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 [ ] |
(Unaudited) Sept. 30, 2018 | March 31, 2018* | (Unaudited) Dec. 31, 2018 | March 31, 2018* | ASSETS | Current assets | |||||||||
Cash and cash equivalents | $ | 6,047,918 | $ | 4,755,082 | $ | 6,206,549 | $ | 4,755,082 | ||||||
Marketable securities, short-term | 23,941,749 | 20,765,809 | 17,445,586 | 20,765,809 | ||||||||||
Accounts receivable, net of allowance for uncollectible accounts of $15,000 | 3,045,230 | 2,888,779 | 2,717,728 | 2,888,779 | ||||||||||
Inventories | 3,575,963 | 3,650,439 | 4,141,481 | 3,650,439 | ||||||||||
Prepaid expenses and other assets | 650,748 | 635,160 | 755,806 | 635,160 | ||||||||||
Total current assets | 37,261,608 | 32,695,269 | 31,267,150 | 32,695,269 | Fixed assets | |||||||||
Machinery and equipment | 9,395,987 | 9,395,987 | 9,426,267 | 9,395,987 | ||||||||||
Leasehold improvements | 1,787,269 | 1,749,284 | 1,787,269 | 1,749,284 | ||||||||||
11,183,256 | 11,145,271 | 11,213,536 | 11,145,271 | |||||||||||
Less accumulated depreciation and amortization | 10,066,677 | 9,819,888 | 10,192,504 | 9,819,888 | ||||||||||
Net fixed assets | 1,116,579 | 1,325,383 | 1,021,032 | 1,325,383 | ||||||||||
Deferred tax assets | 625,024 | 572,655 | 590,391 | 572,655 | ||||||||||
Marketable securities, long-term | 46,860,152 | 52,838,158 | 51,907,552 | 52,838,158 | ||||||||||
Total assets | $ | 85,863,363 | $ | 87,431,465 | $ | 84,786,125 | $ | 87,431,465 | LIABILITIES AND SHAREHOLDERS’ EQUITY | Current liabilities | ||||
Accounts payable | $ | 253,702 | $ | 414,970 | $ | 313,116 | $ | 414,970 | ||||||
Accrued payroll and other | 462,262 | 574,755 | 552,834 | 574,755 | ||||||||||
Total current liabilities | 715,964 | 989,725 | 865,950 | 989,725 | Shareholders’ equity | |||||||||
Common stock, $0.01 par value, 6,000,000 shares authorized; 4,844,010 issued and outstanding as of Sept. 30, 2018 and 4,842,010 as of March 31, 2018 | 48,440 | 48,420 | ||||||||||||
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 | 19,817,088 | 19,599,298 | 19,910,558 | 19,599,298 | ||||||||||
Accumulated other comprehensive loss | (1,031,790 | ) | (915,635 | ) | (929,899 | ) | (915,635 | ) | ||||||
Retained earnings | 66,313,661 | 67,709,657 | 64,891,056 | 67,709,657 | ||||||||||
Total shareholders’ equity | 85,147,399 | 86,441,740 | 83,920,175 | 86,441,740 | ||||||||||
Total liabilities and shareholders’ equity | $ | 85,863,363 | $ | 87,431,465 | $ | 84,786,125 | $ | 87,431,465 |
Quarter Ended Sept. 30 | Quarter Ended Dec. 31 | |||||||||||||
2018 | 2017 | 2018 | 2017 | Revenue | ||||||||||
Product sales | $ | 7,054,977 | $ | 6,387,080 | $ | 5,991,241 | $ | 6,448,831 | ||||||
Contract research and development | 451,098 | 609,154 | 278,164 | 911,958 | ||||||||||
Total revenue | 7,506,075 | 6,996,234 | 6,269,405 | 7,360,789 | ||||||||||
Cost of sales | 1,352,845 | 1,353,169 | 1,169,406 | 1,657,700 | ||||||||||
Gross profit | 6,153,230 | 5,643,065 | 5,099,999 | 5,703,089 | Expenses | |||||||||
Research and development | 971,963 | 1,030,504 | 1,126,975 | 852,739 | ||||||||||
Selling, general, and administrative | 377,448 | 348,363 | 268,905 | 313,033 | ||||||||||
