<SEC-DOCUMENT>0000724910-16-000051.txt : 20160504
<SEC-HEADER>0000724910-16-000051.hdr.sgml : 20160504
<ACCEPTANCE-DATETIME>20160504160800
ACCESSION NUMBER:		0000724910-16-000051
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20160504
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20160504
DATE AS OF CHANGE:		20160504

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:		161619343

	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_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>May 4, 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 and year ended March&nbsp;31, 2016.<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&nbsp;per
share of common stock, payable May 31, 2016 to shareholders of record as of
May 16, 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>May
4, 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 and year ended March 31,
2016 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>q4-16pr.htm
<DESCRIPTION>PRESS RELEASE FOR QUARTER AND FISCAL YEAR ENDED MARCH 31, 2016
<TEXT>

<p><font style="font-size: 10pt; font-family: Times New Roman">&nbsp;</font>
<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 Quarterly Dividend</b></font></div>
<font face="Times New Roman, Times, serif" size="2"><br>
EDEN PRAIRIE, Minn.&#151;May 4, 2016&#151;NVE Corporation (Nasdaq: NVEC) announced
today financial results for the quarter and fiscal year ended March&nbsp;31, 2016.<br>
<br>
Total revenue for the fourth quarter of fiscal 2016 decreased 19% to $6.10&nbsp;million
from $7.57&nbsp;million in the prior-year quarter. The decrease was due to a 31%
decrease in product sales partially offset by a 3,684% increase in contract research
and development revenue. Product sales increased 4% sequentially to $5.21&nbsp;million
in the fourth quarter of fiscal 2016 from $5.03&nbsp;million in the third quarter.
Net income for the fourth quarter of fiscal 2016 decreased 29% to $2.60&nbsp;million,
or $0.54 per diluted share, compared to $3.66&nbsp;million, or $0.75&nbsp;per
share, for the prior-year quarter.<br>
<br>
For fiscal 2016, total revenue decreased 9% to $27.7 million from $30.6&nbsp;million
for the prior fiscal year. Product sales decreased 18% to $24.4&nbsp;million and
contract research and development revenue increased 379% to $3.31 million. Net
income for fiscal 2016 decreased 14% to $12.3&nbsp;million, or $2.53 per diluted
share, compared to $14.4&nbsp;million, or $2.95&nbsp;per share, for fiscal 2015.<br>
<br>
The company also announced a quarterly cash dividend to shareholders of $1.00
per share of common stock, payable May&nbsp;31, 2016 to shareholders of record
as of May&nbsp;16, 2016.<br>
<br>
&#147;We are pleased to report sequential increases in product sales and total
revenue in the fourth fiscal quarter,&#148; said NVE President and Chief Executive
Officer Daniel A. Baker, Ph.D. &#147;We returned more than $21&nbsp;million to
shareholders in dividends and Common Stock repurchases in the fiscal year,&#148;
continued Baker.<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 31, 2016 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 YEARS ENDED MARCH 31, 2016 AND 2015 (Unaudited)</b>

                                             Quarter Ended March 31
                                               2016          2015
                                          ---------------------------
  Revenue
     Product sales                          $ 5,212,813   $ 7,548,468
     Contract research and development          887,774        23,464
                                          ---------------------------
  Total revenue                               6,100,587     7,571,932
  Cost of sales                               1,470,049     1,378,235
                                          ---------------------------
  Gross profit                                4,630,538     6,193,697
  Expenses
     Selling, general, and administrative       336,891       523,132
     Research and development                 1,012,564       714,728
                                          ---------------------------
  Total expenses                              1,349,455     1,237,860
                                          ---------------------------
  Income from operations                      3,281,083     4,955,837
  Interest income                               468,121       518,403
                                          ---------------------------
  Income before taxes                         3,749,204     5,474,240
  Provision for income taxes                  1,148,361     1,811,524
                                          ---------------------------
  Net income                                $ 2,600,843   $ 3,662,716
                                          ===========================
  Net income per share - basic                   $ 0.54        $ 0.75
                                          ===========================
  Net income per share - diluted                 $ 0.54        $ 0.75
                                          ===========================
  Weighted average shares outstanding
     Basic                                    4,838,843     4,857,953
     Diluted                                  4,840,275     4,875,295

