<SEC-DOCUMENT>0000724910-18-000021.txt : 20180718
<SEC-HEADER>0000724910-18-000021.hdr.sgml : 20180718
<ACCEPTANCE-DATETIME>20180718160627
ACCESSION NUMBER:		0000724910-18-000021
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20180718
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20180718
DATE AS OF CHANGE:		20180718

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:		18958503

	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_Q1_FY2019_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>July 18, 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 June&nbsp;30, 2018.<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 August 31, 2018 to shareholders of record as of July 30,
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>July
18, 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="q1-19pr.htm">99</a></font></td>
<td align="center"><font face="Times New Roman, Times, serif" size="2"><a href="q1-19pr.htm">Press
release of NVE Corporation reporting results for the quarter ended June 30, 2018
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>q1-19pr.htm
<DESCRIPTION>PRESS RELEASE FOR QUARTER ENDED JUNE 30, 2018
<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 First Quarter Results and Announces Quarterly Dividend</b></font></div>
<font face="Times New Roman, Times, serif" size="2"><br>
EDEN PRAIRIE, Minn.&#151;July 18, 2018&#151;NVE Corporation (Nasdaq: NVEC) announced
today financial results for the quarter June&nbsp;30, 2018.<br>
<br>
Total revenue for the first quarter of fiscal 2019 decreased 7% to $7.11&nbsp;million
from $7.61&nbsp;million in the prior-year quarter. The decrease was due to a 67%
decrease in contract research and development revenue. Product sales decreased
slightly to $6.87&nbsp;million from $6.88&nbsp;million in the prior-year quarter.
Net income for the first quarter of fiscal 2019 increased 20% to $3.95&nbsp;million,
or $0.81&nbsp;per diluted share, compared to $3.30&nbsp;million, or $0.68&nbsp;per
share, for the prior-year quarter.<br>
<br>
The company also announced a quarterly cash dividend to shareholders of $1.00
per share of common stock, payable August&nbsp;31, 2018 to shareholders of record
as of July&nbsp;30, 2018.<br>
<br>
&#147;We are pleased to report solid growth in net income 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, 2018 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 ENDED JUNE 30, 2018 AND 2017 (Unaudited)

                                                Quarter Ended June 30
                                                   2018            2017</b>
                                            -----------------------------
Revenue
  Product sales                             $   6,870,646   $   6,882,673
  Contract research and development               237,260         724,993
                                            -----------------------------
Total revenue                                   7,107,906       7,607,666
Cost of sales                                   1,396,005       1,798,366
                                            -----------------------------
Gross profit                                    5,711,901       5,809,300
Expenses
  Research and development                        989,026         905,725
  Selling, general, and administrative            328,761         399,361
                                            -----------------------------
Total expenses                                  1,317,787       1,305,086
                                            -----------------------------
Income from operations                          4,394,114       4,504,214
Interest income                                   424,770         361,778
                                            -----------------------------
Income before taxes                             4,818,884       4,865,992
Provision for income taxes                        873,835       1,568,377
                                            -----------------------------
Net income                                  $   3,945,049   $   3,297,615
                                            =============================
Net income per share - basic                $        0.81   $        0.68
                                            =============================
Net income per share - diluted              $        0.81   $        0.68
                                            =============================
Weighted average shares outstanding
  Basic                                         4,842,010       4,841,010
  Diluted                                       4,850,479       4,846,251
<div style="page-break-after: always;"><div style="width: 100%; text-align: center;"><font style="font-size: 10pt; font-family: Times New Roman">&nbsp;</font></div></div>
<b>                              NVE CORPORATION
                               BALANCE SHEETS
                         JUNE 30 AND MARCH 31, 2018

                                           June 30, 2018   March 31, 2018</b>
                                           ------------------------------
ASSETS
Current assets
  Cash and cash equivalents                $   8,451,861    $   4,755,082
  Marketable securities, short term           22,924,176       20,765,809
  Accounts receivable, net of allowance
    for uncollectible accounts of $15,000      3,120,773        2,888,779
  Inventories                                  3,621,681        3,650,439
  Prepaid expenses and other assets              532,107          635,160
                                           ------------------------------
Total current assets                          38,650,598       32,695,269
Fixed assets
  Machinery and equipment                      9,395,987        9,395,987
  Leasehold improvements                       1,787,269        1,749,284
                                           ------------------------------
                                              11,183,256       11,145,271
  Less accumulated
    depreciation and amortization              9,941,949        9,819,888
                                           ------------------------------
Net fixed assets                               1,241,307        1,325,383
Deferred tax assets                              603,074          572,655
Marketable securities, long term              46,558,228       52,838,158
                                           ------------------------------
Total assets                               $  87,053,207    $  87,431,465
                                           ==============================

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
  Accounts payable                         $     388,413    $     414,970
  Accrued payroll and other                      507,030          574,755
  Income taxes payable                           720,012                -
                                            -----------------------------
Total current liabilities                      1,615,455          989,725

Shareholders' equity
  Common stock                                    48,420           48,420
  Additional paid-in capital                  19,599,298       19,599,298
  Accumulated
    other comprehensive loss                  (1,083,027)        (915,635)
  Retained earnings                           66,873,061       67,709,657
                                           ------------------------------
Total shareholders' equity                    85,437,752       86,441,740
                                           ------------------------------
Total liabilities and shareholders' equity $  87,053,207    $  87,431,465
                                           ==============================</pre>
</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
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end
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