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NVE CORP /NEW/
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<div> <p><font size="2" class="_mt"><strong>NOTE 10. STOCK REPURCHASE PLAN<br /></strong>We did not repurchase any of our Common Stock during the quarter or nine months ended December 31, 2014. The repurchases were under a program announced January 21, 2009 authorizing the repurchase of up to $<font class="_mt">2,500,000</font> of our Common Stock, $<font class="_mt">1,236,595</font> of which remained available as of December 31, 2014. The repurchase program may be modified or discontinued at any time without notice.</font><br /><br /></p> </div>
374127
360991
2331574
1855079
7030692
7729513
877857
526033
20464883
20850762
15000
15000
4000
105242043
115823902
20214961
30602070
94382401
89934059
89934059
4448342
4448342
94356284
92963032
92963032
1393252
1393252
1630343
1613822
16521
928607
928607
251582
246973
4609
102420
101954
466
93003640
88567210
4436430
93530097
92136379
1393718
62016
62016
251582
246973
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102420
101954
466
36180425
34761683
1418742
22711550
21318298
1393252
251582
246973
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40404
39938
466
36180425
34761683
1418742
14329383
12936131
1393252
8382167
8382167
11554543
<div> <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> </div>
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<div> <p><font size="2" class="_mt"><strong>NOTE 7. STOCK-BASED COMPENSATION<br /></strong>Stock-based compensation expense was $<font class="_mt">58,960</font> for the first nine months of fiscal 2015, and $<font class="_mt">53,200</font> for the first nine months of fiscal 2014. Stock-based compensation expenses for the nine months ended December 31, 2014 and 2013 were 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 using the Black-Scholes standard option-pricing model.</font><br /></p> </div>
1.77
0.57
2.21
0.57
1.76
0.57
2.20
0.57
<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 totaling <font class="_mt">4,000</font> for the nine months ended December 31, 2014 were not included in the computation of diluted earnings per share because the exercise prices of the options <b> </b>were greater than the market price of the common stock and are considered anti-dilutive. The following table reflects the components of common shares outstanding:<br /><br /></font>
<div>
<table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%">
<tr><td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr><td rowspan="2"> </td>
<td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Quarter Ended Dec. 31</b></td></tr>
<tr><td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2014</b></td>
<td> </td>
<td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2013</b></td></tr>
<tr bgcolor="#ccdaef"><td>Weighted average common shares outstanding basic</td>
<td align="right">4,857,953</td>
<td width="2%"> </td>
<td width="11%" align="right">4,842,565</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">18,121</td>
<td> </td>
<td align="right">16,416</td></tr>
<tr><td>
<div style="margin-left: 9pt;" align="left">Warrants</div></td>
<td style="border-bottom: black 1px solid;" align="right">-</td>
<td> </td>
<td style="border-bottom: black 1px solid;" align="right">620</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">4,876,074</td>
<td> </td>
<td style="border-bottom: black 3px double;" valign="top" align="right">4,859,601</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> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr><td rowspan="2"> </td>
<td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Nine Months Ended Dec. 31</b></td></tr>
<tr><td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2014</b></td>
<td> </td>
<td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2013</b></td></tr>
<tr bgcolor="#ccdaef"><td>Weighted average common shares outstanding basic</td>
<td align="right">4,854,702</td>
<td width="2%"> </td>
<td width="11%" align="right">4,852,356</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">16,568</td>
<td> </td>
<td align="right">15,128</td></tr>
<tr><td>
<div style="margin-left: 9pt;" align="left">Warrants</div></td>
<td style="border-bottom: black 1px solid;" align="right">-</td>
<td> </td>
<td style="border-bottom: black 1px solid;" align="right">556</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">4,871,270</td>
<td> </td>
<td style="border-bottom: black 3px double;" valign="top" align="right">4,868,040</td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br /><br /></font></div> </div>
808675
801669
67044
24288
67044
24288
<div> <p><font size="2" class="_mt"><strong>NOTE 9. FAIR VALUE MEASUREMENTS<br /></strong>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 />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 corporate debt securities, which are classified as available-for-sale. On the balance sheets, these securities are included in Marketable securities, short term and Marketable securities, long term. The fair value of our Level 1 marketable securities was $<font class="_mt">92,963,032</font> at December 31, 2014 and $<font class="_mt">89,934,059</font> at March 31, 2014.<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. Our Level 2 financial instruments consist of municipal debt securities, which are classified as available-for-sale. On the balance sheets, these securities are included in Marketable securities, short term and Marketable securities, long term. We held one Level 2 marketable security at December 31, 2014, with a fair value of $<font class="_mt">1,393,252</font>. The fair value of our Level 2 marketable securities was $<font class="_mt">4,448,342</font> at March 31, 2014.<br /><br />Level 3 Inputs to the fair value measurement are unobservable inputs or valuation techniques. We do not have any financial assets or liabilities being measured at fair value that are classified as Level 3 financial instruments.</font><br /><br /><br /></p> </div>
