SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15 (d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported) May 15, 2003
SIMTEK CORPORATION
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(Exact name of registrant as specified in its charter)
Colorado 0-19027 84-1057605
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(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
4250 Buckingham Dr. #100
Colorado Springs, Colorado 80907
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(Address of principal executive offices) Zip Code
Registrant's telephone, including area code: (719) 531-9444
Not applicable
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Former name or former address, if changed since last report
Item 5: Other Information:
Simtek Corporation released the following press release dated May 15, 2003,
titled "Simtek Announces First Quarter 2003 Financial Results":
SIMTEK REPORTS FIRST QUARTER 2003 FINANCIAL RESULTS
REVENUE UP SEQUENTIALLY AND COMPARABLE TO YEAR-AGO FIRST QUARTER;
CASH BALANCE INCREASES TO $3.4 MILLION;
R&D IMPACTS BOTTOM LINE BUT SETS STAGE FOR MID-YEAR PRODUCT INTRODUCTION
COLORADO SPRINGS, Colorado - May 15, 2003 -- Simtek Corporation (OTCBB: SRAM), a
global provider of advanced nonvolatile semiconductor memory products, today
reported financial results for its first quarter ended March 31, 2003.
The Company reported revenue of $3.9 million, up sequentially from $3.7 million
in the fourth quarter of 2002 and equal to the $3.9 million in revenue reported
for the first quarter of 2002. Gross margin improved to 36.8% from 35.7% for the
comparable quarters and the net loss for the quarter was $558,000, or one cent
per share, as compared with a net loss of $256,000, or less than one cent per
share, for the same quarter last year.
The increase in net loss was primarily attributable to increased design,
research and development expense - from $993,000 to $1,258,000 - associated with
ongoing development of the Company's 0.25 micron nonvolatile process and its 1
Mbit nvSRAM product family. This development effort is nearing completion, and
the resulting 1 Mbit product is expected to be introduced at mid-year with
initial revenue coming on stream in the second half and accelerating into 2004.
Revenue for the quarter continued to reflect a mix of market trends. Commercial
memory sales for the first quarter decreased 8% to $2.6 million while high-end
industrial and military memory sales increased 63% to $614,000. Logic product
sales decreased 27% to $216,000 while government research and development
revenue increased 6% to $510,000. These results reflect continued sluggishness
in traditional commercial market segments but strength in military and other
specialty areas.
Simtek continues to maintain a strong cash balance with over $3.4 million in
cash and cash equivalents, up from $3.1 million at year-end.
"While the overall semiconductor industry remaimed sluggish in the first
quarter, we foresee a recovery commencing in the second half of the year," said
Douglas Mitchell, president and CEO. "Meanwhile, we continue to provide our
customers with traditional products and services while maintaining a tight focus
on new product development efforts that are expected to drive Simtek's future
growth. Our first new product offering, the high-speed, high-capacity 1 Mbit
nvSRAM, will support next-generation developments in mass storage systems,
office automation equipment, industrial control systems and military
applications. Current and prospective customers have shown strong interest in
this new product family and we are looking forward to providing them with
samples in the mid-year time frame."
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SUMMARY STATEMENT OF OPERATIONS DATA
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Three Months ended Mar 31,
2003 2002
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Net Sales $ 3,935,129 $ 3,973,300
Cost of Goods Sold 2,486,870 2,554,718
Gross Margin 1,448,259 1,418,582
Operating Expenses
Design, research and development 1,257,641 993,374
Administration 271,877 208,220
Marketing 424,884 470,934
Total Operating Expenses 1,954,402 1,672,528
Income (loss) from Operations (506,143) (253,946)
Other Income (Expense) (51,871) (1,682)
Net Income (loss) Before Tax (558,014) (255,628)
Provision for Income Taxes - -
Net Income (Loss) After Tax (558,014) (255,628)
Basic and diluted Earnings per Share (0.01) (0.00)
Dilutive Shares Outstanding 54,489,217 54,069,329
SUMMARY BALANCE SHEET DATA
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ASSETS Mar 31, 2003 Dec 31, 2002
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Current Assets:
Cash and cash equivalents $ 3,443,777 $ 3,127,732
Certificate of deposit, restricted 300,000 300,000
Accounts receivable 2,119,099 2,309,965
Inventory 1,752,115 1,608,242
Prepaid expenses and other 199,280 239,507
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Total current assets 7,814,271 7,585,446
Equipment and Furniture, net 917,294 725,888
Deferred financing costs 103,728 107,877
Other Assets 81,584 87,839
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Total Assets $ 8,916,877 $ 8,507,050
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 1,798,931 $ 1,087,947
Accrued expenses, wages, vacation 633,851 495,923
Deferred Revenue 40,000 40,500
Obligation under capital leases 169,188 132,485
Debentures 3,000,000
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Total current liabilities 5,641,970 1,756,855
Notes Payable 10,000 10,000
Debentures - 3,000,000
Obligations Under Capital Leases, net of Current Portion 151,258 76,512
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Total liabilities 5,803,228 4,843,367
Shareholders' Equity: 3,113,649 3,663,683
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Total Liabilities and Shareholders' Equity $ 8,916,877 $ 8,507,050
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Simtek Corporation produces fast, re-programmable, nonvolatile semiconductor
memory products. Information on Simtek products can be obtained from its web
page: www.simtek.com; email: info@simtek.com; by calling (719) 531-9444; or fax
(719) 531-9481. The company is headquartered in Colorado Springs, Colorado, with
international sales and marketing channels. Simtek is listed under the symbol
SRAM on the OTC Electronic Bulletin Board.
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Forward-Looking Statements
This press release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, including statements by Mr.
Mitchell predicting the Company's future growth. Such statements involve risks
and uncertainties, and actual results could differ materially from the results
anticipated in such forward-looking statements as a result of a number of
factors, including, but not limited to, the risk of delays in the availability
of new products due to technological, market or financial factors including the
availability of necessary working capital, or the other factors described in the
Company's most recent Form 10-KSB and Form 10-QSB filed with the Securities and
Exchange Commission.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned and hereunto duly authorized.
SIMTEK CORPORATION
May 15, 2003 By: /s/Douglas Mitchell
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DOUGLAS MITCHELL
Chief Executive Officer, President
and Chief Financial Officer (acting)
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