NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS AND SIX MONTHS ENDED SEPTEMBER 30, 2015 AND 2014 (Unaudited)
Quarter Ended September 30
2015 2014
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Revenue
Product sales $ 6,436,672 $ 8,113,806
Contract research and development 843,085 153,567
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Total revenue 7,279,757 8,267,373
Cost of sales 1,644,514 1,609,632
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Gross profit 5,635,243 6,657,741
Expenses
Selling, general, and administrative 524,631 625,599
Research and development 628,962 787,279
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Total expenses 1,153,593 1,412,878
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Income from operations 4,481,650 5,244,863
Interest income 468,531 562,923
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Income before taxes 4,950,181 5,807,786
Provision for income taxes 1,639,386 1,932,164
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Net income $ 3,310,795 $ 3,875,622
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Net income per share - basic $ 0.68 $ 0.80
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Net income per share - diluted $ 0.68 $ 0.80
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Weighted average shares outstanding
Basic 4,855,398 4,855,071
Diluted 4,858,133 4,872,029
Six Months Ended September 30
2015 2014
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Revenue
Product sales $ 14,172,537 $ 16,461,887
Contract research and development 1,428,139 258,521
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Total revenue 15,600,676 16,720,408
Cost of sales 3,638,442 3,167,978
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Gross profit 11,962,234 13,552,430
Expenses
Selling, general, and administrative 1,009,395 1,255,249
Research and development 1,309,963 1,590,707
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Total expenses 2,319,358 2,845,956
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Income from operations 9,642,876 10,706,474
Interest income 954,329 1,111,477
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Income before taxes 10,597,205 11,817,951
Provision for income taxes 3,483,184 3,905,219
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Net income $ 7,114,021 $ 7,912,732
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Net income per share - basic $ 1.46 $ 1.63
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Net income per share - diluted $ 1.46 $ 1.63
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Weighted average shares outstanding
Basic 4,858,557 4,853,068
Diluted 4,862,431 4,868,769
NVE CORPORATION
BALANCE SHEETS
SEPTEMBER 30 AND MARCH 31, 2015
Sept. 30, 2015 March 31, 2015
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ASSETS
Current assets
Cash and cash equivalents $ 12,716,318 $ 9,437,262
Marketable securities, short term 23,175,666 20,099,288
Accounts receivable, net of allowance for
uncollectible accounts of $15,000 2,782,968 2,963,974
Inventories 3,147,868 3,742,492
Deferred tax assets 108,509 102,052
Prepaid expenses and other assets 635,323 574,913
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Total current assets 42,566,652 36,919,981
Fixed assets
Machinery and equipment 8,735,764 8,604,926
Leasehold improvements 1,539,965 1,524,298
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10,275,729 10,129,224
Less accumulated depreciation 8,288,450 7,873,816
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Net fixed assets 1,987,279 2,255,408
Marketable securities, long term 60,781,110 70,913,807
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Total assets $ 105,335,041 $ 110,089,196
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $ 445,083 $ 358,818
Accrued payroll and other 628,104 1,127,136
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Total current liabilities 1,073,187 1,485,954
Long-term deferred tax liabilities 74,268 275,708
Shareholders' equity
Common stock 48,449 48,580
Additional paid-in capital 19,665,966 20,850,762
Accumulated other comprehensive income 402,579 746,447
Retained earnings 84,070,592 86,681,745
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Total shareholders' equity 104,187,586 108,327,534
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Total liabilities and shareholders' equity $ 105,335,041 $ 110,089,196
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