$NVEC
NVE CORP /NEW/

2020 Q2 Form 10-Q Financial Statement

#000072491020000029 Filed on July 22, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1
Revenue $4.589M $6.295M $5.590M
YoY Change -27.09% -11.44% -29.24%
Cost Of Revenue $836.4K $1.092M $1.300M
YoY Change -23.41% -21.77% -11.56%
Gross Profit $3.753M $5.203M $4.290M
YoY Change -27.87% -8.92% -33.28%
Gross Profit Margin 81.77% 82.65% 76.74%
Selling, General & Admin $355.0K $330.0K $250.0K
YoY Change 7.58% 0.38% -32.43%
% of Gross Profit 9.46% 6.34% 5.83%
Research & Development $881.0K $973.1K $1.020M
YoY Change -9.46% -1.61% 12.09%
% of Gross Profit 23.48% 18.7% 23.78%
Depreciation & Amortization $129.6K $134.7K $180.0K
YoY Change -3.79% -25.04% -28.0%
% of Gross Profit 3.45% 2.59% 4.2%
Operating Expenses $1.236M $1.303M $1.270M
YoY Change -5.15% -1.12% -0.78%
Operating Profit $2.517M $3.900M $3.020M
YoY Change -35.46% -11.25% -41.36%
Interest Expense $400.0K $460.0K $460.0K
YoY Change -13.04% 9.52% 15.0%
% of Operating Profit 15.89% 11.8% 15.23%
Other Income/Expense, Net
YoY Change
Pretax Income $2.916M $4.359M $3.480M
YoY Change -33.1% -9.55% -37.3%
Income Tax $504.2K $751.2K $620.0K
% Of Pretax Income 17.29% 17.23% 17.82%
Net Earnings $2.412M $3.607M $2.860M
YoY Change -33.14% -8.56% -26.29%
Net Earnings / Revenue 52.55% 57.31% 51.16%
Basic Earnings Per Share $0.50 $0.74
Diluted Earnings Per Share $0.50 $0.74 $589.7K
COMMON SHARES
Basic Shares Outstanding 4.835M 4.846M
Diluted Shares Outstanding 4.835M 4.850M

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.60M $16.00M $19.40M
YoY Change 60.0% -49.04% -23.92%
Cash & Equivalents $6.403M $13.04M $6.877M
Short-Term Investments $19.20M $3.000M $12.50M
Other Short-Term Assets $700.0K $600.0K $800.0K
YoY Change 16.67% 20.0% 33.33%
Inventory $3.944M $4.220M $4.265M
Prepaid Expenses
Receivables $2.298M $2.747M $2.996M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $32.54M $23.65M $27.44M
YoY Change 37.59% -38.8% -16.07%
LONG-TERM ASSETS
Property, Plant & Equipment $505.8K $821.0K $894.8K
YoY Change -38.4% -33.86% -32.48%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $45.00M $58.60M $54.90M
YoY Change -23.21% 25.75% 3.98%
Other Assets $0.00 $200.0K $400.0K
YoY Change -100.0% -66.67% -33.33%
Total Long-Term Assets $46.34M $59.85M $56.17M
YoY Change -22.58% 23.66% 2.63%
TOTAL ASSETS
Total Short-Term Assets $32.54M $23.65M $27.44M
Total Long-Term Assets $46.34M $59.85M $56.17M
Total Assets $78.88M $83.51M $83.62M
YoY Change -5.54% -4.08% -4.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $180.3K $237.7K $375.2K
YoY Change -24.14% -38.8% -9.59%
Accrued Expenses $600.0K $600.0K $500.0K
YoY Change 0.0% 20.0% -16.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.199M $1.309M $835.7K
YoY Change -8.37% -18.98% -15.56%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $700.0K $100.0K
YoY Change 600.0%
Total Long-Term Liabilities $700.0K $100.0K $0.00
YoY Change 600.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.199M $1.309M $835.7K
Total Long-Term Liabilities $700.0K $100.0K $0.00
Total Liabilities $2.065M $1.394M $835.7K
YoY Change 48.12% -12.87% -16.43%
SHAREHOLDERS EQUITY
Retained Earnings $55.62M $61.67M $62.90M
YoY Change -9.8% -7.79% -7.1%
Common Stock $19.44M $19.96M $19.96M
YoY Change -2.63% 1.58% 1.58%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $76.82M $82.11M $82.78M
YoY Change
Total Liabilities & Shareholders Equity $78.88M $83.51M $83.62M
YoY Change -5.54% -4.08% -4.36%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income $2.412M $3.607M $2.860M
YoY Change -33.14% -8.56% -26.29%
Depreciation, Depletion And Amortization $129.6K $134.7K $180.0K
YoY Change -3.79% -25.04% -28.0%
Cash From Operating Activities $3.172M $4.538M $2.540M
YoY Change -30.09% -2.41% -33.68%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $16.10K $0.00
YoY Change -100.0% -57.61%
Acquisitions
YoY Change
Other Investing Activities $6.490M $2.980M
YoY Change 65.14% 186.54%
Cash From Investing Activities $0.00 $6.470M $2.980M
YoY Change -100.0% 66.38% 186.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$4.835M -4.846M -4.850M
YoY Change -0.23% 0.08% 0.21%
NET CHANGE
Cash From Operating Activities $3.172M 4.538M 2.540M
Cash From Investing Activities $0.00 6.470M 2.980M
Cash From Financing Activities -$4.835M -4.846M -4.850M
Net Change In Cash -$1.663M 6.162M 670.0K
YoY Change -126.98% 66.69% 2133.33%
FREE CASH FLOW
Cash From Operating Activities $3.172M $4.538M $2.540M
Capital Expenditures $0.00 $16.10K $0.00
Free Cash Flow $3.172M $4.522M $2.540M
YoY Change -29.84% -1.96% -33.68%

Facts In Submission

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CY2020Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
CY2019Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
16100
CY2020Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
718122
CY2020Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
655835
CY2020Q2 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
CY2019Q2 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
9500000
CY2020Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
11077307
CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
11077307
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
505792
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
582467
CY2020Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
880983
CY2019Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
973067
CY2020Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
55623347
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
58046520
CY2020Q2 us-gaap Revenues
Revenues
4589262
CY2019Q2 us-gaap Revenues
Revenues
6294696
CY2020Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
355011
CY2019Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
330009
CY2020Q2 us-gaap Share Based Compensation
ShareBasedCompensation
2707
CY2019Q2 us-gaap Share Based Compensation
ShareBasedCompensation
CY2020Q2 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
0
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
76817545
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
77995349
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
82780211
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
82111683
CY2020Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
406326
CY2020Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
CY2020Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020Q2 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
0
CY2020Q2 us-gaap Variable Lease Cost
VariableLeaseCost
30608
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4835157
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4850388
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4835038
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4846010

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