                                              Year Ended March 31
                                               2016          2015
                                          ---------------------------
  Revenue
     Product sales                         $ 24,410,391  $ 29,894,045
     Contract research and development        3,306,887       690,043
                                          ---------------------------
  Total revenue                              27,717,278    30,584,088
  Cost of sales                               6,616,852     6,019,868
                                          ---------------------------
  Gross profit                               21,100,426    24,564,220
  Expenses
     Selling, general, and administrative     1,752,962     2,312,076
     Research and development                 3,061,184     3,000,193
                                          ---------------------------
  Total expenses                              4,814,146     5,312,269
                                          ---------------------------
  Income from operations                     16,286,280    19,251,951
  Interest income                             1,890,817     2,187,723
                                          ---------------------------
  Income before taxes                        18,177,097    21,439,674
  Provision for income taxes                  5,884,782     7,071,320
                                          ---------------------------
  Net income                               $ 12,292,315  $ 14,368,354
                                          ===========================
  Net income per share - basic                   $ 2.53        $ 2.96
                                          ===========================
  Net income per share - diluted                 $ 2.53        $ 2.95
                                          ===========================
  Weighted average shares outstanding
     Basic                                    4,850,209     4,855,504
     Diluted                                  4,852,602     4,871,935</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, 2016 AND 2015</b>

                                             March 31, 2016   March 31, 2015
                                             -------------------------------
  ASSETS
  Current assets
   Cash and cash equivalents                  $   7,534,593   $   9,437,262
   Marketable securities, short term             19,697,384      20,099,288
   Accounts receivable, net of allowance for
    uncollectible accounts of $15,000             2,244,086       2,963,974
   Inventories                                    3,205,233       3,742,492
   Deferred tax assets                                    -         102,052
   Prepaid expenses and other assets                734,524         574,913
                                             ------------------------------
  Total current assets                           33,415,820      36,919,981
  Fixed assets
   Machinery and equipment                        8,840,033       8,604,926
   Leasehold improvements                         1,539,965       1,524,298
                                             ------------------------------
                                                 10,379,998      10,129,224
  Less accumulated
   depreciation and amortization                  8,688,285       7,873,816
                                             ------------------------------
  Net fixed assets                                1,691,713       2,255,408
  Long-term deferred tax assets                      51,188               -
  Marketable securities, long term               65,695,335      70,913,807
                                             ------------------------------
  Total assets                                $ 100,854,056   $ 110,089,196
                                             ==============================

  LIABILITIES AND SHAREHOLDERS' EQUITY
  Current liabilities
   Accounts payable                           $     317,990   $     358,818
   Accrued payroll and other                        556,674       1,127,136
   Deferred revenue                                 714,805               -
                                             ------------------------------
  Total current liabilities                       1,589,469       1,485,954

  Long-term deferred tax liabilities                      -         275,708

  Shareholders' equity
   Common stock                                      48,350          48,580
   Additional paid-in capital                    19,205,682      20,850,762
   Accumulated other comprehensive income           451,359         746,447
   Retained earnings                             79,559,196      86,681,745
                                             ------------------------------
  Total shareholders' equity                     99,264,587     108,327,534
                                             ------------------------------
  Total liabilities and shareholders' equity  $ 100,854,056   $ 110,089,196
                                             ==============================</pre>
</td>
</tr>
</table>
<hr>
</TEXT>
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<FILENAME>nve-logo.gif
<DESCRIPTION>NVE CORPORATION LOGO
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<FILENAME>sml-logo.gif
<DESCRIPTION>NVE CORPORATION LOGO
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
