<SEC-DOCUMENT>0000724910-17-000009.txt : 20170503
<SEC-HEADER>0000724910-17-000009.hdr.sgml : 20170503
<ACCEPTANCE-DATETIME>20170503160655
ACCESSION NUMBER:		0000724910-17-000009
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20170503
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20170503
DATE AS OF CHANGE:		20170503

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:		17809163

	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_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>May 3, 2017</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>
</font><font style="font-size: 10pt; font-family: Times New Roman">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>
&nbsp;
<br>Indicate by check mark whether the registrant is
an emerging growth company as defined in Rule 405 of the Securities Act of 1933
(&sect;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of
1934 (&sect;240.12b-2 of this chapter).<br>&nbsp;<br>
<div align="right">Emerging&nbsp;growth&nbsp;company&nbsp;&nbsp;[&nbsp;&nbsp;&nbsp;]</div>
<br>If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act.&nbsp;&nbsp;[&nbsp;&nbsp;&nbsp;]&nbsp;<br>
&nbsp;<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, 2017.<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, 2017 to shareholders of record as of May 15, 2017.<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
3, 2017</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,
2017 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>q4-17pr.htm
<DESCRIPTION>PRESS RELEASE FOR QUARTER AND YEAR ENDED MARCH 31, 2017
<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 Quarterly Dividend</b></font></div>
<font face="Times New Roman, Times, serif" size="2"><br>
EDEN PRAIRIE, Minn.&#151;May 3, 2017&#151;NVE Corporation (Nasdaq: NVEC) announced
today financial results for the quarter and fiscal year ended March&nbsp;31, 2017.<br>
<br>
Total revenue for the fourth quarter of fiscal 2017 increased 12% to $6.85&nbsp;million
from $6.10&nbsp;million in the prior-year quarter. The increase was due to a
23% increase in product sales partially offset by a&nbsp;49% decrease
in contract research and development revenue. Net income for the fourth quarter
of fiscal 2017 increased 16% to $3.03&nbsp;million, or $0.62 per diluted share,
compared to $2.60&nbsp;million, or $0.54&nbsp;per share, for the prior-year quarter.<br>
<br>
For fiscal 2017, total revenue increased 2% to $28.3&nbsp;million from $27.7&nbsp;million
for the prior fiscal year.
The increase was due to a 7% increase in product sales partially offset by a
35% decrease in contract research and development revenue.
Net income for fiscal 2017 increased 5% to $12.9&nbsp;million,
or $2.68 per diluted share,
compared to $12.3&nbsp;million, or $2.53&nbsp;per share, for fiscal 2016.<br>
<br>
The company also announced a quarterly cash dividend to shareholders of $1.00
per share of common stock, payable May&nbsp;31, 2017 to shareholders of record
as of May&nbsp;15, 2017.<br>
<br>
&#147;We are pleased to report strong increases in product sales, total revenue,
and net income for the quarter and fiscal year,&#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
related to our reliance on several large customers for a significant percentage
of revenue, uncertainties related to the economic environments in the industries
we serve, uncertainties related to future contract research and development revenue,
uncertainties related to future stock repurchases and dividend payments, 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, 2017 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 style="font-size: 10pt; font-family: Times New Roman">###</font></div>
</div>
<pre><b>                            NVE CORPORATION
                          STATEMENTS OF INCOME
      QUARTERS AND YEARS ENDED MARCH 31, 2017 AND 2016 (Unaudited)