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<div> <p><font size="2" class="_mt"><strong>NOTE 8. INCOME TAXES<br /></strong>Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. <br /><br />We had no unrecognized tax benefits as of December 31, 2014 or March 31, 2014, and we do not expect any significant unrecognized tax benefits within 12 months of the reporting date. We recognize interest and penalties related to income tax matters in income tax expense. As of December 31, 2014 we had no accrued interest related to uncertain tax positions. The tax years 1999 through 2013 remain open to examination by the major taxing jurisdictions to which we are subject.</font><br /></p> </div>
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620
15128
16416
16568
18121
295000
230000
<div> <font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><b>NOTE 6. INVENTORIES</b> <br />Inventories consisted of the following:<br /><br /></font>
<table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="50%" align="center">
<tr><td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr><td> </td>
<td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Dec. 31<br />2014</b></td>
<td width="4%"> </td>
<td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>March 31<br />2014</b></td></tr>
<tr bgcolor="#ccdaef"><td>Raw materials</td>
<td width="1%">$</td>
<td width="22%" align="right">978,032</td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%">$</td>
<td width="22%" align="right">776,510</td>
<td width="1%"> </td></tr>
<tr><td>Work in process</td>
<td> </td>
<td width="22%" align="right">2,053,317</td>
<td> </td>
<td width="4%"> </td>
<td> </td>
<td align="right">1,940,809</td>
<td> </td></tr>
<tr bgcolor="#ccdaef"><td>Finished goods</td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">884,775</td>
<td style="border-bottom: black 1px solid;"> </td>
<td width="4%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">785,014</td>
<td style="border-bottom: black 1px solid;"> </td></tr>
<tr><td> </td>
<td> </td>
<td width="22%" align="right">3,916,124</td>
<td> </td>
<td width="4%"> </td>
<td> </td>
<td align="right">3,502,333</td>
<td> </td></tr>
<tr bgcolor="#ccdaef"><td>Less inventory reserve</td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(230,000</td>
<td style="border-bottom: black 1px solid;">)</td>
<td width="4%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(295,000</td>
<td style="border-bottom: black 1px solid;">)</td></tr>
<tr valign="top"><td>Total inventories</td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" width="22%" align="right">3,686,124</td>
<td style="border-bottom: black 3px double;"> </td>
<td width="4%"> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">3,207,333</td>
<td style="border-bottom: black 3px double;"> </td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br /><br /></font> </div>
785014
884775
3502333
3916124
3207333
3686124
776510
978032
1940809
2053317
1577524
530383
1669320
557843
<div> <font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><b>NOTE 5. MARKETABLE SECURITIES</b> <br />Marketable securities with remaining maturities less than one year are classified as short-term, and those with remaining maturities greater than one year are classified as long-term. The fair value of our marketable securities as of December 31, 2014, by maturity, were as follows:<br /><br /></font>
<table style="font-family: Times New Roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="50%" align="center">
<tr><td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Total</b></td>
<td width="4%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b><1 Year</b></td>
<td width="4%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>1-3 Years</b></td>
<td width="4%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>3-5 Years</b></td></tr>
<tr><td width="1%">$</td>
<td width="12%" align="right">94,356,284</td>
<td> </td>
<td width="1%">$</td>
<td width="12%" align="right">11,554,543</td>
<td> </td>
<td width="1%">$</td>
<td width="12%" align="right">49,411,855</td>
<td width="2%"> </td>
<td width="1%">$</td>
<td width="12%" align="right">33,389,886</td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br />As of December 31 and March 31, 2014, 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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr><td rowspan="2"> </td>
<td style="border-bottom: black 1px solid;" colspan="12" align="center"><b>As of December 31, 2014</b></td>
<td style="border-bottom: black 1px solid;" rowspan="2" width="1"> </td>
<td style="border-bottom: black 1px solid;" colspan="12" align="center"><b>As of March 31, 2014</b></td></tr>
<tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><b><br />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"><b><br />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><td valign="bottom">Corporate bonds</td>
<td>$</td>
<td valign="bottom" align="right">92,136,379</td>
<td> </td>
