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 26, 1998
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:
(1) The Registrant released the following press release announcing
financial results for the third quarter of 1998, dated October 26, 1998:
SIMTEK ANNOUNCES FINANCIAL RESULTS
FOR THE THIRD QUARTER OF 1998
COLORADO SPRINGS, Colorado - October 26, 1998 -- Simtek Corporation,
provider of the world's fastest re-programmable nonvolatile semiconductor
memories, announced financial results for the third quarter of 1998 ending
September 30, 1998. The company posted a net profit of $17,382 for the third
quarter of 1998, compared with a net profit of $166,079 for the third quarter of
1997. Revenues were $1,464,760, down from $1,582,536 for the same quarter in
1997, reflecting lower demand for semiconductor memories, primarily in Japan and
other areas of the Far East.
"We began the year with a strong forecast for worldwide growth, but the
uncertain state of various international markets has delayed volume
manufacturing of new system products, in turn pushing out requirements for
Simtek's nonvolatile memories," stated Douglas Mitchell, Simtek's president and
CEO. "We have also experienced some price erosion as a result of weak foreign
currencies. During this type of market cycle it is especially important for us
to execute well and prepare for the future, so we continue to focus on improving
manufacturing efficiencies and developing new products. Meanwhile, we believe
Simtek has clearly outperformed many other memory IC suppliers during these
difficult times for the industry."
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FINANCIAL RESULTS
Three Months ended Sep 30 Nine Months ended Sep 30
1998 1997 1998 1997
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<S> <C> <C> <C> <C>
Net Sales $1,464,760 $1,582,536 4,806,039 $4,884,297
Cost of Goods Sold 843,025 905,393 2,667,625 2,827,961
Gross Margin 621,735 677,143 2,138,414 2,056,336
Total selling, general and 598,906 520,565 1,940,842 1,733,694
administrative expenses
Net Income and Comprehensive Income 17,382 166,079 195,691 363,438
Basic and diluted Earnings per Share 0.00 0.01 0.01 0.01
Dilutive Shares Outstanding 30,158,405 31,134,065 30,569,049 30,612,018
</TABLE>
Simtek Corporation develops, produces and markets the world's fastest
re-programmable nonvolatile semiconductor memories. Information on Simtek
products can be obtained from its web page: www.simtek.com; email:
[email protected]; 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.
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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
October 26, 1998 By: /s/Douglas Mitchell
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DOUGLAS MITCHELL
Chief Executive Officer
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