jonesieatl
16 years ago
The wording of 'Cypress' interest'
http://www.sec.gov/Archives/edgar/data/817516/000119312508020841/dsc13da.htm
Excerpted:
Item 4: Purpose of the Transaction
Cypress’ original purchase of the Common Stock and the Warrants was part of a joint product development relationship between Cypress and Issuer.
(My note: Boilerplate from previous agreements follows IMO:)
"Cypress intends, at any time or from time to time, to monitor and assess its investment in Issuer including assessing (i) relevant business developments, competitive and strategic matters and prevailing industry and market conditions, (ii) the value and price of the Common Stock, (iii) the financial condition, operations, prospects, capital structure and management of Issuer, and (iv) other factors which Cypress, in its sole determination, believes may create the opportunity and/or desirability to alter the relationship between Cypress and Issuer. On the basis of such assessments (or such other factors as Cypress, in its sole discretion, deems appropriate), Cypress may at any time and from time to time take such actions with respect to its investment in Issuer as it deems appropriate, including, without limitation, (i) purchasing additional Common Stock or other securities of Issuer, (ii) selling some or all of any securities of Issuer held by Cypress, (iii) proposing a transaction that would result in a merger, reorganization, liquidation or change of control of Issuer or a sale or transfer of assets of Issuer to Cypress or otherwise (including, in connection therewith, causing the securities of Issuer to be delisted or ceased to be authorized to be quoted on applicable securities exchanges or inter-dealer quotation systems and/or becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934, as amended), (iv) proposing changes to the present board of directors or management of Issuer, or (v) otherwise changing its intention with respect to any of the matters referenced in this Item 4."
(Cypress' actual comment re: interest in Simtek:)
"In this regard, on February 4, 2008, Cypress determined to explore a potential acquisition of the Company or substantially all of its outstanding equity securities and contacted representatives of the Company to discuss such a transaction. Such explorations and discussions could result in a transaction in which Cypress obtains control of the Company through a merger, acquisition of stock or otherwise or could result in a purchase of a division or business of the Company. However, there can be no assurance that any transaction will occur."
jonesieatl
17 years ago
SIMTEK CORPORATION TO PRESENT TO INVESTORS AT THE C.E. UNTERBERG, TOWBIN EMERGING GROWTH OPPORTUNITIES CONFERENCE
COLORADO SPRINGS, CO., July 2, 2007, --
Simtek Corporation (NASDAQ: SMTK), the inventor, pioneer, and world's leading supplier of nonvolatile static random access memory (nvSRAM) integrated circuits, today announced that it will present to investors at the C.E. Unterberg, Towbin Emerging Growth Opportunities Conference on Tuesday, July 10th, at 10:30 a.m. EDT. The conference will take place July 10th - 12th, 2007 at the Mandarin Oriental Hotel in New York.
Simtek's President and CEO, Harold Blomquist, will present an overview of the Company's business and product plans, as well as discuss the company's current market positioning and growth strategies.
The Company will host a live Webcast of the conference presentation at 10:30 a.m. EDT on Tuesday, July 10, 2007. This webcast can be accessed through the Investor Relations section of Simtek's website at http://www.simtek.com, or by visiting the following web address: http://www.wsw.com/webcast/ceut6/smtk/.
The conference will be attended by securities analysts, fund managers, and institutional investors. More information about C.E. Unterberg, Towbin can be found at http://www.unterberg.com.
jonesieatl
17 years ago
Simtek Expects 2006 Annual Revenue of $30.6 Million
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PRNewswire
06:30 a.m. 01/22/2007
* Fourth Quarter Total Revenue Expected to be $9.7 Million * Fourth Quarter Product Revenue Expected to be $9.1 Million * Fourth Quarter GAAP Profit Expected * Backlog for Q107, a Quarterly Record, in Excess of $7.1 Million * Investor Earnings Conference Call to be Held February 22nd
COLORADO SPRINGS, Colo., Jan 22, 2007 /PRNewswire-FirstCall via COMTEX/ --
Simtek Corporation (SMTK), the inventor, pioneer, and world's leading supplier of nonvolatile static random access memory (nvSRAM) integrated circuits, today announced that total revenue for the year ended December 31, 2006, is expected to be approximately $30.6 million, up 194%, compared to revenues of $10.4 million in 2005.
Total revenue for the fourth quarter ended December 31, 2006 is expected to be approximately $9.7 million. Total revenue includes product revenue of approximately $9.1 million, which represents 10% growth over the prior quarter. Total revenue for the quarter also includes royalty revenue of approximately $550,000 for the final royalty pre-payment from Cypress Semiconductor. The Company expects to report positive net income on a GAAP basis for the fourth quarter of 2006, and on an ex-item basis for the full year 2006. Ex-item earnings exclude non-cash charges related to amortization of the ZMD acquisition and expensing of stock options.
The Company's order backlog scheduled for delivery in the first quarter of 2007, as of December 31, 2006, was $7.1 million, a new quarter-ending record for backlog of orders.
Brian Alleman, Simtek's CFO, stated, "Simtek made significant progress in the fourth quarter in our return to profitability. Revenue increased nicely from Q3. The overall product mix was favorable and gross margins continue to improve. Simtek expects to report GAAP net income for the fourth quarter for the first time in more than five years, and expects to achieve positive ex-item earnings for the full year."
