0000724910
2010-07-01
2010-09-30
0000724910
2010-04-01
2010-09-30
0000724910
2010-09-30
0000724910
2010-03-31
0000724910
2011-09-30
0000724910
2011-03-31
0000724910
2011-04-01
2011-09-30
0000724910
2011-10-14
0000724910
2011-07-01
2011-09-30
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
false
--03-31
Q2
2012
2011-09-30
10-Q
0000724910
4776198
Accelerated Filer
NVE CORP /NEW/
<p><font size="2" class="_mt"><strong>NOTE 3. RECENT ACCOUNTING PRONOUNCEMENTS<br /></strong> We have adopted all applicable recently issued accounting pronouncements. </font></p>
<p><font size="2" class="_mt"><strong>NOTE 11. STOCK REPURCHASE PLAN<br /></strong> On January 21, 2009 we announced that our Board of Directors authorized the repurchase of up to $2,500,000 of our Common Stock. The repurchase program may be modified or discontinued at any time without notice. We did not repurchase any of our Common Stock during the quarter ended September 30, 2011.</font><br /><br /></p>
731580
545408
3596239
2971539
5259773
5494150
1060438
635496
20894766
20974926
15000
15000
71836225
77014831
17047969
20274856
<p><font size="2" class="_mt"><strong>NOTE 1. DESCRIPTION OF BUSINESS<br /></strong> We develop and sell devices that use spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information.</font><br /></p>
1389288
690841
952209
1324236
-698447
372027
0.01
0.01
6000000
6000000
4776198
4776198
4776198
4776198
47762
47762
<div><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><b>NOTE 6. COMPREHENSIVE INCOME</b> <br /> The components of comprehensive income are as follows:<br /><br /></font>
<table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%">
<tr><td rowspan="2"> </td>
<td style="border-bottom: black 1px solid;" colspan="7" align="center"><b>Quarter Ended Sept. 30</b></td></tr>
<tr><td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>2011</b></td>
<td width="2%"> </td>
<td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>2010</b></td></tr>
<tr bgcolor="#ccdaef"><td>Net income</td>
<td width="1%">$</td>
<td width="11%" align="right">2,555,093</td>
<td width="1%"> </td>
<td> </td>
<td width="1%">$</td>
<td width="11%" align="right">3,206,010</td>
<td width="1%"> </td></tr>
<tr><td>Unrealized (loss) gain from marketable securities, net of tax </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(526,232</td>
<td style="border-bottom: black 1px solid;">)</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">678,599</td>
<td style="border-bottom: black 1px solid;"> </td></tr>
<tr bgcolor="#ccdaef"><td valign="top">Comprehensive income</td>
<td style="border-bottom: black 3px double;" valign="top">$</td>
<td style="border-bottom: black 3px double;" valign="top" align="right">2,028,861</td>
<td style="border-bottom: black 3px double;" valign="top"> </td>
<td valign="top"> </td>
<td style="border-bottom: black 3px double;" valign="top">$</td>
<td style="border-bottom: black 3px double;" valign="top" align="right">3,884,609</td>
<td style="border-bottom: black 3px double;"> </td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"> <br /></font>
<table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%">
<tr><td rowspan="2"> </td>
<td style="border-bottom: black 1px solid;" colspan="7" align="center"><b>Six Months Ended Sept. 30</b> </td></tr>
<tr><td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>2011</b></td>
<td width="2%"> </td>
<td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>2010</b></td></tr>
<tr bgcolor="#ccdaef"><td>Net income</td>
<td width="1%">$</td>
<td width="11%" align="right">5,994,321</td>
<td width="1%"> </td>
<td> </td>
<td width="1%">$</td>
<td width="11%" align="right">6,307,107</td>
<td width="1%"> </td></tr>
<tr><td>Unrealized (loss) gain from marketable securities, net of tax </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(424,942</td>
<td style="border-bottom: black 1px solid;">)</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">517,099</td>
<td style="border-bottom: black 1px solid;"> </td></tr>
<tr bgcolor="#ccdaef"><td valign="top">Comprehensive income</td>
<td style="border-bottom: black 3px double;" valign="top">$</td>
<td style="border-bottom: black 3px double;" valign="top" align="right">5,569,379</td>
<td style="border-bottom: black 3px double;" valign="top"> </td>
<td valign="top"> </td>
<td style="border-bottom: black 3px double;" valign="top">$</td>
<td style="border-bottom: black 3px double;" valign="top" align="right">6,824,206</td>
<td style="border-bottom: black 3px double;"> </td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br /></font></div>
2446066
1398648
2231822
1041334
4680730
2604926
4873518
2277926
-1611
-18861
0
119603
146693
0
180838
235282
