Home > Press > NVE Corporation Reports Third Quarter Fiscal 2007 Results
Abstract:
NVE Corporation (Nasdaq:NVEC) today announced financial results for the quarter and nine months ended December 31, 2006.
Product sales for the quarter increased 95% over the prior-year quarter to $3.40 million from $1.74 million. Total revenue, consisting of product sales and contract research and development revenue, increased 48% to $3.86 million for the third quarter of fiscal 2007 from $2.61 million in the prior-year quarter. Net income for the third quarter of fiscal 2007 was $1.05 million, or $0.22 per diluted share compared to $401,385, or $0.09 per diluted share, for the prior-year quarter.
NVE Corporation Reports Third Quarter Fiscal 2007 Results
EDEN PRAIRIE, Minn | Posted on January 17th, 2007For the first nine months of fiscal 2007, product sales increased 84% to $10.23 million from $5.55 million for the first nine months of fiscal 2006. Total revenue increased 37% to $11.90 million for the first nine months of fiscal 2007 from $8.69 million for the prior-year period. Net income for the first nine months of fiscal 2007 was $3.23 million, or $0.67 per diluted share compared to $1.18 million, or $0.25 per diluted share, for the first nine months of fiscal 2006. Net income for the quarter and nine months ended December 31, 2006 included the effects of non-cash stock-based compensation due to the implementation of SFAS 123(R). This expense, net of tax, amounted to $6,263, or nil per diluted share, in the third quarter of fiscal 2007 and $87,234, or $0.02 per share, in the first nine months of fiscal 2007. Net income for fiscal 2007 and fiscal 2006 also includes primarily non-cash provisions for income taxes recognized in accordance with SFAS 109. "We are pleased with our financial results for the third quarter," said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D. "Product sales drove revenue and net income growth, resulting in our third consecutive quarter of triple-digit earnings increases."
NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS AND NINE MONTHS ENDED DECEMBER 31, 2006 AND 2005 (Unaudited)
Quarter Ended December 31
2006 2005
------------- -------------
Revenue
Product sales $ 3,402,937 $ 1,742,163
Contract research and development 459,112 868,119
------------- -------------
Total revenue 3,862,049 2,610,282
Cost of sales 1,385,163 1,308,752
------------- -------------
Gross profit 2,476,886 1,301,530
Expenses
Research and development 544,779 342,616
Selling, general, and administrative 479,387 434,183
------------- -------------
Total expenses 1,024,166 776,799
------------- -------------
Income from operations 1,452,720 524,731
Interest income 157,337 88,168
Interest expense - (1,336)
Other income - 3,101
------------- -------------
Income before taxes 1,610,057 614,664
Provision for income taxes 558,504 213,279
------------- -------------
Net income $ 1,051,553 $ 401,385
============= =============
Net income per share - basic $ 0.23 $ 0.09
============= =============
Net income per share - diluted $ 0.22 $ 0.09
============= =============
Weighted average shares outstanding
Basic 4,620,835 4,576,454
Diluted 4,786,868 4,677,712
Supplemental financial data
Non-cash stock-based compensation $ 8,167 $ -
Non-cash income tax expense $ 558,504 $ 210,329
Nine Months Ended December 31
2006 2005
------------- -------------
Revenue
Product sales $ 10,233,325 $ 5,548,085
Contract research and development 1,662,287 3,139,667
------------- -------------
Total revenue 11,895,612 8,687,752
Cost of sales 4,224,165 4,617,543
------------- -------------
Gross profit 7,671,447 4,070,209
Expenses
Research and development 1,641,637 1,237,355
Selling, general, and administrative 1,421,332 1,238,757
------------- -------------
Total expenses 3,062,969 2,476,112
------------- -------------
Income from operations 4,608,478 1,594,097
Interest income 418,683 233,606
Interest expense (589) (5,084)
Other income 25,246 39,667
------------- -------------
Income before taxes 5,051,818 1,862,286
Provision for income taxes 1,824,988 684,284
------------- -------------
Net income $ 3,226,830 $ 1,178,002
============= =============
Net income per share - basic $ 0.70 $ 0.26
============= =============
Net income per share - diluted $ 0.67 $ 0.25
============= =============
Weighted average shares outstanding
Basic 4,618,086 4,573,173
Diluted 4,784,118 4,674,431
Supplemental financial data
Non-cash stock-based compensation $ 128,203 $ -
Non-cash income tax expense $ 1,780,688 $ 668,334
NVE CORPORATION
BALANCE SHEETS
DECEMBER 31, 2006 AND MARCH 31, 2006
(Unaudited)
Dec. 31, 2006 March 31, 2006
--------------- ---------------
ASSETS
Current assets
Cash and cash equivalents $ 423,282 $ 1,288,362
Short-term investments 838,579 1,248,103
Accounts receivable, net of
allowance for uncollectible
accounts of $15,000 1,907,637 1,667,029
Inventories 2,189,125 2,149,769
Deferred tax assets 1,598,321 1,576,472
Prepaid expenses and other assets 275,718 231,412
--------------- ---------------
Total current assets 7,232,662 8,161,147
Fixed assets
Machinery and equipment 4,395,392 4,149,080
Leasehold improvements 413,482 413,482
--------------- ---------------
4,808,874 4,562,562
Less accumulated depreciation 3,707,237 3,319,651
--------------- ---------------
Net fixed assets 1,101,637 1,242,911
Long-term investments 14,710,657 8,354,861
--------------- ---------------
Total assets $ 23,044,956 $ 17,758,919
=============== ===============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $ 502,480 $ 399,762
Accrued payroll and other 524,084 470,392
Deferred revenue - 77,373
Capital lease obligations - 33,281
--------------- ---------------
Total current liabilities 1,026,564 980,808
Shareholders' equity
Common stock 46,274 46,150
Additional paid-in capital 18,018,851 16,042,637
Accumulated other comprehensive loss (129,795) (166,908)
Retained earnings 4,083,062 856,232
--------------- ---------------
Total shareholders' equity 22,018,392 16,778,111
--------------- ---------------
Total liabilities and
shareholders' equity $ 23,044,956 $ 17,758,919
=============== ===============
####
About NVE Corporation
NVE is a leader in the practical commercialization of spintronics, a nanotechnology that many experts believe represents the next generation of microelectronics. NVE licenses its MRAM intellectual property and sells spintronic sensors and couplers to revolutionize data sensing and transmission.
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 in continued profitability, risks associated with our reliance on several large customers, 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 and other reports filed with the SEC.
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Contacts:
NVE Corporation
Curt A. Reynders, Chief Financial Officer
(952) 829-9217
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