The Company will host an earnings conference call for the fourth quarter and year-end 2006 on Thursday, February 22, 2007, at 2:00 pm PDT (5:00 pm EDT). Further details will be provided at a later date.
jonesieatl
17 years ago
SIMTEK CORPORATION TO PRESENT TO INVESTORS AT THE SOUTHWEST SECURITIES INVESTOR CONFERENCE
COLORADO SPRINGS, CO., January 18, 2007, - Simtek Corporation (NASDAQ: SMTK), the inventor, pioneer, and world's leading supplier of nonvolatile static random access memory (nvSRAM) integrated circuits, today announced that it will present to investors at a Southwest Securities Investor Conference on January 25th, 2007 at the Zaza Hotel in Dallas, TX.
Simtek's President and CEO, Harold Blomquist, will present an overview of the company's business and product strategies, as well as discuss the company's current market positioning and growth strategies.
The Southwest Securities Conference is by invitation only.
More information about Southwest Securities is available at: http://www.southwestsecuritiesfsb.com.
jonesieatl
17 years ago
Simtek Corporation Files 10 New Patents
Thursday January 11, 6:30 am ET
COLORADO SPRINGS, Colo., Jan. 11 /PRNewswire-FirstCall/ -- Simtek Corporation (Nasdaq: SMTK - News), the world's leading supplier of integrated nonvolatile random access memory chips, today announced that it has recently filed 10 new patent applications relating to its nvSRAM design, technology, and intellectual property. These filings represent the first patent applications to be submitted by the Company in nearly five years.
David Still, Simtek Vice President of Engineering, commented, "We are excited to have initiated this significant expansion to our intellectual property platform, the result of a focused effort by the entire global Simtek engineering team. Protecting and increasing our proprietary technologies are important objectives for us as we expand into new markets and advance our product portfolio. We expect to continue to aggressively develop and protect our intellectual property foundation throughout 2007."
About Simtek Corporation
Simtek Corporation designs and markets high-speed, re-programmable, 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: information@simtek.com. The company is headquartered in Colorado Springs, Colorado.
jonesieatl
17 years ago
Simtek Corporation Approved for NASDAQ Capital Market Listing
Monday January 8, 6:30 am ET
Company Expects to Begin Trading on NASDAQ January 10, 2007 Under Symbol SMTK
COLORADO SPRINGS, Colo., Jan. 8 /PRNewswire-FirstCall/ -- Simtek Corporation (OTC Bulletin Board: SMTE - News), the inventor, pioneer, and world's leading supplier of nonvolatile static random access memory (nvSRAM) integrated circuits, today announced that the NASDAQ Stock Market has approved its application for listing of the Company's common stock on the NASDAQ Capital Market under the symbol "SMTK." Simtek expects to begin trading on the NASDAQ Capital Market on Wednesday, January 10, 2007 until which time the company's shares will continue to trade under the symbol SMTE.ob on the Over the Counter Bulletin Board.
Harold Blomquist, Simtek President and CEO, commented, "Achieving a NASDAQ listing was a key goal for Simtek and we are pleased to announce that our stock will begin trading alongside many of our peers on the NASDAQ Capital Market. As we continue to successfully execute our business plan, we believe this listing enhances value for our shareholders as it will provide enhanced visibility for our stock and overall improved liquidity."
About Simtek Corporation
Simtek Corporation designs and markets high-speed, re-programmable, 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: information@simtek.com. The company is headquartered in Colorado Springs, Colorado.
jonesieatl
17 years ago
SMTE Added To Naked Short List Today
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M2
09:10 a.m. 12/01/2006
Dec 01, 2006 (M2 PRESSWIRE via COMTEX) -- BUYINS.NET, www.buyins.net, announced today that these select companies have been added to the NASDAQ, AMEX and NYSE naked short threshold list: Rediff.Com India Limited (REDF), Saflink Corporation (SFLK), Shearson Finl Netwk (SFNN), Simtek Corporation (SMTE), uWink, Inc. (UWNK) .
jonesieatl
17 years ago
Simtek Reaffirms Fourth Quarter Guidance
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PRNewswire
06:30 a.m. 11/29/2006
Company Reaffirms Q4 Revenue Guidance Range of $9.0 Million to $9.3 Million New Orders on Pace for Record Bookings in Q4
COLORADO SPRINGS, Colo., Nov 29, 2006 /PRNewswire-FirstCall via COMTEX/ -- Simtek Corporation (SMTE), the inventor, pioneer, and world's leading supplier of nonvolatile static random access memory (nvSRAM) integrated circuits, announced today that it is on track to achieve revenue for Q406 in the previously guided range of $9.0 to $9.3 million. Currently new orders for the quarter stand at more than $6 million and are projected to set a new quarterly booking record in excess of the $11.03 million record set in Q306.
Additionally, Simtek announced that its Real-Time Clock (RTC) products are now in full volume production, ramping rapidly to meet pent-up demand. Simtek's RTC integrated with nvSRAM allows for time stamping and storing critical data in the event of a power loss. The Simtek RTC family of products is unique in the industry due to the ability to operate up to 6 months without a battery even in a power outage condition.
