NVE Corporation (NVEC)

[crusader4truth]

NVE Corporation Reports First Quarter Fiscal 2006 Results
Wednesday July 20, 4:05 pm ET

EDEN PRAIRIE, Minn., July 20 /PRNewswire-FirstCall/ -- NVE Corporation (Nasdaq: NVEC - News) today announced financial results for the quarter ended June 30, 2005.

Product sales for the quarter increased 31% over the prior-year quarter to $1.78 million from $1.36 million. Total revenue, which consisted of product sales and contract research and development revenue, was $3.03 million for the first quarter of fiscal 2006 compared to $2.89 million for the prior-year quarter, an increase of 5%. Income before taxes for the quarter was $655,117 or $0.14 per diluted share, compared to $483,671 or $0.10 per diluted share for the prior-year quarter. After the effect of a non-cash provision for income taxes of $242,468, net income for the first quarter of fiscal 2006 was $412,649 or $0.09 per diluted share.

"We are pleased to report another quarter of record product sales and solid profits," said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D. "Sales of spintronic medical sensors and spintronic couplers were especially strong. Pretax margin improved to 22% due to a more favorable revenue mix and reduced expenses. Our cash plus investments increased by $774,215 during the quarter and we eliminated all of NVE's long-term debt."

NVE is a leader in the practical commercialization of spintronics, a nanotechnology that many experts believe represents the next generation of microelectronics. NVE licenses its MRAM intellectual property and sells spintronic products, including sensors and couplers, to revolutionize data sensing and transmission.

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 risks in continued profitability, uncertainties relating to MRAM production by our licensees, risks in the enforcement of our patents, uncertainties related to the awarding of future government contracts, risks related to our dependence on certain suppliers, risks associated with our reliance on several large customers, as well as the risk factors listed from time to time in our filings with the SEC, including our Annual Report on Form 10-KSB and other reports filed with the SEC.


NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS ENDED JUNE 30, 2005 AND 2004
(Unaudited)

Quarter Ended June 30
2005 2004
Revenue
Product sales $1,784,250 $1,363,140
Contract research and development 1,241,298 1,526,087
Total revenue 3,025,548 2,889,227

Cost of sales 1,681,118 1,625,881
Gross profit 1,344,430 1,263,346

Expenses
Research and development 376,800 361,259
Selling, general, and administrative 409,594 484,596
Total expenses 786,394 845,855

Income from operations 558,036 417,491

Interest income 68,319 54,869
Interest expense (2,053) (4,457)
Other income 30,815 15,768
Income before taxes 655,117 483,671

Provision for income taxes 242,468 -

Net income $412,649 $483,671

Net income per share - basic $0.09 $0.11

Net income per share - diluted $0.09 $0.10

Weighted average shares outstanding
Basic 4,569,861 4,493,180
Diluted 4,683,151 4,977,489



NVE CORPORATION
BALANCE SHEETS
JUNE 30, 2005 AND MARCH 31, 2005

(Unaudited)
June 30 March 31
2005 2005
ASSETS
Current assets
Cash and cash equivalents $1,462,601 $1,240,205
Short-term investments 759,030 252,775
Accounts receivable, net of allowance
for uncollectible accounts of $15,000 2,207,720 2,285,472
Inventories 1,660,158 1,572,759
Deferred tax asset 783,395 756,074
Prepaid expenses and other assets 130,990 130,873
Total current assets 7,003,894 6,238,158
Fixed assets
Machinery and equipment 4,102,089 4,140,307
Leasehold improvements 413,482 413,482
4,515,571 4,553,789
Less accumulated depreciation 2,927,035 2,826,227
Net fixed assets 1,588,536 1,727,562
Long-term investments 6,269,848 6,224,284
Total assets $14,862,278 $14,190,004

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $280,426 $319,427
Accrued payroll and other 506,061 465,930
Deferred revenue 219,914 267,355
Capital lease obligations 84,392 67,430
Total current liabilities 1,090,793 1,120,142
Capital lease obligations, less current
portion - 33,281
Total liabilities 1,090,793 1,153,423

Shareholders' equity
Common stock 45,701 45,698
Additional paid-in capital 14,307,683 14,064,625
Accumulated other comprehensive loss (53,034) (132,228)
Accumulated deficit (528,865) (941,514)
Total shareholders' equity 13,771,485 13,036,581
Total liabilities and shareholders'
equity $14,862,278 $14,190,004


Source: NVE Corporation

[crusader4truth]

won't be much longer, say 3 weeks at most and all will know NVE

[vitrotech]

Sorry...here's the chart:

[vitrotech]

[vitrotech]

long term falling wedge = strong buy

[MrPennyStock]

NVEC... I know what you are saying, these companies like Motorola change their direction and make us small time investors wondering what to do. I still think MRAM is the way to go because the nano industry will only fuel it. NVEC is one of the leader in the field and others are getting hot about it like IBM, here is a link on the latest. http://www.reed-electronics.com/electronicnews/article/CA412830?text=mram

NVEC is still increasing revenue and their stock too has felt the downturn, so I believe now is the time to buy.