Total expenses | 1,349,411 | 1,378,867 | 1,395,880 | 1,165,772 | ||||||||||
Income from operations | 4,803,819 | 4,264,198 | 3,704,119 | 4,537,317 | ||||||||||
Interest income | 443,325 | 387,860 | 457,204 | 404,665 | ||||||||||
Income before taxes | 5,247,144 | 4,652,058 | 4,161,323 | 4,941,982 | ||||||||||
Provision for income taxes | 964,534 | 1,491,023 | 739,918 | 1,370,380 | ||||||||||
Net income | $ | 4,282,610 | $ | 3,161,035 | $ | 3,421,405 | $ | 3,571,602 | ||||||
Net income per share – basic | $ | 0.88 | $ | 0.65 | $ | 0.71 | $ | 0.74 | ||||||
Net income per share – diluted | $ | 0.88 | $ | 0.65 | $ | 0.71 | $ | 0.74 | ||||||
Cash dividends declared per common share | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | Weighted average shares outstanding | |||||
Basic | 4,843,032 | 4,841,010 | 4,845,010 | 4,841,369 | ||||||||||
Diluted | 4,852,644 | 4,845,632 | 4,850,507 | 4,847,290 |
Quarter Ended Sept. 30 | Quarter Ended Dec. 31 | |||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||
Net income | $ | 4,282,610 | $ | 3,161,035 | $ | 3,421,405 | $ | 3,571,602 | ||||||
Unrealized gain from marketable securities, net of tax | 51,237 | 12,738 | ||||||||||||
Unrealized gain (loss) from marketable securities, net of tax | 101,891 | (295,458 | ) | |||||||||||
Comprehensive income | $ | 4,333,847 | $ | 3,173,773 | $ | 3,523,296 | $ | 3,276,144 |
Six Months Ended Sept. 30 | Nine Months Ended Dec. 31 | |||||||||||||
2018 | 2017 | 2018 | 2017 | Revenue | ||||||||||
Product sales | $ | 13,925,623 | $ | 13,269,753 | $ | 19,916,864 | $ | 19,718,584 | ||||||
Contract research and development | 688,358 | 1,334,147 | 966,522 | 2,246,105 | ||||||||||
Total revenue | 14,613,981 | 14,603,900 | 20,883,386 | 21,964,689 | ||||||||||
Cost of sales | 2,748,850 | 3,151,535 | 3,918,256 | 4,809,235 | ||||||||||
Gross profit | 11,865,131 | 11,452,365 | 16,965,130 | 17,155,454 | Expenses | |||||||||
Research and development | 1,960,989 | 1,936,229 | 3,087,964 | 2,788,968 | ||||||||||
Selling, general, and administrative | 706,209 | 747,724 | 975,114 | 1,060,757 | ||||||||||
Total expenses | 2,667,198 | 2,683,953 | 4,063,078 | 3,849,725 | ||||||||||
Income from operations | 9,197,933 | 8,768,412 | 12,902,052 | 13,305,729 | ||||||||||
Interest income | 868,095 | 749,638 | 1,325,299 | 1,154,303 | ||||||||||
Income before taxes | 10,066,028 | 9,518,050 | 14,227,351 | 14,460,032 | ||||||||||
Provision for income taxes | 1,838,369 | 3,059,400 | 2,578,287 | 4,429,780 | ||||||||||
Net income | $ | 8,227,659 | $ | 6,458,650 | $ | 11,649,064 | $ | 10,030,252 | ||||||
Net income per share – basic | $ | 1.70 | $ | 1.33 | $ | 2.41 | $ | 2.07 | ||||||
Net income per share – diluted | $ | 1.70 | $ | 1.33 | $ | 2.40 | $ | 2.07 | ||||||
Cash dividends declared per common share | $ | 2.00 | $ | 2.00 | $ | 3.00 | $ | 3.00 | Weighted average shares outstanding | |||||
Basic | 4,842,524 | 4,841,010 | 4,843,355 | 4,841,130 | ||||||||||
Diluted | 4,851,072 | 4,845,907 | 4,850,120 | 4,846,036 |
Six Months Ended Sept. 30 | Nine Months Ended Dec. 31 | |||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||
Net income | $ | 8,227,659 | $ | 6,458,650 | $ | 11,649,064 | $ | 10,030,252 | ||||||