Harold Blomquist, Simtek President and CEO, commented, "We are pleased with the growth we've been able to sustain and are looking forward to achieving our previously stated Q406 revenue range as bookings for the fourth quarter continue at a record pace. Our success to date is further evidence that we are executing on our business plan and continuing to strengthen our position in the marketplace. We are also excited to announce that our Real-Time Clock family is now in full volume production and that we are already shipping to customers who were early adopters of these innovative devices. Initial customer demand for the RTC is strong and we look forward to capitalizing on this highly innovative, and long-awaited product offering."
About Simtek Corporation
Simtek Corporation designs and markets high-speed, re-programmable, 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: information@simtek.com. The company is headquartered in Colorado Springs, Colorado.
jonesieatl
17 years ago
Simtek Corporation Applies for NASDAQ Capital Market Listing
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PRNewswire
1:39 p.m. 11/14/2006
COLORADO SPRINGS, Colo., Nov 14, 2006 /PRNewswire-FirstCall via COMTEX/ -- Simtek Corporation (SMTE), the inventor, pioneer, and world's leading supplier of nonvolatile static random access memory (nvSRAM) integrated circuits, today announced that it has filed an application to list its common stock on the NASDAQ Capital Market.
Harold Blomquist, Simtek President and CEO, commented, "Achieving a NASDAQ Capital Markets listing is another important step in the Company's development as we continue to successfully execute our business plan and strengthen our position in the marketplace. We believe a NASDAQ listing will provide greater visibility for our stock and improved access and information flow with our shareholders and potential investors."
Listing applications are subject to review and approval by NASDAQ's Listing Qualifications Department for compliance with all NASDAQ Capital Market requirements.
jonesieatl
17 years ago
Simtek Reports Record Revenue for Third Quarter of 2006
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PRNewswire
08:30 a.m. 10/26/2006
* Record Revenue for Third Quarter and First Nine Months of 2006
COLORADO SPRINGS, Colo., Oct 26, 2006 /PRNewswire-FirstCall via COMTEX/ -- Simtek Corporation (SMTE), the inventor, pioneer, and world's premier supplier of nonvolatile static random access memory (nvSRAM) integrated circuits, today announced its financial results for the third quarter and nine months ended September 30, 2006.
Key Highlights * Product revenue of $8.3 million for Q3 2006, a 242% increase over Q3 2005 and 28% over Q2 2006 * Product revenue of $19.4 million for the first nine months of 2006, a 156% increase over the same period in 2005 * Booking of new orders in the third quarter were a record $11.0 million, with a book-to-bill ratio of 1.33 * Record total revenue of $21.0 million for the first nine months of 2006, a 176% increase over 2005 * Ex-item (non-GAAP) net profit of $335,000, or $0.02 per share, for Q3 2006 versus a loss from continuing operations of $1.7 million or $(0.24) per share for Q2 2005. * Gross product margin increased to 40% for Q3 2006 from 25% a year ago and 29% for Q2 2006 * Cash balance as of September 30, 2006 was $5.4 million, including $1.8 million restricted cash * 1 megabit units shipped in Q3 2006 increased 114% from Q2 2006 Financial Results
Total revenue, consisting entirely of product sales, was $8.3 million for Q3 2006, a 242% increase over $2.4 million of product sales in Q3 2005, and a 28% increase over Q2 2006 product sales of $6.4 million. The Company reported a net loss for Q3 2006 of $0.2 million, or $(0.02) per share, compared to a net loss from continuing operations of $1.7 million, or $(0.24) per share, for Q3 2005. Excluding the effects of stock options and amortization of acquisition related costs, the Company generated an ex-item (non-GAAP) net profit of $335,000, or $0.02 per share, for Q3 2006. There were no such charges in the 2005 period.
Total revenue for the first nine months of 2006 was a record $21.0 million, including royalty revenue of $1.5 million, a 176% increase over the first nine months of 2005. Product revenue for the first nine months of 2006 was $19.4 million, a 156% increase over the $7.6 million for the first nine months of 2005. The Company reported a net loss for the nine months ended September 30, 2006 of $2.6 million, or a loss of $(0.18) per share, compared to a net loss from continuing operations of $5.6 million, or a loss of $(0.84) per share, for the same period in 2005. Excluding the effects of stock options and amortization of acquisition related costs, the ex-item (non-GAAP) net loss was $852,000, or $(0.06) per share, for the first nine months of 2006. There were no such charges in the 2005 period. All per share amounts reflect the effect of the 1 for 10 reverse stock split that was completed on October 5, 2006.
"I am pleased with the strong financial results for the third quarter and for the first nine months of 2006," said Harold Blomquist, President and Chief Executive Officer of Simtek. "During the first nine months we focused on improving gross margins, raising revenue, and increasing production capacity to support surging customer demand, especially for our 1 megabit family. During the quarter and the first nine months of 2006, we added several significant new customers and made progress on many aspects of operational effectiveness," continued Blomquist. "Our engineering team, in close collaboration with Cypress is nearing completion of the 4 megabit design and process development. We remain optimistic about our prospects for the remainder of 2006 and beyond as we continue to execute on our game plan to strengthen our position in the nonvolatile semiconductor memory marketplace. I am also pleased that the market has reacted so well to our recently completed reverse stock split and reincorporation in the State of Delaware. We believe that we are well positioned to complete in the fourth quarter of 2006 Simtek's application to one of the major national stock exchanges for listing," Blomquist concluded.
