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) January 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 number, including area code: (719) 531-9444
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Item 5: Other Information:
1) Press Release announcing 1996 preliminary results as follows:
FOR IMMEDIATE RELEASE
SIMTEK ANNOUNCES PROFITABILITY FOR 1996
PRELIMINARY 1996 FINANCIAL RESULTS
COLORADO SPRINGS, Colorado -- January 23, 1997 -- Simtek Corporation
announced preliminary unaudited financial results for the fourth quarter of 1996
and for the year ended 1996. The Company had a net profit of $316,662 in the
fourth quarter of 1996 compared to a loss of $312,616 for the same period in
1995. Profitable results in the second, third and fourth quarters have led to a
profit of $144,515 for the calendar year 1996 compared to a loss of $1,931,008
for 1995. The 1996 results continue the dramatic financial improvement
experienced over the last three years as the company has progressed to volume
sales.
Simtek shows net product sales of $1,676,935 for the fourth quarter of
1996, a growth of 127% as compared to the same period in 1995. The product sales
of $5,196,653 for the year ended 1996 is a growth of 155% over 1995 sales. These
results represent the 5th consecutive quarter with improved sales over the
previous quarter.
The company attributes sales growth during 1996 to increased product
yields, the addition of a new manufacturing source and an increase in the demand
for Simtek's nonvolatile memory products. Sales remained strong in markets such
as telecommunications, industrial control, military and office automation as new
customer designs advanced to their production stages. Additional customer design
activity is also occurring in new products that Simtek is in the process of
bringing to production. The increase in product yield and the introduction of
0.8 micron products resulted in a lower cost of goods, which in turn led to a
positive gross margin greater than 40% for the year. Due to better cost
controls, the Company also decreased operating expenses by approximately 17% for
1996 compared to 1995. Simtek expects that final audited results for the year
ended 1996 will be completed and released in March 1997.
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<TABLE>
<CAPTION>
FINANCIAL RESULTS:
Three Months Ended Year Ended
12/31/96 12/31/95 12/31/96 12/31/95
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<S> <C> <C> <C> <C>
Product Sales, Net $ 1,676,935 $ 737,316 $ 5,196,653 $ 2,038,749
Commission Income 351 0 8,907 301
Total Revenue 1,677,286 737,316 5,205,560 2,039,050
Cost of Goods 869,202 555,863 3,073,611 2,192,795
Gross Margin 807,733 181,453 2,123,042 (154,046)
Gross Margin % 48.17% 24.61% 40.85% (7.56%)
Operating Expense 489,936 497,978 2,000,923 2,408,302
Royalty Income 0 0 0 600,000
Net Income (Loss) 316,662 (312,616) 144,515 (1,931,008)
Earnings (Loss) per 0.01 (0.01) 0.01 (0.09)
Share
Weighted Average
Number of Shares
Outstanding 27,103,059 21,497,035 27,103,059 21,497,035
</TABLE>
Simtek Corporation develops, produces and markets high performance
nonvolatile memories. They combine the speed and ease of use of SRAM's 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 inde pendent representatives and
distributors. Simtek is listed under the symbol SRAM on the OTC Electronic
Bulletin Board.
###
For more information contact: For product information:
Dr. Richard Petritz contact [email protected]
President and Chief Executive Officer or see our Web page at
Simtek Corporation http://www.simtek.com
1465 Kelly Johnson Boulevard
Colorado Springs, CO 80920 USA
(719) 531-9444 FAX (719) 531-9481
Editor's Note: Please send inquiries to: Communications Department, Simtek
Corporation, 1465 Kelly Johnson Boulevard, Colorado Springs, CO 80920 USA. (719)
531-9444, (800) 637-1667; FAX (719) 531-9481.
<PAGE>
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
January 23, 1997 By: \s\Richard L. Petritz
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RICHARD L. PETRITZ
Chief Execuitve Officer and Chief
Financial Officer (acting)
