NVE CORP /NEW/ — Remuneration Information 2008

Jun 20, 2008

DEFA14A 1 defa-ltr.htm DEFINITIVE ADDITIONAL MATERIALS: LETTER TO SHAREHOLDERS Definitive Additional Materials

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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SCHEDULE 14A INFORMATION

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NVE Corporation

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11409 Valley View Road Eden Prairie, MN 55344-3617 www.nve.com

| Fellow Shareholders: In fiscal 2008 we continued to advance our vision of practical spintronics
leadership. Our strategy drove record sales, profits, and liquidity. As
the graphs at right show, in just two years our product sales have more
than doubled, net income has more than tripled, and cash plus marketable
securities has more than doubled. Financial highlights of the past year: • Product sales increased 28% • Net income increased 50% • Cash and marketable securities increased
$6.4 million Other fiscal 2008 highlights included new world-class products, new customers,
new patents, and capital investments in production capacity. World-Class Products Our spintronic sensors and coupler products are smaller and more precise
than other products. We extended those advantages with new products in
the past year including tranceivers half the size of our previous products,
packaged sensor systems less than one-fifth the size, and medical sensors
30% more sensitive. Leading Customers We are proud to earn the business of some of the most demanding companies
in the world. In the past year we renewed key agreements with St. Jude
Medical and Avago Technologies. Additionally, our products are distributed
through a gobal distributor network, and we added distributors in the
past year. Capacity for Growth We made capital expenditures to ensure that our production capacity will
support continued rapid growth. We also renewed our building lease, which
will allow us to further expand production. Advancing Technology Four U.S. patents issued in fiscal 2008 plus one thus far in fiscal 2009
bring our total issued U.S. patents to 46. Those recent patents relate
to sensors, laboratory-on-a-chip technology, and next-generation MRAM.
Most of our patents relate to MRAM, a technology we believe could revolutionize
memory by combining the speed of SRAM, the density of DRAM, and the nonvolatility
of flash memory. A Bright Future We entered fiscal 2009 with a strong balance sheet, products in demand,
and an excellent intellectual property portfolio. I am proud of NVE's
accomplishments in the past year, and we look forward to a bright future. Sincerely, Daniel A. Baker President and Chief Executive Officer |
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| Statements
used 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. The Company undertakes no obligation to update forward-looking
statements. |