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) November 19, 2001
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 November 14, 2001,
titled "Simtek Reports Third Quarter Revenue Growth":
SIMTEK REPORTS THIRD QUARTER
REVENUE GROWTH
COLORADO SPRINGS, Colorado - November 14, 2001 - Simtek Corporation (OTCBB:
SRAM), provider of high performance nonvolatile memory and logic integrated
circuits, announced financial results for the third quarter ending September 30,
2001.
The Company posted total revenues of $4,105,613 for the third quarter of 2001,
compared to $3,374,164 for the same period in 2000. Revenue for the first nine
months was $13,170,094, up from $11,097,168 in 2000. All financial reporting for
years 2000 and 2001 includes the combined results of Simtek and its recent
acquisitions of Integrated Logic Systems, Inc., Macrotech Semiconductor and
Q-DOT Group Inc.
The Company reported a $425,392 loss from operations for the third quarter,
which includes unusual expenses of $214,833 for amortized costs related to
investor relations services performed by two investment bank firms.
Additionally, $143,000 of inventory valuation write-downs reflecting lower
production costs and a reserve of $100,000 against future costs of logic
products were taken in the third quarter. Inventory levels were improved from
$2,343,497 at the end of the second quarter to $1,604,769 at the end of the
third quarter and accounts payable were lowered from $1,858,535 to $946,643 over
the same period, reflecting favorable balance sheet changes.
"We remain fully committed to growing our business through product expansions
and market penetration," stated Douglas Mitchell, Simtek's president and CEO.
"Simtek has accomplished top-line growth while developing infrastructure to
carry us into the future, when vast segments of our industry have shown
declining revenues. With our recent addition of Don Carrigan to our top Sales
and Marketing position and our co-development contract with Amkor Technologies
to install Simtek's SONOS process in their quarter micron wafer fabrication
line, we have taken major steps towards preparing for the next industry growth
cycle. I strongly believe that companies who prepare now when business is
toughest will best be able to take advantage of the upturn when it comes. Simtek
is making those preparations and will be well positioned for new opportunities."
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FINANCIAL RESULTS
Three Months Ended Nine Months Ended
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Sept 30 Sept 30
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2001 2000 2001 2000
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Net Sales $4,105,613 $3,374,164 $13,170,094 $11,097,168
Cost of Sales 2,931,461 2,086,531 9,085,025 6,584,396
Gross Margin 1,174,152 1,287,633 4,085,069 4,512,772
Total Operating Expenses 1,599,544 5,637,681 5,116,184 7,990,852
Income (loss) from Operations (425,392) (4,350,048) (1,031,115) (3,478,080)
Other Income (Expense) 6,262 44,993 54,927 20,085
Equity in Losses of Q-DOT Acoustics and - (23,979) (4,631) (70,895)
Write-off of Related Advances
Net Income (Loss) before Taxes (419,130) (4,329,034) (980,819) (3,528,890)
Provision for income taxes - - - (44,000)
Net Income (Loss) (419,130) (4,329,034) (980,819) (3,572,890)
Basic and diluted earnings per share (.01) (.09) (.02) (.08)
Basic and diluted shares outstanding 53,701,538 48,625,953 53,679,465 46,564,041
Simtek Corporation delivers fast re-programmable nonvolatile semiconductor
memories and cost-effective FPGA to ASIC conversions. 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.
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 predicting the
availability of new products during 2000 and 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
November 19, 2001 By: /s/Douglas Mitchell
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DOUGLAS MITCHELL
Chief Executive Officer, President
and Chief Financial Officer (acting)
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