<p><font size="2" class="_mt"><strong>NOTE 8. STOCK-BASED COMPENSATION</strong> <br /> Stock-based compensation expense was $80,160 for the second quarter and first six months of fiscal 2012, compared to $76,720 for the second quarter and first six months of fiscal 2011. Stock-based compensation expenses for the quarter and six months ended September 30, 2011 and 2010 were non-cash, and due to the issuance of automatic stock options to our non-employee directors on their reelection to our Board. We calculate the share-based compensation expense on a straight-line basis over the vesting periods of the related share-based awards.<br /> </font><br /></p>
1.34
0.68
1.26
0.53
1.30
0.66
1.22
0.52
<font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><b>
</b></font>
<div><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><b>NOTE 4. NET INCOME PER SHARE</b><br /> Net income per basic share is computed based on the weighted-average number of common shares issued and outstanding during each period. Net income per diluted share amounts assume conversion, exercise or issuance of all potential common stock instruments (stock options and warrants). Stock options and warrants totaling 5,000 for the quarter and six months ended September 30, 2010 were not included in the computation of diluted earnings per share because the exercise prices of the options and warrants were greater than the market price of the common stock. The following table reflects the components of common shares outstanding:<br /><br /></font>
<table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%">
<tr><td rowspan="2"> </td>
<td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Quarter Ended Sept. 30</b></td></tr>
<tr><td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2011</b></td>
<td> </td>
<td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2010</b></td></tr>
<tr bgcolor="#ccdaef"><td>Weighted average common shares outstanding – basic</td>
<td align="right">4,776,198</td>
<td width="2%"> </td>
<td width="11%" align="right">4,700,583</td></tr>
<tr><td colspan="4">Effect of dilutive securities:</td></tr>
<tr bgcolor="#ccdaef"><td>
<div style="margin-left: 9pt;" align="left">Stock options</div></td>
<td align="right">113,011</td>
<td> </td>
<td align="right">153,438</td></tr>
<tr><td>
<div style="margin-left: 9pt;" align="left">Warrants</div></td>
<td style="border-bottom: black 1px solid;" align="right">7,316</td>
<td> </td>
<td style="border-bottom: black 1px solid;" align="right">6,216</td></tr>
<tr bgcolor="#ccdaef"><td valign="top">Shares used in computing net income per share – diluted </td>
<td style="border-bottom: black 3px double;" valign="top" align="right">4,896,525</td>
<td> </td>
<td style="border-bottom: black 3px double;" valign="top" align="right">4,860,237</td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"> <br /></font>
<table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%">
<tr><td rowspan="2"> </td>
<td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Six Months Ended Sept. 30</b></td></tr>
<tr><td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2011</b></td>
<td> </td>
<td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2010</b></td></tr>
<tr bgcolor="#ccdaef"><td>Weighted average common shares outstanding – basic</td>
<td align="right">4,776,198</td>
<td width="2%"> </td>
<td width="11%" align="right">4,700,583</td></tr>
<tr><td colspan="4">Effect of dilutive securities:</td></tr>
<tr bgcolor="#ccdaef"><td>
<div style="margin-left: 9pt;" align="left">Stock options</div></td>
<td align="right">113,011</td>
<td> </td>
<td align="right">153,438</td></tr>
<tr><td>
<div style="margin-left: 9pt;" align="left">Warrants</div></td>
<td style="border-bottom: black 1px solid;" align="right">7,316</td>
<td> </td>
<td style="border-bottom: black 1px solid;" align="right">6,216</td></tr>
<tr bgcolor="#ccdaef"><td valign="top">Shares used in computing net income per share – diluted </td>
<td style="border-bottom: black 3px double;" valign="top" align="right">4,896,525</td>
<td> </td>
<td style="border-bottom: black 3px double;" valign="top" align="right">4,860,237</td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"> <br /> <br /></font></div>
987403
849335
<div><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><b>NOTE 10. FAIR VALUE MEASUREMENTS</b><br /> Generally accepted accounting principles establish a framework for measuring fair value, provide a definition of fair value and prescribe required disclosures about fair-value measurements. Generally accepted accounting principles define fair value as the price that would be received to sell an asset or paid to transfer a liability. Fair value is a market-based measurement that should be determined using assumptions that market participants would use in pricing an asset or liability. Generally accepted accounting principles utilize a valuation hierarchy for disclosure of fair value measurements. The categorization within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The categories within the valuation hierarchy are described as follows:<br /> <br /> </font>
