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 | ||
(Registrant’s telephone number, including area code) |
Large accelerated filer [ ] | Accelerated filer [X] | |
Non-accelerated filer [ ] | Smaller reporting company [X] | |
Emerging growth company [ ] |
Title of each class | Trading symbol(s) | Name of each exchange on which registered |
Common Stock, $0.01 par value | NVEC | The NASDAQ Stock Market, LLC |
(Unaudited) Dec. 31, 2018 | March 31, 2018* | (Unaudited) Sept. 30, 2019 | March 31, 2019* | ASSETS | Current assets | |||||||||
Cash and cash equivalents | $ | 6,206,549 | $ | 4,755,082 | $ | 14,076,290 | $ | 6,877,304 | ||||||
Marketable securities, short-term | 17,445,586 | 20,765,809 | - | 12,487,821 | ||||||||||
Accounts receivable, net of allowance for uncollectible accounts of $15,000 | 2,717,728 | 2,888,779 | 3,215,785 | 2,995,638 | ||||||||||
Inventories | 4,141,481 | 3,650,439 | 4,355,332 | 4,264,876 | ||||||||||
Prepaid expenses and other assets | 755,806 | 635,160 | 847,259 | 816,045 | ||||||||||
Total current assets | 31,267,150 | 32,695,269 | 22,494,666 | 27,441,684 | Fixed assets | |||||||||
Machinery and equipment | 9,426,267 | 9,395,987 | 9,381,906 | 9,365,806 | ||||||||||
Leasehold improvements | 1,787,269 | 1,749,284 | 1,787,269 | 1,787,269 | ||||||||||
11,213,536 | 11,145,271 | 11,169,175 | 11,153,075 | |||||||||||
Less accumulated depreciation and amortization | 10,192,504 | 9,819,888 | 10,438,174 | 10,258,240 | ||||||||||
Net fixed assets | 1,021,032 | 1,325,383 | 731,001 | 894,835 | ||||||||||
Deferred tax assets | 590,391 | 572,655 | 68,495 | 353,735 | ||||||||||
Marketable securities, long-term | 51,907,552 | 52,838,158 | 58,798,500 | 54,925,633 | ||||||||||
Right-of-use asset – operating lease | 188,743 | - | ||||||||||||
Total assets | $ | 84,786,125 | $ | 87,431,465 | $ | 82,281,405 | $ | 83,615,887 | LIABILITIES AND SHAREHOLDERS’ EQUITY | Current liabilities | ||||
Accounts payable | $ | 313,116 | $ | 414,970 | $ | 324,413 | $ | 375,188 | ||||||
Accrued payroll and other | 552,834 | 574,755 | 425,547 | 460,488 | ||||||||||
Operating lease | 173,852 | - | ||||||||||||
Total current liabilities | 865,950 | 989,725 | 923,812 | 835,676 | ||||||||||
Operating lease | 42,782 | - | ||||||||||||
Total liabilities | 966,594 | 835,676 | ||||||||||||
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 | ||||||||||||
Common stock, $0.01 par value, 6,000,000 shares authorized; 4,846,010 issued and outstanding as of September 30, 2019 and March 31, 2019 | 48,460 | 48,460 | ||||||||||||
Additional paid-in capital | 19,910,558 | 19,599,298 | 19,958,918 | 19,910,558 | ||||||||||
Accumulated other comprehensive loss | (929,899 | ) | (915,635 | ) | ||||||||||
Accumulated other comprehensive income (loss) | 666,054 | (82,725 | ) | |||||||||||
Retained earnings | 64,891,056 | 67,709,657 | 60,641,379 | 62,903,918 | ||||||||||
Total shareholders’ equity | 83,920,175 | 86,441,740 | 81,314,811 | 82,780,211 | ||||||||||
Total liabilities and shareholders’ equity | $ | 84,786,125 | $ | 87,431,465 | $ | 82,281,405 | $ | 83,615,887 |
Quarter Ended Dec. 31 | Quarter Ended Sept. 30 | |||||||||||||
2018 | 2017 | 2019 | 2018 | Revenue | ||||||||||
Product sales | $ | 5,991,241 | $ | 6,448,831 | $ | 6,187,708 | $ | 7,054,977 | ||||||
Contract research and development | 278,164 | 911,958 | 314,237 | 451,098 | ||||||||||