Unrealized (loss) gain from marketable securities, net of tax | (55,790 | ) | 67,765 | |||||||||||
Unrealized gain (loss) from marketable securities, net of tax | 46,101 | (227,693 | ) | |||||||||||
Comprehensive income | $ | 8,171,869 | $ | 6,526,415 | $ | 11,695,165 | $ | 9,802,559 |
Six Months Ended Sept. 30 | Nine Months Ended Dec. 31 | |||||||||||||
2018 | 2017 | 2018 | 2017 | OPERATING ACTIVITIES | ||||||||||
Net income | $ | 8,227,659 | $ | 6,458,650 | $ | 11,649,064 | $ | 10,030,252 | ||||||
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 | 357,166 | 480,143 | 531,685 | 726,842 | ||||||||||
Stock-based compensation | 93,360 | 40,920 | 93,360 | 40,920 | ||||||||||
Deferred income taxes | (36,743 | ) | (113,718 | ) | (30,648 | ) | 153,954 | Changes in operating assets and liabilities: | ||||||
Accounts receivable | (156,451 | ) | 777,184 | 171,051 | 1,270,936 | |||||||||
Inventories | 74,476 | (146,180 | ) | (491,042 | ) | (238,028 | ) | |||||||
Prepaid expenses and other assets | (15,588 | ) | 84,093 | (120,646 | ) | (360,675 | ) | |||||||
Accounts payable and accrued expenses | (273,761 | ) | (122,053 | ) | (123,775 | ) | (159,525 | ) | ||||||
Deferred revenue | - | (142,733 | ) | - | (142,733 | ) | ||||||||
Net cash provided by operating activities | 8,270,118 | 7,316,306 | 11,679,049 | 11,321,943 | INVESTING ACTIVITIES | |||||||||
Purchases of fixed assets | Purchases of fixed assets | (37,985 | ) | (526,377 | ) | Purchases of fixed assets | (68,265 | ) | (604,755 | ) | ||||
Purchases of marketable securities | (6,679,727 | ) | (12,138,960 | ) | (11,649,227 | ) | (16,256,210 | ) | ||||||
Proceeds from maturities and sales of marketable securities | 9,300,000 | 11,940,000 | 15,800,000 | 16,540,000 | ||||||||||
Net cash provided by (used in) investing activities | 2,582,288 | (725,337 | ) | 4,082,508 | (320,965 | ) | FINANCING ACTIVITIES | |||||||
Proceeds from sale of common stock | 124,450 | - | 217,940 | 51,040 | ||||||||||
Payment of dividends to shareholders | (9,684,020 | ) | (9,682,020 | ) | (14,528,030 | ) | (14,523,030 | ) | ||||||
Net cash used in financing activities | (9,559,570 | ) | (9,682,020 | ) | (14,310,090 | ) | (14,471,990 | ) | ||||||
Increase (decrease) in cash and cash equivalents | 1,292,836 | (3,091,051 | ) | 1,451,467 | (3,471,012 | ) | ||||||||
Cash and cash equivalents at beginning of period | 4,755,082 | 8,199,364 | 4,755,082 | 8,199,364 | ||||||||||
Cash and cash equivalents at end of period | $ | 6,047,918 | $ | 5,108,313 | $ | 6,206,549 | $ | 4,728,352 | Supplemental disclosures of cash flow information: | |||||
Cash paid during the period for income taxes | $ | 1,866,045 | $ | 2,975,019 | $ | 2,696,045 | $ | 4,615,019 |
Quarter Ended Sept. 30 | Quarter Ended Dec. 31 | |||||
2018 | 2017 | 2018 | 2017 | |||
Weighted average common shares outstanding – basic | 4,843,032 | 4,841,010 | 4,845,010 | 4,841,369 | ||
Dilutive effect of stock options | 9,612 | 4,622 | 5,497 | 5,921 | ||
Shares used in computing net income per share – diluted | 4,852,644 | 4,845,632 | 4,850,507 | 4,847,290 |
Six Months Ended Sept. 30 | Nine Months Ended Dec. 31 | |||||
2018 | 2017 | 2018 | 2017 | |||
