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 7, 2001





                               SIMTEK CORPORATION
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)




   Colorado                          0-19027                    84-1057605
--------------------------------------------------------------------------------
(State or other                    (Commission               (I.R.S. Employer
jurisdiction                       File Number)              Identification No.)
of incorporation)


                       4250 Buckingham Dr. #100
                      Colorado Springs, Colorado                80907
                ----------------------------------------       --------
                (Address of principal executive offices)       Zip Code


          Registrant's telephone, including area code: (719) 531-9444



                          1465 Kelly Johnson Boulevard
                        Colorado Springs, Colorado 80920
          -----------------------------------------------------------
          Former name or former address, if changed since last report



Item 5.  Other Information

         The following press release titled "Simtek Reports Record Revenues,
Strong Backlog, Despite Industry Slowdown" was released on May 4, 2001.



    SIMTEK REPORTS RECORD REVENUES, STRONG BACKLOG, DESPITE INDUSTRY SLOWDOWN

COLORADO SPRINGS, Colorado - May 4, 2001 - Simtek Corporation,  provider of high
performance   nonvolatile  memory  and  logic  integrated  circuits,   announced
financial results for the first quarter ending March 31, 2001.

"We are extremely pleased that our core business was able to grow  substantially
year to year and in sequential quarters.  Simtek took an aggressive posture last
year to establish our market  position with  strategic  customers by giving them
our best support,  while not taking an unfair  pricing  advantage when materials
were in short supply,"  stated  Douglas  Mitchell,  Simtek's  president and CEO.
"This approach allowed Simtek to establish strong  relationships in applications
that continue to grow rapidly in the marketplace.  Simtek  maintains  previously
forecasted  growth exceeding 60% and expects  significant  increases in earnings
going forward.  Now, as materials are becoming readily available and our volumes
continue to increase,  we'll be able to improve our cost basis  throughout  this
year. We're also looking to hire additional  engineering staff to accelerate our
product development. With all that's been accomplished in the past twelve months
we really look forward to what we can do over the next couple of years."

The company  posted total  revenues of  $4,331,721,  including  $3,975,104  from
Simtek  operations and $356,617 from Q-DOT  operations.  In March of 2001 Simtek
completed the  acquisition of Q-DOT Group,  Inc. using the "pooling of interest"
form of accounting.  Summary financial statements will now report the results of
the combined company for current and historical records.

Pro Forma revenues from Simtek operations in 1Q01 of $3,975,104, were 58% higher
than  $2,513,393  posted  in the  first  quarter  of 2000  and 36%  higher  than
$2,929,978  posted in the fourth  quarter of 2000. Pro Forma revenues from Q-DOT
operations  in 1Q01 of $356,617  were down from  $923,632 for the same period in
2000 and approximately flat from $387,268 in the fourth quarter of 2000.

Unusual  expenses  were  incurred in the first  quarter of 2001,  consisting  of
$258,000 for amortized costs related to investor relations services performed by
two  investment  bank firms and  $263,000  of legal,  auditing  and labor  costs
associated with the acquisition of Q-DOT. The amortization of investor relations
services will continue through September 2001.


     FINANCIAL RESULTS


                                                        Three Months ended March 31
                                                         2001                2000
                                                         -----               ----
                                                                    
Net Sales                                             $4,331,721          $3,826,027
Cost of Sales                                          3,096,555           2,128,721
Gross Margin                                           1,235,166           1,697,306
Total Operating Expenses                               1,781,029           1,111,642
Income (loss) from Operations                          (545,863)             585,664
Other Income (Expense)                                    31,299             (9,517)
Net Income (Loss) before Taxes                         (514,564)             576,147
Provision for income taxes                                     -              38,000
Net Income (Loss)                                      (514,564)             538,147
Basic and diluted earnings per share
                                                          $(.01)                $.01
Basic and diluted shares outstanding
                                                      53,651,912          44,848,779


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Simtek  Corporation  delivers the world's  fastest  re-programmable  nonvolatile
semiconductor  memories  and the  industry's  most  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 predicting the
availability  of new  products  during  2000  and  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.



                                    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 7, 2001                                  By: /s/Douglas Mitchell
                                                 -------------------------------
                                                  DOUGLAS MITCHELL
                                                  Chief Executive Officer
                                                  President and Chief Financial
                                                  Officer (acting)







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