<SEC-DOCUMENT>0000724910-18-000003.txt : 20180117
<SEC-HEADER>0000724910-18-000003.hdr.sgml : 20180117
<ACCEPTANCE-DATETIME>20180117161244
ACCESSION NUMBER:		0000724910-18-000003
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20180117
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20180117
DATE AS OF CHANGE:		20180117

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:		18531615

	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_FY2018_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 17,
2018</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;]</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;<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 ended December&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 February 28, 2018 to shareholders of record as of January
29, 2018.<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
17, 2018</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;<a href="q3-18pr.htm">99</a></font></td>
<td align="center"><font face="Times New Roman, Times, serif" size="2"><a href="q3-18pr.htm">Press
release of NVE Corporation reporting results for the quarter and nine months ended
December 31, 2017 and announcing a quarterly dividend.</a></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>q3-18pr.htm
<DESCRIPTION>PRESS RELEASE FOR QUARTER ENDED DEC. 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 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 17, 2018&#151;NVE Corporation (Nasdaq: NVEC)
announced today financial results for the quarter and nine months ended December&nbsp;31,
2017.<br>
<br>
Total revenue for the third quarter of fiscal 2018 decreased 1% to $7.36&nbsp;million
from $7.46&nbsp;million in the prior-year quarter. The decrease was due to a 9%
decrease in product sales, partially offset by a 164% increase in contract research
and development revenue. Net income for the third quarter of fiscal 2018 increased
3% to $3.57&nbsp;million, or $0.74&nbsp;per diluted share, compared to $3.48&nbsp;million,
or $0.72&nbsp;per share, for the prior-year quarter. The effective tax rate was
27.7% of net income before taxes for the quarter, compared to 32.3% in the prior-year
quarter. The decreased rate for the quarter was due to the blended effect of a
decrease in the Federal tax rate with the enactment of the Tax Reform Act, partially
offset by a one-time $206,693 increase in the provision for income taxes from
the effect of the new rate on deferred tax assets.<br>
<br>
For the first nine months of fiscal 2018, total revenue increased 2% to $22.0&nbsp;million
from $21.5&nbsp;million for the first nine months of the prior year. The increase
was primarily due to a 33% increase in contract research and development revenue.
Net income increased 1% to $10.0&nbsp;million, or $2.07 per diluted share, for
the first nine months of fiscal 2018 compared to $9.92&nbsp;million, or $2.05
per share, for the first nine months of fiscal 2017. The effective tax rate was
30.6% of net income before taxes for the first nine months of fiscal 2018, compared
to 32.2% in the prior-year period. The decreased rate was due to a decrease in
the Federal tax rate with the enactment of the Tax Reform Act, partially offset
by a one-time $206,693 increase in the provision for income taxes from the effect
of the new rate on deferred tax assets.<br>
<br>
The company also announced a quarterly cash dividend to shareholders of $1.00
per share of common stock, payable February&nbsp;28, 2018 to shareholders of record
as of January&nbsp;29, 2018.<br>
<br>
&#147;We are pleased to report solid revenue and earnings for the quarter,&#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 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, uncertainties related to the
future impact of Federal tax reform, 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, 2017, as updated in the Quarterly Report on
Form 10-Q for the quarter ended December&nbsp;31, 2017.</b><br>
<br>
<div align="center">###</div>
</font>
<pre><b>                            NVE CORPORATION
                          STATEMENTS OF INCOME
  QUARTERS AND NINE MONTHS ENDED DECEMBER 31, 2017 AND 2016 (Unaudited)

                                              Quarter Ended December 31
                                                  2017            2016</b>
                                            -----------------------------
Revenue
  Product sales                             $   6,448,831   $   7,116,931
  Contract research and development               911,958         345,748
                                            -----------------------------
Total revenue                                   7,360,789       7,462,679
Cost of sales                                   1,657,700       1,502,848
                                            -----------------------------
Gross profit                                    5,703,089       5,959,831
Expenses
  Selling, general, and administrative            313,033         384,322

