$NVEC
NVE CORP /NEW/

2018 Q2 Form 10-Q Financial Statement

#000072491018000022 Filed on July 18, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $7.108M $7.608M
YoY Change -6.57% 13.42%
Cost Of Revenue $1.396M $1.798M
YoY Change -22.37% 29.83%
Gross Profit $5.712M $5.809M
YoY Change -1.68% 9.14%
Gross Profit Margin 80.36% 76.36%
Selling, General & Admin $328.8K $399.4K
YoY Change -17.68% 2.42%
% of Gross Profit 5.76% 6.87%
Research & Development $989.0K $905.7K
YoY Change 9.2% 19.43%
% of Gross Profit 17.32% 15.59%
Depreciation & Amortization $179.7K $242.2K
YoY Change -25.77% 24.84%
% of Gross Profit 3.15% 4.17%
Operating Expenses $1.318M $1.305M
YoY Change 0.97% 13.66%
Operating Profit $4.394M $4.504M
YoY Change -2.44% 7.9%
Interest Expense $420.0K $360.0K
YoY Change 16.67% -18.18%
% of Operating Profit 9.56% 7.99%
Other Income/Expense, Net
YoY Change
Pretax Income $4.819M $4.866M
YoY Change -0.97% 5.51%
Income Tax $873.8K $1.568M
% Of Pretax Income 18.13% 32.23%
Net Earnings $3.945M $3.298M
YoY Change 19.63% 5.27%
Net Earnings / Revenue 55.5% 43.35%
Basic Earnings Per Share $0.81 $0.68
Diluted Earnings Per Share $0.81 $0.68
COMMON SHARES
Basic Shares Outstanding 4.842M 4.841M
Diluted Shares Outstanding 4.850M 4.846M

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $31.40M $31.20M
YoY Change 0.64% 45.12%
Cash & Equivalents $8.452M $4.378M
Short-Term Investments $22.90M $26.90M
Other Short-Term Assets $500.0K $600.0K
YoY Change -16.67% -14.29%
Inventory $3.622M $3.249M
Prepaid Expenses
Receivables $3.121M $3.131M
Other Receivables $0.00 $0.00
Total Short-Term Assets $38.65M $38.22M
YoY Change 1.13% 36.47%
LONG-TERM ASSETS
Property, Plant & Equipment $1.241M $1.652M
YoY Change -24.88% 10.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $46.60M $53.30M
YoY Change -12.57% -25.14%
Other Assets $600.0K $400.0K
YoY Change 50.0%
Total Long-Term Assets $48.40M $55.41M
YoY Change -12.65% -23.75%
TOTAL ASSETS
Total Short-Term Assets $38.65M $38.22M
Total Long-Term Assets $48.40M $55.41M
Total Assets $87.05M $93.63M
YoY Change -7.02% -7.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $388.4K $344.4K
YoY Change 12.78% 15.63%
Accrued Expenses $500.0K $600.0K
YoY Change -16.67% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.615M $2.438M
YoY Change -33.73% -15.53%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.615M $2.438M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $1.600M $2.400M
YoY Change -33.33% -17.24%
SHAREHOLDERS EQUITY
Retained Earnings $66.87M $71.62M
YoY Change -6.63% -8.01%
Common Stock $19.65M $19.56M
YoY Change 0.47% 1.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $85.44M $91.19M
YoY Change
Total Liabilities & Shareholders Equity $87.05M $93.63M
YoY Change -7.02% -7.0%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $3.945M $3.298M
YoY Change 19.63% 5.27%
Depreciation, Depletion And Amortization $179.7K $242.2K
YoY Change -25.77% 24.84%
Cash From Operating Activities $4.650M $5.223M
YoY Change -10.97% 24.64%
INVESTING ACTIVITIES
Capital Expenditures $37.99K $393.4K
YoY Change -90.34% -95584.95%
Acquisitions
YoY Change
Other Investing Activities $3.930M -$3.810M
YoY Change -203.15% -23.49%
Cash From Investing Activities $3.889M -$4.203M
YoY Change -192.53% -15.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.842M -4.841M
YoY Change 0.02% 0.02%
NET CHANGE
Cash From Operating Activities 4.650M 5.223M
Cash From Investing Activities 3.889M -4.203M
Cash From Financing Activities -4.842M -4.841M
Net Change In Cash 3.697M -3.821M
YoY Change -196.74% -32.12%
FREE CASH FLOW
Cash From Operating Activities $4.650M $5.223M
Capital Expenditures $37.99K $393.4K
Free Cash Flow $4.612M $4.829M
YoY Change -4.5% 15.24%

Facts In Submission

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CY2018Q2 us-gaap Revenue Recognition Sales Of Goods
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><br /> <div style="display: inline; font-weight: bold;">Significant Accounting Policies</div><br /> <div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Revenue Recognition</div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp; We recognize revenue when we satisfy performance obligations by the transfer of control of products or services to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those products or services. Revenue is disaggregated into product sales and contract research and development to depict the nature, amount, timing of revenue recognition and economic characteristics of our business, and is represented within the financial statements. &nbsp;<br /> <br /> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We recognize revenue from product sales to customers and distributors when we satisfy our performance obligation, at a point in time, upon product shipment or delivery to our customer or distributor as determined by agreed upon shipping terms. Shipping charges billed to customers are included in product sales and the related shipping costs are included in selling, general, and administrative expenses. Under certain limited circumstances, our distributors <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>earn commissions for activities unrelated to their purchases of our products, such as for facilitating the sale of custom products or research and development contracts with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> parties. We recognize any such commissions as selling, general, and administrative expenses. We recognize discounts provided to our distributors as reductions in revenue.<br /> <br /> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We recognize contract research and development revenue over a period of time as the performance obligation is satisfied over a period of time rather than a point in time. Contracts have specifications unique to each customer and do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> create an asset with an alternate use, and we have an enforceable right to payment for performance completed to date. We recognize revenue over a period of time using costs incurred as the measurement of progress towards completion.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.5pt;text-align:left;">&nbsp;</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable is recognized when we have transferred a good or service to a customer and our right to receive consideration is unconditional through the completion of our performance obligation. A contract asset is recognized when we have a right to consideration from the transfer of goods or services to a customer but have <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> completed our performance obligation. A contract liability is recognized when we have been paid by a customer but have <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> yet satisfied the performance obligation by transferring goods or services. We had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> material contract assets or contract liabilities as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div><br /> <br /> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our performance obligations related to product sales and contract research and development contracts are satisfied in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year or less. Unsatisfied performance obligations represent contracts with an original expected duration of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year or less. As permitted under Accounting Standards Codification (&#x201c;ASC&#x201d;) Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> <div style="display: inline; font-style: italic;">Revenue from Contracts with Customers</div>, we are using the practical expedient <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to disclose the value of these unsatisfied performance obligations. We also use the practical expedient in which we do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised goods or services to the customer will be <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year or less.</div></div></div>
CY2018Q2 us-gaap Revenues
Revenues
7107906
CY2017Q2 us-gaap Revenues
Revenues
7607666
CY2018Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
328761
CY2017Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
399361
CY2018Q2 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
0
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
85437752
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
86441740
CY2018Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2018Q2 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
0
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4850479
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4846251
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4842010
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4841010

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