<SEC-DOCUMENT>0000724910-20-000013.txt : 20200506
<SEC-HEADER>0000724910-20-000013.hdr.sgml : 20200506
<ACCEPTANCE-DATETIME>20200506160545
ACCESSION NUMBER:		0000724910-20-000013
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20200506
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20200506
DATE AS OF CHANGE:		20200506

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:		20852601

	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_FY2020_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="5">FORM
8-K</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 6, 2020</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>
Securities registered pursuant to Section 12(b) of the Act:<br>
</font>
<table cellpadding="0" cellspacing="0" width="100%">
<tr align="center">
<td width="37%"><u><font size="2" face="Times New Roman, Times, serif">Title of
each class</font></u></td>
<td width="25%"><u><font size="2" face="Times New Roman, Times, serif">Trading
symbol(s)</font></u></td>
<td><u><font size="2" face="Times New Roman, Times, serif">Name of each exchange
on which registered</font></u></td>
</tr>
<tr align="center">
<td width="33%"><b><font size="2" face="Times New Roman, Times, serif">Common
Stock, $0.01 par value</font></b></td>
<td><b><font size="2" face="Times New Roman, Times, serif">NVEC</font></b></td>
<td><b><font size="2" face="Times New Roman, Times, serif">The NASDAQ Stock Market,
LLC</font></b></td>
</tr>
</table>
<font size="2">&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 fiscal year ended March&nbsp;31,
2020.<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&nbsp;29, 2020 to shareholders of record as of May 18,
2020.<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
6, 2020</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="q4-20pr.htm">99</a></font></td>
<td align="center"><font face="Times New Roman, Times, serif" size="2"><a href="q4-20pr.htm">Press
release of NVE Corporation reporting results for the quarter and fiscal year ended
March 31, 2020 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>q4-20pr.htm
<DESCRIPTION>PRESS RELEASE FOR QUARTER AND YEAR ENDED MARCH 31, 2020
<TEXT>
<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 6, 2020&#151;NVE Corporation (Nasdaq: NVEC) announced
today financial results for the quarter and fiscal year ended March&nbsp;31, 2020.<br>
<br>
Total revenue for the fourth quarter of fiscal 2020 increased 10% to $6.15&nbsp;million
from $5.59&nbsp;million in the prior-year quarter. The increase was due to a 11%
increase in product sales, partially offset by a 14% decrease in contract research
and development revenue. Net income for the fourth quarter of fiscal 2020 increased
18% to $3.37&nbsp;million, or $0.69 per diluted share, compared to $2.86&nbsp;million,
or $0.59 per share, for the prior-year quarter.<br>
<br>
For fiscal 2020, total revenue decreased 4% to $25.41&nbsp;million from $26.47&nbsp;million
for the prior fiscal year. The decrease was due to a 4% decrease in product sales
and a 14% decrease in contract research and development revenue. Net income for
fiscal 2020 increased to $14.53&nbsp;million, or $3.00 per diluted share, compared
to $14.51&nbsp;million, or $2.99 per diluted share, for fiscal 2019.<br>
<br>
The company also announced a quarterly cash dividend to shareholders of $1.00
per share of common stock, payable May&nbsp;29, 2020 to shareholders of record
as of May&nbsp;18, 2020.<br>
<br>
&#147;We are pleased to report solid growth in revenue and net income for the
quarter, and record net income for the fiscal year,&#148; said NVE President and
Chief Executive Officer Daniel&nbsp;A. Baker, Ph.D. &#147;The COVID-19 pandemic
will challenge us in coming quarters, but NVE has been operating effectively and
serving our critical sectors thanks to the dedication and resourcefulness of our
employees, suppliers, and distributors.&#148;<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.<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
and uncertainties related to future sales and revenues, risks and uncertainties
related to changes in tariffs and other trade barriers, risks related to the COVID-19