Weighted average common shares outstanding – basic | 4,842,524 | 4,841,010 | 4,843,355 | 4,841,130 | ||
Dilutive effect of stock options | 8,548 | 4,897 | 6,765 | 4,906 | ||
Shares used in computing net income per share – diluted | 4,851,072 | 4,845,907 | 4,850,120 | 4,846,036 |
Total | Total | <1 Year | 1–3 Years | 3–5 Years | Total | <1 Year | 1–3 Years | 3–5 Years | ||||||||||||
$ | 76,576,286 | $ | 29,716,134 | $ | 22,784,235 | $ | 24,075,917 | 75,268,216 | $ | 23,360,664 | $ | 22,867,445 | $ | 29,040,107 |
As of September 30, 2018 | As of March 31, 2018 | As of December 31, 2018 | As of March 31, 2018 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | |||||||||||||||||||||||
Money market funds | $ | 5,774,385 | $ | - | $ | 5,774,385 | $ | 3,951,032 | $ | - | $ | 3,951,032 | $ | 5,915,078 | $ | - | $ | 5,915,078 | $ | 3,951,032 | $ | - | $ | 3,951,032 | ||||||||||
Corporate bonds | - | 70,801,901 | 70,801,901 | 54,517,969 | 19,085,998 | 73,603,967 | - | 69,353,138 | 69,353,138 | 54,517,969 | 19,085,998 | 73,603,967 | ||||||||||||||||||||||
Total | $ | 5,774,385 | $ | 70,801,901 | $ | 76,576,286 | $ | 58,469,001 | $ | 19,085,998 | $ | 77,554,999 | $ | 5,915,078 | $ | 69,353,138 | $ | 75,268,216 | $ | 58,469,001 | $ | 19,085,998 | $ | 77,554,999 |
As of September 30, 2018 | As of March 31, 2018 | 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 | 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 | $ | 5,774,385 | $ | - | $ | - | $ | 5,774,385 | $ | 3,951,032 | $ | - | $ | - | $ | 3,951,032 | $ | 5,915,078 | $ | - | $ | - | $ | 5,915,078 | $ | 3,951,032 | $ | - | $ | - | $ | 3,951,032 | ||||||||||||||||||
Corporate bonds | 72,122,677 | - | (1,320,776 | ) | 70,801,901 | 74,853,327 | - | (1,249,360 | ) | 73,603,967 | 70,543,485 | 19,403 | (1,209,750 | ) | 69,353,138 | 74,853,327 | - | (1,249,360 | ) | 73,603,967 | ||||||||||||||||||||||||||||||
Total | $ | 77,897,062 | $ | - | $ | (1,320,776 | ) | $ | 76,576,286 | $ | 78,804,359 | $ | - | $ | (1,249,360 | ) | $ | 77,554,999 | $ | 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 | 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 | 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, 2018 | ||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2018 | As of December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||
Corporate bonds | $ | 47,928,537 | $ | (580,584 | ) | $ | 22,873,364 | $ | (740,192 | ) | $ | 70,801,901 | $ | (1,320,776 | ) | Corporate bonds | $ | 17,553,361 | $ | (122,792 | ) | $ | 46,810,042 | $ | (1,086,958 | ) | $ | 64,363,403 | $ | (1,209,750 | ) | |||||||||||
Total | $ | 47,928,537 | $ | (580,584 | ) | $ | 22,873,364 | $ | (740,192 | ) | $ | 70,801,901 | $ | (1,320,776 | ) | 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 | ) | 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 | ) | Total | $ | 61,731,248 | $ | (1,003,849 | ) | $ | 9,072,719 | $ | (245,511 | ) | $ | 70,803,967 | $ | (1,249,360 | ) |
Sept. 30, 2018 | March 31, 2018 | December 31, 2018 | March 31, 2018 | |||||||
Raw materials | $ | 1,103,638 | $ | 1,084,030 | $ | 1,155,148 | $ | 1,084,030 | ||
Work in process | 1,871,388 | 1,828,492 | 2,265,585 | 1,828,492 | ||||||