<div align="center"><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br /> Level 1 – Financial instruments with quoted prices in active markets for identical assets or liabilities. Our Level 1 financial instruments consist of publicly-traded marketable debt securities that are classified as available-for-sale. On the balance sheets, available-for-sale securities are classified as "Marketable securities, short term" and "Marketable securities, long term." The fair value of our available-for-sale securities was $66,272,362 at September 30, 2011 and $61,227,498 at March 31, 2011.<br /><br /> Level 2 – Financial instruments with quoted prices in active markets for similar assets or liabilities. Level 2 fair value measurements are determined using either prices for similar instruments or inputs that are either directly or indirectly observable, such as interest rates. We do not have any financial assets or liabilities being measured at fair value that are classified as Level 2 financial instruments.<br /><br /> Level 3 – Inputs to the fair value measurement are unobservable inputs or valuation techniques. We do not have any financial assets or liabilities being measured at fair value that are classified as Level 3 financial instruments.<br /><br /><br /></font></div></div>
10369724
5204234
9938877
4320707
9428716
4757545
8772621
3699628
<p><font size="2" class="_mt"><strong>NOTE 9. INCOME TAXES<br /></strong> Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. <br /><br /> We had no unrecognized tax benefits as of September 30, 2011, and we do not expect any significant unrecognized tax benefits within 12 months of the reporting date. We recognize interest and penalties related to income tax matters in income tax expense. As of September 30, 2011 we had no accrued interest related to uncertain tax positions. The tax years 1999 through 2011 remain open to examination by the major taxing jurisdictions to which we are subject.</font><br /><br /></p>
3274742
2947565
3121609
1551535
2778300
1144535
41826
-324240
-83146
-624700
-20833
0
665300
38171
291882
169689
<div><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><b>NOTE 7. INVENTORIES</b> <br /> Inventories consisted of the following:<br /> <br /></font>
<table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="50%" align="center">
<tr><td> </td>
<td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Sept. 30<br />2011</b></td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>March 31<br />2011</b></td></tr>
<tr bgcolor="#ccdaef"><td>Raw materials</td>
<td width="1%">$</td>
<td width="22%" align="right">1,546,302</td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%">$</td>
<td width="22%" align="right">2,083,730</td>
<td width="1%"> </td></tr>
<tr><td>Work in process</td>
<td> </td>
<td align="right">1,726,549</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,109,270</td>
<td> </td></tr>
<tr bgcolor="#ccdaef"><td>Finished goods</td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">409,177</td>
<td style="border-bottom: black 1px solid;"> </td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">450,857</td>
<td style="border-bottom: black 1px solid;"> </td></tr>
<tr><td> </td>
<td> </td>
<td align="right">3,682,028</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,643,857</td>
<td> </td></tr>
<tr bgcolor="#ccdaef"><td>Less inventory reserve </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(300,000</td>
<td style="border-bottom: black 1px solid;">)</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(300,000</td>
<td style="border-bottom: black 1px solid;">)</td></tr>
<tr valign="top"><td>Total inventories</td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">3,382,028</td>
<td style="border-bottom: black 3px double;"> </td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">3,343,857</td>
<td style="border-bottom: black 3px double;"> </td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"> <br /> <br /></font></div>
3343857
3382028
973461
497731
1162892
597363
612682
612682
71836225
77014831
1865676
1394743
6178207
6471536
7970358
11122455
53257140
55149907
<div><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><b>NOTE 5. MARKETABLE SECURITIES</b> <br /> Marketable securities with remaining maturities less than one year are classified as short-term, and those with remaining maturities greater than one year are classified as long-term. The fair value of our marketable securities as of September 30, 2011, by maturity, were as follows:<br /><br /></font>
<table style="font-family: Times New Roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="50%" align="center">
<tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Total</b></td>
