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FORM 12b-25
U.S. Securities and Exchange Commission
Washington, D.C.
SEC File Number
13244
NOTIFICATION OF LATE FILING
CUSIP Number
989845102
[ ] Form 10-K [ ]Form 11-K [ ] Form 20-F [X ] Form 10-Q
For period ended: March 31, 1996
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READ INSTRUCTIONS (ON BACK PAGE) BEFORE PREPARING FORM. PLEASE TYPE OR PRINT
Nothing in this Form Shall be construed to imply that the Commission has
verified any information contained herein.
If the certification relates to a portion of the filing checked above,
identify the item(s) to which the notification relates: entire report
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PART I - REGISTRANT INFORMATION
____________________________________________________________________________
Full Name of Registrant Zycad Corporation
Former Name if Applicable
Address of Principal Executive Office (Street and Number)
47100 Bayside Parkway
City, State and Zip Code
Fremont, California 94538
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PART II - RULES 12B-25 (B) AND (C)
____________________________________________________________________________
If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check box if appropriate)
[ x ] (a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort
or expense;
[ x ] (b) The subject around report/portion thereof will be filed on or
before the fifteenth calendar day following the prescribed due
date; or the subject quarterly report/portion thereof will be
filed on or before the fifth calendar day following the
prescribed due date; and
(c) The accountant's statement or other exhibit required by
Rule 12b-25(c) has been attached if applicable,
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____________________________________________________________________________
PART III - NARRATIVE
____________________________________________________________________________
State below in reasonable detail the reason why the Form 10-K, 11-K, 20-F or
10-Q or portion thereof, could not be filed within the prescribed time period.
There is a material undisclosed subsequent event pending which is expected to
be finalized and disclosed by May 20, 1996 and would constitute a material
disclosure to the Registrant's financial statements as reported on its Form
10Q. The Registrant believes that it will be able to file its Form 10-Q
Report within the prescribed 5 day period.
____________________________________________________________________________
PART IV - OTHER INFORMATION
____________________________________________________________________________
(1) Name's and telephone number of person to contact in regard to this
notification.
Douglas E. Klint 510 623-4492
________________________________________________________________________
(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or section 30 of the Investment Company
Act of 1940 during the preceding 12 months or for such shorter period that
the registrant was required to file such report(s) been "field"? If the
answer is no, identify report(s).
(X) yes ( ) no
(3) Is anticipated that any significant change in results of operations from
the corresponding period for the last fiscal year will be reflected by
the earnings statements to be included in the subject report or portion
thereof?
( X) yes ( ) no
If so; attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reason why a
reasonable estimate of the results cannot be made. See Attached Press
Release dated May 3, 1996.
Zycad Corporation
________________________________________________________
Name of Registrant as specified in charter
has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date May 14, 1996 By /s/ Peter J. Cassidy
__________________________________________________
Peter J. Cassidy, Executive Vice President and CFO
INSTRUCTION: The form may be signed by an executive officer of the
registrant or by any other duly authorized representative. The name and title
of the person signing the form shall be typed or printed beneath the
signature. If the statement is signed on behalf of the registrant by an
authorized representative (other than an executive officer), evidence of the
representative's authority to sign on behalf of the registrant shall be filed
with the form.
______________________________________________________________________________
ATTENTION
International misstatements or omissions of fact constitute Federal Criminal
Violations (Sec 18 U.S.C. 1001)
______________________________________________________________________________
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FOR IMMEDIATE RELEASE
COMPANY CONTACT: ---------------------
Peter J. Cassidy
Executive Vice President and
Chief Financial Officer
Zycad Corporation
(510) 623-4400
ZYCAD ANNOUNCES FINAL FIRST QUARTER RESULTS
FREMONT, CALIF., MAY 3, 1996 -- Zycad Corporation-Registered Trademark-
(OTC:ZCAD) today released results for the first quarter ended March 31, 1996.
