NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS AND NINE MONTHS ENDED DECEMBER 31, 2012
AND 2011 (Unaudited)
Quarter Ended December 31
2012 2011
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Revenue
Product sales $ 5,762,925 $ 5,394,758
Contract research
and development 762,296 763,768
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Total revenue 6,525,221 6,158,526
Cost of sales 1,738,618 2,174,878
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Gross profit 4,786,603 3,983,648
Expenses
Selling, general,
and administrative 570,741 520,044
Research and
development 501,325 718,688
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Total expenses 1,072,066 1,238,732
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Income from
operations 3,714,537 2,744,916
Interest income 600,395 591,694
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Income before taxes 4,314,932 3,336,610
Provision for income
taxes 1,415,590 1,047,519
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Net income $ 2,899,342 $ 2,289,091
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Net income per share
-- basic $ 0.60 $ 0.48
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Net income per share
-- diluted $ 0.60 $ 0.47
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Weighted average
shares outstanding
Basic 4,847,619 4,807,859
Diluted 4,872,019 4,873,429
Nine Months Ended December
31
2012 2011
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Revenue
Product sales $ 18,025,002 $ 17,975,331
Contract research
and development 1,785,920 2,995,590
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Total revenue 19,810,922 20,970,921
Cost of sales 5,147,884 7,048,396
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Gross profit 14,663,038 13,922,525
Expenses
Selling, general,
and administrative 1,714,545 1,742,721
Research and
development 1,801,609 1,825,159
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Total expenses 3,516,154 3,567,880
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Income from
operations 11,146,884 10,354,645
Interest income 1,784,963 1,754,586
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Income before taxes 12,931,847 12,109,231
Provision for income
taxes 4,211,964 3,825,819
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Net income $ 8,719,883 $ 8,283,412
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Net income per share
-- basic $ 1.80 $ 1.73
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Net income per share
-- diluted $ 1.80 $ 1.71
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Weighted average
shares outstanding
Basic 4,832,630 4,786,790
Diluted 4,856,851 4,852,360
NVE CORPORATION
BALANCE SHEETS
DECEMBER 31 AND MARCH 31, 2012
March 31,
Dec. 31, 2012 2012
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ASSETS
Current assets
Cash and cash equivalents $ 843,023 $ 1,544,536
Marketable securities,
short term 15,610,697 17,551,629
Accounts receivable, net of
allowance for
uncollectible accounts of
$15,000 2,621,780 2,684,840
Inventories 3,755,523 3,229,376
Prepaid expenses and other
assets 1,333,019 1,159,852
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Total current assets 24,164,042 26,170,233
Fixed assets
Machinery and equipment 8,343,525 7,488,211
Leasehold improvements 1,416,971 720,882
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9,760,496 8,209,093
Less accumulated
depreciation 6,100,071 5,697,861
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Net fixed assets 3,660,425 2,511,232
Marketable securities, long
term 64,774,808 54,445,298
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Total assets $ 92,599,275 $ 83,126,763
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LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $ 558,935 $ 663,702
Accrued payroll and other 760,955 867,331
Deferred taxes 452,560 136,872
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Total current liabilities 1,772,450 1,667,905
Shareholders' equity
Common stock 48,604 48,247
Additional paid-in capital 21,112,651 20,974,477
Accumulated other
comprehensive income 1,597,009 1,087,456
Retained earnings 68,068,561 59,348,678
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Total shareholders' equity 90,826,825 81,458,858
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Total liabilities and
shareholders' equity $ 92,599,275 $ 83,126,763
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