<td width="4%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b><1 Year</b></td>
<td width="4%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>1–3 Years</b></td>
<td width="4%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>3–5 Years</b></td></tr>
<tr><td width="1%">$</td>
<td width="12%" align="right">66,272,362</td>
<td> </td>
<td width="1%">$</td>
<td width="12%" align="right">11,122,455</td>
<td> </td>
<td width="1%">$</td>
<td width="12%" align="right">25,668,319</td>
<td width="2%"> </td>
<td width="1%">$</td>
<td width="12%" align="right">29,481,588</td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"> <br /> As of September 30 and March 31, 2011, our marketable securities were as follows:<br /> <br /></font>
<table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%">
<tr><td rowspan="2"> </td>
<td style="border-bottom: black 1px solid;" colspan="12" align="center"><b>As of September 30, 2011</b></td>
<td rowspan="2" width="1"> </td>
<td style="border-bottom: black 1px solid;" colspan="12" align="center"><b>As of March 31, 2011</b></td></tr>
<tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><br /><b>Adjusted<br />Cost</b></td>
<td width="1"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Gross<br />Unrealized<br />Gains</b></td>
<td width="1"> </td>
<td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Gross<br />Unrealized<br />Losses</b></td>
<td width="1"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Fair<br />Market<br />Value</b></td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><br /><b>Adjusted<br />Cost</b></td>
<td width="1"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Gross<br />Unrealized<br />Gains</b></td>
<td width="1"> </td>
<td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Gross<br />Unrealized<br />Losses</b></td>
<td width="1"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Fair<br />Market<br />Value</b></td></tr>
<tr bgcolor="#ccdaef"><td valign="bottom">U.S. agency<br />
<div style="margin-left: 9pt;">securities</div></td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">-</td>
<td> </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">-</td>
<td> </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">-</td>
<td valign="bottom"> </td>
<td> </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">-</td>
<td> </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">83,358</td>
<td> </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">1,200</td>
<td> </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">-</td>
<td valign="bottom"> </td>
<td> </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">84,558</td></tr>
<tr><td valign="bottom">Corporate bonds</td>
<td> </td>
<td valign="bottom" align="right">43,827,332</td>
<td> </td>
<td> </td>
<td valign="bottom" align="right">
<p>937,914</p></td>
<td> </td>
<td align="right"> </td>
<td valign="bottom" align="right">(437,622</td>
<td valign="bottom">)</td>
<td> </td>
<td> </td>
<td valign="bottom" align="right">44,327,624</td>
<td> </td>
<td> </td>
<td valign="bottom" align="right">37,884,146</td>
<td> </td>
<td> </td>
<td valign="bottom" align="right">1,231,743</td>
<td> </td>
<td> </td>
<td valign="bottom" align="right">(147,443</td>
<td valign="bottom">)</td>
<td> </td>
<td> </td>
<td valign="bottom" align="right">38,968,446</td></tr>
<tr bgcolor="#ccdaef"><td valign="bottom">Municipal bonds </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">21,439,498</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">523,744</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(18,504</td>
<td style="border-bottom: black 1px solid; valign: ;">)</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">21,944,738</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">21,582,084</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">602,457</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(10,047</td>
<td style="border-bottom: black 1px solid; valign: ;" valign="bottom">)</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">22,174,494</td></tr>
<tr><td valign="top">Total</td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">65,266,830</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">1,461,659</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">(456,126</td>
<td style="border-bottom: black 3px double;">)</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">66,272,362</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">59,549,588</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">1,835,400</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">(157,490</td>
<td style="border-bottom: black 3px double;">)</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">61,227,498</td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"> <br /> The following table shows the gross unrealized losses and fair value of our investments with unrealized losses, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position as of September 30 and March 31, 2011:<br /> <br /></font>
