       8,604,926
   Leasehold improvements                         1,539,965       1,524,298
                                             ------------------------------
                                                 10,306,673      10,129,224
  Less accumulated
   depreciation and amortization                  8,502,002       7,873,816
                                             ------------------------------
  Net fixed assets                                1,804,671       2,255,408
  Long-term deferred tax assets                      99,958               -
  Marketable securities, long term               68,127,073      70,913,807
                                             ------------------------------
  Total assets                                $ 103,174,307   $ 110,089,196
                                             ==============================

  LIABILITIES AND SHAREHOLDERS' EQUITY
  Current liabilities
   Accounts payable                           $     209,686   $     358,818
   Accrued payroll and other                        650,846       1,127,136
   Deferred revenue                                 714,805               -
                                             ------------------------------
  Total current liabilities                       1,575,337       1,485,954

  Long-term deferred tax liabilities                      -         275,708

  Shareholders' equity
   Common stock                                      48,449          48,580
   Additional paid-in capital                    19,665,966      20,850,762
   Accumulated other comprehensive income            81,357         746,447
   Retained earnings                             81,803,198      86,681,745
                                             ------------------------------
  Total shareholders' equity                    101,598,970     108,327,534
                                             ------------------------------
  Total liabilities and shareholders' equity  $ 103,174,307   $ 110,089,196
                                             ==============================</pre>
</td>
</tr>
</table>
<hr>
</TEXT>
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<SEQUENCE>3
<FILENAME>nve-logo.gif
<DESCRIPTION>NVE CORPORATION LOGO
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<FILENAME>sml-logo.gif
<DESCRIPTION>NVE CORPORATION LOGO
<TEXT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