pandemic, 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, 2020 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>
<div align="center"><font style="font-size: 10pt; font-family: Times New Roman"><br>
<br>
</font>
<table style="font-size: 10pt; font-family: Times New Roman" cellpadding="0" cellspacing="0" width="600">
<tr>
<td colspan="8" align="center"> <b>NVE CORPORATION <br>
STATEMENTS OF INCOME <br>
QUARTERS AND YEARS ENDED MARCH 31, 2020 AND 2019 (Unaudited)</b><br>
&nbsp;</td>
</tr>
<tr>
<td></td>
<td colspan="7" style="border-bottom: 1px solid black;" align="center"><b>Quarter
Ended March 31</b></td>
</tr>
<tr>
<td></td>
<td style="border-bottom: 1px solid black;" colspan="3" align="center"><b>2020</b></td>
<td width="2%"></td>
<td style="border-bottom: 1px solid black;" colspan="3" align="center"><b>2019</b></td>
</tr>
<tr>
<td colspan="8">Revenue</td>
</tr>
<tr>
<td>
<div style="margin-left: 9pt;">Product sales</div>
</td>
<td width="1%">$</td>
<td align="right" width="11%">5,966,153</td>
<td width="1%"></td>
<td></td>
<td width="1%">$</td>
<td align="right" width="11%">5,374,442</td>
<td width="1%"></td>
</tr>
<tr>
<td>
<div style="margin-left: 9pt;">Contract research and development</div>
</td>
<td style="border-bottom: 1px solid black;" colspan="2" align="right">184,773</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
<td></td>
<td style="border-bottom: 1px solid black;" colspan="2" align="right">214,509</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
</tr>
<tr>
<td>Total revenue</td>
<td></td>
<td align="right">6,150,926</td>
<td></td>
<td></td>
<td></td>
<td align="right">5,588,951</td>
<td></td>
</tr>
<tr>
<td>Cost of sales</td>
<td style="border-bottom: 1px solid black;" colspan="2" align="right">1,187,354</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
<td></td>
<td style="border-bottom: 1px solid black;" colspan="2" align="right">1,297,856</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
</tr>
<tr>
<td>Gross profit</td>
<td colspan="2" align="right">4,963,572</td>
<td></td>
<td></td>
<td colspan="2" align="right">4,291,095</td>
<td></td>
</tr>
<tr>
<td colspan="8">Expenses</td>
</tr>
<tr>
<td>
<div style="margin-left: 9pt;">Research and development</div>
</td>
<td>&nbsp;</td>
<td align="right">1,019,408</td>
<td></td>
<td></td>
<td></td>
<td align="right">1,019,728</td>
<td></td>
</tr>
<tr>
<td>
<div style="margin-left: 9pt;">Selling, general, and administrative</div>
</td>
<td style="border-bottom: 1px solid black;" colspan="2" align="right">291,095</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
<td></td>
<td style="border-bottom: 1px solid black;" colspan="2" align="right">248,857</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
</tr>
<tr>
<td>Total expenses</td>
<td style="border-bottom: 1px solid black;" colspan="2" align="right">1,310,503</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
<td></td>
<td style="border-bottom: 1px solid black;" colspan="2" align="right">1,268,585</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
</tr>
<tr>
<td>Income from operations </td>
<td>&nbsp;</td>
<td align="right">3,653,069</td>
<td></td>
<td></td>
<td>&nbsp;</td>
<td align="right">3,022,510</td>
<td></td>
</tr>
<tr>
<td>Interest income</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
<td align="right" style="border-bottom: 1px solid black;">428,291</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
<td></td>
<td style="border-bottom: 1px solid black;"></td>
<td align="right" style="border-bottom: 1px solid black;">459,978</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
</tr>
<tr>
<td>Income before taxes</td>
<td>&nbsp;</td>
<td align="right">4,081,360</td>
<td></td>
<td></td>
<td>&nbsp;</td>
<td align="right">3,482,488</td>
<td></td>
</tr>
<tr>
<td>Provision for income taxes</td>
<td style="border-bottom: 1px solid black;" colspan="2" align="right">714,863</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
<td></td>
<td style="border-bottom: 1px solid black;" colspan="2" align="right">623,616</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
</tr>
<tr>
<td valign="top">Net income</td>
<td style="border-bottom: 3px double black;" valign="top">$</td>