<table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr><td rowspan="2" colspan="2"> </td>
<td style="border-bottom: black 1px solid;" colspan="6" align="center"><b>Less Than 12 Months</b></td>
<td rowspan="2"> </td>
<td style="border-bottom: black 1px solid;" colspan="6" align="center"><b>12 Months or Greater</b></td>
<td rowspan="2"> </td>
<td style="border-bottom: black 1px solid;" colspan="6" align="center"><b>Total</b></td></tr>
<tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Fair<br />Market<br />Value</b></td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Gross<br />Unrealized<br />Losses</b></td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Fair<br />Market<br />Value</b></td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Gross<br />Unrealized<br />Losses</b></td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Fair<br />Market<br />Value</b></td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Gross<br />Unrealized<br />Losses</b></td></tr>
<tr><td colspan="22">As of September 30, 2011</td></tr>
<tr bgcolor="#ccdaef"><td width="9"> </td>
<td>U.S. agency securities </td>
<td width="1%">$</td>
<td width="9%" align="right">-</td>
<td width="2%"> </td>
<td width="1%">$</td>
<td width="8%" align="right">-</td>
<td valign="bottom" width="1%"> </td>
<td width="4%"> </td>
<td width="1%">$</td>
<td width="9%" align="right">-</td>
<td width="2%"> </td>
<td width="1%">$</td>
<td width="8%" align="right">-</td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%">$</td>
<td width="9%" align="right">-</td>
<td width="2%"> </td>
<td width="1%">$</td>
<td width="8%" align="right">-</td>
<td valign="bottom" width="1%"> </td></tr>
<tr><td> </td>
<td>Corporate bonds</td>
<td colspan="2" align="right">16,276,873</td>
<td colspan="3" align="right">(437,622</td>
<td>)</td>
<td colspan="3" align="right">-</td>
<td colspan="3" align="right">-</td>
<td> </td>
<td colspan="3" align="right">16,276,873</td>
<td colspan="3" align="right">(437,622</td>
<td>) </td></tr>
<tr bgcolor="#ccdaef"><td> </td>
<td>Municipal bonds</td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">1,798,229</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(18,504</td>
<td style="border-bottom: black 1px solid;">)</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td>
<td style="border-bottom: black 1px solid;"> </td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">1,798,229</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(18,504</td>
<td style="border-bottom: black 1px solid;">)</td></tr>
<tr><td> </td>
<td valign="top">Total</td>
<td style="border-bottom: black 3px double;" valign="top">$</td>
<td style="border-bottom: black 3px double;" valign="top" align="right">18,072,102</td>
<td valign="top"> </td>
<td style="border-bottom: black 3px double;" valign="top">$</td>
<td style="border-bottom: black 3px double;" valign="top" align="right">(456,126</td>
<td style="border-bottom: black 3px double;" valign="top">)</td>
<td valign="top"> </td>
<td style="border-bottom: black 3px double;" valign="top">$</td>
<td style="border-bottom: black 3px double;" valign="top" align="right">-</td>
<td valign="top"> </td>
<td style="border-bottom: black 3px double;" valign="top">$</td>
<td style="border-bottom: black 3px double;" valign="top" align="right">-</td>
<td style="border-bottom: black 3px double;" valign="top"> </td>
<td valign="top"> </td>
<td style="border-bottom: black 3px double;" valign="top">$</td>
<td style="border-bottom: black 3px double;" valign="top" align="right">18,072,102</td>
<td valign="top"> </td>
<td style="border-bottom: black 3px double;" valign="top">$</td>
<td style="border-bottom: black 3px double;" valign="top" align="right">(456,126</td>
<td style="border-bottom: black 3px double;" valign="top">)</td></tr>
<tr><td colspan="22">As of March 31, 2011</td></tr>
<tr bgcolor="#ccdaef"><td width="9"> </td>
<td>U.S. agency securities </td>
<td width="1%">$</td>
<td width="9%" align="right">-</td>
<td width="2%"> </td>
<td width="1%">$</td>
<td width="8%" align="right">-</td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%">$</td>
<td width="9%" align="right">-</td>
<td width="2%"> </td>
<td width="1%">$</td>
<td width="8%" align="right">-</td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%">$</td>
<td width="9%" align="right">-</td>
<td width="2%"> </td>
<td width="1%">$</td>
<td width="8%" align="right">-</td>
<td width="1%"> </td></tr>
<tr><td> </td>
<td>Corporate bonds</td>
<td colspan="2" align="right">9,146,952</td>
<td colspan="3" align="right">(147,443</td>
<td>)</td>
<td colspan="3" align="right">-</td>
<td colspan="3" align="right">-</td>