Outlook for the Fourth Quarter 2006 and First Half of 2007
Simtek currently estimates that product revenue for Q4 2006 will be in the range of $9.0 million to $9.3 million with total revenue between $9.2 million and $9.8 million due to the final installment of prepaid royalties from Cypress. Total revenue for 2006 is expected to be approximately $31 million. The Company's order backlog, scheduled for delivery in the fourth quarter, was $7.0 million at September 30, 2006 and represents a higher percentage of guided revenue than in any previous quarter. The Company expects bookings in Q4 2006 to be approximately $12 million, continuing the strong trend experienced throughout 2006. The book-to-bill ratio is expected to remain strong at nearly 1.3. Gross margin is projected to improve by 200 to 400 basis points from the third quarter to the fourth quarter of 2006, and the Company anticipates posting a net profit for the Q4 2006. On an ex-item basis the Company anticipates achieving a modest profit for the entire year 2006. The Company also reaffirmed its revenue guidance for 1H 2007 of between $20 and $24 million.
jonesieatl
18 years ago
Email from Brian A. CFO:
I know there has been some confusion this morning about the reverse split. Following is the text of the press release that went out this morning via Business Wire. I hope this helps.
Brian Alleman, CFO
SIMTEK ANNOUNCES COMPLETION OF REVERSE SPLIT AND REINCORPORATION
Effective Thursday, October 5th, 2006, 12:01AM EDT
COLORADO SPRINGS, Colorado– October 5, 2006 – Simtek Corporation (OTC Bulletin Board: SMTE.OB), the world’s leading supplier of nonvolatile static random access memory (nvSRAM) integrated circuits announced today that it has completed the previously announced 1 for 10 reverse stock split and reincorporation in the State of Delaware. The reverse was effective at 12:01 am EDT on Thursday, October 5th, 2006. Effective today, Simtek’s common stock now trades under the new symbol OTCBB: SMTE.OB.
Approximately 16 million shares of common stock are issued and outstanding as of the effective date. Stockholders who hold their shares in brokerage accounts or "street name" will not be required to take any action to effect the exchange of their shares other than as requested by their banks, brokers or nominees. Stockholders of record who hold share certificates will receive a letter of transmittal requesting that they surrender their old stock certificates for new stock certificates reflecting the adjusted number of shares as a result of the reverse stock split. Continental Stock Transfer & Trust Company will serve as Simtek's transfer and exchange agent, implementing the exchange of stock certificates in connection with the reverse split. Fractional shares resulting from the reverse split were rounded up to the next nearest whole share.
Harold Blomquist, President and CEO, stated: “I am delighted that we have completed this important milestone as Simtek advances along its pathway of success. We are progressing nicely in terms of creating and enhancing shareholder value. We continue to move toward listing on a major national stock exchange.”
jonesieatl
18 years ago
Simtek Raises $4.56 Million in Private Placement of Common Stock; Participants Include New and Existing Investors, Directors, and Executives; Funds Will Fuel Growth Enabling the Company to Purchase Silicon to Meet Its Revenue Targets
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BusinessWire
08:45 a.m. 09/22/2006
COLORADO SPRINGS, Colo., Sep 22, 2006 (BUSINESS WIRE) -- Simtek Corporation (SRAM), the world's leading supplier of nonvolatile static random access memory (nvSRAM) integrated circuits, announced today the completion of a private placement of 11,531,653 shares of common stock, at $0.395 per share resulting in a total raise of $4,555,000. Warrants, priced at $0.54 per share, equal to 15% of the shares issued (or warrants to purchase 1,729,754 shares) were issued as part of the financing. Proceeds are expected to be used for general working capital and to procure silicon wafers to support revenue growth.
Harold Blomquist, President and CEO, stated, "The Company's unparalleled growth, with all the positives associated with it, has resulted in a few challenges. One of those is a cash flow issue in the near term, and our ability to continue to secure silicon. Along with the Board we evaluated many alternatives and felt this was the quickest and most effective manner at this time to raise capital. Based on the need to ramp production at our wafer fabs right now to support growth and further improve profitability, I'm pleased that we've been able to close this important financing."
Recently announced programs with major customers and anticipated increases in Simtek's global business are driving revenue growth for the Company. Revenue projections for the first six months of 2007 are between $20 million and $24 million. The revenue growth rate from second-half 2006 to first-half 2007 is projected to be between 30% and 50%. Booking of new orders from customers continues at a significant pace. At the time of this release, Simtek's quarter-to-date bookings for Q32006 are already well ahead of any previous quarter in the Company's history.
Brian Alleman, Simtek CFO said, "We are pleased with the vote of confidence we have been given from our largest shareholders by completing the financing quickly. With our fabless business model it generally takes between four and five months from when we start wafers until we collect cash from customers. Without this financing we would probably have limited the growth of the Company based on our available cash resources from operations and other sources. With this additional working capital, and based on our current growth and projected return to profitability in the third and fourth quarters, we do not foresee a need to raise additional working capital in the future."