                                                 Quarter Ended March 31
                                                   2017            2016</b>
                                            -----------------------------
Revenue
  Product sales                             $   6,399,924   $   5,212,813
  Contract research and development               453,282         887,774
                                            -----------------------------
Total revenue                                   6,853,206       6,100,587
Cost of sales                                   1,449,454       1,470,049
                                            -----------------------------
Gross profit                                    5,403,752       4,630,538
Expenses
  Selling, general, and administrative            340,673         336,891
  Research and development                        990,729       1,012,564
                                            -----------------------------
Total expenses                                  1,331,402       1,349,455
                                            -----------------------------
Income from operations                          4,072,350       3,281,083
Interest income                                   386,884         468,121
                                            -----------------------------
Income before taxes                             4,459,234       3,749,204
Provision for income taxes                      1,431,851       1,148,361
                                            -----------------------------
Net income                                  $   3,027,383   $   2,600,843
                                            =============================
Net income per share - basic                $        0.63   $        0.54
                                            =============================
Net income per share - diluted              $        0.62   $        0.54
                                            =============================
Weighted average shares outstanding
  Basic                                         4,839,543       4,838,843
  Diluted                                       4,844,410       4,840,275</pre>
<div style="page-break-after: always;">&nbsp;</div>
<pre><b>                                                  Year Ended March 31
                                                  2017            2016</b>
                                            -----------------------------
Revenue
  Product sales                             $  26,182,453   $  24,410,391
  Contract research and development             2,143,743       3,306,887
                                            -----------------------------
Total revenue                                  28,326,196      27,717,278
Cost of sales                                   6,078,294       6,616,852
                                            -----------------------------
Gross profit                                   22,247,902      21,100,426
Expenses
  Selling, general, and administrative          1,458,598       1,752,962
  Research and development                      3,344,101       3,061,184
                                            -----------------------------
Total expenses                                  4,802,699       4,814,146
                                            -----------------------------
Income from operations                         17,445,203      16,286,280
Interest income                                 1,650,808       1,890,817
                                            -----------------------------
Income before taxes                            19,096,011      18,177,097
Provision for income taxes                      6,147,142       5,884,782
                                            -----------------------------
Net income                                  $  12,948,869   $  12,292,315
                                            =============================
Net income per share - basic                $        2.68   $        2.53
                                            =============================
Net income per share - diluted              $        2.68   $        2.53
                                            =============================
Weighted average shares outstanding
  Basic                                         4,836,602       4,850,209
  Diluted                                       4,838,389       4,852,602</pre>
<div style="page-break-after: always;">&nbsp;</div>
<pre><b>                              NVE CORPORATION
                               BALANCE SHEETS
                          MARCH 31, 2017 AND 2016

                                           March 31, 2017  March 31, 2016</b>
                                           ------------------------------
ASSETS
Current assets
  Cash and cash equivalents                $   8,199,364    $   7,534,593
  Marketable securities, short term           19,591,833       19,697,384
  Accounts receivable, net of allowance
    for uncollectible accounts of $15,000      3,436,802        2,244,086
  Inventories                                  3,358,298        3,205,233
  Prepaid expenses and other assets              607,283          734,524
                                           ------------------------------
Total current assets                          35,193,580       33,415,820
Fixed assets
  Machinery and equipment                      9,007,455        8,840,033
  Leasehold improvements                       1,644,419        1,539,965
                                           ------------------------------
                                              10,651,874       10,379,998
  Less accumulated depreciation                9,238,626        8,688,285
                                           ------------------------------
Net fixed assets                               1,413,248        1,691,713
Long-term deferred tax assets                    357,055           51,188
Marketable securities, long term              56,810,923       65,695,335
                                           ------------------------------
Total assets                               $  93,774,806    $ 100,854,056
                                           ==============================

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
  Accounts payable                         $     376,275    $     317,990
  Accrued payroll and other                      576,313          556,674
  Deferred revenue                               142,733          714,805
                                            -----------------------------
Total current liabilities                      1,095,321        1,589,469

Shareholders' equity
  Common stock                                    48,410           48,350
  Additional paid-in capital                  19,507,348       19,205,682
  Accumulated
    other comprehensive (loss) income            (38,298)         451,359
  Retained earnings                           73,162,025       79,559,196
                                           ------------------------------
Total shareholders' equity                    92,679,485       99,264,587
                                           ------------------------------
Total liabilities and shareholders' equity $  93,774,806    $ 100,854,056
                                           ==============================</pre>
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<DESCRIPTION>NVE CORPORATION LOGO
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<DESCRIPTION>NVE CORPORATION LOGO
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
