 EDEN PRAIRIE, Minn., July 22, 2020 GLOBE NEWSWIRE -- NVE Corporation Nasdaq: NVEC announced today financial results for the quarter ended June 30, 2020. Total revenue for the first quarter of fiscal 2021 decreased 27 to 4.59 million from 6.29 million in the prior-year quarter. The decrease was due to a 28 decrease in product sales partially offset by a 10 increase in contract research and development revenue. Product sales decreased to 4.36 million from 6.09 million in the prior-year quarter. Net income for the first quarter of fiscal 2020 decreased 33 to 2.41 million, or 0.50 per diluted share, compared to 3.61 million, or 0.74 per share, for the prior-year quarter. The company also announced a quarterly cash dividend to shareholders of 1.00 per share of common stock, payable August 31, 2020 to shareholders of record as of August 3, 2020. We are pleased to report a solid profit for the quarter despite a significant impact from COVID-19 pandemic on our product sales, said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D. NVE is a leader in the practical commercialization of spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store and transmit information. The company manufactures high-performance spintronic products including sensors and couplers that are used to acquire and transmit data. 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 and uncertainties related to future sales and revenues and risks related to the COVID-19 pandemic, as well as the risk factors listed from time to time in our filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2020 and other reports filed with the SEC.NVE CORPORATION STATEMENTS OF INCOME QUARTERS ENDED JUNE 30, 2020 AND 2019 Unaudited Quarter Ended June 30 2020 2019 Revenue Product sales4,358,635 6,085,364 Contract research and development230,627 209,332 Total revenue 4,589,262 6,294,696 Cost of sales836,422 1,092,037 Gross profit 3,752,840 5,202,659 Expenses Research and development 880,983 973,067 Selling, general, and administrative355,011 330,009 Total expenses1,235,994 1,303,076 Income from operations 2,516,846 3,899,583 Interest income399,212 459,039 Income before taxes 2,916,058 4,358,622 Provision for income taxes504,193 751,203 Net income2,411,865 3,607,419 Net income per share basic0.50 0.74 Net income per share diluted0.50 0.74 Cash dividends declared per common share1.00 1.00 Weighted average shares outstanding Basic 4,835,038 4,846,010 Diluted 4,835,157 4,850,388 NVE CORPORATION BALANCE SHEETS JUNE 30 AND MARCH 31, 2020 Unaudited June 30, 2020 March 31, 2020 ASSETS Current assets Cash and cash equivalents6,402,983 8,065,594 Marketable securities, short-term 19,179,495 19,084,814 Accounts receivable, net of allowance for uncollectible accounts of 15,000 2,297,850 2,694,018 Inventories 3,943,738 3,884,450 Prepaid expenses and other assets718,122 655,835 Total current assets 32,542,188 34,384,711 Fixed assets Machinery and equipment 9,280,062 9,280,062 Leasehold improvements1,797,245 1,797,245 11,077,307 11,077,307 Less accumulated depreciation and amortization 10,571,515 10,494,840 Net fixed assets 505,792 582,467 Deferred tax assets- 108,119 Marketable securities, long-term45,049,578 43,606,495 Right-of-use asset operating lease784,774 816,358 Total assets78,882,332 79,498,150 LIABILITIES AND SHAREHOLDERS EQUITY Current liabilities Accounts payable180,338 186,993 Accrued payroll and other492,243 482,074 Income taxes payable406,326 - Operating lease120,429 127,134 Total current liabilities 1,199,336 796,201 Deferred tax liabilities 189,523 - Operating lease675,928 706,600 Total liabilities2,064,787 1,502,801 Shareholders equity Common stock 48,350 48,350 Additional paid-in capital 19,386,663 19,383,956 Accumulated other comprehensive income 1,759,185 516,523 Retained earnings55,623,347 58,046,520 Total shareholders equity76,817,545 77,995,349 Total liabilities and shareholders equity78,882,332 79,498,150 CONTACT: Curt Reynders, Chief Financial Officer, 952-829-9217 