NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS AND SIX MONTHS ENDED SEPTEMBER 30, 2012 AND 2011 (UNAUDITED)
Quarter Ended September 30
2012 2011
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Revenue
Product sales $ 5,231,332 $ 5,557,299
Contract research
and development 591,464 1,041,334
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Total revenue 5,822,796 6,598,633
Cost of sales 1,606,913 2,277,926
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Gross profit 4,215,883 4,320,707
Expenses
Selling, general,
and administrative 607,694 606,847
Research and
development 612,258 611,595
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Total expenses 1,219,952 1,218,442
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Income from
operations 2,995,931 3,102,265
Interest income 621,950 597,363
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Income before taxes 3,617,881 3,699,628
Provision for income
taxes 1,174,998 1,144,535
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Net income $ 2,442,883 $ 2,555,093
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Net income per share
-- basic $ 0.51 $ 0.53
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Net income per share
-- diluted $ 0.50 $ 0.52
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Weighted average
shares outstanding
Basic 4,825,441 4,776,198
Diluted 4,884,656 4,896,525
Six Months Ended
September 30
2012 2011
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Revenue
Product sales $ 12,262,077 $ 12,580,573
Contract research
and development 1,023,624 2,231,822
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Total revenue 13,285,701 14,812,395
Cost of sales 3,409,266 4,873,518
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Gross profit 9,876,435 9,938,877
Expenses
Selling, general,
and administrative 1,143,804 1,222,677
Research and
development 1,300,284 1,106,471
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Total expenses 2,444,088 2,329,148
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Income from
operations 7,432,347 7,609,729
Interest income 1,184,568 1,162,892
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Income before taxes 8,616,915 8,772,621
Provision for income
taxes 2,796,374 2,778,300
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Net income $ 5,820,541 $ 5,994,321
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Net income per share
-- basic $ 1.21 $ 1.26
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Net income per share
-- diluted $ 1.19 $ 1.22
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Weighted average
shares outstanding
Basic 4,825,095 4,776,198
Diluted 4,882,524 4,896,525
NVE CORPORATION
BALANCE SHEETS
SEPTEMBER 30 AND MARCH 31, 2012
Sept. 30, March 31,
2012 2012
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ASSETS
Current assets
Cash and cash equivalents $ 1,934,562 $ 1,544,536
Marketable securities,
short term 15,907,264 17,551,629
Accounts receivable, net of
allowance for
uncollectible accounts of
$15,000 1,961,682 2,684,840
Inventories 3,522,488 3,229,376
Prepaid expenses and other
assets 1,287,755 1,159,852
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Total current assets 24,613,751 26,170,233
Fixed assets
Machinery and equipment 8,211,475 7,488,211
Leasehold improvements 1,016,887 720,882
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9,228,362 8,209,093
Less accumulated
depreciation 5,989,392 5,697,861
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Net fixed assets 3,238,970 2,511,232
Marketable securities, long
term 62,020,033 54,445,298
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Total assets $ 89,872,754 $ 83,126,763
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LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $ 657,070 $ 663,702
Accrued payroll and other 813,407 867,331
Deferred taxes 452,328 136,872
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Total current liabilities 1,922,805 1,667,905
Shareholders' equity
Common stock 48,267 48,247
Additional paid-in capital 21,112,980 20,974,477
Accumulated other
comprehensive income 1,619,483 1,087,456
Retained earnings 65,169,219 59,348,678
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Total shareholders' equity 87,949,949 81,458,858
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Total liabilities and
shareholders' equity $ 89,872,754 $ 83,126,763
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