Simtek Corporation (NASDAQ:SMTK), the inventor, pioneer, and
world�s premier supplier of nonvolatile static random access memory
(nvSRAM) integrated circuits, today announced its financial results
for the period ended March 31, 2008. Financial Results Revenue for
the first quarter of 2008 was $7.3 million, consisting entirely of
product revenue, compared to $7.9 million for the first quarter of
2007, which included last-time buys of the company�s legacy ZMD
product of approximately $600,000. Excluding this last-time buy
revenue, revenue for Q108 was in line with revenue a year ago.
Gross margin was 43% for the quarter compared to 44% a year ago,
reflecting product mix and higher costs related to lower yields on
certain 1 megabit silicon wafers. The Company reported ex-item net
loss for the first quarter of $1.6 million, or $0.10 per share,
compared to an ex-item profit of $235,000, or $0.02 per share in
Q107. For the quarter, ex-item income excludes the effects of stock
options and amortization of acquisition related costs. Included in
the first quarter ex-item loss is a $600,000 investment in AgigA
Tech, the Company�s newly created subsidiary, as well as costs
associated with the Cypress acquisition offer. On a GAAP basis,
Simtek reported a net loss for the quarter of $2.5 million or $0.15
per share compared to a loss of $490,000, or $0.03 per share for
the comparable 2007 period. The increased loss is attributable to
lower revenue and increased research and development expenditures.
�In light of challenging economic conditions across multiple
geographic markets and some end-markets, we are pleased with the
consistent strength in our core business in the first quarter and
believe revenue to be in line with industry trends,� stated Harold
A. Blomquist, Simtek president and chief executive officer. �During
the quarter we experienced modest growth in revenue and bookings in
the North American, Pacific Rim, and Asian markets. Sales to our
storage customers are strong and gaining momentum, while shipments
to Europe were weak compared to prior periods as we worked through
both the last-time buys early in the year, and a build-up of
inventory in the channel. Pull-through demand from our European
customers appears to be healthy as we look to the remainder of the
year. We continued to solidify and enhance our positions in our
target markets, securing 39 new design wins in the first quarter,
up from 30 in the same quarter last year. During the quarter we saw
several new design wins for the 4 megabit product in storage and
industrial control applications, and we began accepting
pre-production purchase orders for 4 Megs during the quarter.� �We
achieved several significant milestones during the quarter
including launching AgigA Tech, a majority owned subsidiary created
to focus on the development and commercialization of our low-cost,
high density nvRAM solutions; identification of new and potentially
significant application areas for nvSRAMs; steady gains in Asian
design activity; and the announcement of our 8 megabit nvSRAM. We
also completed a new tape out of our 4 megabit product, with design
improvements aimed at optimizing manufacturability and anticipate
production qualification in the middle of the year, followed by
modest revenue in the back half of 2008,� concluded Blomquist.
Evaluation of Strategic Alternatives In April 2008, the company
received a proposal from Cypress Semiconductor Corporation to
acquire Simtek for $2.20 per share in cash. After reviewing the
proposal, along with its independent financial and legal advisors,
Simtek's Board of Directors rejected the offer, stating that the
Cypress proposal significantly undervalues the combination of
Simtek's core business in nvSRAM and its subsidiary AgigA Tech
through which Simtek is developing breakthrough high-density
non-volatile RAM solutions. At that time, the Board indicated that
it would continue to explore various strategic alternatives in
order to maximize long-term value for Simtek stockholders and that
it would vigorously resist any attempted acquisition at a price
that doesn't adequately value the Company and its growth
opportunities. This evaluation is ongoing and developments will be
disclosed as the Board deems appropriate. Ex-Item Earnings Simtek
reports net income or loss in accordance with GAAP and additionally
uses ex-item financial measures which are adjusted from the most
directly comparable GAAP financial measures to exclude charges
related to non-cash, unusual or non-recurring expenses the Company
may incur from time to time, in order to provide additional
comparative information between periods. Management believes that
these ex-item measures are important to investor understanding of
the Company�s disclosures regarding past, current and future
operating results. Following is reconciliation(a) of the Ex-item
financial measures to the most comparable GAAP financial measures,
in thousands of dollars, except per share amounts: � (Amounts in
thousands, except per share amounts)(Unaudited) � Three Months
Ended March 31, 2008 � Three Months Ended March 31, 2007 Net Loss,
as reported � ($2,455 ) � ($490 ) � � � Adjusted-GAAP items: � �
Amortization of Non-compete Agreement � 445 � � 446 � Costs
associated with employee stock options � 392 � � 279 � Ex-item Net
Income (Loss) � ($1,618 ) $ 235 � � � � Per Share Data: � � Net
Loss, as reported � ($0.15 ) � ($0.03 ) � � � Adjusted-GAAP items:
� � Amortization of Non-compete Agreement $ 0.03 � $ 0.03 � Costs
associated with employee stock options $ 0.02 � $ 0.02 � Ex-item
Net Income (Loss) Per Share � ($0.10 ) $ 0.02 � � (a) pursuant to
the requirements of Regulation G. Conference Call 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: information@simtek.com. 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. SIMTEK CORPORATION CONDENSED CONSOLIDATED
BALANCE SHEETS (Amounts in thousands, except par value and share
amounts) ASSETS � � March 31, 2008 December 31, 2007 CURRENT
ASSETS: (Unaudited) 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
EQUIPMENT AND FURNITURE, NET 2,266 1,987 DEFERRED FINANCING COSTS
AND DEBT ISSUANCE COSTS 7 15 GOODWILL 992 992 NON-COMPETITION
AGREEMENT, NET 4,899 5,344 OTHER ASSETS � 202 � � 240 � TOTAL
ASSETS $ 23,777 � $ 25,786 � � LIABILITIES AND SHAREHOLDERS' EQUITY
� CURRENT LIABILITIES: 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 DEBENTURES, NET OF CURRENT � 1,620 � � 1,620 � Total
liabilities 6,847 6,970 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS'
EQUITY: 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 � TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 23,777 � $
25,786 � SIMTEK CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (Unaudited) (Amounts in thousands, except share and per
share amounts) � � For the three months ended March 31, 2008 � 2007
REVENUE Product sales, net $ 7,315 � $ 7,867 � Total Revenue 7,315
7,867 � Cost of sales � 4,165 � � 4,435 � � GROSS PROFIT 3,150
3,432 � OPERATING EXPENSES: 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 � �
LOSS FROM OPERATIONS (2,405 ) (442 ) � OTHER INCOME (EXPENSE):
Interest income 24 49 Interest expense (91 ) (98 ) Exchange rate
variance (54 ) 12 Other expense � 89 � - � � Total other expense �
(32 ) � (37 ) � LOSS BEFORE PROVISION FOR INCOME TAXES (2,437 )
(479 ) � Provision for income taxes � (18 ) � (11 ) � NET LOSS $
(2,455 ) $ (490 ) � NET LOSS PER COMMON SHARE: Basic and diluted $
(.15 ) $ (.03 ) WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic
and diluted � 16,533,529 � � 16,211,671 �
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