NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS ENDED JUNE 30, 2016 AND 2015 (Unaudited)
Quarter Ended June 30
2016 2015
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Revenue
Product sales $ 5,851,214 $ 7,735,865
Contract research and development 856,558 585,054
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Total revenue 6,707,772 8,320,919
Cost of sales 1,385,178 1,993,928
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Gross profit 5,322,594 6,326,991
Expenses
Selling, general, and administrative 389,915 484,764
Research and development 758,368 681,001
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Total expenses 1,148,283 1,165,765
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Income from operations 4,174,311 5,161,226
Interest income 437,734 485,798
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Income before taxes 4,612,045 5,647,024
Provision for income taxes 1,479,500 1,843,798
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Net income $ 3,132,545 $ 3,803,226
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Net income per share - basic $ 0.65 $ 0.78
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Net income per share - diluted $ 0.65 $ 0.78
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Weighted average shares outstanding
Basic 4,835,010 4,854,841
Diluted 4,837,095 4,860,848
NVE CORPORATION
BALANCE SHEETS
JUNE 30 AND MARCH 31, 2016
(Unaudited)
June 30, 2016 March 31, 2016
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ASSETS
Current assets
Cash and cash equivalents $ 1,905,697 $ 7,534,593
Marketable securities, short term 19,559,795 19,697,384
Accounts receivable, net of allowance for
uncollectible accounts of $15,000 2,651,926 2,244,086
Inventories 3,186,450 3,205,233
Prepaid expenses and other assets 701,867 734,524
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Total current assets 28,005,735 33,415,820
Fixed assets
Machinery and equipment 8,839,621 8,840,033
Leasehold improvements 1,539,965 1,539,965
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10,379,586 10,379,998
Less accumulated depreciation 8,882,264 8,688,285
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Net fixed assets 1,497,322 1,691,713
Long-term deferred tax assets - 51,188
Marketable securities, long term 71,170,799 65,695,335
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Total assets $ 100,673,856 $ 100,854,056
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $ 297,831 $ 317,990
Accrued payroll and other 591,821 556,674
Income taxes payable 1,281,154 -
Deferred revenue 714,805 714,805
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Total current liabilities 3,079,931 1,589,469
Long-term deferred tax liabilities 520 -
Shareholders' equity
Common stock 48,350 48,350
Additional paid-in capital 19,205,682 19,205,682
Accumulated other comprehensive income 676,962 451,359
Retained earnings 77,856,731 79,559,196
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Total shareholders' equity 97,787,725 99,264,587
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Total liabilities and shareholders' equity $ 100,673,856 $ 100,854,056
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