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NVE Corporation Reports Quarterly Results
Commercial product revenues
increase 162%
EDEN PRAIRIE, Minn.--January 20, 2004--NVE Corporation (NasdaqSC:
NVEC) today announced financial results for its third fiscal quarter
ended December 31, 2003.
Total revenue for the quarter ended December 31, 2003 was $3.12
million compared to $2.34 million for the prior-year quarter, an
increase of 33%. Commercial product sales for the current quarter
increased 162% over the prior-year quarter to $1.48 million from
$566,000. Net income increased 146% to $577,156 or $0.12 per diluted
share compared to $234,161 or $0.05 per share for the prior-year
quarter.
Revenue for the first nine months of fiscal 2004 was $8.80 million,
compared to revenue of $6.84 million reported in the first nine
months of fiscal 2003, a 29% increase. For the first nine months
of fiscal 2004, the company reported net income of $1,318,050 or
$0.28 per diluted share, compared to $486,686 or $0.11 per share
for the first nine months of fiscal 2003.
"We continue to be extremely pleased with our quarterly results,"
commented President and Chief Executive Officer Daniel A. Baker,
Ph.D. "We notched our third consecutive quarter of triple-digit
year-over-year growth in product sales. Furthermore, together with
our licensees we made remarkable progress toward the commercialization
of our MRAM intellectual property."
The company narrowed its guidance to a range of $0.30 to $0.37 per
diluted share net income for the fiscal year ending March 31, 2004
compared to $0.15 for the fiscal year ending March 31, 2003. The
company had previously issued guidance of a range of $0.17 to $0.35
per diluted share net income. The lower end of the earnings guidance
range allows for possible start-up expenditures associated with
the commercialization, marketing, and selling of Cypress-built MRAMs.
The company expects to make such expenditures, however, only if
Cypress is successful in producing commercial MRAM. The company
expects total revenues of $11.5 to $12 million compared to $9.45
million in the prior year.
NVE is a leader in the practical commercialization of spintronics,
a nanotechnology which many experts believe represents the next
generation of microelectronics. NVE licenses its MRAM intellectual
property and sells spintronic products including 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 uncertainties relating to MRAM production
by our licensees, our dependence on Cypress for potential supply
of MRAM devices, risks relating to making commercially viable MRAMs,
as well as the risk factors listed from time to time in the company's
filings with the SEC, including our Annual Report on Form 10-KSB
and other reports filed with the SEC.
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NVE Corporation
CONDENSED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED DECEMBER 31, 2003 AND 2002
(IN THOUSANDS EXCEPT PER SHARE; UNAUDITED)
Three months ended
Dec. 31, 2003 Dec. 31, 2002
Revenue:
Contract research and development
$ 1,633 $ 1,673
Product sales
1,485
566
License revenue
-
98
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Total revenue
3,118
2,337
Total expenses
2,541
2,103
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Net income
$ 577
$ 234
============== ==============
Weighted average shares outstanding
4,832
4,466
Net income per share - diluted
$ 0.12 $
0.05
NVE Corporation
CONDENSED STATEMENTS OF OPERATIONS
NINE MONTHS ENDED DECEMBER 31, 2003 AND 2002
(IN THOUSANDS EXCEPT PER SHARE; UNAUDITED)
Nine months ended
Dec. 31, 2003 Dec. 31, 2002
Revenue:
Contract research and development
$ 4,950 $ 4,843
Product sales
3,852
1,708
License revenue
-
294
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Total revenue
8,802
6,845
Total expenses
7,484
6,358
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Net income
$ 1,318 $
487
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Weighted average shares outstanding
4,739
4,425
Net income per share - diluted
$ 0.28 $
0.11
NVE Corporation
CONDENSED BALANCE SHEETS
DECEMBER 31, 2003 AND MARCH 31, 2003
(IN THOUSANDS)
(UNAUDITED)
Dec. 31, March 31,
2003 2003
ASSETS
Current assets:
Cash
$ 1,339 $ 596
Investment securities
5,361 5,880
Other current assets
2,450 2,039
----------- -----------
Total current assets
9,150 8,515
Fixed assets
1,578 1,167
----------- -----------
Total assets
$ 10,728 $ 9,682
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
1,592 1,980
Other long-term liabilities
117 223
----------- -----------
Total liabilities
1,709 2,203
Shareholders' equity:
Common stock
43 42
Additional paid-in capital
12,415 12,171
Accumulated other comprehensive income
50 73
Accumulated deficit
(3,489) (4,807)
----------- -----------
Total shareholders' equity
9,019 7,479
----------- -----------
Total liabilities and shareholders' equity
$ 10,728 $ 9,682
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