NVE Corp. (NVEC, Financial) filed Annual Report for the period ended 2010-03-31.
Nve Corp. has a market cap of $218.1 million; its shares were traded at around $46.4 with a P/E ratio of 19.5 and P/S ratio of 9.3. NVEC is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Working Capital Items Like other companies in the electronics industry, we have historically invested in capital equipment for manufacturing and testing our products, as well as research and development equipment. We have also deployed significant capital in inventories to have finished products available from stock, to receive more favorable pricing for raw materials, and to guard against raw material shortages. Dependence on Major Customers We rely on several large customers for a significant percentage of our revenue, including Avago Technologies; Phonak AG; St. Jude Medical, Inc.; certain other medical device manufacturers; certain distributors; and the U.S. Government. The loss of any one or more of these customers could have a material adverse effect on us. For the purposes of this disclosure, all agencies of the U.S. Government are considered a single customer. Firm Backlog As of March 31, 2010 we had $1,527,621 of contract research and development backlog we believed to be firm, compared to $2,198,545 as of March 31, 2009. We expect the firm backlog as of March 31, 2010 to be filled in fiscal 2011. Approximately 51% of our backlog as of March 31, 2010 and 53% as of March 31, 2009 was from agencies of the U.S. Government. U.S. Government orders that are not yet funded, or contracts awarded but not yet signed, are not included in firm backlog. The portion of orders already included in operating revenues on the basis of percentage of completion or program accounting are excluded. We do not believe any material portion of our business is subject to renegotiation of profits or termination of contracts or subcontracts at the election of the U.S. Government. There can be no assurance of additional contracts or follow-on contracts for expired or completed U.S. Government or other contracts. We do not believe product sales backlog as of any particular date is indicative of future results. Our product sales are made primarily under standard purchase orders. We have certain agreements that require customers to forecast purchases; however, these agreements do not generally obligate the customer to purchase any particular quantity of products. Shipment schedules and quantities actually purchased by customers are often revised to reflect changes in customers needs. Based on semiconductor industry practice and our experience, we do not believe that such agreements are meaningful for determining backlog amounts. We believe that only a small portion of our product order backlog is non-cancelable and that the dollar amount associated with the non-cancelable portion is not significant. Research and Development Activities Over the past three fiscal years our research and development activities have included development of new sensors, couplers, and memories. We spent $872,673 for fiscal 2010, $966,610 for fiscal 2009, and $1,202,504 for fiscal 2008 in company-sponsored research and development activities. Additionally, we spent $4,346,200 during fiscal 2010, $3,085,726 during fiscal 2009, and $2,139,059 during fiscal 2008 on customer-sponsored research and development contract activities. These research and development contracts were with various agencies of the U.S. Government as well non-government entities. Environmental Matters We are subject to environmental laws and regulations, particularly with respect to industrial waste and emissions. Compliance with these laws and regulations has not had a material impact on our capital expenditures, earnings, or competitive position to date. Existing and future environmental laws and regulations could result in expenses related to emission abatement or remediation, but we are currently unable to estimate such expenses. Number of Employees We had 52 employees as of March 31, 2010 compared to 50 as of March 31, 2009. Our employment can fluctuate due to a variety of factors. None of our employees are represented by a labor union or are subject to a collective bargaining agreement, and we believe we maintain good relations with our employees. Financial Information About Geographic Areas International sales accounted for approximately 49% of our revenue in fiscal 2010, 47% in fiscal 2009, and 47% in fiscal 2008. More information about geographic areas is contained in Note 8 Segment Information of the Financial Statements included elsewhere in this Report. Available Information All reports we file with the SEC, including our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and proxy statements and additional proxy materials on Schedule 14A, as well as any amendments to those reports and schedules, are accessible at no cost through the Investors section of our Website (www.nve.com). We make those filings available as soon as reasonably practicable after filing. These filings are also accessible through the SECs Website (www.sec.gov).7
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Nve Corp. has a market cap of $218.1 million; its shares were traded at around $46.4 with a P/E ratio of 19.5 and P/S ratio of 9.3. NVEC is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
