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) October 23, 1997
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)
1465 Kelly Johnson Boulevard
Colorado Springs, Colorado 80920
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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
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Item 5: Other Information
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(1) The Registrant issued the following press release, dated October 20,
1997, announcing its financial results for the third quarter of 1997:
FOR IMMEDIATE RELEASE
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SIMTEK ANNOUNCES FINANCIAL RESULTS
FOR THE THIRD QUARTER OF 1997
COLORADO SPRINGS, Colorado - October 20, 1997 -- Simtek Corporation announced
financial results for the third quarter and the first nine months ending
September 30, 1997. The company had a pretax net profit of $167,698 for the
third quarter of 1997 compared to a profit of $50,438 for the same period in
1996. The first nine months of 1997 resulted in a net profit of $365,057
compared with a net loss of $172,146 for the same period in 1996. This is the
13th consecutive quarter that profitability has improved over the previous
years' results. Profitability improved due to an increase in the company's
product sales, increased gross profit margin and reduction of internal expense
as a percentage of sales.
Simtek's customer base continues to increase for its mature 4Kbit, 16Kbit and
64Kbit nvSRAM devices. Many new customers are also developing products using the
company's new 256Kbit product line. "Simtek's nonvolatile SRAM technology is
gaining customer acceptance in high-volume applications," stated Douglas
Mitchell, Simtek's Chief Operating Officer. "Our new product family opens up
broader markets which improves the opportunity for Simtek's continued growth."
Simtek is establishing itself as a supplier to the office automation market,
while continuing to expand its traditional business in industrial and military
applications.
Simtek has shipped pre-production 256Kbit parts since the second quarter of
1997. Now, production quantities of the world's fastest re-programmable
nonvolatile memory are scheduled to ship in the 4th quarter to the initial users
of these devices. Simtek expects strong growth for this product in 1998 as
current and new customers ramp up their production.
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<TABLE>
<CAPTION>
FINANCIAL RESULTS
Three Months Ended Nine Months Ended
September 30, September 30,
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1997 1996 1997 1996
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<S> <C> <C> <C> <C>
Net sales $ 1,582,536 $ 1,550,000 $ 4,884,297 $ 3,519,718
Cost of sales 905,393 935,889 2,827,961 2,204,409
Gross margin 677,143 614,111 2,056,336 1,315,309
Gross margin % 42.79% 39.62% 42.10% 37.37%
Total selling, general and
administrative expenses 520,565 568,374 1,733,694 1,510,987
Income (loss) from operations 156,578 45,737 322,642 (195,678)
Pretax Net income (loss) $ 167,698 $ 50,438 $ 365,057 $ (172,146)
Net income per common share $ 0.01 $ 0.00 $ .01 $ (0.01)
Weighted average number of shares
outstanding 28,571,328 26,980,464 28,571,328 26,980,464
</TABLE>
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Simtek Corporation develops, produces and markets high performance nonvolatile
memories. They combine the speed and ease of use of SRAMs with a small, cost
effective, reliable package that retains data without power or the use of
batteries. The Company is headquartered in Colorado Springs, Colorado with
world-wide sales established through independent representatives and
distributors. Simtek is listed under the symbol SRAM on the OTC Electronic
Bulletin Board.
Doug Mitchell For product information:
Chief Operating Officer
Simtek Corporation contact [email protected]
1465 Kelly Johnson Boulevard or see our Web page at
Colorado Springs, CO 80920 USA http://www.simtek.com
(719) 531-9444 FAX (719) 531-9481
Editors Note: Please send inquiries to: Communications Department, Simtek
Corporation, 1465 Kelly Johnson Boulevard, Colorado Springs, CO 80920 USA (719)
531-9444, FAX (719) 531-9481.
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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
/s/Richard L. Petritz
October 23, 1997 By:_______________________________________
RICHARD L. PETRITZ
Chief Executive Officer and Chief
Financial Officer (acting)
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