<td>$</td>
<td valign="bottom" align="right">928,607 <br /></td>
<td> </td>
<td>$</td>
<td valign="bottom" align="right">(101,954</td>
<td valign="bottom">)</td>
<td> </td>
<td>$</td>
<td valign="bottom" align="right">92,963,032</td>
<td> </td>
<td>$</td>
<td valign="bottom" align="right">88,567,210</td>
<td> </td>
<td>$</td>
<td valign="bottom" align="right">1,613,822</td>
<td> </td>
<td>$</td>
<td valign="bottom" align="right">(246,973</td>
<td valign="bottom">)</td>
<td> </td>
<td>$</td>
<td valign="bottom" align="right">89,934,059</td></tr>
<tr bgcolor="#ccdaef"><td valign="bottom">Municipal bonds </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">1,393,718</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(466</td>
<td style="border-bottom: black 1px solid; valign: ;" valign="bottom">)</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">1,393,252</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">4,436,430</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">16,521<br /></td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(4,609</td>
<td style="border-bottom: black 1px solid; valign: ;" valign="bottom">)</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">4,448,342</td></tr>
<tr><td valign="top">Total</td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">93,530,097</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">928,607</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">(<font style="font-family: Times New Roman; font-size: 10pt;" class="_mt">102,420</font></td>
<td style="border-bottom: black 3px double;">)</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">94,356,284</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">93,003,640</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">1,630,343</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">(251,582</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">94,382,401</td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br />The following table presents 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 December 31 and March 31, 2014:<br /><br /></font>
<table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr><td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<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 December 31, 2014</td></tr>
<tr><td bgcolor="#ccdaef" width="12"> </td>
<td bgcolor="#ccdaef">Corporate bonds</td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="9%" align="right">12,936,131</td>
<td bgcolor="#ccdaef" width="2%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="8%" align="right">(39,938</td>
<td bgcolor="#ccdaef" width="1%">)</td>
<td bgcolor="#ccdaef" width="4%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="9%" align="right">8,382,167</td>
<td bgcolor="#ccdaef" width="2%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="8%" align="right">(62,016<br /></td>
<td bgcolor="#ccdaef" width="1%">)</td>
<td bgcolor="#ccdaef" width="4%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="9%" align="right">21,318,298</td>
<td bgcolor="#ccdaef" width="2%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="8%" align="right">(101,954</td>
<td bgcolor="#ccdaef" width="1%">)</td></tr>
<tr><td> </td>
<td>Municipal bonds </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">1,393,252</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(466</td>
<td style="border-bottom: black 1px solid;">)</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td>
<td style="border-bottom: black 1px solid;"> </td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">1,393,252</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(466</td>
<td style="border-bottom: black 1px solid;">)</td></tr>
<tr><td bgcolor="#ccdaef"> </td>
<td bgcolor="#ccdaef" valign="top">Total</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">14,329,383</td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(40,404</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">8,382,167</td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(62,016</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">22,711,550</td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(<font style="font-family: Times New Roman; font-size: 10pt;" class="_mt">102,420</font></td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td></tr>
<tr><td colspan="22">As of March 31, 2014</td></tr>
<tr><td bgcolor="#ccdaef" width="12"> </td>
<td bgcolor="#ccdaef">Corporate bonds</td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="9%" align="right">34,761,683</td>
<td bgcolor="#ccdaef" width="2%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="8%" align="right">(246,973</td>
<td bgcolor="#ccdaef" width="1%">)</td>
<td bgcolor="#ccdaef" width="4%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="9%" align="right">-</td>
<td bgcolor="#ccdaef" width="2%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="8%" align="right">-</td>
<td bgcolor="#ccdaef" width="1%"> </td>
<td bgcolor="#ccdaef" width="4%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="9%" align="right">34,761,683</td>
<td bgcolor="#ccdaef" width="2%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="8%" align="right">(246,973</td>
<td bgcolor="#ccdaef" width="1%">)</td></tr>
<tr><td> </td>
<td>Municipal bonds </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">1,418,742</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(4,609</td>
<td style="border-bottom: black 1px solid;">)</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td>