<td style="border-bottom: 3px double black;" align="right" valign="top">3,366,497</td>
<td style="border-bottom: 3px double black;">&nbsp;</td>
<td></td>
<td style="border-bottom: 3px double black;" valign="top">$</td>
<td style="border-bottom: 3px double black;" align="right" valign="top">2,858,872</td>
<td style="border-bottom: 3px double black;">&nbsp;</td>
</tr>
<tr>
<td valign="top">Net income per share &#150; basic</td>
<td style="border-bottom: 3px double black;" valign="top">$</td>
<td style="border-bottom: 3px double black;" align="right" valign="top">0.69</td>
<td style="border-bottom: 3px double black;">&nbsp;</td>
<td></td>
<td style="border-bottom: 3px double black;" valign="top">$</td>
<td style="border-bottom: 3px double black;" align="right" valign="top">0.59</td>
<td style="border-bottom: 3px double black;">&nbsp;</td>
</tr>
<tr>
<td valign="top">Net income per share &#150; diluted</td>
<td style="border-bottom: 3px double black;" valign="top">$</td>
<td style="border-bottom: 3px double black;" align="right" valign="top">0.69</td>
<td style="border-bottom: 3px double black;">&nbsp;</td>
<td></td>
<td style="border-bottom: 3px double black;" valign="top">$</td>
<td style="border-bottom: 3px double black;" align="right" valign="top">0.59</td>
<td style="border-bottom: 3px double black;">&nbsp;</td>
</tr>
<tr>
<td colspan="8">Weighted average shares outstanding</td>
</tr>
<tr>
<td>
<div style="margin-left: 9pt;">Basic</div>
</td>
<td colspan="2" align="right">4,844,470</td>
<td colspan="4" align="right">4,844,010</td>
<td align="right">&nbsp;</td>
</tr>
<tr>
<td>
<div style="margin-left: 9pt;">Diluted</div>
</td>
<td colspan="2" align="right">4,845,922</td>
<td colspan="4" align="right">4,850,284</td>
<td align="right">&nbsp;</td>
</tr>
</table>
<font style="font-size: 10pt; font-family: Times New Roman"> &nbsp;<br>
&nbsp;<br>
</font>
<table style="font-size: 10pt; font-family: Times New Roman" cellpadding="0" cellspacing="0" width="600">
<tr>
<td></td>
<td colspan="7" style="border-bottom: 1px solid black;" align="center"><b>Year
Ended March 31</b></td>
</tr>
<tr>
<td></td>
<td style="border-bottom: 1px solid black;" colspan="3" align="center"><b>2020</b></td>
<td width="2%"></td>
<td style="border-bottom: 1px solid black;" colspan="3" align="center"><b>2019</b></td>
</tr>
<tr>
<td colspan="8">Revenue</td>
</tr>
<tr>
<td>
<div style="margin-left: 9pt;">Product sales</div>
</td>
<td width="1%">$</td>
<td align="right" width="11%">24,400,192</td>
<td width="1%"></td>
<td></td>
<td width="1%">$</td>
<td align="right" width="11%">25,291,306</td>
<td width="1%"></td>
</tr>
<tr>
<td>
<div style="margin-left: 9pt;">Contract research and development</div>
</td>
<td style="border-bottom: 1px solid black;" colspan="2" align="right">1,011,971</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
<td></td>
<td style="border-bottom: 1px solid black;" colspan="2" align="right">1,181,031</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
</tr>
<tr>
<td>Total revenue</td>
<td></td>
<td align="right">25,412,163</td>
<td></td>
<td></td>
<td></td>
<td align="right">26,472,337</td>
<td></td>
</tr>
<tr>
<td>Cost of sales</td>
<td style="border-bottom: 1px solid black;" colspan="2" align="right">4,889,295</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
<td></td>
<td style="border-bottom: 1px solid black;" colspan="2" align="right">5,216,112</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
</tr>
<tr>
<td>Gross profit</td>
<td colspan="2" align="right">20,522,868</td>
<td></td>
<td></td>
<td colspan="2" align="right">21,256,225</td>
<td></td>
</tr>
<tr>
<td colspan="8">Expenses</td>
</tr>
<tr>
<td>
<div style="margin-left: 9pt;">Research and development</div>
</td>
<td></td>
<td align="right">3,690,539</td>
<td></td>
<td></td>
<td></td>
<td align="right">4,107,692</td>
<td></td>
</tr>
<tr>
<td>
<div style="margin-left: 9pt;">Selling, general, and administrative</div>
</td>
<td style="border-bottom: 1px solid black;" colspan="2" align="right">1,317,543</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
<td></td>
<td style="border-bottom: 1px solid black;" colspan="2" align="right">1,223,971</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