Total revenue | 6,269,405 | 7,360,789 | 6,501,945 | 7,506,075 | ||||||||||
Cost of sales | 1,169,406 | 1,657,700 | 1,346,098 | 1,352,845 | ||||||||||
Gross profit | 5,099,999 | 5,703,089 | 5,155,847 | 6,153,230 | Expenses | |||||||||
Research and development | 1,126,975 | 852,739 | 926,596 | 971,963 | ||||||||||
Selling, general, and administrative | 268,905 | 313,033 | 368,450 | 377,448 | ||||||||||
Total expenses | 1,395,880 | 1,165,772 | 1,295,046 | 1,349,411 | ||||||||||
Income from operations | 3,704,119 | 4,537,317 | 3,860,801 | 4,803,819 | ||||||||||
Interest income | 457,204 | 404,665 | 456,309 | 443,325 | ||||||||||
Income before taxes | 4,161,323 | 4,941,982 | 4,317,110 | 5,247,144 | ||||||||||
Provision for income taxes | 739,918 | 1,370,380 | 495,048 | 964,534 | ||||||||||
Net income | $ | 3,421,405 | $ | 3,571,602 | $ | 3,822,062 | $ | 4,282,610 | ||||||
Net income per share – basic | $ | 0.71 | $ | 0.74 | $ | 0.79 | $ | 0.88 | ||||||
Net income per share – diluted | $ | 0.71 | $ | 0.74 | $ | 0.79 | $ | 0.88 | ||||||
Cash dividends declared per common share | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | Weighted average shares outstanding | |||||
Basic | 4,845,010 | 4,841,369 | 4,846,010 | 4,843,032 | ||||||||||
Diluted | 4,850,507 | 4,847,290 | 4,847,881 | 4,852,644 |
Quarter Ended Dec. 31 | Quarter Ended Sept. 30 | |||||||||||||
2018 | 2017 | 2019 | 2018 | |||||||||||
Net income | $ | 3,421,405 | $ | 3,571,602 | $ | 3,822,062 | $ | 4,282,610 | ||||||
Unrealized gain (loss) from marketable securities, net of tax | 101,891 | (295,458 | ) | |||||||||||
Unrealized gain from marketable securities, net of tax | 178,716 | 51,237 | ||||||||||||
Comprehensive income | $ | 3,523,296 | $ | 3,276,144 | $ | 4,000,778 | $ | 4,333,847 |
Nine Months Ended Dec. 31 | Six Months Ended Sept. 30 | |||||||||||||
2018 | 2017 | 2019 | 2018 | Revenue | ||||||||||
Product sales | $ | 19,916,864 | $ | 19,718,584 | $ | 12,273,072 | $ | 13,925,623 | ||||||
Contract research and development | 966,522 | 2,246,105 | 523,569 | 688,358 | ||||||||||
Total revenue | 20,883,386 | 21,964,689 | 12,796,641 | 14,613,981 | ||||||||||
Cost of sales | 3,918,256 | 4,809,235 | 2,438,135 | 2,748,850 | ||||||||||
Gross profit | 16,965,130 | 17,155,454 | 10,358,506 | 11,865,131 | Expenses | |||||||||
Research and development | 3,087,964 | 2,788,968 | 1,899,663 | 1,960,989 | ||||||||||
Selling, general, and administrative | 975,114 | 1,060,757 | 698,459 | 706,209 | ||||||||||
Total expenses | 4,063,078 | 3,849,725 | 2,598,122 | 2,667,198 | ||||||||||
Income from operations | 12,902,052 | 13,305,729 | 7,760,384 | 9,197,933 | ||||||||||
Interest income | 1,325,299 | 1,154,303 | 915,348 | 868,095 | ||||||||||
Income before taxes | 14,227,351 | 14,460,032 | 8,675,732 | 10,066,028 | ||||||||||
Provision for income taxes | 2,578,287 | 4,429,780 | 1,246,251 | 1,838,369 | ||||||||||
Net income | $ | 11,649,064 | $ | 10,030,252 | $ | 7,429,481 | $ | 8,227,659 | ||||||
Net income per share – basic | $ | 2.41 | $ | 2.07 | $ | 1.53 | $ | 1.70 | ||||||
Net income per share – diluted | $ | 2.40 | $ | 2.07 | $ | 1.53 | $ | 1.70 | ||||||
Cash dividends declared per common share | $ | 3.00 | $ | 3.00 | $ | 2.00 | $ | 2.00 | Weighted average shares outstanding | |||||
Basic | 4,843,355 | 4,841,130 | 4,846,010 | 4,842,524 | ||||||||||
