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NVE Corporation Reports Fourth Quarter and Fiscal Year Results and Announces Quarterly Dividend

NVE Corporation
NVE Corporation

EDEN PRAIRIE, Minn., May 01, 2024 (GLOBE NEWSWIRE) -- NVE Corporation (Nasdaq: NVEC) announced today financial results for the quarter and fiscal year ended March 31, 2024.

Total revenue for the fourth quarter of fiscal 2024 decreased 45% to $7.08 million from $12.8 million for the prior-year quarter. The decrease was due to a 43% decrease in product sales and an 88% decrease in contract research and development revenue. Net income for the fourth quarter of fiscal 2024 decreased 54% to $3.81 million, or $0.79 per diluted share, compared to $8.23 million, or $1.70 per diluted share, for the prior-year quarter.

For fiscal 2024, total revenue decreased 22% to $29.8 million, compared to $38.3 million in the prior year. The decrease was due to a 21% decrease in product sales and a 45% decrease in contract research and development revenue. Net income for fiscal 2024 decreased 25% to $17.1 million, or $3.54 per diluted share, from $22.7 million, or $4.70 per share, for fiscal 2023.

The company also announced a quarterly cash dividend to shareholders of $1.00 per share of common stock, payable May 31, 2024 to shareholders of record as of May 13, 2024.

“We are pleased to report solid earnings for the quarter and fiscal year despite a semiconductor industry downturn,” said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D.

NVE is a leader in the practical commercialization of spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information. The company manufactures high-performance spintronic products including sensors and couplers that are used to acquire and transmit data.

Statements used in this press release that relate to future plans, events, financial results, or performance are forward-looking statements that are subject to certain risks and uncertainties including, among others, such factors as our reliance on several large customers for a significant percentage of revenue, uncertainties related to the economic environments in the industries we serve, uncertainties related to future sales and revenues, risks and uncertainties related to future dividend payments, as well as the risk factors listed from time to time in our filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2024.

###

NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS AND YEARS ENDED MARCH 31, 2024 AND 2023

 

Quarter Ended March 31,

 

2024

 

2023

Revenue

Product sales

$

7,034,840

 

   

$

12,408,832

 

Contract research and development

 

48,389

 

 

 

388,851

 

Total revenue

 

7,083,229

 

 

 

12,797,683

 

Cost of sales

 

1,737,977

 

 

 

2,529,311

 

Gross profit

 

5,345,252

 

 

 

10,268,372

 

Expenses

 

 

 

 

 

 

 

Research and development

 

811,339

 

 

 

611,489

 

Selling, general, and administrative

 

473,622

 

 

 

752,710

 

Total expenses

 

1,284,961

 

 

 

1,364,199

 

 

 

 

 

 

 

 

 

Income from operations

 

4,060,291

 

 

 

8,904,173

 

Interest income

 

508,431

 

 

 

408,127

 

Income before taxes

 

4,568,722

 

 

 

9,312,300

 

Provision for income taxes

 

755,741

 

 

 

1,079,656

 

Net income

$

3,812,981

 

 

$

8,232,644

 

Net income per share – basic

$

0.79

 

 

$

1.70

 

Net income per share – diluted

$

0.79

 

 

$

1.70

 

Weighted average shares outstanding

 

 

 

 

 

 

 

Basic

 

4,833,610

 

 

 

4,830,826

 

Diluted

 

4,839,556

 

 

 

4,836,365

 


 

Year  Ended March 31,

 

2024

 

2023

Revenue

Product sales

$

29,218,063

 

   

$

37,196,717

 

Contract research and development

 

586,116

 

 

 

1,056,875

 

Total revenue

 

29,804,179

 

 

 

38,253,592

 

Cost of sales

 

6,772,533

 

 

 

8,062,311

 

Gross profit

 

23,031,646

 

 

 

30,191,281

 

Expenses

 

 

 

 

 

 

 

Research and development

 

2,731,434

 

 

 

2,583,994

 

Selling, general, and administrative

 

1,771,833

 

 

 

1,963,105

 

Credit loss expense

 

9,514

 

 

 

-

 

Total expenses

 

4,512,781

 

 

 

4,547,099

 

 

 

 

 

 

 

 

 

Income from operations

 

18,518,865

 

 

 

25,644,182

 

Interest income

 

1,948,720

 

 

 

1,448,655

 

Income before taxes

 

20,467,585

 

 

 

27,092,837

 

Provision for income taxes

 

3,342,886

 

 

 

4,398,379

 

Net income

$

17,124,699

 

 

$

22,694,458

 

Net income per share – basic

$

3.54

 

 

$

4.70

 

Net income per share – diluted

$

3.54

 

 

$

4.70

 

Weighted average shares outstanding

 

 

 

 

 

 

 

Basic

 

4,833,146

 

 

 

4,830,826

 

Diluted

 

4,839,705

 

 

 

4,832,096

 


NVE CORPORATION
BALANCE SHEETS
MARCH 31, 2024 AND 2023
 

 

March 31, 2024

 

March 31, 2023

ASSETS

Current assets

Cash and cash equivalents

$

10,283,550

 

   

$

1,669,896

 

Marketable securities, short-term
(amortized cost of $12,283,630 as of March 31, 2024 and $15,696,135 as of March 31, 2023 )

 

11,917,779

 

 

 

15,513,095

 

Accounts receivable, net of allowance for credit losses of $15,000

 

3,144,833

 

 

 

6,523,344

 

Inventories

 

7,158,585

 

 

 

6,417,010

 

Prepaid expenses and other assets

 

689,349

 

 

 

663,459

 

Total current assets

 

33,194,096

 

 

 

30,786,804

 

Fixed assets

 

 

 

 

 

 

 

Machinery and equipment

 

10,501,096

 

 

 

10,484,365

 

Leasehold improvements

 

1,956,309

 

 

 

1,956,309

 

 

 

12,457,405

 

 

 

12,440,674

 

Less accumulated depreciation and amortization

 

11,403,383

 

 

 

11,095,236

 

Net fixed assets

 

1,054,022

 

 

 

1,345,438

 

Deferred tax assets

 

1,453,704

 

 

 

572,038

 

Marketable securities, long-term
(amortized cost of $31,417,890 as of March 31, 2024, and $37,495,846 as of March 31, 2023)

 

30,788,301

 

 

 

36,125,047

 

Right-of-use asset – operating lease

 

289,910

 

 

 

425,843

 

Total assets

$

66,780,033

 

 

$

69,255,170

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities

Accounts payable

$

127,154

 

 

$

281,712

 

Accrued payroll and other

 

729,215

 

 

 

1,375,250

 

Operating lease

 

179,372

 

 

 

175,798

 

Total current liabilities

 

1,035,741

 

 

 

1,832,760

 

Operating lease

 

175,775

 

 

 

342,908

 

Total liabilities

 

1,211,516

 

 

 

2,175,668

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

Common stock

 

48,337

 

 

 

48,308

 

Additional paid-in capital

 

19,554,812

 

 

 

19,295,442

 

Accumulated other comprehensive income

 

(777,637

)

 

 

(1,213,858

)

Retained earnings

 

46,743,005

 

 

 

48,949,610

 

Total shareholders’ equity

 

65,568,517

 

 

 

67,079,502

 

Total liabilities and shareholders’ equity

$

66,780,033

 

 

$

69,255,170

 

CONTACT: Daniel A. Baker, CEO (952) 829-9217