These results, which are consistent with the preliminary announcement on April
18, 1996, include a net loss of $5,017,000, or $.25 per share, on revenues of
$6,978,000.
For the comparable period ended March 31, 1995, revenues were $12,564,000
and net income was $680,000, or $.04 per share. The 1995 amounts included
revenues of $1,029,000 and net income of $264,000, or $.01 per share, related to
a business activity that became a 40% owned joint venture effective January 1,
1996. Zycad's share of the joint venture results for the quarter ended March
31, 1996 were not material.
As stated in the April 18 preliminary announcement, product revenues were
adversely impacted by the deferment of purchases from two large customers
amounting to a total of $3 million. Operating costs increased approximately
$1.3 million over the comparable 1995 first quarter. This increase was due to
the higher research and development costs associated with the introduction of
the new LightSpeed Simulation Server product, which will be available for beta
shipment in June 1996, and the GateField family of high-density field
programmable gate array (FPGA) products. The GF9K and GF51K FPGA products are
currently available.
ZYCAD CORPORATION, founded in 1981 is the first company to develop simulation
accelerator technology. Zycad offers design verification, rapid prototyping,
and test analysis solutions to companies developing high-performance, electronic
systems. Zycad also pioneered the development of revolutionary high density,
patented field programmable gate array technology through its GateField
Division. Zycad markets its products and services worldwide through direct and
indirect sales channels. Headquarters is located at 47100 Bayside Parkway,
Fremont, CA 94538-9942. U.S. toll-free number 800-243-7286 or 510-623-4400.
World-wide-web address is http://www.zycad.com.
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Zycad Corporation is a registered trademark. LightSpeed Simulation Server
and GateField are trademarks of Zycad Corporation. GF100K is a trademark of
GateField, a Zycad Division.
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ZYCAD CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
March 31, 1996 December 31, 1995
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(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 4,080 $ 3,722
Short-term investments 220 224
Accounts receivable, net 9,131 12,123
Inventories 1,518 1,788
Other current assets 1,166 765
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Total current assets 16,115 18,622
Property and equipment, net 5,358 5,598
Purchased technology 1,068 1,129
Other assets 3,670 3,631
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Total assets $ 26,211 $ 28,980
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Borrowings under line of credit $ 1,900 $ --
Current portion of debt obligations 1,235 1,028
Accounts payable 3,767 3,968
Accrued expenses 3,844 3,619
Asset write-downs and staff reductions 311 336
Deferred revenues 2,908 2,930
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Total current liabilities 13,965 11,881
Other long-term liabilities 170 213
Non-current portion of debt obligations 1,338 1,027
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Total liabilities 15,473 13,301
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Stockholders' equity:
Common stock, par value $.10 1,985 1,975
Additional paid-in capital 47,966 47,837
Accumulated translation adjustments (82) (19)
Accumulated deficit (39,131) (34,114)
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Total stockholders' equity 10,738 15,679
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Total liabilities and stockholders' equity $ 26,211 $ 28,980
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT FOR PER-SHARE DATA)
(unaudited)
Three Months Ended
March 31,
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1996 1995
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Revenues:
Product $ 3,084 $ 7,333
Service 3,894 5,231
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Total revenues 6,978 12,564
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Cost of revenues:
Product 1,235 1,808
Service 2,294 2,598
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Total cost of revenues 3,529 4,406
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Gross profit 3,449 8,158
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Operating expenses:
Sales and marketing 3,298 3,781
Research and development 4,330 2,721
General and administrative 820 719
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Total operating expenses 8,448 7,221
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Operating income (4,999) 937
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Other income (expense):
Interest income 40 58
Interest expense (100) (191)
Other 42 (124)
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Other income expense, net (18) (257)
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Net income (loss) $(5,017) $ 680
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Net income (loss) per share $ (.25) $ .04
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Average common and common
equivalent shares outstanding 19,802 19,348
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