<td style="border-bottom: black 1px solid;"> </td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">1,418,742</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(4,609</td>
<td style="border-bottom: black 1px solid;">)</td></tr>
<tr><td bgcolor="#ccdaef"> </td>
<td bgcolor="#ccdaef" valign="top">Total</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">36,180,425</td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(251,582</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">-</td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">-</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top"> </td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">36,180,425</td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(251,582</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br />Gross unrealized losses totaled $102,420 as of December 31, 2014, and were attributed to seven corporate bonds and one municipal bond out of a portfolio of 35 bonds. The gross unrealized losses were due to market-price decreases and rating downgrades after the bonds were purchased.<br /><br />All of the bonds we held had investment-grade credit ratings by Moodys or Standard and Poors. 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.<br /><br />Three corporate bonds, with a total fair market value of $8,382,167, had been in continuous unrealized loss positions for 12 months or greater. For these securities, we also considered the severity of unrealized losses, which was less than 2% of adjusted cost for each security.<br /><br />Because we expect to recover the cost basis of investments held, we do not consider any of our marketable securities to be other-than-temporarily impaired at December 31, 2014.<br /><br /></font> </div>
1499454
1499454
105242043
115823902
1182802
1162660
8536010
8650150
12360091
11554543
82022310
82801741
<div> <table style="font-family: Times New Roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="50%" align="center">
<tr><td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Total</b></td>
<td width="4%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b><1 Year</b></td>
<td width="4%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>1-3 Years</b></td>
<td width="4%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>3-5 Years</b></td></tr>
<tr><td width="1%">$</td>
<td width="12%" align="right">94,356,284</td>
<td> </td>
<td width="1%">$</td>
<td width="12%" align="right">11,554,543</td>
<td> </td>
<td width="1%">$</td>
<td width="12%" align="right">49,411,855</td>
<td width="2%"> </td>
<td width="1%">$</td>
<td width="12%" align="right">33,389,886</td></tr></table> </div>
-1008331
326989
-9358095
-640596
9818028
10848250
8573650
2777174
10705638
2792906
<div> <font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><b>NOTE 3. RECENT ACCOUNTING PRONOUNCEMENTS</b><br />In May 2014, the Financial Accounting Standards Board issued Accounting Standard Update (ASU) No. 2014-09, <i>Revenue from Contracts with Customers (Topic 606)</i>, which supersedes the revenue recognition requirements in Accounting Standards Codification 605, <i>Revenue Recognition</i>. ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period, which will be our first quarter of fiscal 2018. We have not yet evaluated the impact of ASU 2014-09 on our financial statements.</font> <font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br /></font> </div>
4501198
1448944
4074409
1228453
11119315
3575357
14296114
3589640
-762475
-151829
-351824
-41941
1263405
0
17879202
9136457
33893
114139
816276
1525778
188030
302701
8555000
8610000
10035464
10149604
3004772
2420091
<div> <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, 2014. The results of operations for the quarter or nine months ended December 31, 2014 are not necessarily indicative of the results that may be expected for the full fiscal year ending March 31, 2015.</font><br /><br /></p> </div>
2744620
905246
2285465
694758
82313391
93019029
19951810
6473697
23012156
6291748
19654162
6448407
22345577
5883690
<div> <table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%">
<tr><td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr><td rowspan="2"> </td>
<td style="border-bottom: black 1px solid;" colspan="12" align="center"><b>As of December 31, 2014</b></td>
<td style="border-bottom: black 1px solid;" rowspan="2" width="1"> </td>
<td style="border-bottom: black 1px solid;" colspan="12" align="center"><b>As of March 31, 2014</b></td></tr>
<tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><b><br />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"><b><br />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><td valign="bottom">Corporate bonds</td>
<td>$</td>
<td valign="bottom" align="right">92,136,379</td>
<td> </td>
<td>$</td>
<td valign="bottom" align="right">928,607 <br /></td>
<td> </td>
<td>$</td>
<td valign="bottom" align="right">(101,954</td>
<td valign="bottom">)</td>
<td> </td>
<td>$</td>
<td valign="bottom" align="right">92,963,032</td>
<td> </td>
<td>$</td>
<td valign="bottom" align="right">88,567,210</td>
<td> </td>
<td>$</td>
<td valign="bottom" align="right">1,613,822</td>
<td> </td>
<td>$</td>
<td valign="bottom" align="right">(246,973</td>
<td valign="bottom">)</td>
<td> </td>
<td>$</td>
<td valign="bottom" align="right">89,934,059</td></tr>
<tr bgcolor="#ccdaef"><td valign="bottom">Municipal bonds </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">1,393,718</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(466</td>
