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

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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 ...

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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 $1.00 per share of common stock, payable May 31, 2024 to shareholders of record as of May 13, 2024. “We are pleased to report solid earnings for the quarter and fiscal year despite a semiconductor industry downturn,” said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D. NVE is a leader in the practical commercialization of spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information. The company manufactures high-performance spintronic products including sensors and couplers that are used to acquire and transmit data. Statements used in this press release that relate to future plans, events, financial results, or performance are forward-looking statements that are subject to certain risks and uncertainties including, among others, such factors as our reliance on several large customers for a significant percentage of revenue, uncertainties related to the economic environments in the industries we serve, uncertainties related to future sales and revenues, risks and uncertainties related to future dividend payments, as well as the risk factors listed from time to time in our filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2024.\n###\n\n\n\nNVE CORPORATION STATEMENTS OF INCOME QUARTERS AND YEARS ENDED MARCH 31, 2024 AND 2023  \n\n\n \nQuarter Ended March 31,\n\n\n \n2024\n \n2023\n\n\nRevenue\n\n\nProduct sales\n$\n   7,034,840\n \n   \n$\n 12,408,832\n \n\n\nContract research and development\n \n48,389\n \n \n \n388,851\n \n\n\nTotal revenue\n \n7,083,229\n \n \n \n12,797,683\n \n\n\nCost of sales\n \n1,737,977\n \n \n \n2,529,311\n \n\n\nGross profit\n \n5,345,252\n \n \n \n10,268,372\n \n\n\nExpenses\n \n \n \n \n \n \n \n\n\nResearch and development\n \n811,339\n \n \n \n611,489\n \n\n\nSelling, general, and administrative\n \n473,622\n \n \n \n752,710\n \n\n\nTotal expenses\n \n1,284,961\n \n \n \n1,364,199\n \n\n\n \n \n \n \n \n \n \n \n\n\nIncome from operations\n \n4,060,291\n \n \n \n8,904,173\n \n\n\nInterest income\n \n508,431\n \n \n \n408,127\n \n\n\nIncome before taxes\n \n4,568,722\n \n \n \n9,312,300\n \n\n\nProvision for income taxes\n \n755,741\n \n \n \n1,079,656\n \n\n\nNet income\n$\n3,812,981\n \n \n$\n8,232,644\n \n\n\nNet income per share – basic\n$\n0.79\n \n \n$\n1.70\n \n\n\nNet income per share – diluted\n$\n0.79\n \n \n$\n1.70\n \n\n\nWeighted average shares outstanding\n \n \n \n \n \n \n \n\n\nBasic\n \n4,833,610\n \n \n \n4,830,826\n \n\n\nDiluted\n \n4,839,556\n \n \n \n4,836,365\n \n\n\n\n\n\n\n \nYear  Ended March 31,\n\n\n \n2024\n \n2023\n\n\nRevenue\n\n\nProduct sales\n$\n 29,218,063\n \n   \n$\n 37,196,717\n \n\n\nContract research and development\n \n586,116\n \n \n \n1,056,875\n \n\n\nTotal revenue\n \n29,804,179\n \n \n \n38,253,592\n \n\n\nCost of sales\n \n6,772,533\n \n \n \n8,062,311\n \n\n\nGross profit\n \n23,031,646\n \n \n \n30,191,281\n \n\n\nExpenses\n \n \n \n \n \n \n \n\n\nResearch and development\n \n2,731,434\n \n \n \n2,583,994\n \n\n\nSelling, general, and