Closing Price ($) | Shares Out (MM) | Market Cap ($MM) |
$95.29 | 5 | $462 |
10-Q | 2018-12-31 | Quarter: 2018-12-31 |
10-Q | 2018-12-31 | Quarter: 2018-12-31 |
10-Q | 2018-09-30 | Quarter: 2018-09-30 |
10-Q | 2018-06-30 | Quarter: 2018-06-30 |
10-K | 2018-03-31 | Annual: 2018-03-31 |
10-Q | 2017-12-31 | Quarter: 2017-12-31 |
10-Q | 2017-09-30 | Quarter: 2017-09-30 |
10-Q | 2017-06-30 | Quarter: 2017-06-30 |
10-K | 2017-03-31 | Annual: 2017-03-31 |
10-Q | 2016-12-31 | Quarter: 2016-12-31 |
10-Q | 2016-09-30 | Quarter: 2016-09-30 |
10-Q | 2016-06-30 | Quarter: 2016-06-30 |
10-K | 2016-03-31 | Annual: 2016-03-31 |
10-Q | 2015-12-31 | Quarter: 2015-12-31 |
8-K | 2019-01-23 | |
8-K | 2018-11-07 | |
8-K | 2018-10-15 | |
8-K | 2018-08-02 | |
8-K | 2018-07-18 |
MXIM | Maxim Integrated Products |
MPWR | Monolithic Power Systems |
MLNX | Mellanox Technologies |
MXL | Maxlinear |
FORM | Formfactor |
MX | Magnachip Semiconductor |
EMKR | Emcore |
IMI | Intermolecular |
LPTH | Lightpath Technologies |
EMAN | Emagin |
Part I-Financial Information |
Item 1. Financial Statements. |
Part Ii-Other Information |
EX-31 | ex31-dab.htm |
EX-31 | ex31-car.htm |
EX-32 | ex32.htm |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
Minnesota | 41-1424202 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
11409 Valley View Road, Eden Prairie, Minnesota | 55344 | |
(Address of principal executive offices) | (Zip Code) | |
(952) 829-9217 | ||
(Registrants telephone number, including area code) |
Large accelerated filer [ ] | Accelerated filer [X] | |
Non-accelerated filer [ ] | Smaller reporting company [X] | |
Emerging growth company [ ] |
(Unaudited) Dec. 31, 2018 | March 31, 2018* | ||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 6,206,549 | $ | 4,755,082 | |||
Marketable securities, short-term | 17,445,586 | 20,765,809 | |||||
Accounts receivable, net of allowance for uncollectible accounts of $15,000 | 2,717,728 | 2,888,779 | |||||
Inventories | 4,141,481 | 3,650,439 | |||||
Prepaid expenses and other assets | 755,806 | 635,160 | |||||
Total current assets | 31,267,150 | 32,695,269 | |||||
Fixed assets | |||||||
Machinery and equipment | 9,426,267 | 9,395,987 | |||||
Leasehold improvements | 1,787,269 | 1,749,284 | |||||
11,213,536 | 11,145,271 | ||||||
Less accumulated depreciation and amortization | 10,192,504 | 9,819,888 | |||||
Net fixed assets | 1,021,032 | 1,325,383 | |||||
Deferred tax assets | 590,391 | 572,655 | |||||
Marketable securities, long-term | 51,907,552 | 52,838,158 | |||||
Total assets | $ | 84,786,125 | $ | 87,431,465 | |||
LIABILITIES AND SHAREHOLDERS EQUITY | |||||||
Current liabilities | |||||||
Accounts payable | $ | 313,116 | $ | 414,970 | |||
Accrued payroll and other | 552,834 | 574,755 | |||||
Total current liabilities | 865,950 | 989,725 | |||||
Shareholders equity | |||||||
Common stock, $0.01 par value, 6,000,000 shares authorized; 4,846,010 shares issued and outstanding as of Dec. 31, 2018 and 4,842,010 as of March 31, 2018 | 48,460 | 48,420 | |||||
Additional paid-in capital | 19,910,558 | 19,599,298 | |||||
Accumulated other comprehensive loss | (929,899 | ) | (915,635 | ) | |||
Retained earnings | 64,891,056 | 67,709,657 | |||||