Blomquist also said, "Several members of our executive team and Board of Directors made significant investments in this round. I believe that such investments demonstrate our team's confidence in Simtek."
Investors include: the funds advised by RENN Capital, Crestview Capital Master LLC, Big Bend XXVII Investments, L.P., Straus Partners & Straus GEPT, and SF Capital as well as, Board member Al Stein and family, and Simtek executives Steven Hayes, Brian Alleman and John C. McComb.
The Board of Simtek has discussed, and contemplates in conjunction with this financing and the planned reverse split which is anticipated to occur in September or October of this year, that the Company will have approximately 16 million shares outstanding after the reverse split is complete. No special rights or options were issued in connection with the private placement.
The transaction was evaluated and recommended to Simtek's Board of Directors by a special committee of independent directors. The shares were offered only to accredited investors in reliance on an exemption from the registration requirements of the Securities Act of 1933 (the "Securities Act"). The offering has not been registered under the Securities Act or any state securities laws and the shares may not be offered or sold absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. In connection with the offering, Simtek agreed, subject to certain terms and conditions, to file a registration statement under the Securities Act covering the resale of the shares purchased and shares issuable upon exercise of the warrants. This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy shares or warrants and is being issued under Rule 135c under the Securities Act.
jonesieatl
18 years ago
Simtek Announces Contract Award from IBM For 1 Megabit Memory Devices for Use In New System X RAID Servers; Simtek's nvSRAMs Give RAID Systems Instantaneous Re-Start Capability In the Event of System Memory Loss or Power Interruption Conditions
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BusinessWire
08:00 a.m. 09/12/2006
COLORADO SPRINGS, Colo., Sep 12, 2006 (BUSINESS WIRE) -- Simtek Corporation (SRAM), the world's leading supplier of monolithic nonvolatile static random access memory (nvSRAM) integrated circuits today announced that its 1 Megabit nvSRAM devices have been incorporated by IBM Corporation (IBM) for use in the company's System X servers and that IBM has placed significant production orders for these devices.
Unlike alternative technologies, Simtek's nvSRAMs, STK14CA8 and STK14C88-3, help system users leverage the full benefits of fast static RAMs, including enhanced performance and ease-of-use, coupled with the non-volatile features of FLASH memories.
"There is no other product on the market exactly like it," said Steven Hayes, Simtek's Vice President of Sales. "Our nvSRAM components are capable of providing IBM systems clients' infinite usage, without the need for batteries and without the long-term durability problems associated with other non-volatile memory solutions."
Traditional SRAMs and dynamic random access memory (DRAMs) lose their data when power is turned off or interrupted, but nvSRAMs maintain all necessary information for the RAID product's complete Array Management System and its associated configuration data and parity information so that it doesn't have to be re-created at re-start.
Simtek's flagship 1-megabit and legacy 256-kilobit nvSRAM products are fast becoming one the industry's most popular memory products. They continue to be the number one choice of RAID system manufacturers, and based on marketing research, Simtek's nvSRAM devices are included in more than 70 percent of all mid-range and smaller RAID server systems.
Because nvSRAMs operate at processor speeds, they enable RAID systems to maintain maximum performance as they constantly adjust their address vector tables while move data among the individual array members to optimize I/O balance, maximize I/O rates and assure redundancy. In addition, using the Simtek nvSRAM, can eliminate battery-backed SDRAM from RAID system solutions, creating small form factor motherboard solutions that consist primarily of the integrated RAID/disk controller and nvSRAM.
jonesieatl
18 years ago
Simtek Announces Details of Reverse Split and Reincorporation; Reverse Split Ratio Set at 1 for 10; Reincorporation and Reverse Planned To Be Complete By Sept. 30th; Reaffirms Pro Forma Profit for Third Quarter 2006
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BusinessWire
09:28 a.m. 09/06/2006
Projects GAAP Profit for Fourth Quarter 2006
COLORADO SPRINGS, Colo., Sep 06, 2006 (BUSINESS WIRE) -- Simtek Corporation (SRAM), the world's leading supplier of nonvolatile static random access memory (nvSRAM) integrated circuits announced today that its Board of Directors approved the final ratio of 1 for 10 for the reverse split of shares of Simtek common stock. The Board of Directors also ratified the reincorporation of Simtek from the state of Colorado to the state of Delaware. The reverse stock split and reincorporation were approved by shareholders at the Company's annual meeting held on June 28, 2006.
Upon completion of the reverse stock split, approximately 14.8 million shares of common stock will be issued and outstanding. The reverse stock split affects all shares of common stock, stock options, warrants outstanding, and shares issuable upon conversion of the Company's convertible debentures as of immediately prior to the effective time of the reverse stock split. Fractional shares resulting from the reverse stock split will be rounded up to a full share. Simtek expects to complete both the reverse stock split and reincorporation by the end of September 2006, subject to regulatory approval. Shareholders will receive instructions, directly from the Company's transfer agent, Continental Stock Transfer & Trust Company, detailing how to exchange their stock certificates.
