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) May 17, 2002
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)
4250 Buckingham Dr. #100
Colorado Springs, Colorado 80907
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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
Item 5: Other Information:
Simtek Corporation released the following press release dated May 14, 2002,
titled "Simtek Announces First Quarter 2002 Financial Results":
SIMTEK ANNOUNCES FIRST QUARTER 2002
FINANCIAL RESULTS
COLORADO SPRINGS, Colorado - May 14, 2002 - Simtek Corporation (OTC BB: SRAM),
provider of high performance nonvolatile memory and logic integrated circuits,
announced financial results for the first quarter ending March 31, 2002.
The company posted revenue of $3,973,300 for the first quarter of 2002, up
sequentially from $3,780,393 in the fourth quarter of 2001, and down from
$4,331,721 in the first quarter of 2001. Net loss for the quarter was $255,628,
improved from a loss of $514,563 in the same quarter of 2001.
Gross profit margin percentages improved to 35.7% in 1Q2002 from 27.8% in 1Q2001
reflecting significant product cost improvements, even as selling prices
remained under pressure in the broadly weak electronics market. Research and
development expenditures were increased by $365,776, up from $627,598 in 1Q2001
to $993,374 in 1Q2002. These expenditures reflect extensive activities related
to new product developments required for more aggressive growth and lower
product costs.
"We continue to invest in new process and product developments that are
preparing Simtek for a broad based market recovery," stated Douglas Mitchell,
Simtek's president and CEO. "We have started sampling 3 volt memory products and
are on schedule with our 0.25 micron process development to support
next-generation, high density nvSRAMs next year. System design activities have
been more active over the past 3 months than we saw all of last year, making us
increasingly optimistic for business growth late this year."
FINANCIAL RESULTS
Three Months ended March 31
2002 2001
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Net Sales $3,973,300 $4,331,721
Cost of Sales 2,554,718 3,129,031
Gross Margin 1,418,582 1,202,690
Operating Expenses
Design, research and development 993,374 627,598
Administrative 208,220 448,291
Marketing 470,934 416,852
Investor relations - 257,800
Total Operating Expenses 1,672,528 1,750,541
Income (loss) from Operations (253,946) (547,851)
Other Income (Expense) (1,682) 33,288
Net Income (Loss) before Taxes (255,628) (514,563)
Provision for income taxes - -
Net Income (Loss) (255,628) (514,563)
Basic and diluted earnings per share (.00) (.01)
Basic and diluted shares outstanding 54,069,329 53,651,912
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Simtek Corporation delivers fast re-programmable nonvolatile semiconductor
memories and cost-effective FPGA to ASIC conversions. Information on Simtek
products can be obtained from its web page: www.simtek.com; email:
info@simtek.com; 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 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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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
May 17, 2002 By: /s/Douglas Mitchell
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DOUGLAS MITCHELL
Chief Executive Officer, President
and Chief Financial Officer (acting)
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