Diluted | 4,850,120 | 4,846,036 | 4,849,357 | 4,851,072 |
Nine Months Ended Dec. 31 | Six Months Ended Sept. 30 | |||||||||||||
2018 | 2017 | 2019 | 2018 | |||||||||||
Net income | $ | 11,649,064 | $ | 10,030,252 | $ | 7,429,481 | $ | 8,227,659 | ||||||
Unrealized gain (loss) from marketable securities, net of tax | 46,101 | (227,693 | ) | 748,779 | (55,790 | ) | ||||||||
Comprehensive income | $ | 11,695,165 | $ | 9,802,559 | $ | 8,178,260 | $ | 8,171,869 |
| Additional Paid-In Capital | Accumulated Other Comprehen- sive Income (Loss) | Retained Earnings | |||||||||||||||||
Common Stock | ||||||||||||||||||||
Shares | Amount | Total | ||||||||||||||||||
Balance as of March 31, 2019 | 4,846,010 | $ | 48,460 | $ | 19,910,558 | $ | (82,725 | ) | $ | 62,903,918 | $ | 82,780,211 | ||||||||
Comprehensive income: | ||||||||||||||||||||
Unrealized gain on marketable securities, net of tax | 570,063 | 570,063 | ||||||||||||||||||
Net income | 3,607,419 | 3,607,419 | ||||||||||||||||||
Total comprehensive income | 4,177,482 | |||||||||||||||||||
Cash dividends declared ($1.00 per share of common stock) | (4,846,010 | ) | (4,846,010 | ) | ||||||||||||||||
Balance as of June 30, 2019 | 4,846,010 | 48,460 | 19,910,558 | 487,338 | 61,665,327 | 82,111,683 | ||||||||||||||
Comprehensive income: | ||||||||||||||||||||
Unrealized gain on marketable securities, net of tax | 178,716 | 178,716 | ||||||||||||||||||
Net income | 3,822,062 | 3,822,062 | ||||||||||||||||||
Total comprehensive income | 4,000,778 | |||||||||||||||||||
Stock-based compensation | 48,360 | 48,360 | ||||||||||||||||||
Cash dividends declared ($1.00 per share of common stock) | (4,846,010 | ) | (4,846,010 | ) | ||||||||||||||||
Balance as of September 30, 2019 | 4,846,010 | $ | 48,460 | $ | 19,958,918 | $ | 666,054 | $ | 60,641,379 | $ | 81,314,811 |
| Additional Paid-In Capital | Accumulated Other Comprehen- sive Income (Loss) | Retained Earnings | |||||||||||||||||
Common Stock | ||||||||||||||||||||
Shares | Amount | Total | ||||||||||||||||||
Balance as of March 31, 2018 | 4,842,010 | $ | 48,420 | $ | 19,599,298 | $ | (915,635 | ) | $ | 67,709,657 | $ | 86,441,740 | ||||||||
Comprehensive income: | ||||||||||||||||||||
Unrealized loss on marketable securities, net of tax | (107,027 | ) | (107,027 | ) | ||||||||||||||||
Net income | 3,945,049 | 3,945,049 | ||||||||||||||||||
Total comprehensive income | 3,838,022 | |||||||||||||||||||
Cash dividends declared ($1.00 per share of common stock) | (4,842,010 | ) | (4,842,010 | ) | ||||||||||||||||
Cumulative effect of accounting change | (60,365 | ) | 60,365 | |||||||||||||||||
Balance as of June 30, 2018 | 4,842,010 | 48,420 | 19,599,298 | (1,083,027 | ) | 66,873,061 | 85,437,752 | |||||||||||||
Exercise of stock options | 2,000 | 20 | 124,430 | 124,450 | ||||||||||||||||
Comprehensive income: | ||||||||||||||||||||
Unrealized gain on marketable securities, net of tax | 51,237 | 51,237 | ||||||||||||||||||
Net income | 4,282,610 | 4,282,610 | ||||||||||||||||||
Total comprehensive income | 4,333,847 | |||||||||||||||||||
Stock-based compensation | 93,360 | 93,360 | ||||||||||||||||||
Cash dividends declared ($1.00 per share of common stock) | (4,842,010 | ) | (4,842,010 | ) | ||||||||||||||||
Balance as of September 30, 2018 | 4,844,010 | $ | 48,440 | $ | 19,817,088 | $ | (1,031,790 | ) | $ | 66,313,661 | $ | 85,147,399 |