The Company also reaffirmed that it expects to be profitable on a pro-forma basis for the third quarter of the fiscal year. Pro-forma net income is GAAP net income minus certain non-cash items such as the amortization of the ZMD transaction and expensing of stock options. The Company also anticipates achieving profit for the fourth quarter on a GAAP basis. Gross margin continues to trend upward and is projected to improve by as much as 500 basis points from the second quarter of 2006 contributing significantly to the Company's profit.
Harold A. Blomquist, President and CEO stated, "Increasing shareholder value is our top priority at Simtek. As we announced earlier today, we have made significant strides in the turnaround of Simtek. In addition to improving the fundamentals, we believe that listing Simtek's common stock on a national exchange such as AMEX or NASDAQ Small Cap could increase the pool of potential investors who may have interest in Simtek, but who don't typically trade bulletin-board or penny stocks. We are evaluating the listing requirements for each exchange and intend to apply for a national listing as soon as possible after the reverse stock split and reincorporation are completed.
The Company is projecting positive EPS in the fourth quarter, but is still projecting a net loss for the full year 2006. Brian Alleman, Simtek CFO stated, "As a public company, earnings per share are critically important. A 1 for 10 reverse split will have the positive effect of increasing the Company's earnings per share by 10-fold, which could have the desired effect of enhancing Simtek's perceived value in the eyes of some investors. We are not guiding to an EPS number at this time, but are making excellent progress in returning to profitability."
jonesieatl
18 years ago
Simtek Mid-Third Quarter Update
Raises Q306 Revenue Guidance to $7.5 to $8.0 Million; Issues Guidance for Fourth Quarter Revenue of $9.0 to $9.3 Million; Guides First Six Months of 2007 Top Line to be Between $20 and $24 Million
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BusinessWire
09:21 a.m. 09/05/2006
COLORADO SPRINGS, Colo., Sep 05, 2006 (BUSINESS WIRE) -- Simtek Corporation (SRAM), the world's leading supplier of nonvolatile static random access memory (nvSRAM) integrated circuits announced today that it has revised upward its product revenue guidance for the third quarter to be in the range of $7.5 million to $8.0 million, up from the previous guidance of $7.2 million to $7.5 million.
The Company is experiencing stronger than anticipated design wins and new orders that are expected to be in the range of $10.5 million to $11.5 million for the third quarter. Backlog entering the fourth quarter and scheduled for delivery in the fourth quarter, is expected to be in excess of $7 million, the largest in the Company's history. The recent production programs the company has signed with Sun Microsystems and other Tier 1 storage companies are showing strength in the storage market and are driving higher volume growth of Simtek's 1 megabit device. The Company expects these programs to ramp into higher-volume production beginning in the fourth quarter of 2006.
Simtek currently expects product revenue for the fourth quarter of 2006 to be in the range of $9.0 million to $9.3 million. Total revenue for 2006 is expected to be in the range of $28 million to $30 million. Projected product revenue for the first six months of 2007 is anticipated to be between $20 million and $24 million which, if achieved, will show growth in excess of 80% over the comparable period of 2006, which was $11.2M.
Harold A. Blomquist, President and CEO stated, "We are very pleased with the progress we have made with the continued turnaround of the Company. While we are pleased with the solid results and significant progress we have achieved, we remain focused on continuing this momentum and believe we have put in place a strong team and the right infrastructure to enable the company to sustain long-term growth and operating profitability."
About Simtek Corporation
Simtek Corporation designs and markets high-speed, re-programmable, nonvolatile semiconductor memory products, for use in a variety of systems including RAID servers, high performance workstations, GPS navigational systems, robotics, copiers and printers, and networking and broadcast equipment. Information on Simtek products can be obtained from its web site: www.simtek.com; email: information@simtek.com. The company is headquartered in Colorado Springs, Colorado.
jonesieatl
18 years ago
Simtek Announces Production Program on 1 Megabit nvSRAM for Sun Fire(TM) X4600 Server and Sun Blade(TM) 8000 Modular System
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BusinessWire
08:10 a.m. 08/10/2006
COLORADO SPRINGS, Colo., Aug 10, 2006 (BUSINESS WIRE) -- Simtek Corporation (SRAM), the inventor, pioneer, and world's leading supplier of nonvolatile static random access memory (nvSRAM) integrated circuits today announced that it has received production orders from Sun Microsystems, Inc. for its flagship 1 megabit nvSRAM, used for Sun's latest Sun Fire(TM) and Sun Blade(TM) x64 (x86, 64-bit) servers powered by AMD Opteron(TM) processors.
By taking advantage of Simtek's patented intellectual property and products, Sun is able to provide a RAID subsystem that doesn't require battery backed SDRAM that achieves smaller board space, lower component cost, and immediately stores system-critical volatile data under power loss conditions. Sun is leading the server industry in providing RAID storage as a standard feature by integrating RAID onto the server motherboard.
Cost and space are major impediments to full-featured, cost-attractive RAID solutions on the motherboard (ROMB). Current motherboard designs have little space for additional functions. New generations of RAID controllers integrate RAID and disk controller functions. Using battery-backed SDRAM adds cost and board space. New generations of integrated RAID controllers leverage Simtek's nvSRAM for write journaling and mirroring functions, and eliminate batteries. This makes it feasible to implement ROMB both economically and considering form factor. As an added bonus, using Simtek's products eliminates the battery and enables improved compliance with "green" initiatives reducing hazardous materials from board designs.
