NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS AND YEARS ENDED MARCH 31, 2014 AND 2013 (Unaudited)
Quarter Ended March 31
2014 2013
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Revenue
Product sales $ 5,857,866 $ 6,409,821
Contract research and development 125,231 812,676
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Total revenue 5,983,097 7,222,497
Cost of sales 1,388,980 1,877,297
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Gross profit 4,594,117 5,345,200
Expenses
Selling, general, and administrative 478,897 526,018
Research and development 840,719 769,212
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Total expenses 1,319,616 1,295,230
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Income from operations 3,274,501 4,049,970
Interest income 544,609 574,640
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Income before taxes 3,819,110 4,624,610
Provision for income taxes 1,256,885 1,515,655
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Net income $ 2,562,225 $ 3,108,955
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Net income per share - basic $ 0.53 $ 0.64
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Net income per share - diluted $ 0.53 $ 0.64
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Weighted average shares outstanding
Basic 4,848,721 4,861,747
Diluted 4,866,382 4,885,865
Year Ended March 31
2014 2013
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Revenue
Product sales $ 25,512,028 $ 24,434,823
Contract research and development 422,879 2,598,596
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Total revenue 25,934,907 27,033,419
Cost of sales 5,720,277 7,025,181
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Gross profit 20,214,630 20,008,238
Expenses
Selling, general, and administrative 2,235,475 2,240,563
Research and development 3,585,339 2,570,821
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Total expenses 5,820,814 4,811,384
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Income from operations 14,393,816 15,196,854
Interest income 2,122,133 2,359,603
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Income before taxes 16,515,949 17,556,457
Provision for income taxes 5,380,074 5,727,619
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Net income $ 11,135,875 $ 11,828,838
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Net income per share - basic $ 2.30 $ 2.44
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Net income per share - diluted $ 2.29 $ 2.43
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Weighted average shares outstanding
Basic 4,851,460 4,839,810
Diluted 4,867,691 4,863,546
NVE CORPORATION
BALANCE SHEETS
MARCH 31, 2014 AND 2013
March 31, March 31,
2014 2013
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ASSETS
Current assets
Cash and cash equivalents $ 1,262,300 $ 2,509,683
Marketable securities, short term 12,360,091 9,711,029
Accounts receivable, net of
allowance for uncollectible
accounts of $15,000 2,331,574 2,521,395
Inventories 3,207,333 3,336,592
Deferred tax assets 237,387 --
Prepaid expenses and other assets 816,276 958,147
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Total current assets 20,214,961 19,036,846
Fixed assets
Machinery and equipment 8,536,010 8,417,061
Leasehold improvements 1,499,454 1,499,454
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10,035,464 9,916,515
Less accumulated depreciation 7,030,692 6,228,122
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Net fixed assets 3,004,772 3,688,393
Marketable securities, long term 82,022,310 73,040,257
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Total assets $ 105,242,043 $ 95,765,496
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $ 374,127 $ 422,092
Accrued payroll and other 808,675 918,060
Deferred taxes -- 440,736
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Total current liabilities 1,182,802 1,780,888
Long-term deferred tax liabilities 354,600 --
Shareholders' equity
Common stock 48,510 48,624
Additional paid-in capital 20,464,883 21,200,742
Accumulated other
comprehensive income 877,857 1,557,726
Retained earnings 82,313,391 71,177,516
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Total shareholders' equity 103,704,641 93,984,608
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Total liabilities and
shareholders' equity $ 105,242,043 $ 95,765,496
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