NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS AND NINE MONTHS ENDED DECEMBER 31, 2014 AND 2013 (Unaudited)
Quarter Ended December 31
2014 2013
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Revenue
Product sales $ 5,883,690 $ 6,448,407
Contract research and development 408,058 25,290
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Total revenue 6,291,748 6,473,697
Cost of sales 1,473,655 1,449,396
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Gross profit 4,818,093 5,024,301
Expenses
Selling, general, and administrative 533,695 543,698
Research and development 694,758 905,246
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Total expenses 1,228,453 1,448,944
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Income from operations 3,589,640 3,575,357
Interest income 557,843 530,383
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Income before taxes 4,147,483 4,105,740
Provision for income taxes 1,354,577 1,328,566
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Net income $ 2,792,906 $ 2,777,174
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Net income per share - basic $ 0.57 $ 0.57
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Net income per share - diluted $ 0.57 $ 0.57
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Weighted average shares outstanding
Basic 4,857,953 4,842,565
Diluted 4,876,074 4,859,601
Nine Months Ended December 31
2014 2013
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Revenue
Product sales $ 22,345,577 $ 19,654,162
Contract research and development 666,579 297,648
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Total revenue 23,012,156 19,951,810
Cost of sales 4,641,633 4,331,297
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Gross profit 18,370,523 15,620,513
Expenses
Selling, general, and administrative 1,788,944 1,756,578
Research and development 2,285,465 2,744,620
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Total expenses 4,074,409 4,501,198
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Income from operations 14,296,114 11,119,315
Interest income 1,669,320 1,577,524
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Income before taxes 15,965,434 12,696,839
Provision for income taxes 5,259,796 4,123,189
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Net income $ 10,705,638 $ 8,573,650
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Net income per share - basic $ 2.21 $ 1.77
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Net income per share - diluted $ 2.20 $ 1.76
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Weighted average shares outstanding
Basic 4,854,702 4,852,356
Diluted 4,871,270 4,868,040
NVE CORPORATION
BALANCE SHEETS
DECEMBER 31 AND MARCH 31, 2014
Dec. 31, 2014 March 31, 2014
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ASSETS
Current assets
Cash and cash equivalents $ 11,796,943 $ 1,262,300
Marketable securities, short term 11,554,543 12,360,091
Accounts receivable, net of allowance
for uncollectible accounts of $15,000 1,855,079 2,331,574
Inventories 3,686,124 3,207,333
Deferred tax assets 183,603 237,387
Prepaid expenses and other assets 1,525,778 816,276
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Total current assets 30,602,070 20,214,961
Fixed assets
Machinery and equipment 8,650,150 8,536,010
Leasehold improvements 1,499,454 1,499,454
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10,149,604 10,035,464
Less accumulated depreciation 7,729,513 7,030,692
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Net fixed assets 2,420,091 3,004,772
Marketable securities, long term 82,801,741 82,022,310
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Total assets $ 115,823,902 $ 105,242,043
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $ 360,991 $ 374,127
Accrued payroll and other 801,669 808,675
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Total current liabilities 1,162,660 1,182,802
Long-term deferred tax liabilities 216,838 354,600
Shareholders' equity
Common stock 48,580 48,510
Additional paid-in capital 20,850,762 20,464,883
Accumulated other comprehensive income 526,033 877,857
Retained earnings 93,019,029 82,313,391
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Total shareholders' equity 114,444,404 103,704,641
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Total liabilities and shareholders' equity $ 115,823,902 $ 105,242,043
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