</tr>
<tr>
<td>Total expenses</td>
<td style="border-bottom: 1px solid black;" colspan="2" align="right">5,008,082</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
<td></td>
<td style="border-bottom: 1px solid black;" colspan="2" align="right">5,331,663</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
</tr>
<tr>
<td>Income from operations </td>
<td>&nbsp;</td>
<td align="right">15,514,786</td>
<td></td>
<td></td>
<td>&nbsp;</td>
<td align="right">15,924,562</td>
<td></td>
</tr>
<tr>
<td>Interest income</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
<td align="right" style="border-bottom: 1px solid black;">1,787,117</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
<td></td>
<td style="border-bottom: 1px solid black;"></td>
<td align="right" style="border-bottom: 1px solid black;">1,785,277</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
</tr>
<tr>
<td>Income before taxes</td>
<td>&nbsp;</td>
<td align="right">17,301,903</td>
<td></td>
<td></td>
<td>&nbsp;</td>
<td align="right">17,709,839</td>
<td></td>
</tr>
<tr>
<td>Provision for income taxes</td>
<td style="border-bottom: 1px solid black;" colspan="2" align="right">2,775,261</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
<td></td>
<td style="border-bottom: 1px solid black;" colspan="2" align="right">3,201,903</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
</tr>
<tr>
<td valign="top">Net income</td>
<td style="border-bottom: 3px double black;" valign="top">$</td>
<td style="border-bottom: 3px double black;" align="right" valign="top">14,526,642</td>
<td style="border-bottom: 3px double black;">&nbsp;</td>
<td></td>
<td style="border-bottom: 3px double black;" valign="top">$</td>
<td style="border-bottom: 3px double black;" align="right" valign="top">14,507,936</td>
<td style="border-bottom: 3px double black;">&nbsp;</td>
</tr>
<tr>
<td valign="top">Net income per share &#150; basic</td>
<td style="border-bottom: 3px double black;" valign="top">$</td>
<td style="border-bottom: 3px double black;" align="right" valign="top">3.00</td>
<td style="border-bottom: 3px double black;">&nbsp;</td>
<td></td>
<td style="border-bottom: 3px double black;" valign="top">$</td>
<td style="border-bottom: 3px double black;" align="right" valign="top">3.00</td>
<td style="border-bottom: 3px double black;">&nbsp;</td>
</tr>
<tr>
<td valign="top">Net income per share &#150; diluted</td>
<td style="border-bottom: 3px double black;" valign="top">$</td>
<td style="border-bottom: 3px double black;" align="right" valign="top">3.00</td>
<td style="border-bottom: 3px double black;">&nbsp;</td>
<td></td>
<td style="border-bottom: 3px double black;" valign="top">$</td>
<td style="border-bottom: 3px double black;" align="right" valign="top">2.99</td>
<td style="border-bottom: 3px double black;">&nbsp;</td>
</tr>
<tr>
<td colspan="8">Weighted average shares outstanding</td>
</tr>
<tr>
<td>
<div style="margin-left: 9pt;">Basic</div>
</td>
<td colspan="2" align="right">4,845,627</td>
<td colspan="4" align="right">4,844,010</td>
<td align="right">&nbsp;</td>
</tr>
<tr>
<td>
<div style="margin-left: 9pt;">Diluted</div>
</td>
<td colspan="2" align="right">4,847,294</td>
<td colspan="4" align="right">4,850,567</td>
<td align="right">&nbsp;</td>
</tr>
</table>
<div style="page-break-after: always;"><font style="font-size: 10pt; font-family: Times New Roman">&nbsp;</font></div>
<font style="font-size: 10pt; font-family: Times New Roman">&nbsp;<br>
&nbsp;<br></font>
<table style="font-size: 10pt; font-family: Times New Roman" cellpadding="0" cellspacing="0" width="600">
<tr align="center">
<td colspan="8"><b>NVE CORPORATION<br>
BALANCE SHEETS<br>
MARCH 31, 2020 AND 2019<br>
&nbsp; </b></td>
</tr>
<tr>
<td></td>
<td style="border-bottom: 1px solid black;" colspan="3" align="center" valign="bottom"><b>March
31, 2020</b></td>
<td width="2%"></td>
<td style="border-bottom: 1px solid black;" colspan="3" align="center" valign="bottom"><b>March
31, 2019</b></td>
</tr>
<tr>
<td colspan="8">ASSETS</td>
</tr>
<tr>
<td colspan="8">Current assets</td>
</tr>
<tr>
<td>
<div style="margin-left: 9pt;">Cash and cash equivalents</div>
</td>
<td width="1%">$</td>
