Simtek management will host a conference call at 5:00 p.m. ET (2:00 p.m. PT) today to discuss these results. The call can be accessed by dialing 800-218-8862 and giving the company name, "Simtek." Participants are asked to call the assigned number approximately 10 minutes before the conference call begins. A replay of the conference call will be available two hours after the call for the following five business days by dialing 800-405-2236 and entering the following pass code: 11113808#. Also, the conference call together with supplemental financial information will be available over the Internet at http://www.simtek.com in the Investor Info area of the site or by going to http://www.mkr-group.com.
About Simtek Corporation
Simtek Corporation designs and markets high-speed nonvolatile semiconductor memory products, for use in a variety of systems including RAID servers, storage arrays, GPS navigational systems, industrial controllers, robotics, copiers, avionics, metering, consumer, UPS, and networking and broadcast equipment. Information on Simtek products can be obtained from its web site: www.simtek.com; email: Email Contact. The company is headquartered in Colorado Springs, Colorado.
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 Simtek's future growth. These forward-looking statements are inherently difficult to predict and involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to, guidance and projections of future performance including predictions of future revenue, profitability, and expectations of the business environment in which Simtek operates. For a detailed discussion of these and other risk factors, please refer to Simtek's filings with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K and subsequent Form 10-Q and Form 8-K filings.
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SIMTEK CORPORATION |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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ASSETS |
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March 31, 2008 |
December 31, 2007 |
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CURRENT ASSETS: |
(Unaudited) |
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| Cash and cash equivalents | $ | 3,737 | $ | 4,387 | ||||
| Restricted investments | 938 | 991 | ||||||
| Accounts receivable - trade, net | 4,289 | 5,222 | ||||||
| Inventory, net | 5,542 | 5,698 | ||||||
| Prepaid expenses and other current assets | 905 | 910 | ||||||
| Total current assets | 15,411 | 17,208 | ||||||
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EQUIPMENT AND FURNITURE, NET |
2,266 | 1,987 | ||||||
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DEFERRED FINANCING COSTS AND DEBT ISSUANCE COSTS |
7 | 15 | ||||||
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GOODWILL |
992 | 992 | ||||||
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NON-COMPETITION AGREEMENT, NET |
4,899 | 5,344 | ||||||
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OTHER ASSETS |
202 | 240 | ||||||
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TOTAL ASSETS |
$ |
23,777 | $ | 25,786 | ||||
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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CURRENT LIABILITIES: |
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| Accounts payable | $ | 2,514 | $ | 2,827 | ||||
| Accrued expenses | 1,315 | 943 | ||||||
| Accrued vacation payable | 392 | 357 | ||||||
| Accrued wages | 101 | 179 | ||||||
| Line of credit | 413 | 543 | ||||||
| Obligation under capital leases | 12 | 21 | ||||||
| Debentures, current | 480 | 480 | ||||||
| Total current liabilities | 5,227 | 5,350 | ||||||
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DEBENTURES, NET OF CURRENT |
1,620 | 1,620 | ||||||
| Total liabilities | 6,847 | 6,970 | ||||||
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COMMITMENTS AND CONTINGENCIES |
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SHAREHOLDERS' EQUITY: |
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| Preferred stock, $0.0001 par value; 200,000 shares authorized, none issued | ||||||||
| - | - | |||||||
| Common stock, $.0001 par value; 30,000,000 shares authorized, 16,533,719 and 16,532,719 shares issued and outstanding at March 31, 2008 and 16,516,419 and 16,515,419 shares issued and outstanding at December 31, 2007 | ||||||||
| 2 | 2 | |||||||
| Additional paid-in capital | 69,880 | 69,453 | ||||||
| Treasury stock, at cost; 1,000 shares | (1 | ) | (1 | ) | ||||
| Accumulated deficit | (53,421 | ) | (50,966 | ) | ||||
| Accumulated other comprehensive income: | ||||||||
| Cumulative translation adjustment | 470 | 328 | ||||||
| Total shareholders' equity | 16,930 | 18,816 | ||||||
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TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ | 23,777 | $ | 25,786 | ||||
| SIMTEK CORPORATION | ||||||||
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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| (Unaudited) | ||||||||
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For the three months ended March 31, |
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2008 |
2007 |
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REVENUE |
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| Product sales, net | $ | 7,315 | $ | 7,867 | ||||
| Total Revenue | 7,315 | 7,867 | ||||||
| Cost of sales | 4,165 | 4,435 | ||||||
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GROSS PROFIT |
3,150 | 3,432 | ||||||
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OPERATING EXPENSES: |
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| Research and development costs | 2,649 | 1,613 | ||||||
| Sales and marketing | 1,531 | 1,152 | ||||||
| General and administrative | 1,375 | 1,109 | ||||||
| Total operating expenses | 5,555 | 3,874 | ||||||
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LOSS FROM OPERATIONS |
(2,405 | ) | (442 | ) | ||||
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OTHER INCOME (EXPENSE): |
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| Interest income | 24 | 49 | ||||||
| Interest expense | (91 | ) | (98 | ) | ||||
| Exchange rate variance | (54 | ) | 12 | |||||
| Other expense | 89 | - | ||||||
| Total other expense | (32 | ) | (37 | ) | ||||
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LOSS BEFORE PROVISION FOR INCOME TAXES |
(2,437 | ) | (479 | ) | ||||
| Provision for income taxes | (18 | ) | (11 | ) | ||||
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NET LOSS |
$ |
(2,455 |
) |
$ |
(490 | ) | ||
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NET LOSS PER COMMON SHARE: |
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| Basic and diluted | $ | (.15 | ) | $ | (.03 | ) | ||
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WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: |
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| Basic and diluted | 16,533,529 | 16,211,671 | ||||||
