NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS AND YEARS ENDED MARCH 31, 2016 AND 2015 (Unaudited)
Quarter Ended March 31
2016 2015
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Revenue
Product sales $ 5,212,813 $ 7,548,468
Contract research and development 887,774 23,464
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Total revenue 6,100,587 7,571,932
Cost of sales 1,470,049 1,378,235
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Gross profit 4,630,538 6,193,697
Expenses
Selling, general, and administrative 336,891 523,132
Research and development 1,012,564 714,728
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Total expenses 1,349,455 1,237,860
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Income from operations 3,281,083 4,955,837
Interest income 468,121 518,403
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Income before taxes 3,749,204 5,474,240
Provision for income taxes 1,148,361 1,811,524
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Net income $ 2,600,843 $ 3,662,716
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Net income per share - basic $ 0.54 $ 0.75
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Net income per share - diluted $ 0.54 $ 0.75
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Weighted average shares outstanding
Basic 4,838,843 4,857,953
Diluted 4,840,275 4,875,295
Year Ended March 31
2016 2015
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Revenue
Product sales $ 24,410,391 $ 29,894,045
Contract research and development 3,306,887 690,043
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Total revenue 27,717,278 30,584,088
Cost of sales 6,616,852 6,019,868
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Gross profit 21,100,426 24,564,220
Expenses
Selling, general, and administrative 1,752,962 2,312,076
Research and development 3,061,184 3,000,193
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Total expenses 4,814,146 5,312,269
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Income from operations 16,286,280 19,251,951
Interest income 1,890,817 2,187,723
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Income before taxes 18,177,097 21,439,674
Provision for income taxes 5,884,782 7,071,320
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Net income $ 12,292,315 $ 14,368,354
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Net income per share - basic $ 2.53 $ 2.96
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Net income per share - diluted $ 2.53 $ 2.95
===========================
Weighted average shares outstanding
Basic 4,850,209 4,855,504
Diluted 4,852,602 4,871,935
NVE CORPORATION
BALANCE SHEETS
MARCH 31, 2016 AND 2015
March 31, 2016 March 31, 2015
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ASSETS
Current assets
Cash and cash equivalents $ 7,534,593 $ 9,437,262
Marketable securities, short term 19,697,384 20,099,288
Accounts receivable, net of allowance for
uncollectible accounts of $15,000 2,244,086 2,963,974
Inventories 3,205,233 3,742,492
Deferred tax assets - 102,052
Prepaid expenses and other assets 734,524 574,913
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Total current assets 33,415,820 36,919,981
Fixed assets
Machinery and equipment 8,840,033 8,604,926
Leasehold improvements 1,539,965 1,524,298
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10,379,998 10,129,224
Less accumulated
depreciation and amortization 8,688,285 7,873,816
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Net fixed assets 1,691,713 2,255,408
Long-term deferred tax assets 51,188 -
Marketable securities, long term 65,695,335 70,913,807
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Total assets $ 100,854,056 $ 110,089,196
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $ 317,990 $ 358,818
Accrued payroll and other 556,674 1,127,136
Deferred revenue 714,805 -
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Total current liabilities 1,589,469 1,485,954
Long-term deferred tax liabilities - 275,708
Shareholders' equity
Common stock 48,350 48,580
Additional paid-in capital 19,205,682 20,850,762
Accumulated other comprehensive income 451,359 746,447
Retained earnings 79,559,196 86,681,745
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Total shareholders' equity 99,264,587 108,327,534
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Total liabilities and shareholders' equity $ 100,854,056 $ 110,089,196
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