<td align="right" width="11%">8,065,594</td>
<td width="1%">&nbsp;</td>
<td>&nbsp;</td>
<td width="1%">$</td>
<td align="right" width="11%">6,877,304</td>
<td width="1%"></td>
</tr>
<tr>
<td>
<div style="margin-left: 9pt;">Marketable securities, short-term</div>
</td>
<td>&nbsp; </td>
<td align="right">19,084,814</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td></td>
<td align="right">12,487,821</td>
<td></td>
</tr>
<tr>
<td>
<div style="margin-left: 9pt;">Accounts receivable, net of allowance for uncollectible
accounts of $15,000</div>
</td>
<td>&nbsp;</td>
<td align="right" valign="bottom">2,694,018</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td></td>
<td align="right" valign="bottom">2,995,638</td>
<td></td>
</tr>
<tr>
<td>
<div style="margin-left: 9pt;">Inventories</div>
</td>
<td>&nbsp;</td>
<td align="right">3,884,450</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td></td>
<td align="right">4,264,876</td>
<td></td>
</tr>
<tr>
<td>
<div style="margin-left: 9pt;">Prepaid expenses and other assets</div>
</td>
<td style="border-bottom: 1px solid black;" colspan="2" align="right">655,835</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
<td>&nbsp;</td>
<td style="border-bottom: 1px solid black;" colspan="2" align="right">816,045</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
</tr>
<tr>
<td>Total current assets</td>
<td style="border-bottom: 1px solid black;"></td>
<td style="border-bottom: 1px solid black;" align="right">34,384,711</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
<td>&nbsp;</td>
<td style="border-bottom: 1px solid black;"></td>
<td style="border-bottom: 1px solid black;" align="right">27,441,684</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
</tr>
<tr>
<td colspan="8">Fixed assets</td>
</tr>
<tr>
<td>
<div style="margin-left: 9pt;">Machinery and equipment&nbsp;</div>
</td>
<td></td>
<td align="right">9,280,062</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td></td>
<td align="right">9,365,806</td>
<td></td>
</tr>
<tr>
<td>
<div style="margin-left: 9pt;">Leasehold improvements</div>
</td>
<td style="border-bottom: 1px solid black;" colspan="2" align="right">1,797,245</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
<td>&nbsp;</td>
<td style="border-bottom: 1px solid black;" colspan="2" align="right">1,787,269</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
</tr>
<tr>
<td> </td>
<td>&nbsp;</td>
<td align="right">11,077,307</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td></td>
<td align="right">11,153,075</td>
<td></td>
</tr>
<tr>
<td>
<div style="margin-left: 9pt;">Less accumulated depreciation and amortization&nbsp;</div>
</td>
<td style="border-bottom: 1px solid black;" colspan="2" align="right">10,494,840</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
<td>&nbsp;</td>
<td style="border-bottom: 1px solid black;" colspan="2" align="right">10,258,240</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
</tr>
<tr>
<td>Net fixed assets</td>
<td>&nbsp;</td>
<td align="right">582,467</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td></td>
<td align="right">894,835</td>
<td></td>
</tr>
<tr>
<td>Deferred tax assets </td>
<td colspan="2" align="right">108,119</td>
<td></td>
<td>&nbsp;</td>
<td colspan="2" align="right">353,735</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Marketable securities, long-term</td>
<td colspan="2" align="right">43,606,495</td>
<td></td>
<td>&nbsp;</td>
<td colspan="2" align="right">54,925,633</td>
<td></td>
</tr>
<tr>
<td>Right-of-use asset &#150; operating lease</td>
      <td style="border-bottom: 1px solid black;" colspan="2" align="right"> 816,358</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
<td>&nbsp;</td>
<td style="border-bottom: 1px solid black;" colspan="2" align="right">-</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
</tr>
<tr valign="top">
<td>Total assets</td>
<td style="border-bottom: 3px double black;">$</td>
      <td style="border-bottom: 3px double black;" align="right">79,498,150</td>
<td style="border-bottom: 3px double black;">&nbsp;</td>
<td>&nbsp;</td>
<td style="border-bottom: 3px double black;">$</td>
<td style="border-bottom: 3px double black;" align="right">83,615,887</td>
