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) August 22, 2000
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
<PAGE>
Item 5: Other Information:
(1) The press release announcing financial results for the second quarter
of 1999, dated August 13, 2000 was released by the Registrant:
[SIMTEK LOGO]
SIMTEK ANNOUNCES FINANCIAL RESULTS
FOR THE SECOND QUARTER OF 2000
COLORADO SPRINGS, Colorado - August 13, 2000 -- Simtek Corporation,
provider of high performance nonvolatile memory and logic integrated circuits ,
announced financial results for the second quarter and first half ending June
30, 2000.
The Company recorded net product sales of $3,208,657 for the second quarter
of 2000 and $5,932,467 for the six months ended June 30, 2000, up from
$2,135,723 recorded for the second quarter 1999 and $3,620,227 for the six
months ended June 30, 1999. Net income was $337,109 for the quarter and $674,561
for the six months ended June 30, 2000, up from $26,424 for the second quarter
1999 and a loss of $76,563 for the six months ended June 30, 1999.
During this reporting period Simtek acquired Integrated Logic Systems, Inc.
in a stock exchange which resulted in approximately $72,000 of one-time expenses
for legal, auditing and facilities expansion related directly to the
acquisition. These financial summaries include these expenses and the
combination of Simtek and ILSI results for 1999 and year-to-date 2000.
New orders booked during the second quarter scheduled for shipment over a
six month period totaled approximately $4.9million, demonstrating continued
strong forward-looking demand for Simtek products. Overall industry demand for
many semiconductor and related products remains very strong, with shortages for
some products reported by various manufacturers.
"Simtek remains on pace for strong growth through product and customer-base
expansion during this time of industry strength," stated Douglas Mitchell,
Simtek's president and CEO. "With our increasing market presence I am especially
excited about Simtek's ability to penetrate high growth application segments
with both our memory and logic products as we fully integrate the ILSI
technology into our sales and operations infrastructure. Already we are
uncovering customer applications that were not previously available to either
company individually. As we move forward these technology synergies will
accelerate our opportunities for growth."
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<PAGE>
Financial Results
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<TABLE>
<CAPTION>
Three Months Ended June 30, Six Months Ended June 30,
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2000 1999 2000 1999
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<S> <C> <C> <C> <C>
NET SALES.................................................. $3,208,657 $2,135,723 $5,932,467 $3,620,227
Cost of sales........................................ 2,026,800 1,330,332 3,611,534 2,223,189
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GROSS MARGIN............................................... 1,181,857 805,391 2,320,933 1,397,038
OPERATING EXPENSES:
Design, research and development...................... 367,251 379,308 770,556 749,981
Administrative........................................ 218,009 111,530 357,918 226,517
Marketing............................................. 280,826 249,568 535,780 450,259
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Total Operating Expenses.......................... 866,086 740,406 1,664,254 1,426,757
INCOME FROM OPERATIONS..................................... 315,771 64,985 656,679 (29,719)
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OTHER INCOME (EXPENSE):
Interest income, net.................................. 28,430 (13,456) 28,044 (25,400)
Other income (expense), net........................... (1,092) (25,105) 1,438 (21,444)
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Total other income (expense)...................... 27,338 (38,561) 29,482 (46,844)
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NET INCOME (LOSS) BEFORE TAXES............................. 343,109 26,424 686,161 (76,563)
Provision for income taxes............................ 6,000 - 11,600 -
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NET INCOME (LOSS).......................................... $ 337,109 $ 26,424 $ 674,561 $ (76,563)
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BASIC AND DILUTED EPS...................................... $ 0.01 $ * $ 0.02 $ *
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DILUTIVE SHARES OUTSTANDING................................ 40,908,996 32,942,730 43,674,882 31,955,226
==================================================================
</TABLE>
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* Less Than $.01 per share
Simtek Corporation delivers the world's fastest re-programmable nonvolatile
semiconductor memories and the industry's most cost-effective FPGA to ASIC
conversions. 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.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, including statements predicting the
availability of new products during 2000 and statements by Mr. Mitchell
predicting the Company's future growth. Such statements involve risks and
uncertainties, and actual results could differ materially from the results
anticipated in such forward-looking statements as a result of a number of
factors, including, but not limited to, the risk of delays in the availability
of new products due to technological, market or financial factors including the
availability of necessary working capital, or the other factors described in the
Company's most recent Form 10-KSB and Form 10-QSB filed with the Securities and
Exchange Commission.
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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
August 22, 2000 By: /s/Douglas Mitchell
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DOUGLAS MITCHELL
Chief Executive Officer,
President and Chief Financial
Officer (acting)
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