Finished goods | 600,937 | 737,917 | 720,748 | 737,917 | ||||||
Total inventories | $ | 3,575,963 | $ | 3,650,439 | $ | 4,141,481 | $ | 3,650,439 |
Percentage of Revenue Quarter Ended Sept. 30 | Quarter- to-Quarter Change | Percentage of Revenue Quarter Ended Dec. 31 | Quarter- to-Quarter Change | |||||||||||||
2018 | 2017 | 2018 | 2017 | Revenue | ||||||||||||
Product sales | 94.0 | % | 91.3 | % | 10.5 | % | 95.6 | % | 87.6 | % | (7.1 | )% | ||||
Contract research and development | 6.0 | % | 8.7 | % | (25.9 | )% | 4.4 | % | 12.4 | % | (69.5 | )% | ||||
Total revenue | 100.0 | % | 100.0 | % | 7.3 | % | 100.0 | % | 100.0 | % | (14.8 | )% | ||||
Cost of sales | 18.0 | % | 19.3 | % | 0.0 | % | 18.7 | % | 22.5 | % | (29.5 | )% | ||||
Gross profit | 82.0 | % | 80.7 | % | 9.0 | % | 81.3 | % | 77.5 | % | (10.6 | )% | Expenses | |||
Research and development | 13.0 | % | 14.8 | % | (5.7 | )% | 17.9 | % | 11.6 | % | 32.2 | % | ||||
Selling, general, and administrative | 5.0 | % | 5.0 | % | 8.3 | % | 4.3 | % | 4.3 | % | (14.1 | )% | ||||
Total expenses | 18.0 | % | 19.8 | % | (2.1) | % | 22.2 | % | 15.9 | % | 19.7 | % | ||||
Income from operations | 64.0 | % | 60.9 | % | 12.7 | % | 59.1 | % | 61.6 | % | (18.4 | )% | ||||
Interest income | 5.9 | % | 5.6 | % | 14.3 | % | 7.3 | % | 5.5 | % | 13.0 | % | ||||
Income before taxes | 69.9 | % | 66.5 | % | 12.8 | % | 66.4 | % | 67.1 | % | (15.8 | )% | ||||
Provision for income taxes | 12.8 | % | 21.3 | % | (35.3 | )% | 11.8 | % | 18.6 | % | (46.0 | )% | ||||
Net income | 57.1 | % | 45.2 | % | 35.5 | % | 54.6 | % | 48.5 | % | (4.2 | )% |
Percentage of Revenue Six Months Ended Sept. 30 | Period- to-Period Change | Percentage of Revenue Nine Months Ended Dec. 31 | Period- to-Period Change | |||||||||||||
2018 | 2017 | 2018 | 2017 | Revenue | ||||||||||||
Product sales | 95.3 | % | 90.9 | % | 4.9 | % | 95.4 | % | 89.8 | % | 1.0 | % | ||||
Contract research and development | 4.7 | % | 9.1 | % | (48.4 | )% | 4.6 | % | 10.2 | % | (57.0 | )% | ||||
Total revenue | 100.0 | % | 100.0 | % | 0.1 | % | 100.0 | % | 100.0 | % | (4.9 | )% | ||||
Cost of sales | 18.8 | % | 21.6 | % | (12.8 | )% | 18.8 | % | 21.9 | % | (18.5 | )% | ||||
Gross profit | 81.2 | % | 78.4 | % | 3.6 | % | 81.2 | % | 78.1 | % | (1.1 | )% | Expenses | |||
Research and development | 13.4 | % | 13.3 | % | 1.3 | % | 14.8 | % | 12.7 | % | 10.7 | % | ||||
Selling, general, and administrative | 4.9 | % | 5.1 | % | (5.6 | )% | 4.6 | % | 4.8 | % | (8.1 | )% | ||||
Total expenses | 18.3 | % | 18.4 | % | (0.6 | )% | 19.4 | % | 17.5 | % | 5.5 | % | ||||
Income from operations | 62.9 | % | 60.0 | % | 4.9 | % | 61.8 | % | 60.6 | % | (3.0 | )% | ||||
Interest income | 6.0 | % | 5.2 | % | 15.8 | % | 6.3 | % | 5.2 | % | 14.8 | % | ||||
Income before taxes | 68.9 | % | 65.2 | % | 5.8 | % | 68.1 | % | 65.8 | % | (1.6 | )% | ||||
Provision for income taxes | 12.6 | % | 21.0 | % | (39.9 | )% | 12.3 | % | 20.1 | % | (41.8 | )% | ||||
Net income | 56.3 | % | 44.2 | % | 27.4 | % | 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) | |
/s/ DANIEL A. BAKER | |
Date | Daniel A. Baker |
President and Chief Executive Officer | |
/s/ CURT A. REYNDERS | |
Date | Curt A. Reynders |
Chief Financial Officer |