The aggregate market value of the voting stock held by non-affiliates of the Registrant, based on the closing price on September 30, 2009, the last business day of the Registrants most recently completed second fiscal quarter, as reported on the NASDAQ Stock Market, was approximately $207 million. The number of shares of the registrants Common Stock (par value $0.01) outstanding as of April 30, 2010 was 4,700,583._______________Working Capital Items Like other companies in the electronics industry, we have historically invested in capital equipment for manufacturing and testing our products, as well as research and development equipment. We have also deployed significant capital in inventories to have finished products available from stock, to receive more favorable pricing for raw materials, and to guard against raw material shortages. Dependence on Major Customers We rely on several large customers for a significant percentage of our revenue, including Avago Technologies; Phonak AG; St. Jude Medical, Inc.; certain other medical device manufacturers; certain distributors; and the U.S. Government. The loss of any one or more of these customers could have a material adverse effect on us. For the purposes of this disclosure, all agencies of the U.S. Government are considered a single customer. Firm Backlog As of March 31, 2010 we had $1,527,621 of contract research and development backlog we believed to be firm, compared to $2,198,545 as of March 31, 2009. We expect the firm backlog as of March 31, 2010 to be filled in fiscal 2011. Approximately 51% of our backlog as of March 31, 2010 and 53% as of March 31, 2009 was from agencies of the U.S. Government. U.S. Government orders that are not yet funded, or contracts awarded but not yet signed, are not included in firm backlog. The portion of orders already included in operating revenues on the basis of percentage of completion or program accounting are excluded. We do not believe any material portion of our business is subject to renegotiation of profits or termination of contracts or subcontracts at the election of the U.S. Government. There can be no assurance of additional contracts or follow-on contracts for expired or completed U.S. Government or other contracts. We do not believe product sales backlog as of any particular date is indicative of future results. Our product sales are made primarily under standard purchase orders. We have certain agreements that require customers to forecast purchases; however, these agreements do not generally obligate the customer to purchase any particular quantity of products. Shipment schedules and quantities actually purchased by customers are often revised to reflect changes in customers needs. Based on semiconductor industry practice and our experience, we do not believe that such agreements are meaningful for determining backlog amounts. We believe that only a small portion of our product order backlog is non-cancelable and that the dollar amount associated with the non-cancelable portion is not significant. Research and Development Activities Over the past three fiscal years our research and development activities have included development of new sensors, couplers, and memories. We spent $872,673 for fiscal 2010, $966,610 for fiscal 2009, and $1,202,504 for fiscal 2008 in company-sponsored research and development activities. Additionally, we spent $4,346,200 during fiscal 2010, $3,085,726 during fiscal 2009, and $2,139,059 during fiscal 2008 on customer-sponsored research and development contract activities. These research and development contracts were with various agencies of the U.S. Government as well non-government entities. Environmental Matters We are subject to environmental laws and regulations, particularly with respect to industrial waste and emissions. Compliance with these laws and regulations has not had a material impact on our capital expenditures, earnings, or competitive position to date. Existing and future environmental laws and regulations could result in expenses related to emission abatement or remediation, but we are currently unable to estimate such expenses. Number of Employees We had 52 employees as of March 31, 2010 compared to 50 as of March 31, 2009. Our employment can fluctuate due to a variety of factors. None of our employees are represented by a labor union or are subject to a collective bargaining agreement, and we believe we maintain good relations with our employees. Financial Information About Geographic Areas International sales accounted for approximately 49% of our revenue in fiscal 2010, 47% in fiscal 2009, and 47% in fiscal 2008. More information about geographic areas is contained in Note 8 Segment Information of the Financial Statements included elsewhere in this Report. Available Information All reports we file with the SEC, including our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and proxy statements and additional proxy materials on Schedule 14A, as well as any amendments to those reports and schedules, are accessible at no cost through the Investors section of our Website (www.nve.com). We make those filings available as soon as reasonably practicable after filing. These filings are also accessible through the SECs Website (www.sec.gov).7
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