<td style="border-bottom: 3px double black;">&nbsp;</td>
</tr>
<tr>
<td colspan="8">&nbsp;</td>
</tr>
<tr>
<td colspan="8">LIABILITIES AND SHAREHOLDERS&#146; EQUITY</td>
</tr>
<tr>
<td colspan="8">Current liabilities</td>
</tr>
<tr>
<td>
<div style="margin-left: 9pt;">Accounts payable</div>
</td>
<td>$</td>
<td align="right">186,993</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>$</td>
<td align="right">375,188</td>
<td></td>
</tr>
<tr>
<td>
<div style="margin-left: 9pt;">Accrued payroll and other</div>
</td>
<td colspan="2" align="right">482,074</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td colspan="2" align="right">460,488</td>
<td></td>
</tr>
<tr>
<td>
<div style="margin-left: 9pt;">Operating lease</div>
</td>
      <td style="border-bottom: 1px solid black;" colspan="2" align="right">127,134</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
<td>&nbsp;</td>
<td style="border-bottom: 1px solid black;" colspan="2" align="right">-</td>
<td style="border-bottom: 1px solid black;"></td>
</tr>
<tr>
<td>Total current liabilities</td>
<td>&nbsp;</td>
      <td align="right">796,201</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td></td>
<td align="right">835,676</td>
<td></td>
</tr>
<tr>
<td></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Operating lease</td>
      <td colspan="2" style="border-bottom: 1px solid black;" align="right">706,600</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
<td>&nbsp;</td>
<td colspan="2" style="border-bottom: 1px solid black;" align="right">-</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
</tr>
<tr>
<td>Total liabilities</td>
      <td colspan="2" align="right">1,502,801</td>
<td></td>
<td></td>
<td colspan="2" align="right">835,676</td>
<td></td>
</tr>
<tr>
<td colspan="8">&nbsp;</td>
</tr>
<tr>
<td colspan="8">Shareholders&#146; equity</td>
</tr>
<tr>
<td valign="bottom">
<div style="text-indent: -9pt; margin-left: 18pt;">Common stock, $0.01 par value,
6,000,000 shares authorized; 4,835,038&nbsp;issued and outstanding as of March&nbsp;31, 2020 and 4,846,010 as of March&nbsp;31, 2019</div>
</td>
<td></td>
<td align="right" valign="bottom">48,350</td>
<td></td>
<td></td>
<td></td>
<td align="right" valign="bottom">48,460</td>
<td></td>
</tr>
<tr>
<td>
<div style="margin-left: 9pt;">Additional paid-in capital</div>
</td>
<td></td>
<td align="right">19,383,956</td>
<td></td>
<td></td>
<td></td>
<td align="right">19,910,558</td>
<td></td>
</tr>
<tr>
<td>
<div style="margin-left: 9pt;">Accumulated other comprehensive income (loss)</div>
</td>
<td>&nbsp;</td>
<td align="right" valign="bottom">516,523</td>
<td></td>
<td></td>
<td></td>
<td align="right" valign="bottom">(82,725</td>
<td valign="bottom">)</td>
</tr>
<tr>
<td>
<div style="margin-left: 9pt;">Retained earnings</div>
</td>
<td style="border-bottom: 1px solid black;" colspan="2" align="right">58,046,520</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
<td></td>
<td style="border-bottom: 1px solid black;" colspan="2" align="right">62,903,918</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
</tr>
<tr>
<td>Total shareholders&#146; equity</td>
<td style="border-bottom: 1px solid black;" colspan="2" align="right">77,995,349</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
<td></td>
<td style="border-bottom: 1px solid black;" colspan="2" align="right">82,780,211</td>
<td style="border-bottom: 1px solid black;">&nbsp;</td>
</tr>
<tr>
<td>Total liabilities and shareholders&#146; equity</td>
<td style="border-bottom: 3px double black;">$</td>
      <td style="border-bottom: 3px double black;" align="right">79,498,150</td>
<td style="border-bottom: 3px double black;">&nbsp;</td>
<td></td>
<td style="border-bottom: 3px double black;">$</td>
<td style="border-bottom: 3px double black;" align="right">83,615,887</td>
<td style="border-bottom: 3px double black;">&nbsp;</td>
</tr>
</table>
</div>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>nve-logo.gif
<DESCRIPTION>NVE CORPORATION LOGO
<TEXT>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>sml-logo.gif
<DESCRIPTION>NVE CORPORATION LOGO
<TEXT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
