| Earnings Report | October 21, 2003 |
| NVE Corporation Reports
Quarterly Results Commercial product revenues more than double for second consecutive quarter EDEN PRAIRIE, Minn.--October 21, 2003--NVE Corporation (NasdaqSC: NVEC) today announced financial results for its second fiscal quarter ended September 30, 2003. Total revenue for the quarter ended September 30, 2003 was $2.86 million compared to $2.35 million for the prior-year quarter, an increase of 22%. Commercial product sales for the current quarter increased 107% over the prior-year quarter to $1.27 million from $613,000. Net income for the current quarter was $406,476 or $.09 per diluted share, compared to $160,296 or $.04 per share for the prior-year quarter.
"Quarterly results continue to exceed our expectations," commented President and Chief Executive Officer Daniel A. Baker, Ph.D. "We notched our second consecutive quarter of triple-digit year-over-year growth in product sales, while improved product yields led to higher than expected profit margins. "We continue to support commercialization of our MRAM intellectual property," Baker added, "and NVE licensees Cypress Semiconductor Corporation and Motorola, Inc. expect to introduce MRAMs in the next year." Statements used in this press release that relate to future
plans, events, financial results or performance are forward-looking
statements that are subject to certain risks and uncertainties including,
among others, such factors as industry economic trends, the company's
ability to meet stringent customer technical requirements, our dependence
on Cypress for potential supply of MRAM devices, and risks relating
to making commercially viable MRAMs, as well as the risk factors
listed from time to time in the company's filings with the SEC,
including the Company's Annual Report on Form 10-KSB and other reports
filed with the SEC. |
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NVE Corporation
CONDENSED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
(IN THOUSANDS EXCEPT PER SHARE; UNAUDITED)
Three months ended Sept. 30, 2003 Sept. 30, 2002
Revenue:
Contract research and development $ 1,596 $ 1,634
Product sales 1,269 613
License revenue - 98
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Total revenue 2,865 2,345
Total expenses 2,458 2,185
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Net income $ 407 $ 160
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Weighted average shares outstanding 4,679 4,438
Net income per share - diluted $ 0.09 $ 0.04
NVE Corporation
CONDENSED STATEMENTS OF OPERATIONS
SIX MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
(IN THOUSANDS EXCEPT PER SHARE; UNAUDITED)
Six months ended Sept. 30, 2003 Sept. 30, 2002
Revenue:
Contract research and development $ 3,317 $ 3,170
Product sales 2,368 1,142
License revenue - 196
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Total revenue 5,685 4,508
Total expenses 4,944 4,255
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Net income $ 741 $ 253
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Weighted average shares outstanding 4,646 4,379
Net income per share - diluted $ 0.16 $ 0.06
NVE Corporation
CONDENSED BALANCE SHEETS
SEPTEMBER 30, 2003 AND MARCH 31, 2003
(IN THOUSANDS)
(UNAUDITED)
Sept. 30, March 31,
2003 2003
ASSETS
Current assets:
Cash $ 1,026 $ 596
Investment securities 5,411 5,880
Other current assets 2,501 2,039
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Total current assets 8,938 8,515
Fixed assets 1,587 1,167
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Total assets $ 10,525 $ 9,682
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities 1,997 1,980
Other long-term liabilities 141 223
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Total liabilities 2,138 2,203
Shareholders' equity:
Common stock 43 42
Additional paid-in capital 12,336 12,171
Accumulated other comprehensive income 75 73
Accumulated deficit (4,067) (4,807)
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Total shareholders' equity 8,387 7,479
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Total liabilities and shareholders' equity $ 10,525 $ 9,682
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