NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS AND NINE MONTHS ENDED DECEMBER 31, 2008 AND 2007 (Unaudited)
Quarter Ended December 31
2008 2007
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Revenue
Product sales $ 4,596,948 $ 4,249,809
Contract research and development 1,287,165 515,716
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Total revenue 5,884,113 4,765,525
Cost of sales 1,763,090 1,663,045
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Gross profit 4,121,023 3,102,480
Expenses
Selling, general, and administrative 508,953 492,771
Research and development 258,998 347,344
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Total expenses 767,951 840,115
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Income from operations 3,353,072 2,262,365
Interest income 306,814 259,865
Other income 800 62,930
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Income before taxes 3,660,686 2,585,160
Provision for income taxes 1,192,282 882,867
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Net income $ 2,468,404 $ 1,702,293
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Net income per share - basic $ 0.53 $ 0.37
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Net income per share - diluted $ 0.52 $ 0.36
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Weighted average shares outstanding
Basic 4,665,333 4,637,275
Diluted 4,783,633 4,764,430
Supplemental financial data
Stock-based compensation $ 5,598 $ 5,598
Cash paid for income taxes $ 1,175,000 $ 725,000
Nine Months Ended
December 31
2008 2007
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Revenue
Product sales $ 14,015,651 $ 12,830,771
Contract research and development 2,460,038 1,648,657
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Total revenue 16,475,689 14,479,428
Cost of sales 4,918,140 4,956,973
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Gross profit 11,557,549 9,522,455
Expenses
Selling, general, and administrative 1,623,810 1,631,936
Research and development 925,893 1,169,018
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Total expenses 2,549,703 2,800,954
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Income from operations 9,007,846 6,721,501
Interest income 838,323 731,243
Other income 4,200 62,930
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Income before taxes 9,850,369 7,515,674
Provision for income taxes 3,178,968 2,581,272
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Net income $ 6,671,401 $ 4,934,402
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Net income per share - basic $ 1.43 $ 1.06
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Net income per share - diluted $ 1.40 $ 1.04
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Weighted average shares outstanding
Basic 4,656,758 4,634,102
Diluted 4,774,925 4,761,112
Supplemental financial data
Stock-based compensation $ 81,074 $ 164,008
Cash paid for income taxes $ 2,806,000 $ 2,209,313
NVE CORPORATION
BALANCE SHEETS
DECEMBER 31 AND MARCH 31, 2008
(Unaudited)
Dec. 31, March 31,
2008 2008
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ASSETS
Current assets
Cash and cash equivalents $ 2,438,109 $ 1,885,867
Marketable securities, short term 498,835 795,728
Accounts receivable, net of allowance for
uncollectible accounts of $15,000 2,699,346 3,226,027
Inventories 2,462,098 2,456,804
Deferred tax assets 509,271 453,405
Prepaid expenses and other assets 614,516 529,616
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Total current assets 9,222,175 9,347,447
Fixed assets
Machinery and equipment 5,328,531 5,205,288
Leasehold improvements 450,546 436,794
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5,779,077 5,642,082
Less accumulated depreciation 4,356,826 4,276,680
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Net fixed assets 1,422,251 1,365,402
Marketable securities, long term 29,179,003 22,055,279
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Total assets $ 39,823,429 $ 32,768,128
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $ 405,815 $ 434,808
Accrued payroll and other 612,011 632,338
Deferred revenue 125,000 187,500
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Total current liabilities 1,142,826 1,254,646
Shareholders' equity
Common stock 46,653 46,387
Additional paid-in capital 19,100,787 18,539,538
Accumulated other comprehensive income 37,363 103,158
Retained earnings 19,495,800 12,824,399
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Total shareholders' equity 38,680,603 31,513,482
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Total liabilities and shareholders' equity $ 39,823,429 $ 32,768,128
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