Nine Months Ended Dec. 31 | Six Months Ended September 30 | |||||||||||||
2018 | 2017 | 2019 | 2018 | OPERATING ACTIVITIES | ||||||||||
Net income | $ | 11,649,064 | $ | 10,030,252 | $ | 7,429,481 | $ | 8,227,659 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 531,685 | 726,842 | 266,916 | 357,166 | ||||||||||
Stock-based compensation | 93,360 | 40,920 | 48,360 | 93,360 | ||||||||||
Deferred income taxes | (30,648 | ) | 153,954 | 75,521 | (36,743 | ) | Changes in operating assets and liabilities: | |||||||
Accounts receivable | 171,051 | 1,270,936 | (220,147 | ) | (156,451 | ) | ||||||||
Inventories | (491,042 | ) | (238,028 | ) | (90,456 | ) | 74,476 | |||||||
Prepaid expenses and other assets | (120,646 | ) | (360,675 | ) | 41,687 | (15,588 | ) | |||||||
Accounts payable and accrued expenses | (123,775 | ) | (159,525 | ) | ||||||||||
Deferred revenue | - | (142,733 | ) | |||||||||||
Accounts payable and other liabilities | (130,726 | ) | (273,761 | ) | ||||||||||
Net cash provided by operating activities | 11,679,049 | 11,321,943 | 7,420,636 | 8,270,118 | INVESTING ACTIVITIES | |||||||||
Purchases of fixed assets | Purchases of fixed assets | (68,265 | ) | (604,755 | ) | Purchases of fixed assets | (16,100 | ) | (37,985 | ) | ||||
Purchases of marketable securities | (11,649,227 | ) | (16,256,210 | ) | (3,013,530 | ) | (6,679,727 | ) | ||||||
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 | ) | |||||||||||
Proceeds from maturities of marketable securities | 12,500,000 | 9,300,000 | ||||||||||||
Cash provided by investing activities | 9,470,370 | 2,582,288 | FINANCING ACTIVITIES | |||||||||||
Proceeds from sale of common stock | 217,940 | 51,040 | - | 124,450 | ||||||||||
Payment of dividends to shareholders | (14,528,030 | ) | (14,523,030 | ) | (9,692,020 | ) | (9,684,020 | ) | ||||||
Net cash used in financing activities | (14,310,090 | ) | (14,471,990 | ) | ||||||||||
Cash used in financing activities | (9,692,020 | ) | (9,559,570 | ) | ||||||||||
Increase (decrease) in cash and cash equivalents | 1,451,467 | (3,471,012 | ) | |||||||||||
Increase in cash and cash equivalents | 7,198,986 | 1,292,836 | ||||||||||||
Cash and cash equivalents at beginning of period | 4,755,082 | 8,199,364 | 6,877,304 | 4,755,082 | ||||||||||
Cash and cash equivalents at end of period | $ | 6,206,549 | $ | 4,728,352 | $ | 14,076,290 | $ | 6,047,918 | Supplemental disclosures of cash flow information: | |||||
Cash paid during the period for income taxes | $ | 2,696,045 | $ | 4,615,019 | $ | 1,230,000 | $ | 1,866,045 |
Quarter Ended Dec. 31 | Quarter Ended Sept. 30 | |||||
2018 | 2017 | 2019 | 2018 | |||
Weighted average common shares outstanding – basic | 4,845,010 | 4,841,369 | 4,846,010 | 4,843,032 | ||
Dilutive effect of stock options | 5,497 | 5,921 | 1,871 | 9,612 | ||
Shares used in computing net income per share – diluted | 4,850,507 | 4,847,290 | 4,847,881 | 4,852,644 |
Nine Months Ended Dec. 31 | Six Months Ended Sept. 30 | |||||
2018 | 2017 | 2019 | 2018 | |||
Weighted average common shares outstanding – basic | 4,843,355 | 4,841,130 | 4,846,010 | 4,842,524 | ||
Dilutive effect of stock options | 6,765 | 4,906 | 3,347 | 8,548 | ||
Shares used in computing net income per share – diluted | 4,850,120 | 4,846,036 | 4,849,357 | 4,851,072 |