administrative\n \n1,771,833\n \n \n \n1,963,105\n \n\n\nCredit loss expense\n \n9,514\n \n \n \n-\n \n\n\nTotal expenses\n \n4,512,781\n \n \n \n4,547,099\n \n\n\n \n \n \n \n \n \n \n \n\n\nIncome from operations\n \n18,518,865\n \n \n \n25,644,182\n \n\n\nInterest income\n \n1,948,720\n \n \n \n1,448,655\n \n\n\nIncome before taxes\n \n20,467,585\n \n \n \n27,092,837\n \n\n\nProvision for income taxes\n \n3,342,886\n \n \n \n4,398,379\n \n\n\nNet income\n$\n17,124,699\n \n \n$\n22,694,458\n \n\n\nNet income per share – basic\n$\n3.54\n \n \n$\n4.70\n \n\n\nNet income per share – diluted\n$\n3.54\n \n \n$\n4.70\n \n\n\nWeighted average shares outstanding\n \n \n \n \n \n \n \n\n\nBasic\n \n4,833,146\n \n \n \n4,830,826\n \n\n\nDiluted\n \n4,839,705\n \n \n \n4,832,096\n \n\n\n\n\n\n\nNVE CORPORATION BALANCE SHEETS MARCH 31, 2024 AND 2023   \n\n\n \nMarch 31, 2024\n \nMarch 31, 2023\n\n\nASSETS\n\n\nCurrent assets\n\n\nCash and cash equivalents\n$\n10,283,550\n \n   \n$\n1,669,896\n \n\n\nMarketable securities, short-term(amortized cost of $12,283,630 as of March 31, 2024 and $15,696,135 as of March 31, 2023 )\n \n11,917,779\n \n \n \n15,513,095\n \n\n\nAccounts receivable, net of allowance for credit losses of $15,000\n \n3,144,833\n \n \n \n6,523,344\n \n\n\nInventories\n \n7,158,585\n \n \n \n6,417,010\n \n\n\nPrepaid expenses and other assets\n \n689,349\n \n \n \n663,459\n \n\n\nTotal current assets\n \n33,194,096\n \n \n \n30,786,804\n \n\n\nFixed assets\n \n \n \n \n \n \n \n\n\nMachinery and equipment \n \n10,501,096\n \n \n \n10,484,365\n \n\n\nLeasehold improvements\n \n1,956,309\n \n \n \n1,956,309\n \n\n\n \n \n12,457,405\n \n \n \n12,440,674\n \n\n\nLess accumulated depreciation and amortization \n \n11,403,383\n \n \n \n11,095,236\n \n\n\nNet fixed assets\n \n1,054,022\n \n \n \n1,345,438\n \n\n\nDeferred tax assets\n \n1,453,704\n \n \n \n572,038\n \n\n\nMarketable securities, long-term (amortized cost of $31,417,890 as of March 31, 2024, and $37,495,846 as of March 31, 2023)\n \n30,788,301\n \n \n \n36,125,047\n \n\n\nRight-of-use asset – operating lease\n \n289,910\n \n \n \n425,843\n \n\n\nTotal assets\n$\n 66,780,033\n \n \n$\n 69,255,170\n \n\n\n \n\n\nLIABILITIES AND SHAREHOLDERS’ EQUITY\n\n\nCurrent liabilities\n\n\nAccounts payable\n$\n127,154\n \n \n$\n281,712\n \n\n\nAccrued payroll and other\n \n729,215\n \n \n \n1,375,250\n \n\n\nOperating lease\n \n179,372\n \n \n \n175,798\n \n\n\nTotal current liabilities\n \n1,035,741\n \n \n \n1,832,760\n \n\n\nOperating lease\n \n175,775\n \n \n \n342,908\n \n\n\nTotal liabilities\n \n1,211,516\n \n \n \n2,175,668\n \n\n\n \n \n \n \n \n \n \n \n\n\nShareholders’ equity\n \n \n \n \n \n \n \n\n\nCommon stock\n \n48,337\n \n \n \n48,308\n \n\n\nAdditional paid-in capital\n \n19,554,812\n \n \n \n19,295,442\n \n\n\nAccumulated other comprehensive income\n \n(777,637\n)\n \n \n(1,213,858\n)\n\n\nRetained earnings\n \n46,743,005\n \n \n \n48,949,610\n \n\n\nTotal shareholders’ equity\n \n65,568,517\n \n \n \n67,079,502\n \n\n\nTotal liabilities and shareholders’ equity\n$\n66,780,033\n \n \n$\n69,255,170\n \n\n\n\nCONTACT: Daniel A. Baker, CEO\n(952) 829-9217","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2432632841"}