Simtek's nvSRAM, a critical cornerstone of server based RAID reference designs has been adopted by several generations of RAID controllers. This new production award solidifies Simtek's position as the leading provider of nonvolatile memory in the RAID market.
jonesieatl
18 years ago
SRAM Expands Global Sales Presence in Asia and Europe
Simtek Expands Its Global Sales Presence in Asia and Europe; Company Opens Japan/APAC Sales and Marketing Office; Simtek GmbH to Manage All European Sales Activity
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BusinessWire
09:00 a.m. 08/01/2006
COLORADO SPRINGS, Colo., Aug 01, 2006 (BUSINESS WIRE) -- Simtek Corporation (SRAM), the inventor, pioneer, and world's leading supplier of nonvolatile static random access memory (nvSRAM) integrated circuits, announced two initiatives to improve its international sales presence.
The first initiative addresses Simtek's strategy to take advantage of the ever-growing revenue base for Simtek's nvSRAM products in the Japan/APAC region. To serve increasing original design work in China and other parts of Asia, and to better meet the growing demand in Japan, Simtek has opened a sales office in Nagoya, Japan. Jeremy Cowx, a seasoned veteran of the Japanese and Chinese/Asian markets, will serve as Simtek's Japan/APAC Sales Director.
"Simtek products and technologies align very well with the growth in the Automated Metering, Computer/Server, Industrial Control, Multi-Function Printer and Storage markets in the region," said Cowx. "I am very excited about joining the Simtek team and providing strong supporting services to our increasingly expanding APAC customer base."
"Traditionally we've had a strong sales effort in Japan," said Steve Hayes, vice president of sales for Simtek. "Now we're seeing an explosion of design activity throughout APAC that illustrates the continued growth of nvSRAM adoption."
The second sales initiative expands the role of Simtek GmbH, located in Dresden, Germany, to manage and coordinate all customer service and fulfillment in Europe for the entire Simtek product line. This expands Simtek GmbH's role beyond former ZMD products, providing European customers with expanded sales and customer service support and immediate regional response. Simtek recently signed Avnet-Memec as a key European distributor, another indication of projected Simtek growth originating from the European market.
"As we expand our Simtek GmbH team, we expect our European customers will continue the rapid adoption of our nvSRAM technology," said Bernd Junghans, Managing Director of Simtek GmbH. "Having European presence across all Simtek products and adding Avnet-Memec as a premier European distributor illustrates the importance Simtek GmbH will play into the company's overall growth plans. With a staff of 10 highly experienced employees, the Dresden operation is already prepared to support European customers in the most advanced areas of applications in communication, medical and industrial projects. This includes the capability of designing leading-edge products for the nonvolatile memory market."
About Simtek Corporation
Simtek Corporation designs and markets high-speed, re-programmable, nonvolatile semiconductor memory products, for use in a variety of systems including RAID servers, high performance workstations, GPS navigational systems, robotics, copiers and printers, and networking and broadcast equipment. Information on Simtek products can be obtained from its web site: www.simtek.com; email: information@simtek.com. The company is headquartered in Colorado Springs, Colorado.
jonesieatl
18 years ago
Simtek Reports Second Quarter and First Half 2006 Financial Results
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BusinessWire
08:01 a.m. 07/27/2006
COLORADO SPRINGS, Colo., Jul 27, 2006 (BUSINESS WIRE) -- Simtek Corporation (SRAM) :
-- 36% Product Revenue Growth Q2 vs. Q1 2006, 115% Year to Date Product Revenue Growth vs. 2005
-- Revenue Guidance Increased to $25 to $30 million, from $23 to $27 million for Full Year 2006
-- Production Qualification Approved for 1 Megabit Device with Real Time Clock
-- Loss Per Share Reduced For Six Months 2006 to ($0.02) vs. ($0.06) 2005
Simtek Corporation (SRAM), the inventor, pioneer, and world's leading supplier of nonvolatile static random access memory (nvSRAM) integrated circuits, today announced its financial results for the second quarter and six months ended June 30, 2006.
Other highlights include:
-- Product Revenue $6.4 million for Q2 2006, $11.2 million for the first half 2006
-- Total Revenue $6.9 million for Q2 2006, $12.7 million for the first half 2006
-- Profitability Achieved for the Month of June
-- 4 Megabit nvSRAM Program with Cypress Well Underway
-- Record Design Wins Across Diverse Markets
In this and subsequent reports an accounting change has been, and will be, made in how the non-refundable advance royalty payments from Cypress Semiconductor are accounted for. The change, settled upon after consultation with the Company's independent accountants, results in adding approximately $1 million to Q1 2006 revenue and $0.5 million to Q2 2006 revenue, or $1.5 million in royalty revenue for the first six months of 2006. In this, and future reports, revenue will be reported for product sales, royalty revenue, and total revenue. Please refer to Simtek's related Form 8-K filed on July 26, 2006 for the effect on Q1 2006 financial statements.