Total | Total | <1 Year | 1–3 Years | 3–5 Years | Total | <1 Year | 1–3 Years | 3–5 Years | ||||||||||||
$ | 75,268,216 | $ | 23,360,664 | $ | 22,867,445 | $ | 29,040,107 | 58,798,500 | $ | - | $ | 45,948,207 | $ | 12,850,293 |
As of December 31, 2018 | As of March 31, 2018 | As of September 30, 2019 | As of March 31, 2019 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | 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 | $ | 13,807,888 | $ | - | $ | 13,807,888 | $ | 6,703,809 | $ | - | $ | 6,703,809 | ||||||||||
Corporate bonds | - | 69,353,138 | 69,353,138 | 54,517,969 | 19,085,998 | 73,603,967 | - | 58,798,500 | 58,798,500 | - | 67,413,454 | 67,413,454 | ||||||||||||||||||||||
Total | $ | 5,915,078 | $ | 69,353,138 | $ | 75,268,216 | $ | 58,469,001 | $ | 19,085,998 | $ | 77,554,999 | $ | 13,807,888 | $ | 58,798,500 | $ | 72,606,388 | $ | 6,703,809 | $ | 67,413,454 | $ | 74,117,263 |
As of December 31, 2018 | As of March 31, 2018 | As of September 30, 2019 | As of March 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Holding Gains | Gross Unrealized Holding Losses | Estimated Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | 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 | $ | 13,807,888 | $ | - | $ | - | $ | 13,807,888 | $ | 6,703,809 | $ | - | $ | - | �� | $ | 6,703,809 | |||||||||||||||||
Corporate bonds | 70,543,485 | 19,403 | (1,209,750 | ) | 69,353,138 | 74,853,327 | - | (1,249,360 | ) | 73,603,967 | 57,945,899 | 878,961 | (26,360 | ) | 58,798,500 | 67,519,350 | 315,902 | (421,798 | ) | 67,413,454 | ||||||||||||||||||||||||||||||
Total | $ | 76,458,563 | $ | 19,403 | $ | (1,209,750 | ) | $ | 75,268,216 | $ | 78,804,359 | $ | - | $ | (1,249,360 | ) | $ | 77,554,999 | $ | 71,753,787 | $ | 878,961 | $ | (26,360 | ) | $ | 72,606,388 | $ | 74,223,159 | $ | 315,902 | $ | (421,798 | ) | $ | 74,117,263 |
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 | ) |
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 September 30, 2019 | |||||||||||||||||||||
Corporate bonds | $ | - | $ | - | $ | 5,054,583 | $ | (26,360 | ) | $ | 5,054,583 | $ | (26,360 | ) | |||||||
Total | $ | - | $ | - | $ | 5,054,583 | $ | (26,360 | ) | $ | 5,054,583 | $ | (26,360 | ) | |||||||
As of March 31, 2019 | |||||||||||||||||||||
Corporate bonds | $ | - | $ | - | $ | 51,413,428 | $ | (421,798 | ) | $ | 51,413,428 | $ | (421,798 | ) | |||||||
Total | $ | - | $ | - | $ | 51,413,428 | $ | (421,798 | ) | $ | 51,413,428 | $ | (421,798 | ) |
December 31, 2018 | March 31, 2018 | September 30, 2019 | March 31, 2019 | |||||||
Raw materials | $ | 1,155,148 | $ | 1,084,030 | $ | 1,127,683 | $ | 1,130,917 | ||
Work in process | 2,265,585 | 1,828,492 | 2,282,261 | 2,325,238 | ||||||
Finished goods | 720,748 | 737,917 | 945,388 | 808,721 | ||||||
Total inventories | $ | 4,141,481 | $ | 3,650,439 | $ | 4,355,332 | $ | 4,264,876 |
Quarter Ended September 30, 2019 | Six Months Ended September 30, 2019 | ||||||
Operating lease cost | $ | 38,641 | $ | 77,282 | |||
Variable lease cost | 30,227 | 60,454 | |||||
Total | 68,868 | $ | 137,736 | ||||
Cash paid for amounts included in the measurement of lease liabilities | |||||||
Operating cash flows for leases | $ | 43,365 | $ | 86,730 | |||
Remaining lease term | 1.25 years | ||||||
Discount rate | 3.5 | % | |||||
The following table presents the maturities of lease liabilities as of September 30, 2019: | |||||||
