NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS AND SIX MONTHS ENDED SEPTEMBER 30, 2016 AND 2015 (Unaudited)
Quarter Ended September 30
2016 2015
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Revenue
Product sales $ 6,814,384 $ 6,436,672
Contract research and development 488,155 843,085
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Total revenue 7,302,539 7,279,757
Cost of sales 1,740,814 1,644,514
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Gross profit 5,561,725 5,635,243
Expenses
Selling, general, and administrative 343,688 524,631
Research and development 768,188 628,962
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Total expenses 1,111,876 1,153,593
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Income from operations 4,449,849 4,481,650
Interest income 430,983 468,531
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Income before taxes 4,880,832 4,950,181
Provision for income taxes 1,575,635 1,639,386
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Net income $ 3,305,197 $ 3,310,795
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Net income per share - basic $ 0.68 $ 0.68
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Net income per share - diluted $ 0.68 $ 0.68
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Weighted average shares outstanding
Basic 4,835,564 4,855,398
Diluted 4,837,819 4,858,133
Six Months Ended September 30
2016 2015
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Revenue
Product sales $ 12,665,598 $ 14,172,537
Contract research and development 1,344,713 1,428,139
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Total revenue 14,010,311 15,600,676
Cost of sales 3,125,992 3,638,442
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Gross profit 10,884,319 11,962,234
Expenses
Selling, general, and administrative 733,603 1,009,395
Research and development 1,526,556 1,309,963
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Total expenses 2,260,159 2,319,358
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Income from operations 8,624,160 9,642,876
Interest income 868,717 954,329
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Income before taxes 9,492,877 10,597,205
Provision for income taxes 3,055,135 3,483,184
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Net income $ 6,437,742 $ 7,114,021
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Net income per share - basic $ 1.33 $ 1.46
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Net income per share - diluted $ 1.33 $ 1.46
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Weighted average shares outstanding
Basic 4,835,289 4,858,557
Diluted 4,837,293 4,862,431
NVE CORPORATION
BALANCE SHEETS
SEPTEMBER 30 AND MARCH 31, 2016
(Unaudited)
Sept. 30, 2016 March 31, 2016
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ASSETS
Current assets
Cash and cash equivalents $ 5,690,673 $ 7,534,593
Marketable securities, short term 22,318,903 19,697,384
Accounts receivable, net of allowance for
uncollectible accounts of $15,000 3,368,170 2,244,086
Inventories 2,908,881 3,205,233
Prepaid expenses and other assets 697,788 734,524
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Total current assets 34,984,415 33,415,820
Fixed assets
Machinery and equipment 8,973,375 8,840,033
Leasehold improvements 1,559,719 1,539,965
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10,533,094 10,379,998
Less accumulated depreciation 9,080,831 8,688,285
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Net fixed assets 1,452,263 1,691,713
Long-term deferred tax assets 123,410 51,188
Marketable securities, long term 60,777,962 65,695,335
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Total assets $ 97,338,050 $ 100,854,056
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $ 310,030 $ 317,990
Accrued payroll and other 563,960 556,674
Deferred revenue 383,877 714,805
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Total current liabilities 1,257,867 1,589,469
Shareholders' equity
Common stock 48,360 48,350
Additional paid-in capital 19,268,752 19,205,682
Accumulated other comprehensive income 436,153 451,359
Retained earnings 76,326,918 79,559,196
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Total shareholders' equity 96,080,183 99,264,587
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Total liabilities and shareholders' equity $ 97,338,050 $ 100,854,056
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