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This document consists of 5 pages, of which this is page number 1.
FORM 8K
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report April 26, 1996
Commission File Number 0-15858
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IMP, INC.
(Exact name of registrant as specified in its charter)
Delaware 94-2722142
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
2830 North First Street
San Jose, California 95134
(408-432-9100
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
Except for the historical information contained herein, the matters discussed in
this document are forward-looking statements that involve certain risks and
uncertainties, including the risks and uncertainties set forth below under
"Factors Affecting Future Results."
On March 25, 1996, IMP, Inc. (the "Company") announced that it received an order
valued at more than $10 million for its IMP62C538 Programmable Read-Channel
integrated circuit (IC) from Iomega Corporation ("Iomega"). This read-channel IC
is a key component of Iomega's ZIPTM drive, a personal computer storage
solution. The Company also announced that it has shipped more than one million
read-channel ICs for the Zip drive in a period of less than on year.
Factors Affecting Future Results
The Company's business, financial condition and results of operations have been,
and may in the future be, affected by a variety of factors, including markets
for its customer's products, foundry capacity, concentration of customers, the
availability of raw materials. the development and introduction of new
technology and products and the availability of trained engineers, in particular
those skilled in analog design. Specifically, any decline in the demand for the
Zip drive, or any other decline in the demand by end-users of the products
produced by the company's customers could lead to a decline in, or cancellation
of, orders for the Company's products by Iomega or other customers, which could
adversely affect the Company's business and results of operations.
As is the case generally worldwide, the Company's wafer fabrication foundry is
operating at or near fully currently available capacity. Although recent
indications are that worldwide wafer capacity for lower-margin semiconductor
products is increasing, the Company is seeking to continue its transition
towards fabricating a greater percentage of higher-margin products. The ability
of the Company to transition from the fabrication of lower-margin products to
higher-margin products, including both those developed by the Company and those
for which it serves as a third-party foundry, is very important for the
Company's future results of operations. There can be no assurance that the
Company will be successful in these efforts.
Although the Company believes it currently has adequate access to necessary raw
materials, it does not have any long-term commitments for the supply of raw
wafers and polysubstrates.
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit 1 - Press release by the company dated March 25, 1996
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SIGNATURES
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 thereunto duly authorized.
IMP, INC.
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Charles S. Isherwood
Senior Vice President
and Chief Financial Officer
Date: April 26, 1996
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EXHIBIT 1
News Release
EDITOR CONTACT:
Chris Danne, Morgen-Walke 415-439-4520
Charles Isherwood, IMP 408-434-1202
A.Cory Maloy, Iomega 801-778-3712
IMP RECEIVES ORDER FOR OVER $10 MILLION FROM IOMEGA
AND ANNOUNCES SHIPMENT OF ONE MILLION ZIP CHIP
SAN JOSE, CA -- March 25, 1996 -- IMP, Inc. (Nasdaq: IMPX) of San Jose,
CA, today announced that it has received an order valued at more than $10
million for its IMP62C538 Programmable Read-Channel integrated circuit (IC) from
Iomega Corporation (Nasdaq: IOMG) of Roy, Utah. The IMP read-channel IC is a key
component of Iomega's popular ZIP(TM) drive, personal computer storage solution.
The company also announced that it has shipped more than one million
read-channel ICs for the Zip drive in a period of less than one year. IMP
president and CEO, Barry Carrington, presented a plaque commemorating this
milestone to Kim Edwards, CEO of Iomega, at a recent supplier conference in
Utah.
The function of the read-channel in the Zip drive is to extract
low-level analog signals generated by the magnetic disk read-head, filter out
noise and amplify and convert the data into a digital bit-stream for further
processing. The IMP62C538 is a mixed analog and digital circuit that employs a
user-programmable architecture to enable the device to be tailored precisely to
the need of the system application.
Available for both PC and Macintosh computers, the Zip drive is a
revolutionary, low-cost, removable-storage disk drive that provides up to 100MB
of capacity on easy-to-use Zip disks. Introduced in 1994, the product has been
enthusiastically received by consumers and retailers. Personal computer makers,
including Hewlett Packard, and Micron Electronics, Inc., also offer the Zip
drive as a built-in storage solution on certain machines.
IMP, Inc. is a supplier of high-integration and programmable, analog
and mixed-signal integrated circuits for computer, communications and control
applications. IMP is a technology leader in the field of complex analog signal
processing circuits for mass storage peripherals. It is also the inventor of the
Electrically Programmable Analog circuit (EPACTM), the analog counterpart to the
digital field programmable gate array (FPGA).
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Any adverse fluctuation in the Company's business, financial condition or
results of operations could have an adverse effect on the trading price of the
Company's Common Stock. In addition, the trading prices for semiconductor
company stocks have experienced a dramatic increase in calendar years 1994,
1995 and the first part of 1996. Any decline in the market for semiconductor
company stocks, as has been experienced recently, or for technology stocks in
general, and for Iomega in particular, could also have a material adverse effect
on the trading price of the Company's Common Stock.
