(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 800-240-4186 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: 11106973#. Also, the conference call together with supplemental financial information will be available over the Internet at www.simtek.com in the Investor Info area of the site or by going to 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
(Unaudited)
(Amounts in thousands, except par value and share amounts)
ASSETS
--------------------------------------------
December 31, December 31,
CURRENT ASSETS: 2007 2006
------------ ------------
Cash and cash equivalents $ 4,387 $ 4,522
Restricted investments 991 1,775
Accounts receivable - trade, net 5,222 5,537
Inventory, net 5,698 6,596
Prepaid expenses and other current
assets 910 312
Deposits - -
------------ ------------
Total current assets 17,208 18,742
EQUIPMENT AND FURNITURE, net 1,987 1,239
DEFERRED FINANCING COSTS 15 54
GOODWILL 992 992
NON-COMPETITION AGREEMENT 5,344 7,126
OTHER ASSETS 240 89
-------------------------
TOTAL ASSETS $ 25,786 $ 28,242
=========================
LIABILITIES AND SHAREHOLDERS' EQUITY
--------------------------------------------
CURRENT LIABILITIES:
Accounts payable $ 2,827 $ 3,771
Accrued expenses 943 939
Accrued vacation payable 357 229
Accrued wages 179 814
Obligation under capital leases 21 -
Line of credit 543 681
Debentures, current 480 480
-------- --------
Total current liabilities 5,350 6,914
DEBENTURES, NET OF CURRENT 1,620 2,220
-------- --------
Total liabilities 6,970 9,134
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Preferred stock, $1.00 par value;
200,000 shares authorized, none issued - -
Common stock, $.0001 par value;
30,000,000 shares authorized,
16,516,419 and 16,515,419 shares
issued and outstanding at December 31,
2007 and 16,146,679 and 16,145,679
shares issued and outstanding at
December 31, 2006 2 2
Additional paid-in capital 69,453 67,173
Treasury stock, at cost; 1,000 shares (1) (1)
Accumulated deficit (50,967) (48,199)
Accumulated other comprehensive income:
Cumulative translation adjustment 329 133
-------- --------
Total shareholders' equity 18,816 19,108
-------- --------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 25,786 $ 28,242
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