$NVEC
NVE CORP /NEW/

2018 Q4 Form 10-Q Financial Statement

#000072491019000004 Filed on January 23, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2017 Q4
Revenue $6.269M $7.361M
YoY Change -14.83% -1.37%
Cost Of Revenue $1.169M $1.658M
YoY Change -29.46% 10.3%
Gross Profit $5.100M $5.703M
YoY Change -10.57% -4.31%
Gross Profit Margin 81.35% 77.48%
Selling, General & Admin $268.9K $313.0K
YoY Change -14.1% -18.55%
% of Gross Profit 5.27% 5.49%
Research & Development $1.127M $852.7K
YoY Change 32.16% 3.14%
% of Gross Profit 22.1% 14.95%
Depreciation & Amortization $170.0K $250.0K
YoY Change -32.0% -47.92%
% of Gross Profit 3.33% 4.38%
Operating Expenses $1.396M $1.166M
YoY Change 19.74% -3.75%
Operating Profit $3.704M $4.537M
YoY Change -18.36% -4.45%
Interest Expense $460.0K $400.0K
YoY Change 15.0% 0.0%
% of Operating Profit 12.42% 8.82%
Other Income/Expense, Net
YoY Change
Pretax Income $4.161M $4.942M
YoY Change -15.8% -3.93%
Income Tax $739.9K $1.370M
% Of Pretax Income 17.78% 27.73%
Net Earnings $3.421M $3.572M
YoY Change -4.21% 2.52%
Net Earnings / Revenue 54.57% 48.52%
Basic Earnings Per Share $0.71 $0.74
Diluted Earnings Per Share $0.71 $0.74
COMMON SHARES
Basic Shares Outstanding 4.845M 4.841M
Diluted Shares Outstanding 4.851M 4.847M

Balance Sheet

Concept 2018 Q4 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.70M $23.50M
YoY Change 0.85% -17.54%
Cash & Equivalents $6.207M $4.728M
Short-Term Investments $17.40M $18.80M
Other Short-Term Assets $800.0K $1.000M
YoY Change -20.0% 25.0%
Inventory $4.141M $3.596M
Prepaid Expenses
Receivables $2.718M $2.166M
Other Receivables $0.00 $0.00
Total Short-Term Assets $31.27M $30.27M
YoY Change 3.31% -10.53%
LONG-TERM ASSETS
Property, Plant & Equipment $1.021M $1.515M
YoY Change -32.59% 16.6%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $51.90M $56.70M
YoY Change -8.47% -5.03%
Other Assets $600.0K $300.0K
YoY Change 100.0% -25.0%
Total Long-Term Assets $53.52M $58.58M
YoY Change -8.64% -4.62%
TOTAL ASSETS
Total Short-Term Assets $31.27M $30.27M
Total Long-Term Assets $53.52M $58.58M
Total Assets $84.79M $88.84M
YoY Change -4.57% -6.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $313.1K $258.9K
YoY Change 20.96% -27.8%
Accrued Expenses $600.0K $500.0K
YoY Change 20.0% -28.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $866.0K $793.1K
YoY Change 9.19% -23.57%
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 $866.0K $793.1K
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $900.0K $800.0K
YoY Change 12.5% -20.0%
SHAREHOLDERS EQUITY
Retained Earnings $64.89M $68.67M
YoY Change -5.5% -8.41%
Common Stock $19.96M $19.65M
YoY Change 1.58% 1.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $83.92M $88.05M
YoY Change
Total Liabilities & Shareholders Equity $84.79M $88.84M
YoY Change -4.57% -6.72%

Cashflow Statement

Concept 2018 Q4 2017 Q4
OPERATING ACTIVITIES
Net Income $3.421M $3.572M
YoY Change -4.21% 2.52%
Depreciation, Depletion And Amortization $170.0K $250.0K
YoY Change -32.0% -47.92%
Cash From Operating Activities $3.410M $4.000M
YoY Change -14.75% -25.09%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K -$70.00K
YoY Change -57.14% 40.0%
Acquisitions
YoY Change
Other Investing Activities $1.530M $480.0K
YoY Change 218.75% -120.0%
Cash From Investing Activities $1.500M $410.0K
YoY Change 265.85% -116.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.750M -4.790M
YoY Change -0.84% 0.21%
NET CHANGE
Cash From Operating Activities 3.410M 4.000M
Cash From Investing Activities 1.500M 410.0K
Cash From Financing Activities -4.750M -4.790M
Net Change In Cash 160.0K -380.0K
YoY Change -142.11% -79.89%
FREE CASH FLOW
Cash From Operating Activities $3.410M $4.000M
Capital Expenditures -$30.00K -$70.00K
Free Cash Flow $3.440M $4.070M
YoY Change -15.48% -24.49%

Facts In Submission

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CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
11213536
CY2018Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
11145271
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1021032
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1325383
CY2018Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1126975
CY2017Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
852739
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3087964
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2788968
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
64891056
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
67709657
us-gaap Revenue Recognition Sales Of Goods
RevenueRecognitionSalesOfGoods
<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="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; text-indent: 9pt;"><div style="display: inline; font-weight: bold;">Significant Accounting Policies</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><br /> <div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Revenue Recognition</div></div></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; text-indent: 9pt;">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.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">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.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">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: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">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;"> December&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> 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></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">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&nbsp;<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></div></div>
CY2018Q4 us-gaap Revenues
Revenues
6269405
CY2017Q4 us-gaap Revenues
Revenues
7360789
us-gaap Revenues
Revenues
20883386
us-gaap Revenues
Revenues
21964689
CY2018Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
268905
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1060757
CY2017Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
313033
us-gaap Share Based Compensation
ShareBasedCompensation
93360
us-gaap Share Based Compensation
ShareBasedCompensation
40920
CY2018Q4 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
0
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
83920175
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
975114
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
86441740
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2018Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
0
CY2018Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4850507
CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4847290
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4850120
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4846036
CY2018Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4845010
CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4841369
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4843355
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4841130

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