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
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.
明尼苏达州伊甸草原，2024年5月1日（环球新闻专线）——NVE公司（纳斯达克股票代码：NVEC）今天公布了截至2024年3月31日的季度和财年的财务业绩。
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.
2024财年第四季度的总收入从上一季度的1,280万美元下降了45％，至708万美元。下降是由于产品销售下降了43％，合同研发收入下降了88％。2024财年第四季度的净收益下降了54％，至381万美元，摊薄每股收益0.79美元，而去年同期为823万美元，摊薄每股收益为1.70美元。
2024财年，总收入下降了22％，至2980万美元，而去年同期为3,830万美元。下降是由于产品销售下降了21％，合同研发收入下降了45％。2024财年的净收益从2023财年的2,270万美元或每股4.70美元下降了25％，至1,710万美元，摊薄每股收益3.54美元。
该公司还宣布向股东派发每股普通股1.00美元的季度现金股息，将于2024年5月31日支付给截至2024年5月13日的登记股东。
NVE总裁兼首席执行官丹尼尔·贝克博士表示：“尽管半导体行业低迷，但我们很高兴地公布本季度和财年的稳健收益。”
NVE 是自旋电子学实际商业化的领导者，自旋电子学是一种依靠电子自旋而不是电子电荷来获取、存储和传输信息的纳米技术。该公司生产高性能的自旋电子产品，包括用于采集和传输数据的传感器和耦合器。
本新闻稿中使用的与未来计划、事件、财务业绩或业绩相关的陈述是前瞻性陈述，存在某些风险和不确定性，其中包括我们在很大一部分收入中依赖多个大客户、与我们所服务行业的经济环境相关的不确定性、与未来销售和收入相关的不确定性、与未来股息支付相关的风险和不确定性，以及我们不时列出的风险因素向美国证券交易委员会提交的文件，包括我们截至2024年3月31日财年的10-K表年度报告。
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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 | |||||||
| 产品销售 | $ | 7,034,840 | $ | 12,408,832 | |||
| 合同研发 | 48,389 | 388,851 | |||||
| 总收入 | 7,083,229 | 12,797,683 | |||||
| 销售成本 | 1,737,977 | 2,529,311 | |||||
| 毛利 | 5,345,252 | 10,268,372 | |||||
| 开支 | |||||||
| 研究和开发 | 811,339 | 611,489 | |||||
| 销售、一般和管理 | 473,622 | 752,710 | |||||
| 支出总额 | 1,284,961 | 1,364,199 | |||||
| 运营收入 | 4,060,291 | 8,904,173 | |||||
| 利息收入 | 508,431 | 408,127 | |||||
| 税前收入 | 4,568,722 | 9,312,300 | |||||
| 所得税准备金 | 755,741 | 1,079,656 | |||||
| 净收入 | $ | 3,812,981 | $ | 8,232,644 | |||
| 每股净收益—基本 | $ | 0.79 | $ | 1.70 | |||
| 每股净收益——摊薄 | $ | 0.79 | $ | 1.70 | |||
| 加权平均已发行股数 | |||||||
| 基本 | 4,833,610 | 4,830,826 | |||||
| 稀释 | 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日的财年 | |||||||
| 2024 | 2023 | ||||||
| 收入 | |||||||
| 产品销售 | $ | 29,218,063 | $ | 37,196,717 | |||
| 合同研发 | 586,116 | 1,056,875 | |||||
| 总收入 | 29,804,179 | 38,253,592 | |||||
| 销售成本 | 6,772,533 | 8,062,311 | |||||
| 毛利 | 23,031,646 | 30,191,281 | |||||
| 开支 | |||||||
| 研究和开发 | 2,731,434 | 2,583,994 | |||||
| 销售、一般和管理 | 1,771,833 | 1,963,105 | |||||
| 信用损失费用 | 9,514 | - | |||||
| 支出总额 | 4,512,781 | 4,547,099 | |||||
| 运营收入 | 18,518,865 | 25,644,182 | |||||
| 利息收入 | 1,948,720 | 1,448,655 | |||||
| 税前收入 | 20,467,585 | 27,092,837 | |||||
| 所得税准备金 | 3,342,886 | 4,398,379 | |||||
| 净收入 | $ | 17,124,699 | $ | 22,694,458 | |||
| 每股净收益—基本 | $ | 3.54 | $ | 4.70 | |||
| 每股净收益——摊薄 | $ | 3.54 | $ | 4.70 | |||
| 加权平均已发行股数 | |||||||
| 基本 | 4,833,146 | 4,830,826 | |||||
| 稀释 | 4,839,705 | 4,832,096 | |||||
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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 资产负债表 2024 年和 2023 年 3 月 31 日 | |||||||
| 2024年3月31日 | 2023年3月31日 | ||||||
| 资产 | |||||||
| 流动资产 | |||||||
| 现金和现金等价物 | $ | 10,283,550 | $ | 1,669,896 | |||
| 有价证券，短期 （截至2024年3月31日，摊销成本为12,283,630美元，截至2023年3月31日的摊销成本为15,696,135美元） |
11,917,779 | 15,513,095 | |||||
| 应收账款，扣除15 000美元的信贷损失备抵后 | 3,144,833 | 6,523,344 | |||||
| 库存 | 7,158,585 | 6,417,010 | |||||
| 预付费用和其他资产 | 689,349 | 663,459 | |||||
| 流动资产总额 | 33,194,096 | 30,786,804 | |||||
| 固定资产 | |||||||
| 机械和设备 | 10,501,096 | 10,484,365 | |||||
| 租赁权改进 | 1,956,309 | 1,956,309 | |||||
| 12,457,405 | 12,440,674 | ||||||
| 减去累计折旧和摊销 | 11,403,383 | 11,095,236 | |||||
| 净固定资产 | 1,054,022 | 1,345,438 | |||||
| 递延所得税资产 | 1,453,704 | 572,038 | |||||
| 长期有价证券 （截至2024年3月31日，摊销成本为31,417,890美元，截至2023年3月31日的摊销成本为37,495,846美元） |
30,788,301 | 36,125,047 | |||||
| 使用权资产 — 经营租赁 | 289,910 | 425,843 | |||||
| 总资产 | $ | 66,780,033 | $ | 69,255,170 | |||
| 负债和股东权益 | |||||||
| 流动负债 | |||||||
| 应付账款 | $ | 127,154 | $ | 281,712 | |||
| 应计工资及其他 | 729,215 | 1,375,250 | |||||
| 经营租赁 | 179,372 | 175,798 | |||||
| 流动负债总额 | 1,035,741 | 1,832,760 | |||||
| 经营租赁 | 175,775 | 342,908 | |||||
| 负债总额 | 1,211,516 | 2,175,668 | |||||
| 股东权益 | |||||||
| 普通股 | 48,337 | 48,308 | |||||
| 额外的实收资本 | 19,554,812 | 19,295,442 | |||||
| 累计其他综合收益 | (777,637) | (1,213,858) | |||||
| 留存收益 | 46,743,005 | 48,949,610 | |||||
| 股东权益总额 | 65,568,517 | 67,079,502 | |||||
| 负债和股东权益总额 | $ | 66,780,033 | $ | 69,255,170 | |||
CONTACT: Daniel A. Baker, CEO (952) 829-9217
联系人：首席执行官丹尼尔·贝克 (952) 829-9217
译文内容由第三方软件翻译。