Additional Proxy Soliciting Materials (definitive) (defa14a)
20 Junho 2023 - 5:34PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
_______________
SCHEDULE
14A INFORMATION
Proxy
Statement Pursuant to Section 14(a) of the Securities Exchange Act of
1934
(Amendment No. )
Filed by the Registrant ☑
Filed by a party other than the Registrant ☐
Check the appropriate box:
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Preliminary Proxy Statement |
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Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
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Definitive Proxy Statement |
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Definitive Additional Materials |
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Soliciting Material under § 240.14a-12 |
NVE Corporation
(Name of Registrant
as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
| Payment of Filing Fee (Check all boxes that apply): |
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No fee required. |
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Fee paid previously with preliminary materials. |
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Fee computed on table in exhibit required by Item
25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11 |
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11409 Valley View Road
Eden Prairie, MN 55344-3617
www.nve.com |
Fellow
Shareholders,
Strong Growth
As the chart at right shows, we reported a 56% increase in net income for the
past year, driven by a 44% increase in product sales. This was our second consecutive
year of record profits despite semiconductor supply-chain challenges.
Robust Product Development
Our products acquire and transmit information and power. They enable next-generation
factory automation and safer, more effective medical devices. Product introductions
in the past year included:
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New ultraminiature DC-to-DC convertors, which facilitate connections between
systems.
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Ultraminiature and ultrahigh-sensitivity magnetic sensors for precise motion
control.
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More combination
products that transmit power as well as data. |
Please visit our website or YouTube channel for more information and demonstrations
of these unique products. In addition to new products, our Advanced Technology
team continued programs to enable remarkable next-generation products and platforms.
New and Existing Customers
Industry shortages presented threats, but also opportunities. We addressed threats
to our supply chain with the cooperation of our suppliers and the dedication and
ingenuity of our employees. We took advantage of the opportunities by leveraging
the advantages of manufacturing in the United States and earning the business
of new customers facing shortages of conventional semiconductors.
Top medical device suppliers, such as Abbott’s Pacesetter subsidiary, rely
on our products for their life-changing devices. This year we extended our Supplier
Partnering Agreement with Abbott.
In-person tradeshows resumed in the past year, and we teamed with our distributors
at several international shows in the past several months. We will exhibit under
our own banner at Sensors Converge starting June 27 in Santa Clara, Calif.
Supporting Our Growth
We added employees in the past year to support our growth. Capital expenditures
were $936,000 in fiscal 2023, the most in a decade. The investments were primarily
for equipment, to increase our production capacity and alleviate potential bottlenecks.
Enhancing Shareholder Value
We continued to pay generous dividends to enhance your shareholder value. With
our growth the past year, earnings more than covered our dividends for the first
time. We strengthened our balance sheet and increased your shareholders' equity,
even while returning $19.3 million in dividends in the past fiscal year.
A Bright Future
In-demand products, investments in new products, increased capacity, and fast-growing
markets set the stage for continued growth. Thank you for your support.
Sincerely,
Daniel A. Baker
President and Chief Executive Officer
Statements in this letter that relate to future plans, events, or performance
are forward-looking statements that are subject to certain risks and uncertainties
including the risk factors listed from time to time in our filings with the SEC,
including our Annual Report on Form 10-K and other reports filed with the SEC.
Actual results could differ materially from the information provided, and we undertake
no obligation to update forward-looking statements.
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