Total shareholders equity | 83,920,175 | 86,441,740 | |||||
Total liabilities and shareholders equity | $ | 84,786,125 | $ | 87,431,465 |
Quarter Ended Dec. 31 | |||||||
2018 | 2017 | ||||||
Revenue | |||||||
Product sales | $ | 5,991,241 | $ | 6,448,831 | |||
Contract research and development | 278,164 | 911,958 | |||||
Total revenue | 6,269,405 | 7,360,789 | |||||
Cost of sales | 1,169,406 | 1,657,700 | |||||
Gross profit | 5,099,999 | 5,703,089 | |||||
Expenses | |||||||
Research and development | 1,126,975 | 852,739 | |||||
Selling, general, and administrative | 268,905 | 313,033 | |||||
Total expenses | 1,395,880 | 1,165,772 | |||||
Income from operations | 3,704,119 | 4,537,317 | |||||
Interest income | 457,204 | 404,665 | |||||
Income before taxes | 4,161,323 | 4,941,982 | |||||
Provision for income taxes | 739,918 | 1,370,380 | |||||
Net income | $ | 3,421,405 | $ | 3,571,602 | |||
Net income per share basic | $ | 0.71 | $ | 0.74 | |||
Net income per share diluted | $ | 0.71 | $ | 0.74 | |||
Cash dividends declared per common share | $ | 1.00 | $ | 1.00 | |||
Weighted average shares outstanding | |||||||
Basic | 4,845,010 | 4,841,369 | |||||
Diluted | 4,850,507 | 4,847,290 |
Quarter Ended Dec. 31 | |||||||
2018 | 2017 | ||||||
Net income | $ | 3,421,405 | $ | 3,571,602 | |||
Unrealized gain (loss) from marketable securities, net of tax | 101,891 | (295,458 | ) | ||||
Comprehensive income | $ | 3,523,296 | $ | 3,276,144 |
Nine Months Ended Dec. 31 | |||||||
2018 | 2017 | ||||||
Revenue | |||||||
Product sales | $ | 19,916,864 | $ | 19,718,584 | |||
Contract research and development | 966,522 | 2,246,105 | |||||
Total revenue | 20,883,386 | 21,964,689 | |||||
Cost of sales | 3,918,256 | 4,809,235 | |||||
Gross profit | 16,965,130 | 17,155,454 | |||||
Expenses | |||||||
Research and development | 3,087,964 | 2,788,968 | |||||
Selling, general, and administrative | 975,114 | 1,060,757 | |||||
Total expenses | 4,063,078 | 3,849,725 | |||||
Income from operations | 12,902,052 | 13,305,729 | |||||
Interest income | 1,325,299 | 1,154,303 | |||||
Income before taxes | 14,227,351 | 14,460,032 | |||||
Provision for income taxes | 2,578,287 | 4,429,780 | |||||
Net income | $ | 11,649,064 | $ | 10,030,252 | |||
Net income per share basic | $ | 2.41 | $ | 2.07 | |||
Net income per share diluted | $ | 2.40 | $ | 2.07 | |||
Cash dividends declared per common share | $ | 3.00 | $ | 3.00 | |||
Weighted average shares outstanding | |||||||
Basic | 4,843,355 | 4,841,130 | |||||
Diluted | 4,850,120 | 4,846,036 |
Nine Months Ended Dec. 31 | |||||||
2018 | 2017 | ||||||
Net income | $ | 11,649,064 | $ | 10,030,252 | |||
Unrealized gain (loss) from marketable securities, net of tax | 46,101 | (227,693 | ) | ||||
Comprehensive income | $ | 11,695,165 | $ | 9,802,559 |
Nine Months Ended Dec. 31 | |||||||
2018 | 2017 | ||||||
OPERATING ACTIVITIES | |||||||
Net income | $ | 11,649,064 | $ | 10,030,252 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 531,685 | 726,842 | |||||
Stock-based compensation | 93,360 | 40,920 | |||||
Deferred income taxes | (30,648 | ) | 153,954 | ||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | 171,051 | 1,270,936 | |||||
Inventories | (491,042 | ) | (238,028 | ) | |||