[Slowroller]

I recently, just 5 days ago, jumped into NVEC after re-reading Forbes/Wolfe street talk on it in April report. I'm a long term investor (about 12-18 months). I have other volitile, thinly tradied stocks and it has been a weak market.

But this stock has me a bit nervous as I'm down 19% in 5 days. The stock was down 8.7 % just today. Cypress sold a good part of its shares a few days ago seems to be dragging its feet on MRAM. Shares traded today about 3 times normal volume some biggie was getting out.

Today I looked at NVE site and read one news article they had posted. With the top 2 guyes having sold out of most of their stock.

I'm worried that Cypress has decided or knows that Motorola will not be using any NVE patents in their MRAM and bailed out and is dragging on production readiness with no prospective customer for it. They stated that they sold the stock because they needed the money, but they seem pretty busy talking about other products not being able to fill demand. And, couldn't they have raised money some other way.

Spintronics, is the more I read, not nearly as dependent on NVE contributions as I had read before.

The next Wolfe nano report not for a couple weeks and I'm thinking they may be paid a fee to feature their companies anyway.

At this price I'd feel really stupit if I sold and it popped back up it is pretty cheap. On the other hand I'd feel really stupit if it was down another 8% tomorrow. After hours it dropped another few cents on 5000 shares sold.

The nest 6 months or so will be greatly dependent on this MRAM intro.

Any thoughts for the long haul and insight about this 3 company situation would be appreciated.

[Slowroller]

I recently, just 5 days ago, jumped into NVEC after re-reading Forbes/Wolfe street talk on it in April report. I'm a long term investor (about 12-18 months). I have other volitile, thinly tradied stocks and it has been a weak market.

But this stock has me a bit nervous as I'm down 19% in 5 days. The stock was down 8.7 % just today. Cypress sold a good part of its shares a few days ago seems to be dragging its feet on MRAM. Shares traded today about 3 times normal volume some biggie was getting out.

Today I looked at NVE site and read one news article they had posted. With the top 2 guyes having sold out of most of their stock.

I'm worried that Cypress has decided or knows that Motorola will not be using any NVE patents in their MRAM and bailed out and is dragging on production readiness with no prospective customer for it. They stated that they sold the stock because they needed the money, but they seem pretty busy talking about other products not being able to fill demand. And, couldn't they have raised money some other way.

Spintronics, is the more I read, not nearly as dependent on NVE contributions as I had read before.

The next Wolfe nano report not for a couple weeks and I'm thinking they may be paid a fee to feature their companies anyway.

At this price I'd feel really stupit if I sold and it popped back up it is pretty cheap. On the other hand I'd feel really stupit if it was down another 8% tomorrow. After hours it dropped another few cents on 5000 shares sold.

Any thoughts for the long haul other than pray?..

[veltexhope]

Mr. PennyStock: We would like to see U @ BLYC more often!

Please bring your intelligence to the board, we look forward to hearing from you!

[MrPennyStock]

Last post was from Jan, didn't want to mislead anyone.

[MrPennyStock]

NVEC announced today that it has been awarded approximately $450,000 by the Defense Advanced Research Projects Agency (DARPA) Defense Sciences Office (DSO) for the next phase of development of advanced Bio-Magnetic Interfacing Concepts (BioMagnetICs). The additional funding brings total funding under the contract, which was announced in August 2002, to approximately $1.24 million.

[MrPennyStock]

This is one of the few companies that has a licensed technology that could replace our standard DRAM hard-drives. And where else can you buy into a company with proven revenues. The best part is there is only 4.3 million shares, not like some companies that have no revenue, no product and has 400,000,000 shares.

[MrPennyStock]

NVE works on the commercialization of spintronics, which is considered to be the next generation of microelectronics. NVE licenses its MRAM intellectual property and sells spintronic products including sensors and couplers to enhance data sensing and transmission.

Some of NVE’s licensees are beginning to commercialise MRAM. Motorola recently delivered samples of a four-megabit MRAM device and Cypress reports achieving economic yields and has demonstrated MRAM prototype