NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS AND SIX MONTHS ENDED SEPTEMBER 30, 2014 AND 2013 (Unaudited)
Quarter Ended September 30
2014 2013
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Revenue
Product sales $ 8,113,806 $ 7,231,149
Contract research and development 153,567 70,031
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Total revenue 8,267,373 7,301,180
Cost of sales 1,609,632 1,503,546
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Gross profit 6,657,741 5,797,634
Expenses
Selling, general, and administrative 625,599 660,076
Research and development 787,279 876,463
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Total expenses 1,412,878 1,536,539
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Income from operations 5,244,863 4,261,095
Interest income 562,923 520,802
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Income before taxes 5,807,786 4,781,897
Provision for income taxes 1,932,164 1,552,246
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Net income $ 3,875,622 $ 3,229,651
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Net income per share - basic $ 0.80 $ 0.67
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Net income per share - diluted $ 0.80 $ 0.66
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Weighted average shares outstanding
Basic 4,855,071 4,852,178
Diluted 4,872,029 4,873,106
Six Months Ended September 30
2014 2013
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Revenue
Product sales $ 16,461,887 $ 13,205,755
Contract research and development 258,521 272,358
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Total revenue 16,720,408 13,478,113
Cost of sales 3,167,978 2,881,901
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Gross profit 13,552,430 10,596,212
Expenses
Selling, general, and administrative 1,255,249 1,212,880
Research and development 1,590,707 1,839,374
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Total expenses 2,845,956 3,052,254
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Income from operations 10,706,474 7,543,958
Interest income 1,111,477 1,047,141
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Income before taxes 11,817,951 8,591,099
Provision for income taxes 3,905,219 2,794,623
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Net income $ 7,912,732 $ 5,796,476
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Net income per share - basic $ 1.63 $ 1.19
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Net income per share - diluted $ 1.63 $ 1.19
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Weighted average shares outstanding
Basic 4,853,068 4,857,279
Diluted 4,868,769 4,878,599
NVE CORPORATION
BALANCE SHEETS
SEPTEMBER 30 AND MARCH 31, 2014
Sept. 30, 2014 March 31, 2014
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ASSETS
Current assets
Cash and cash equivalents $ 3,281,500 $ 1,262,300
Marketable securities, short term 14,624,615 12,360,091
Accounts receivable, net of allowance
for uncollectible accounts of $15,000 3,678,396 2,331,574
Inventories 3,389,393 3,207,333
Deferred tax assets 169,671 237,387
Prepaid expenses and other assets 848,528 816,276
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Total current assets 25,992,103 20,214,961
Fixed assets
Machinery and equipment 8,563,720 8,536,010
Leasehold improvements 1,499,454 1,499,454
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10,063,174 10,035,464
Less accumulated depreciation 7,495,209 7,030,692
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Net fixed assets 2,567,965 3,004,772
Marketable securities, long term 84,551,529 82,022,310
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Total assets $ 113,111,597 $ 105,242,043
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $ 337,462 $ 374,127
Accrued payroll and other 855,927 808,675
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Total current liabilities 1,193,389 1,182,802
Long-term deferred tax liabilities 224,769 354,600
Shareholders' equity
Common stock 48,580 48,510
Additional paid-in capital 20,850,762 20,464,883
Accumulated other comprehensive income 567,974 877,857
Retained earnings 90,226,123 82,313,391
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Total shareholders' equity 111,693,439 103,704,641
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Total liabilities and shareholders' equity $ 113,111,597 $ 105,242,043
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