<td> </td>
<td colspan="3" align="right">9,146,952</td>
<td colspan="3" align="right">(147,443</td>
<td>)</td></tr>
<tr bgcolor="#ccdaef"><td> </td>
<td width="122">Municipal bonds</td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">2,178,225</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(10,047</td>
<td style="border-bottom: black 1px solid; valign: ;">)</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td>
<td style="border-bottom: black 1px solid; valign: ;"> </td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">2,178,225</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(10,047</td>
<td style="border-bottom: black 1px solid; valign: ;">)</td></tr>
<tr><td> </td>
<td valign="top" width="122">Total</td>
<td style="border-bottom: black 3px double;" valign="top">$</td>
<td style="border-bottom: black 3px double;" valign="top" align="right">11,325,177</td>
<td valign="top"> </td>
<td style="border-bottom: black 3px double;" valign="top">$</td>
<td style="border-bottom: black 3px double;" valign="top" align="right">(157,490</td>
<td style="border-bottom: black 3px double;" valign="top">)</td>
<td valign="top"> </td>
<td style="border-bottom: black 3px double;" valign="top">$</td>
<td style="border-bottom: black 3px double;" valign="top" align="right">-</td>
<td valign="top"> </td>
<td style="border-bottom: black 3px double;" valign="top">$</td>
<td style="border-bottom: black 3px double;" valign="top" align="right">-</td>
<td style="border-bottom: black 3px double;" valign="top"> </td>
<td valign="top"> </td>
<td style="border-bottom: black 3px double;" valign="top">$</td>
<td style="border-bottom: black 3px double;" valign="top" align="right">11,325,177</td>
<td valign="top"> </td>
<td style="border-bottom: black 3px double;" valign="top">$</td>
<td style="border-bottom: black 3px double;" valign="top" align="right">(157,490</td>
<td style="border-bottom: black 3px double;" valign="top">)</td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"> <br /> Gross unrealized losses totaled $456,126 as of September 30, 2011, and were attributable to seven corporate and two municipal bonds out of a portfolio of 54 bonds. Corporate bonds accounted for $437,622 of the total gross unrealized losses. The gross unrealized losses were due to market-price decreases and rating downgrades after the bonds were purchased. None of the bonds we hold had been in a continuous unrealized loss position for 12 months or more. Although several of the bonds we held were downgraded by Moody's or Standard and Poor's during the quarter ended September 30, 2011, all of the bonds that were rated by Moody's or Standard and Poor's had investment-grade credit ratings. For each bond with an unrealized loss, we expect to recover the entire cost basis of each security based on our consideration of factors including their credit ratings, the underlying ratings of insured bonds, and historical default rates for securities of comparable credit rating. Because we expect to recover the entire cost basis of the securities, and because we do not intend to sell the securities and it is not more likely than not that we will be required to sell the securities before recovery of the cost basis, which may be maturity, we did not consider any of our marketable securities to be other-than-temporarily impaired at September 30, 2011.<br /><br /><br /></font></div>
0
0
-6408458
-6011475
5710011
6383502
6307107
3206010
5994321
2555093
1914469
944420
2329148
1218442
8455255
4259814
7609729
3102265
7765811
9504221
204419
294234
1185306
1354995
1561772
3786980
6790889
7084218
1531116
1590068
<p><font size="2" class="_mt"><strong>NOTE 2. INTERIM FINANCIAL INFORMATION<br /></strong> The accompanying unaudited financial statements of NVE Corporation are prepared consistent with accounting principles generally accepted in the United States and in accordance with Securities and Exchange Commission rules and regulations. In the opinion of management, these financial statements reflect all adjustments, consisting only of normal and recurring adjustments, necessary for a fair presentation of the financial statements. Although we believe that the disclosures are adequate to make the information presented not misleading, it is suggested that these unaudited financial statements be read in conjunction with the audited financial statements and the notes included in our latest annual financial statements included in our Annual Report on <font style="white-space: nowrap;" class="_mt">Form 10-K</font> for the fiscal year ended March 31, 2011. The results of operations for the quarter ended September 30, 2011 are not necessarily indicative of the results that may be expected for the full fiscal year ending March 31, 2012.</font><br /></p>
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4776198