Total revenue was $6.9 million for the second quarter of 2006, including royalty revenue of $0.5 million. Product sales for the second quarter were $6.4 million, an increase of 192% from $2.2 million in the second quarter of 2005, and an increase of 36% quarter-over-quarter compared to Q1 2006 product sales of $4.7 million. The Company reported a net loss for 2006's second quarter of $1.5 million or $0.01 per share, compared to a net loss of $2.9 million or $0.05 per share for the second quarter of 2005. Excluding the effects of stock options and amortization of acquisition related costs, the net loss was $0.9 million for the second quarter of 2006. There were no such charges in the 2005 period.
Total revenue for the first six months of 2006 was $12.7 million, including royalty revenue of $1.5 million. Product sales for the first six months of 2006 were $11.2 million, an increase of 115% from $5.2 million in the first six months of 2005. The Company reported a net loss for the six months ended June 30, 2006 of $2.4 million or $0.02 per share, compared to a net loss of $3.9 million or $0.06 per share for the same period in 2005. Excluding the effects of stock options and amortization of acquisition related costs, the net loss was $1.4 million for the 2006 period. There were no such charges in the 2005 period.
Simtek is guiding product revenue for the third quarter of 2006 to be in the range of $7.2 million to $7.5 million. The Company's order backlog, scheduled for delivery in the third quarter, stands at $5.5 million at June 30, 2006 and represents a larger percentage of guided revenue for the subsequent quarter than in prior quarters.
The Company is raising its guidance for total revenue for 2006 from $23 million to $27 million to $25 million to $30 million, including the impact of royalty revenue from the non-refundable payments received from Cypress Semiconductor.
Based on margin improvement and increasing revenue, the Company is guiding to be profitable on a pro-forma basis for the third and fourth quarters of 2006. There is no prepaid royalty installment expected in the third quarter.
Brian Alleman, CFO stated, "Achieving production qualification of the .25 micron 256 kilobit and real-time clock version of the 1 megabit devices, which the Company announced yesterday, is the culmination of several years of investment in process R&D and product development. We believe that the Company is now in a position to ramp current customer programs into production, and to aggressively cultivate new design wins. Product revenue for the first six months of 2006 exceeded total revenue for the full year 2005 by $800,000. For the month of June, Simtek achieved what we consider to be an even more significant goal, namely reaching profitability for the month. Focused ASP management, with a favorable shift in product mix and aggressive cost reduction efforts resulted in gross margins on product sales of just over 40% for the month."
Alleman continued, "The Company continues to work on reducing product costs, particularly on the .25 micron parts. We expect to be investing in the third quarter in continued cost reductions, yield enhancements, and back end test efficiencies. We have also successfully transferred offshore the final testing of our highest volume device family. The combination of these actions is projected to increase gross margins in Q3 2006 by as much as 500 basis points over Q2 2006."
Revenue is increasing from improved ASPs, a shift in mix toward higher ASP 1 megabit devices, and from significant increases in unit volumes shipped in several product families. In the European market, the unit volume of shipment of products from Simtek GmbH to customers in Europe increased by 66% quarter-over-quarter compared to Q1 2006. Unit volume shipped on a global basis increased by 36% quarter-over-quarter compared to Q1 2006. Compared to the first six months of 2005, total unit volume shipped to customers increased by 179%.
Simtek President and CEO, Harold Blomquist stated, "Growth is coming from customers around the world and from markets as diverse as storage/RAID (redundant arrays of independent disks) subsystems, automated meter reading systems, display subsystems in multiple application areas, and networking subsystems. Shipments of our 1 megabit family increased by 293% quarter-over-quarter and is showing steady increase in demand from recently awarded programs from Fortune 50 industry leaders in the RAID, and other market segments."
Blomquist went on to say, "We believe that design wins from new and existing customers, and from current and new market segments early in the year is unparalleled in our history and continues at a brisk pace. Market acceptance of our nvSRAM technology continues to broaden. Cypress Semiconductor Corp. reported in its earnings call last week that it has begun sampling high-speed nonvolatile SRAM devices obtained through its partnership with Simtek. Simtek is pleased with its collaboration with Cypress which is expected to provide first samples of a jointly developed 4 megabit device at the beginning of 2007, and which is opening doors to new customers with high-volume programs."
jonesieatl
18 years ago
Simtek Achieves Production Qualification of 1 Megabit nvSRAM with Real Time Clock
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BusinessWire
09:06 a.m. 07/26/2006
COLORADO SPRINGS, Colo., Jul 26, 2006 (BUSINESS WIRE) -- Simtek Corporation (SRAM), the inventor, pioneer, and world's leading supplier of nonvolatile static random access memory (nvSRAM) integrated circuits, today announced production qualification of the "real-time clock" version of its 1 megabit nvSRAM.
-- Qualification Complete for the 0.25 Micron Version of the 256 Kilobit Device
-- Both Available for Immediate Delivery
The Company has been shipping its 1 megabit device under "pre-qualification" authorization to Tier 1 customers whose systems include applications as diverse as data networking, multi-function printers and copiers, automated meter reading systems, and instrumentation and controls.
"Simtek continues to address and meet the needs of its highly specialized customer base with solutions that are effective, and efficient. Team Simtek will continue to work with existing and new customers to meet their challenges through innovation, technological enhancements, and other achievements," said Harold Blomquist President and CEO of Simtek.
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$on_myMind
10 months ago
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