<SEC-DOCUMENT>0000724910-16-000076.txt : 20161019
<SEC-HEADER>0000724910-16-000076.hdr.sgml : 20161019
<ACCEPTANCE-DATETIME>20161019161456
ACCESSION NUMBER:		0000724910-16-000076
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20161019
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20161019
DATE AS OF CHANGE:		20161019

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:		161942720

	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_FY2017_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 19,
2016</u></b></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 six months ended September&nbsp;30,
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 per share of common
stock, payable November&nbsp;30, 2016 to shareholders of record as of October&nbsp;31,
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>October
19, 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 six months ended September
30, 2016 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>q2-17pr.htm
<DESCRIPTION>PRESS RELEASE FOR QUARTER ENDED SEPT. 30, 2016
<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 and Announces Quarterly Dividend</b></font></div>
<font face="Times New Roman, Times, serif" size="2"><br>
EDEN PRAIRIE, Minn.&#151;October 19, 2016&#151;NVE Corporation (Nasdaq: NVEC)
announced today financial results for the quarter and six months ended September
30, 2016.<br>
<br>
Total revenue for the second quarter of fiscal 2017 increased slightly to $7.30&nbsp;million
from $7.28&nbsp;million in the prior-year quarter. The increase was due to a
6% increase in product sales, partially offset by a 42% decrease in contract research
and development revenue.
Net income for the second quarter of fiscal 2017 was $3.31&nbsp;million, or $0.68
per diluted share, the same as the prior-year quarter.<br>
<br>
For the first six months of fiscal 2017, total revenue decreased 10% to $14.0&nbsp;million
from $15.6&nbsp;million for the first six months of the prior year. The decrease
was due to an 11% decrease in product sales and a 6% decrease in contract research
and development revenue. Net income decreased 10% to $6.44&nbsp;million, or $1.33
per diluted share, for the first half of fiscal 2017 compared to $7.11&nbsp;million,
or $1.46 per share, for the first half of fiscal 2016.<br>
<br>
The company also announced a quarterly cash dividend to shareholders of $1.00
per share of common stock, payable November&nbsp;30, 2016 to shareholders of record
as of October&nbsp;31, 2016.<br>
<br>
&#147;We are pleased to report a solid increase in product sales for the quarter,
and our third consecutive sequential quarterly increases in product sales, total
revenue, and net income,&#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 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 SIX MONTHS ENDED SEPTEMBER 30, 2016 AND 2015 (Unaudited)
</b>
                                            <b>Quarter Ended September 30
                                                2016            2015</b>
                                          ------------------------------
  Revenue
    Product sales                             $ 6,814,384    $ 6,436,672
    Contract research and development             488,155        843,085
                                          ------------------------------
  Total revenue                                 7,302,539      7,279,757
  Cost of sales                                 1,740,814      1,644,514
                                          ------------------------------
  Gross profit                                  5,561,725      5,635,243
  Expenses
    Selling, general, and administrative          343,688        524,631
    Research and development                      768,188        628,962
                                          ------------------------------
  Total expenses                                1,111,876      1,153,593
                                          ------------------------------
  Income from operations                        4,449,849      4,481,650
  Interest income                                 430,983        468,531
                                          ------------------------------
  Income before taxes                           4,880,832      4,950,181
  Provision for income taxes                    1,575,635      1,639,386
                                          ------------------------------
  Net income                                  $ 3,305,197    $ 3,310,795
                                          ==============================
  Net income per share - basic                     $ 0.68         $ 0.68
                                          ==============================
  Net income per share - diluted                   $ 0.68         $ 0.68
                                          ==============================
  Weighted average shares outstanding
    Basic                                       4,835,564      4,855,398
    Diluted                                     4,837,819      4,858,133


                                           <b>Six Months Ended September 30
                                                2016            2015</b>
                                          ------------------------------
  Revenue
    Product sales                            $ 12,665,598   $ 14,172,537
    Contract research and development           1,344,713      1,428,139
                                          ------------------------------
  Total revenue                                14,010,311     15,600,676
  Cost of sales                                 3,125,992      3,638,442
                                          ------------------------------
  Gross profit                                 10,884,319     11,962,234
  Expenses
    Selling, general, and administrative          733,603      1,009,395
    Research and development                    1,526,556      1,309,963
                                          ------------------------------
  Total expenses                                2,260,159      2,319,358
                                          ------------------------------
  Income from operations                        8,624,160      9,642,876
  Interest income                                 868,717        954,329
                                          ------------------------------
  Income before taxes                           9,492,877     10,597,205
  Provision for income taxes                    3,055,135      3,483,184
                                          ------------------------------
  Net income                                  $ 6,437,742    $ 7,114,021
                                          ==============================
  Net income per share - basic                     $ 1.33         $ 1.46
                                          ==============================
  Net income per share - diluted                   $ 1.33         $ 1.46
                                          ==============================
  Weighted average shares outstanding
    Basic                                       4,835,289      4,858,557
    Diluted                                     4,837,293      4,862,431</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, 2016

                                               (Unaudited)
                                             Sept. 30, 2016  March 31, 2016</b>
                                             ------------------------------
  ASSETS
  Current assets
   Cash and cash equivalents                  $   5,690,673    $  7,534,593
   Marketable securities, short term             22,318,903      19,697,384
   Accounts receivable, net of allowance for
    uncollectible accounts of $15,000             3,368,170       2,244,086
   Inventories                                    2,908,881       3,205,233
   Prepaid expenses and other assets                697,788         734,524
                                             ------------------------------
  Total current assets                           34,984,415      33,415,820
  Fixed assets
   Machinery and equipment                        8,973,375       8,840,033
   Leasehold improvements                         1,559,719       1,539,965
                                             ------------------------------
                                                 10,533,094      10,379,998
   Less accumulated depreciation                  9,080,831       8,688,285
                                             ------------------------------
  Net fixed assets                                1,452,263       1,691,713
  Long-term deferred tax assets                     123,410          51,188
  Marketable securities, long term               60,777,962      65,695,335
                                             ------------------------------
  Total assets                                $  97,338,050   $ 100,854,056
                                             ==============================

  LIABILITIES AND SHAREHOLDERS' EQUITY
  Current liabilities
   Accounts payable                               $ 310,030       $ 317,990
   Accrued payroll and other                        563,960         556,674
   Deferred revenue                                 383,877         714,805
                                             ------------------------------
  Total current liabilities                       1,257,867       1,589,469

  Shareholders' equity
   Common stock                                      48,360          48,350
   Additional paid-in capital                    19,268,752      19,205,682
   Accumulated other comprehensive income           436,153         451,359
   Retained earnings                             76,326,918      79,559,196
                                             ------------------------------
  Total shareholders' equity                     96,080,183      99,264,587
                                             ------------------------------
  Total liabilities and shareholders' equity  $  97,338,050   $ 100,854,056
                                             ==============================</pre>
</td>
</tr>
</table>
<hr>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>nve-logo.gif
<DESCRIPTION>NVE CORPORATION LOGO
<TEXT>
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end
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<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>sml-logo.gif
<DESCRIPTION>NVE CORPORATION LOGO
<TEXT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
