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

NVE Corporation公佈第四季度和財年業績並宣佈季度分紅

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.

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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

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.

明尼蘇達州伊甸草原，2024年5月1日（環球新聞專線）——NVE公司（納斯達克股票代碼：NVEC）今天公佈了截至2024年3月31日的季度和財年的財務業績。

2024財年第四季度的總收入從上一季度的1,280萬美元下降了45％，至708萬美元。下降是由於產品銷售下降了43％，合同研發收入下降了88％。2024財年第四季度的淨收益下降了54％，至381萬美元，攤薄每股收益0.79美元，而去年同期爲823萬美元，攤薄每股收益爲1.70美元。
2024財年，總收入下降了22％，至2980萬美元，而去年同期爲3,830萬美元。下降是由於產品銷售下降了21％，合同研發收入下降了45％。2024財年的淨收益從2023財年的2,270萬美元或每股4.70美元下降了25％，至1,710萬美元，攤薄每股收益3.54美元。
該公司還宣佈向股東派發每股普通股1.00美元的季度現金股息，將於2024年5月31日支付給截至2024年5月13日的登記股東。
NVE總裁兼首席執行官丹尼爾·貝克博士表示：“儘管半導體行業低迷，但我們很高興地公佈本季度和財年的穩健收益。”
NVE 是自旋電子學實際商業化的領導者，自旋電子學是一種依靠電子自旋而不是電子電荷來獲取、存儲和傳輸信息的納米技術。該公司生產高性能的自旋電子產品，包括用於採集和傳輸數據的傳感器和耦合器。
本新聞稿中使用的與未來計劃、事件、財務業績或業績相關的陳述是前瞻性陳述，存在某些風險和不確定性，其中包括我們在很大一部分收入中依賴多個大客戶、與我們所服務行業的經濟環境相關的不確定性、與未來銷售和收入相關的不確定性、與未來股息支付相關的風險和不確定性，以及我們不時列出的風險因素向美國證券交易委員會提交的文件，包括我們截至2024年3月31日財年的10-K表年度報告。

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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

NVE 公司收入表截至 2024 年 3 月 31 日和 2023 年 3 月 31 日的季度和年度
	截至3月31日的季度
	2024		2023
收入
產品銷售	$	7,034,840	$	12,408,832
合同研發		48,389		388,851
總收入		7,083,229		12,797,683
銷售成本		1,737,977		2,529,311
毛利		5,345,252		10,268,372
開支
研究和開發		811,339		611,489
銷售、一般和管理		473,622		752,710
支出總額		1,284,961		1,364,199

運營收入		4,060,291		8,904,173
利息收入		508,431		408,127
稅前收入		4,568,722		9,312,300
所得稅準備金		755,741		1,079,656
淨收入	$	3,812,981	$	8,232,644
每股淨收益—基本	$	0.79	$	1.70
每股淨收益——攤薄	$	0.79	$	1.70
加權平均已發行股數
基本		4,833,610		4,830,826
稀釋		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

	截至3月31日的財年
	2024		2023
收入
產品銷售	$	29,218,063	$	37,196,717
合同研發		586,116		1,056,875
總收入		29,804,179		38,253,592
銷售成本		6,772,533		8,062,311
毛利		23,031,646		30,191,281
開支
研究和開發		2,731,434		2,583,994
銷售、一般和管理		1,771,833		1,963,105
信用損失費用		9,514		-
支出總額		4,512,781		4,547,099

運營收入		18,518,865		25,644,182
利息收入		1,948,720		1,448,655
稅前收入		20,467,585		27,092,837
所得稅準備金		3,342,886		4,398,379
淨收入	$	17,124,699	$	22,694,458
每股淨收益—基本	$	3.54	$	4.70
每股淨收益——攤薄	$	3.54	$	4.70
加權平均已發行股數
基本		4,833,146		4,830,826
稀釋		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

NVE 公司資產負債表 2024 年和 2023 年 3 月 31 日
	2024年3月31日		2023年3月31日
資產
流動資產
現金和現金等價物	$	10,283,550	$	1,669,896
有價證券，短期（截至2024年3月31日，攤銷成本爲12,283,630美元，截至2023年3月31日的攤銷成本爲15,696,135美元）		11,917,779		15,513,095
應收賬款，扣除15 000美元的信貸損失備抵後		3,144,833		6,523,344
庫存		7,158,585		6,417,010
預付費用和其他資產		689,349		663,459
流動資產總額		33,194,096		30,786,804
固定資產
機械和設備		10,501,096		10,484,365
租賃權改進		1,956,309		1,956,309
		12,457,405		12,440,674
減去累計折舊和攤銷		11,403,383		11,095,236
淨固定資產		1,054,022		1,345,438
遞延所得稅資產		1,453,704		572,038
長期有價證券（截至2024年3月31日，攤銷成本爲31,417,890美元，截至2023年3月31日的攤銷成本爲37,495,846美元）		30,788,301		36,125,047
使用權資產 — 經營租賃		289,910		425,843
總資產	$	66,780,033	$	69,255,170

負債和股東權益
流動負債
應付賬款	$	127,154	$	281,712
應計工資及其他		729,215		1,375,250
經營租賃		179,372		175,798
流動負債總額		1,035,741		1,832,760
經營租賃		175,775		342,908
負債總額		1,211,516		2,175,668

股東權益
普通股		48,337		48,308
額外的實收資本		19,554,812		19,295,442
累計其他綜合收益		(777,637)		(1,213,858)
留存收益		46,743,005		48,949,610
股東權益總額		65,568,517		67,079,502
負債和股東權益總額	$	66,780,033	$	69,255,170

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

聯繫人：首席執行官丹尼爾·貝克 (952) 829-9217

譯文內容由第三人軟體翻譯。

以上內容僅用作資訊或教育之目的，不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。

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

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

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