NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS AND YEARS ENDED MARCH 31, 2013 AND 2012
(Unaudited)
Quarter Ended March 31
2013 2012
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Revenue
Product sales $ 6,409,821 $ 7,176,491
Contract research
and development 812,676 431,808
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Total revenue 7,222,497 7,608,299
Cost of sales 1,877,297 2,277,115
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Gross profit 5,345,200 5,331,184
Expenses
Selling, general,
and administrative 526,018 637,882
Research and
development 769,212 774,899
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Total expenses 1,295,230 1,412,781
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Income from
operations 4,049,970 3,918,403
Interest income 574,640 595,605
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Income before taxes 4,624,610 4,514,008
Provision for income
taxes 1,515,655 1,416,325
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Net income $ 3,108,955 $ 3,097,683
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Net income per share
-- basic $ 0.64 $ 0.64
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Net income per share
-- diluted $ 0.64 $ 0.63
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Weighted average
shares outstanding
Basic 4,861,747 4,824,745
Diluted 4,885,865 4,889,291
Year Ended March 31
2013 2012
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Revenue
Product sales $ 24,434,823 $ 25,151,822
Contract research
and development 2,598,596 3,427,398
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Total revenue 27,033,419 28,579,220
Cost of sales 7,025,181 9,325,511
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Gross profit 20,008,238 19,253,709
Expenses
Selling, general,
and administrative 2,240,563 2,380,603
Research and
development 2,570,821 2,600,058
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Total expenses 4,811,384 4,980,661
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Income from
operations 15,196,854 14,273,048
Interest income 2,359,603 2,350,191
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Income before taxes 17,556,457 16,623,239
Provision for income
taxes 5,727,619 5,242,144
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Net income $ 11,828,838 $ 11,381,095
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Net income per share
-- basic $ 2.44 $ 2.37
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Net income per share
-- diluted $ 2.43 $ 2.34
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Weighted average
shares outstanding
Basic 4,839,810 4,796,227
Diluted 4,863,546 4,863,471
NVE CORPORATION
BALANCE SHEETS
MARCH 31, 2013 AND 2012
March 31, March 31,
2013 2012
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ASSETS
Current assets
Cash and cash equivalents $ 2,509,683 $ 1,544,536
Marketable securities,
short term 9,711,029 17,551,629
Accounts receivable, net of
allowance for
uncollectible accounts of
$15,000 2,521,395 2,684,840
Inventories 3,336,592 3,229,376
Prepaid expenses and other
assets 958,147 1,159,852
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Total current assets 19,036,846 26,170,233
Fixed assets
Machinery and equipment 8,417,061 7,488,211
Leasehold improvements 1,499,454 720,882
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9,916,515 8,209,093
Less accumulated
depreciation 6,228,122 5,697,861
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Net fixed assets 3,688,393 2,511,232
Marketable securities, long
term 73,040,257 54,445,298
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Total assets $ 95,765,496 $ 83,126,763
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LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $ 422,092 $ 663,702
Accrued payroll and other 918,060 867,331
Deferred taxes 440,736 136,872
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Total current liabilities 1,780,888 1,667,905
Shareholders' equity
Common stock 48,624 48,247
Additional paid-in capital 21,200,742 20,974,477
Accumulated other
comprehensive income 1,557,726 1,087,456
Retained earnings 71,177,516 59,348,678
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Total shareholders' equity 93,984,608 81,458,858
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Total liabilities and
shareholders' equity $ 95,765,496 $ 83,126,763
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