Prepaid expenses and other assets | (120,646 | ) | (360,675 | ) | |||
Accounts payable and accrued expenses | (123,775 | ) | (159,525 | ) | |||
Deferred revenue | - | (142,733 | ) | ||||
Net cash provided by operating activities | 11,679,049 | 11,321,943 | |||||
INVESTING ACTIVITIES | |||||||
Purchases of fixed assets | (68,265 | ) | (604,755 | ) | |||
Purchases of marketable securities | (11,649,227 | ) | (16,256,210 | ) | |||
Proceeds from maturities and sales of marketable securities | 15,800,000 | 16,540,000 | |||||
Net cash provided by (used in) investing activities | 4,082,508 | (320,965 | ) | ||||
FINANCING ACTIVITIES | |||||||
Proceeds from sale of common stock | 217,940 | 51,040 | |||||
Payment of dividends to shareholders | (14,528,030 | ) | (14,523,030 | ) | |||
Net cash used in financing activities | (14,310,090 | ) | (14,471,990 | ) | |||
Increase (decrease) in cash and cash equivalents | 1,451,467 | (3,471,012 | ) | ||||
Cash and cash equivalents at beginning of period | 4,755,082 | 8,199,364 | |||||
Cash and cash equivalents at end of period | $ | 6,206,549 | $ | 4,728,352 | |||
Supplemental disclosures of cash flow information: | |||||||
Cash paid during the period for income taxes | $ | 2,696,045 | $ | 4,615,019 |
Quarter Ended Dec. 31 | |||
2018 | 2017 | ||
Weighted average common shares outstanding basic | 4,845,010 | 4,841,369 | |
Dilutive effect of stock options | 5,497 | 5,921 | |
Shares used in computing net income per share diluted | 4,850,507 | 4,847,290 |
Nine Months Ended Dec. 31 | |||
2018 | 2017 | ||
Weighted average common shares outstanding basic | 4,843,355 | 4,841,130 | |
Dilutive effect of stock options | 6,765 | 4,906 | |
Shares used in computing net income per share diluted | 4,850,120 | 4,846,036 |
Total | <1 Year | 13 Years | 35 Years | |||||||
$ | 75,268,216 | $ | 23,360,664 | $ | 22,867,445 | $ | 29,040,107 |
As of December 31, 2018 | As of March 31, 2018 | ||||||||||||||||
Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | ||||||||||||
Money market funds | $ | 5,915,078 | $ | - | $ | 5,915,078 | $ | 3,951,032 | $ | - | $ | 3,951,032 | |||||
Corporate bonds | - | 69,353,138 | 69,353,138 | 54,517,969 | 19,085,998 | 73,603,967 | |||||||||||
Total | $ | 5,915,078 | $ | 69,353,138 | $ | 75,268,216 | $ | 58,469,001 | $ | 19,085,998 | $ | 77,554,999 |
As of December 31, 2018 | As of March 31, 2018 | ||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Holding Gains | Gross Unrealized Holding Losses | Estimated Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||
Money market funds | $ | 5,915,078 | $ | - | $ | - | $ | 5,915,078 | $ | 3,951,032 | $ | - | $ | - | $ | 3,951,032 | |||||||||
Corporate bonds | 70,543,485 | 19,403 | (1,209,750 | ) | 69,353,138 | 74,853,327 | - | (1,249,360 | ) | 73,603,967 | |||||||||||||||
Total | $ | 76,458,563 | $ | 19,403 | $ | (1,209,750 | ) | $ | 75,268,216 | $ | 78,804,359 | $ | - | $ | (1,249,360 | ) | $ | 77,554,999 |
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||
Estimated Fair Value | Gross Unrealized Holding Losses | Estimated Fair Value | Gross Unrealized Holding Losses | Estimated Fair Value | Gross Unrealized Holding Losses | ||||||||||||||||