  Research and development                        852,739         826,816
                                            -----------------------------
Total expenses                                  1,165,772       1,211,138
                                            -----------------------------
Income from operations                          4,537,317       4,748,693

Interest income                                   404,665         395,207
                                            -----------------------------
Income before taxes                             4,941,982       5,143,900
Provision for income taxes                      1,370,380       1,660,156
                                            -----------------------------
Net income                                  $   3,571,602   $   3,483,744
                                            =============================
Net income per share - basic                $        0.74   $        0.72
                                            =============================
Net income per share - diluted              $        0.74   $        0.72
                                            =============================
Weighted average shares outstanding
  Basic                                         4,841,369       4,836,336
  Diluted                                       4,847,290       4,839,777


                                           <b>Nine Months Ended December 31
                                                 2017            2016</b>
                                           ------------------------------
Revenue
  Product sales                            $   19,718,584   $  19,782,529
  Contract research and development             2,246,105       1,690,461
                                           ------------------------------
Total revenue                                  21,964,689      21,472,990
Cost of sales                                   4,809,235       4,628,840
                                           ------------------------------
Gross profit                                   17,155,454      16,844,150
Expenses
  Selling, general, and administrative          1,060,757       1,117,925
  Research and development                      2,788,968       2,353,372
                                           ------------------------------
Total expenses                                  3,849,725       3,471,297
                                           ------------------------------
Income from operations                         13,305,729      13,372,853
Interest income                                 1,154,303       1,263,924
                                           ------------------------------
Income before taxes                            14,460,032      14,636,777
Provision for income taxes                      4,429,780       4,715,291
                                           ------------------------------
Net income                                 $   10,030,252   $   9,921,486
                                           ==============================
Net income per share - basic               $         2.07   $        2.05
                                           ==============================
Net income per share - diluted             $         2.07   $        2.05
                                           ==============================
Weighted average shares outstanding
  Basic                                         4,841,130       4,835,639
  Diluted                                       4,846,036       4,837,815

<b>
                              NVE CORPORATION
                               BALANCE SHEETS
                       DECEMBER 31 AND MARCH 31, 2017

                                            (Unaudited)
                                           Dec. 31, 2017   March 31, 2017</b>
                                           ------------------------------
ASSETS
Current assets
  Cash and cash equivalents                $   4,728,352    $   8,199,364
  Marketable securities, short term           18,808,203       19,591,833
  Accounts receivable, net of allowance
    for uncollectible accounts of $15,000      2,165,866        3,436,802
  Inventories                                  3,596,326        3,358,298
  Prepaid expenses and other assets              967,958          607,283
                                           ------------------------------
Total current assets                          30,266,705       35,193,580
Fixed assets
  Machinery and equipment                      9,504,983        9,007,455
  Leasehold improvements                       1,751,646        1,644,419
                                           ------------------------------
                                              11,256,629       10,651,874
  Less accumulated
    depreciation and amortization              9,742,050        9,238,626
                                           ------------------------------
Net fixed assets                               1,514,579        1,413,248
Long-term deferred tax assets                    333,023          357,055
Marketable securities, long term              56,729,730       56,810,923
                                           ------------------------------
Total assets                               $  88,844,037    $  93,774,806
                                           ==============================

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
  Accounts payable                         $     258,869    $     376,275
  Accrued payroll and other                      534,194          576,313
  Deferred revenue                                     -          142,733
                                            -----------------------------
Total current liabilities                        793,063        1,095,321

Shareholders' equity
  Common stock                                    48,420           48,410
  Additional paid-in capital                  19,599,298       19,507,348
  Accumulated
    other comprehensive loss                    (265,991)         (38,298)
  Retained earnings                           68,669,247       73,162,025
                                           ------------------------------
Total shareholders' equity                    88,050,974       92,679,485
                                           ------------------------------
Total liabilities and shareholders' equity $  88,844,037    $  93,774,806
                                           ==============================</pre>
</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
<TEXT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