<td style="border-bottom: black 1px solid; valign: ;" valign="bottom">)</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">1,393,252</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">4,436,430</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">16,521<br /></td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(4,609</td>
<td style="border-bottom: black 1px solid; valign: ;" valign="bottom">)</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">4,448,342</td></tr>
<tr><td valign="top">Total</td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">93,530,097</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">928,607</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">(<font style="font-family: Times New Roman; font-size: 10pt;" class="_mt">102,420</font></td>
<td style="border-bottom: black 3px double;">)</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">94,356,284</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">93,003,640</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">1,630,343</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">(251,582</td>
<td style="border-bottom: black 3px double;">)</td>
<td> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">94,382,401</td></tr></table> </div>
<div> <table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="50%" align="center">
<tr><td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr><td> </td>
<td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Dec. 31<br />2014</b></td>
<td width="4%"> </td>
<td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>March 31<br />2014</b></td></tr>
<tr bgcolor="#ccdaef"><td>Raw materials</td>
<td width="1%">$</td>
<td width="22%" align="right">978,032</td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%">$</td>
<td width="22%" align="right">776,510</td>
<td width="1%"> </td></tr>
<tr><td>Work in process</td>
<td> </td>
<td width="22%" align="right">2,053,317</td>
<td> </td>
<td width="4%"> </td>
<td> </td>
<td align="right">1,940,809</td>
<td> </td></tr>
<tr bgcolor="#ccdaef"><td>Finished goods</td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">884,775</td>
<td style="border-bottom: black 1px solid;"> </td>
<td width="4%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">785,014</td>
<td style="border-bottom: black 1px solid;"> </td></tr>
<tr><td> </td>
<td> </td>
<td width="22%" align="right">3,916,124</td>
<td> </td>
<td width="4%"> </td>
<td> </td>
<td align="right">3,502,333</td>
<td> </td></tr>
<tr bgcolor="#ccdaef"><td>Less inventory reserve</td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(230,000</td>
<td style="border-bottom: black 1px solid;">)</td>
<td width="4%"> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(295,000</td>
<td style="border-bottom: black 1px solid;">)</td></tr>
<tr valign="top"><td>Total inventories</td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" width="22%" align="right">3,686,124</td>
<td style="border-bottom: black 3px double;"> </td>
<td width="4%"> </td>
<td style="border-bottom: black 3px double;">$</td>
<td style="border-bottom: black 3px double;" align="right">3,207,333</td>
<td style="border-bottom: black 3px double;"> </td></tr></table> </div>
<div> <table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr><td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr><td rowspan="2" colspan="2"> </td>
<td style="border-bottom: black 1px solid;" colspan="6" align="center"><b>Less Than 12 Months</b></td>
<td rowspan="2"> </td>
<td style="border-bottom: black 1px solid;" colspan="6" align="center"><b>12 Months or Greater</b></td>
<td rowspan="2"> </td>
<td style="border-bottom: black 1px solid;" colspan="6" align="center"><b>Total</b></td></tr>
<tr><td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Fair<br />Market<br />Value</b></td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Gross<br />Unrealized<br />Losses</b></td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Fair<br />Market<br />Value</b></td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Gross<br />Unrealized<br />Losses</b></td>
<td style="border-bottom: black 1px solid;" colspan="2" align="center"><b>Fair<br />Market<br />Value</b></td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Gross<br />Unrealized<br />Losses</b></td></tr>
<tr><td colspan="22">As of December 31, 2014</td></tr>
<tr><td bgcolor="#ccdaef" width="12"> </td>
<td bgcolor="#ccdaef">Corporate bonds</td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="9%" align="right">12,936,131</td>
<td bgcolor="#ccdaef" width="2%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="8%" align="right">(39,938</td>
<td bgcolor="#ccdaef" width="1%">)</td>
<td bgcolor="#ccdaef" width="4%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="9%" align="right">8,382,167</td>
<td bgcolor="#ccdaef" width="2%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="8%" align="right">(62,016<br /></td>
<td bgcolor="#ccdaef" width="1%">)</td>
<td bgcolor="#ccdaef" width="4%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="9%" align="right">21,318,298</td>
<td bgcolor="#ccdaef" width="2%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="8%" align="right">(101,954</td>
<td bgcolor="#ccdaef" width="1%">)</td></tr>
<tr><td> </td>
<td>Municipal bonds </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">1,393,252</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(466</td>
<td style="border-bottom: black 1px solid;">)</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td>