As of December 31, 2018 | |||||||||||||||||||||
Corporate bonds | $ | 17,553,361 | $ | (122,792 | ) | $ | 46,810,042 | $ | (1,086,958 | ) | $ | 64,363,403 | $ | (1,209,750 | ) | ||||||
Total | $ | 17,553,361 | $ | (122,792 | ) | $ | 46,810,042 | $ | (1,086,958 | ) | $ | 64,363,403 | $ | (1,209,750 | ) | ||||||
As of March 31, 2018 | |||||||||||||||||||||
Corporate bonds | $ | 61,731,248 | $ | (1,003,849 | ) | $ | 9,072,719 | $ | (245,511 | ) | $ | 70,803,967 | $ | (1,249,360 | ) | ||||||
Total | $ | 61,731,248 | $ | (1,003,849 | ) | $ | 9,072,719 | $ | (245,511 | ) | $ | 70,803,967 | $ | (1,249,360 | ) |
December 31, 2018 | March 31, 2018 | ||||
Raw materials | $ | 1,155,148 | $ | 1,084,030 | |
Work in process | 2,265,585 | 1,828,492 | |||
Finished goods | 720,748 | 737,917 | |||
Total inventories | $ | 4,141,481 | $ | 3,650,439 |
Percentage of Revenue Quarter Ended Dec. 31 | Quarter- to-Quarter Change | |||||||
2018 | 2017 | |||||||
Revenue | ||||||||
Product sales | 95.6 | % | 87.6 | % | (7.1 | )% | ||
Contract research and development | 4.4 | % | 12.4 | % | (69.5 | )% | ||
Total revenue | 100.0 | % | 100.0 | % | (14.8 | )% | ||
Cost of sales | 18.7 | % | 22.5 | % | (29.5 | )% | ||
Gross profit | 81.3 | % | 77.5 | % | (10.6 | )% | ||
Expenses | ||||||||
Research and development | 17.9 | % | 11.6 | % | 32.2 | % | ||
Selling, general, and administrative | 4.3 | % | 4.3 | % | (14.1 | )% | ||
Total expenses | 22.2 | % | 15.9 | % | 19.7 | % | ||
Income from operations | 59.1 | % | 61.6 | % | (18.4 | )% | ||
Interest income | 7.3 | % | 5.5 | % | 13.0 | % | ||
Income before taxes | 66.4 | % | 67.1 | % | (15.8 | )% | ||
Provision for income taxes | 11.8 | % | 18.6 | % | (46.0 | )% | ||
Net income | 54.6 | % | 48.5 | % | (4.2 | )% |
Percentage of Revenue Nine Months Ended Dec. 31 | Period- to-Period Change | |||||||
2018 | 2017 | |||||||
Revenue | ||||||||
Product sales | 95.4 | % | 89.8 | % | 1.0 | % | ||
Contract research and development | 4.6 | % | 10.2 | % | (57.0 | )% | ||
Total revenue | 100.0 | % | 100.0 | % | (4.9 | )% | ||
Cost of sales | 18.8 | % | 21.9 | % | (18.5 | )% | ||
Gross profit | 81.2 | % | 78.1 | % | (1.1 | )% | ||
Expenses | ||||||||
Research and development | 14.8 | % | 12.7 | % | 10.7 | % | ||
Selling, general, and administrative | 4.6 | % | 4.8 | % | (8.1 | )% | ||
Total expenses | 19.4 | % | 17.5 | % | 5.5 | % | ||
Income from operations | 61.8 | % | 60.6 | % | (3.0 | )% | ||
Interest income | 6.3 | % | 5.2 | % | 14.8 | % | ||
Income before taxes | 68.1 | % | 65.8 | % | (1.6 | )% | ||
Provision for income taxes | 12.3 | % | 20.1 | % | (41.8 | )% | ||
Net income | 55.8 | % | 45.7 | % | 16.1 | % |
Exhibit # | Description |
31.1 | Certification by Daniel A. Baker pursuant to Rule 13a-14(a)/15d-14(a). |
31.2 | Certification by Curt A. Reynders pursuant to Rule 13a-14(a)/15d-14(a). |
32 | Certification by Daniel A. Baker and Curt A. Reynders pursuant to 18 U.S.C. Section 1350. |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
NVE CORPORATION | |
(Registrant) | |
January 23, 2019 | /s/ DANIEL A. BAKER |
Date | Daniel A. Baker |
President and Chief Executive Officer | |
January 23, 2019 | /s/ CURT A. REYNDERS |
Date | Curt A. Reynders |
Chief Financial Officer |