NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS AND YEARS ENDED MARCH 31, 2015 AND 2014 (Unaudited)
Quarter Ended March 31
2015 2014
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Revenue
Product sales $ 7,548,468 $ 5,857,866
Contract research and development 23,464 125,231
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Total revenue 7,571,932 5,983,097
Cost of sales 1,378,235 1,388,980
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Gross profit 6,193,697 4,594,117
Expenses
Selling, general, and administrative 523,132 478,897
Research and development 714,728 840,719
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Total expenses 1,237,860 1,319,616
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Income from operations 4,955,837 3,274,501
Interest income 518,403 544,609
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Income before taxes 5,474,240 3,819,110
Provision for income taxes 1,811,524 1,256,885
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Net income $ 3,662,716 $ 2,562,225
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Net income per share - basic $ 0.75 $ 0.53
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Net income per share - diluted $ 0.75 $ 0.53
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Weighted average shares outstanding
Basic 4,857,953 4,848,721
Diluted 4,875,295 4,866,382
Year Ended March 31
2015 2014
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Revenue
Product sales $ 29,894,045 $ 25,512,028
Contract research and development 690,043 422,879
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Total revenue 30,584,088 25,934,907
Cost of sales 6,019,868 5,720,277
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Gross profit 24,564,220 20,214,630
Expenses
Selling, general, and administrative 2,312,076 2,235,475
Research and development 3,000,193 3,585,339
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Total expenses 5,312,269 5,820,814
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Income from operations 19,251,951 14,393,816
Interest income 2,187,723 2,122,133
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Income before taxes 21,439,674 16,515,949
Provision for income taxes 7,071,320 5,380,074
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Net income $ 14,368,354 $ 11,135,875
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Net income per share - basic $ 2.96 $ 2.30
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Net income per share - diluted $ 2.95 $ 2.29
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Weighted average shares outstanding
Basic 4,855,504 4,851,460
Diluted 4,871,935 4,867,691
NVE CORPORATION
BALANCE SHEETS
MARCH 31, 2015 AND 2014
March 31, 2015 March 31, 2014
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ASSETS
Current assets
Cash and cash equivalents $ 9,437,262 $ 1,262,300
Marketable securities, short term 20,099,288 12,360,091
Accounts receivable, net of allowance
for uncollectible accounts of $15,000 2,963,974 2,331,574
Inventories 3,742,492 3,207,333
Deferred tax assets 102,052 237,387
Prepaid expenses and other assets 574,913 816,276
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Total current assets 36,919,981 20,214,961
Fixed assets
Machinery and equipment 8,604,926 8,536,010
Leasehold improvements 1,524,298 1,499,454
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10,129,224 10,035,464
Less accumulated depreciation 7,873,816 7,030,692
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Net fixed assets 2,255,408 3,004,772
Marketable securities, long term 70,913,807 82,022,310
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Total assets $ 110,089,196 $ 105,242,043
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $ 358,818 $ 374,127
Accrued payroll and other 1,127,136 808,675
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Total current liabilities 1,485,954 1,182,802
Long-term deferred tax liabilities 275,708 354,600
Shareholders' equity
Common stock 48,580 48,510
Additional paid-in capital 20,850,762 20,464,883
Accumulated other comprehensive income 746,447 877,857
Retained earnings 86,681,745 82,313,391
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Total shareholders' equity 108,327,534 103,704,641
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Total liabilities and shareholders' equity $ 110,089,196 $ 105,242,043
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