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) July 27, 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 issued the following press release, dated July 27, 1998,
announcing financial results for the second quarter of 1998:
SIMTEK ANNOUNCES FINANCIAL RESULTS
FOR THE SECOND QUARTER OF 1998
COLORADO SPRINGS, Colorado - July 27, 1998 -- Simtek Corporation, provider of
the world's fastest re-programmable nonvolatile semiconductor memories,
announced financial results for the second quarter of 1998 ending June 30, 1998.
The company posted a net profit of $53,288 for the second quarter of 1998,
compared with a profit of $99,579 for the second quarter of 1997. Revenues were
$1,801,947, up from $1,536,243 for the same quarter in 1997 reflecting
continuing growth in demand for Simtek's nvSRAM product family.
" We are pleased with the results, especially considering the impact that
adverse market conditions are having on many companies in the industry," stated
Douglas Mitchell, Simtek's president and CEO. "Our specialized product has
isolated us somewhat from current industry price pressures, although we have
experienced some slowdown in the Asian market due to the strong dollar and
general market conditions in Japan. We are continuing our investment to upgrade
our manufacturing capabilities at Chartered Semiconductor that was started this
year. The material coming from Chartered is yielding well and is of especially
good quality. This investment will result in lower manufacturing costs, and is
consistant with Simtek's long-term strategy of providing future products from a
state-of-the-art facility capable of providing advanced products at low cost."
As Simtek pushes into 1999, the company is positioning itself to target markets
that were previously beyond Simtek's volume and price capabilities. These
capabilities will allow Simtek to address new office automation and consumer
product sectors that require millions of parts per year at aggressive prices,
consistent with the investments Simtek is making in 1998. This growth strategy
will open many new markets over the next few quarters.
<TABLE>
<CAPTION>
FINANCIAL RESULTS
Three Months ended June 30 Six Months ended June 30
1998 1997 1998 1997
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<S> <C> <C> <C> <C>
Net Sales $1,801,947 $1,536,243 3,341,279 $3,301,761
Cost of Goods Sold 1,015,389 834,337 1,824,600 1,922,568
Gross Margin 786,558 701,906 1,516,679 1,379,193
Total selling, general and 734,809 615,875 1,341,935 1,213,129
administrative expenses
Net Income (loss) 53,288 99,579 178,309 197,358
Basic and diluted Earnings per 0.00 0.00 0.01 0.01
Share
Weighted Average Shares 28,708,826 28,521,740 28,708,826 28,521,740
Outstanding
</TABLE>
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<PAGE>
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]
or 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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Editors Note: Please send inquiries to: Simtek Corporation, 1465 Kelly Johnson
Boulevard, Colorado Springs, CO 80920 USA. (719) 531-9444, FAX (719) 531-9481.
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<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
July 30, 1998 By: /s/Douglas Mitchell
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DOUGLAS MITCHELL
Chief Executive Officer
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