Year Ending March 31 | Operating Leases | ||||||
2020 | $ | 87,798 | |||||
2021 | 133,299 | ||||||
Total lease payments | 221,097 | ||||||
Imputed lease interest | (4,463 | ) | |||||
Total lease liabilities | $ | 216,634 |
Percentage of Revenue Quarter Ended Dec. 31 | Quarter- to-Quarter Change | Percentage of Revenue Quarter Ended September 30 | Quarter- to-Quarter Change | |||||||||||||
2018 | 2017 | 2019 | 2018 | Revenue | ||||||||||||
Product sales | 95.6 | % | 87.6 | % | (7.1 | )% | 95.2 | % | 94.0 | % | (12.3 | )% | ||||
Contract research and development | 4.4 | % | 12.4 | % | (69.5 | )% | 4.8 | % | 6.0 | % | (30.3 | )% | ||||
Total revenue | 100.0 | % | 100.0 | % | (14.8 | )% | 100.0 | % | 100.0 | % | (13.4 | )% | ||||
Cost of sales | 18.7 | % | 22.5 | % | (29.5 | )% | 20.7 | % | 18.0 | % | (0.5 | )% | ||||
Gross profit | 81.3 | % | 77.5 | % | (10.6 | )% | 79.3 | % | 82.0 | % | (16.2 | )% | Expenses | |||
Research and development | 17.9 | % | 11.6 | % | 32.2 | % | 14.2 | % | 13.0 | % | (4.7 | )% | ||||
Selling, general, and administrative | 4.3 | % | 4.3 | % | (14.1 | )% | 5.7 | % | 5.0 | % | (2.4 | )% | ||||
Total expenses | 22.2 | % | 15.9 | % | 19.7 | % | 19.9 | % | 18.0 | % | (4.0 | )% | ||||
Income from operations | 59.1 | % | 61.6 | % | (18.4 | )% | 59.4 | % | 64.0 | % | (19.6 | )% | ||||
Interest income | 7.3 | % | 5.5 | % | 13.0 | % | 7.0 | % | 5.9 | % | 2.9 | % | ||||
Income before taxes | 66.4 | % | 67.1 | % | (15.8 | )% | 66.4 | % | 69.9 | % | (17.7 | )% | ||||
Provision for income taxes | 11.8 | % | 18.6 | % | (46.0 | )% | 7.6 | % | 12.8 | % | (48.7 | )% | ||||
Net income | 54.6 | % | 48.5 | % | (4.2 | )% | 58.8 | % | 57.1 | % | (10.8 | )% |
Percentage of Revenue Nine Months Ended Dec. 31 | Period- to-Period Change | Percentage of Revenue Six Months Ended Sept. 30 | Period- to-Period Change | |||||||||||||
2018 | 2017 | 2019 | 2018 | Revenue | ||||||||||||
Product sales | 95.4 | % | 89.8 | % | 1.0 | % | 95.9 | % | 95.3 | % | (11.9 | )% | ||||
Contract research and development | 4.6 | % | 10.2 | % | (57.0 | )% | 4.1 | % | 4.7 | % | (23.9 | )% | ||||
Total revenue | 100.0 | % | 100.0 | % | (4.9 | )% | 100.0 | % | 100.0 | % | (12.4 | )% | ||||
Cost of sales | 18.8 | % | 21.9 | % | (18.5 | )% | 19.1 | % | 18.8 | % | (11.3 | )% | ||||
Gross profit | 81.2 | % | 78.1 | % | (1.1 | )% | 80.9 | % | 81.2 | % | (12.7 | )% | Expenses | |||
Research and development | 14.8 | % | 12.7 | % | 10.7 | % | 14.8 | % | 13.4 | % | (3.1 | )% | ||||
Selling, general, and administrative | 4.6 | % | 4.8 | % | (8.1 | )% | 5.5 | % | 4.9 | % | (1.1 | )% | ||||
Total expenses | 19.4 | % | 17.5 | % | 5.5 | % | 20.3 | % | 18.3 | % | (2.6 | )% | ||||
Income from operations | 61.8 | % | 60.6 | % | (3.0 | )% | 60.6 | % | 62.9 | % | (15.6 | )% | ||||
Interest income | 6.3 | % | 5.2 | % | 14.8 | % | 7.2 | % | 6.0 | % | 5.4 | % | ||||
Income before taxes | 68.1 | % | 65.8 | % | (1.6 | )% | 67.8 | % | 68.9 | % | (13.8 | )% | ||||
Provision for income taxes | 12.3 | % | 20.1 | % | (41.8 | )% | 9.7 | % | 12.6 | % | (32.2 | )% | ||||
Net income | 55.8 | % | 45.7 | % | 16.1 | % | 58.1 | % | 56.3 | % | (9.7 | )% |
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) | |
/s/ DANIEL A. BAKER | |
Date | Daniel A. Baker |
President and Chief Executive Officer | |
/s/ CURT A. REYNDERS | |
Date | Curt A. Reynders |
Chief Financial Officer |