<td style="border-bottom: black 1px solid;"> </td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">1,393,252</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(466</td>
<td style="border-bottom: black 1px solid;">)</td></tr>
<tr><td bgcolor="#ccdaef"> </td>
<td bgcolor="#ccdaef" valign="top">Total</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">14,329,383</td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(40,404</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">8,382,167</td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(62,016</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">22,711,550</td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(<font style="font-family: Times New Roman; font-size: 10pt;" class="_mt">102,420</font></td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td></tr>
<tr><td colspan="22">As of March 31, 2014</td></tr>
<tr><td bgcolor="#ccdaef" width="12"> </td>
<td bgcolor="#ccdaef">Corporate bonds</td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="9%" align="right">34,761,683</td>
<td bgcolor="#ccdaef" width="2%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="8%" align="right">(246,973</td>
<td bgcolor="#ccdaef" width="1%">)</td>
<td bgcolor="#ccdaef" width="4%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="9%" align="right">-</td>
<td bgcolor="#ccdaef" width="2%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="8%" align="right">-</td>
<td bgcolor="#ccdaef" width="1%"> </td>
<td bgcolor="#ccdaef" width="4%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="9%" align="right">34,761,683</td>
<td bgcolor="#ccdaef" width="2%"> </td>
<td bgcolor="#ccdaef" width="1%">$</td>
<td bgcolor="#ccdaef" width="8%" align="right">(246,973</td>
<td bgcolor="#ccdaef" width="1%">)</td></tr>
<tr><td> </td>
<td>Municipal bonds </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">1,418,742</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(4,609</td>
<td style="border-bottom: black 1px solid;">)</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">-</td>
<td style="border-bottom: black 1px solid;"> </td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">1,418,742</td>
<td> </td>
<td style="border-bottom: black 1px solid;" colspan="2" align="right">(4,609</td>
<td style="border-bottom: black 1px solid;">)</td></tr>
<tr><td bgcolor="#ccdaef"> </td>
<td bgcolor="#ccdaef" valign="top">Total</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">36,180,425</td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(251,582</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">-</td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">-</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top"> </td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">36,180,425</td>
<td bgcolor="#ccdaef" valign="top"> </td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">$</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top" align="right">(251,582</td>
<td style="border-bottom: black 3px double;" bgcolor="#ccdaef" valign="top">)</td></tr></table> </div>
<div> <div>
<table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%">
<tr><td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr><td rowspan="2"> </td>
<td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Quarter Ended Dec. 31</b></td></tr>
<tr><td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2014</b></td>
<td> </td>
<td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2013</b></td></tr>
<tr bgcolor="#ccdaef"><td>Weighted average common shares outstanding basic</td>
<td align="right">4,857,953</td>
<td width="2%"> </td>
<td width="11%" align="right">4,842,565</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">18,121</td>
<td> </td>
<td align="right">16,416</td></tr>
<tr><td>
<div style="margin-left: 9pt;" align="left">Warrants</div></td>
<td style="border-bottom: black 1px solid;" align="right">-</td>
<td> </td>
<td style="border-bottom: black 1px solid;" align="right">620</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">4,876,074</td>
<td> </td>
<td style="border-bottom: black 3px double;" valign="top" align="right">4,859,601</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> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr><td rowspan="2"> </td>
<td style="border-bottom: black 1px solid;" colspan="3" align="center"><b>Nine Months Ended Dec. 31</b></td></tr>
<tr><td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2014</b></td>
<td> </td>
<td style="border-bottom: black 1px solid;" width="11%" align="center"><b>2013</b></td></tr>
<tr bgcolor="#ccdaef"><td>Weighted average common shares outstanding basic</td>
<td align="right">4,854,702</td>
<td width="2%"> </td>
<td width="11%" align="right">4,852,356</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">16,568</td>
<td> </td>
<td align="right">15,128</td></tr>
<tr><td>
<div style="margin-left: 9pt;" align="left">Warrants</div></td>
<td style="border-bottom: black 1px solid;" align="right">-</td>
<td> </td>
<td style="border-bottom: black 1px solid;" align="right">556</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">4,871,270</td>
<td> </td>
<td style="border-bottom: black 3px double;" valign="top" align="right">4,868,040</td></tr></table><font style="font-family: Times New Roman; font-size: 10pt;" class="_mt"><br /><br /></font></div> </div>
1756578
543698
1788944
533695
53200
58960
103704641
114444404
2500000
1236595
4868040
4859601
4871270
4876074
4852356
4842565
4854702
4857953