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-----BEGIN PRIVACY-ENHANCED MESSAGE-----Proc-Type: 2001,MIC-CLEAROriginator-Name: [email protected]: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQABMIC-Info: RSA-MD5,RSA, GNFJJrUHHJ86pRUdPH3srg1rSaVyTkN9vtT/Idw9QFaGhRrjGw05xln90Gj1IS5d KGUIkXcCxDTehObSDpnbJQ==
0001178913-07-001069.txt : 200705290001178913-07-001069.hdr.sgml : 2007052820070529061857ACCESSION NUMBER:0001178913-07-001069CONFORMED SUBMISSION TYPE:6-KPUBLIC DOCUMENT COUNT:21CONFORMED PERIOD OF REPORT:20070529FILED AS OF DATE:20070529DATE AS OF CHANGE:20070529
FILER:
COMPANY DATA:COMPANY CONFORMED NAME:Saifun Semiconductors Ltd.CENTRAL INDEX KEY:0001297627STANDARD INDUSTRIAL CLASSIFICATION:SEMICONDUCTORS & RELATED DEVICES [3674]IRS NUMBER:000000000STATE OF INCORPORATION:L3FISCAL YEAR END:1228
FILING VALUES:FORM TYPE:6-KSEC ACT:1934 ActSEC FILE NUMBER:000-51581FILM NUMBER:07882021
BUSINESS ADDRESS:STREET 1:45 HAMELACHA STREETSTREET 2:SAPPIR INDUSTRIAL PARKCITY:NETANYASTATE:L3ZIP:42504BUSINESS PHONE:01197298928444
MAIL ADDRESS:STREET 1:45 HAMELACHA STREETSTREET 2:SAPPIR INDUSTRIAL PARKCITY:NETANYASTATE:L3ZIP:42504
6-K1zk73786.htm
6-K
SECURITIES ANDEXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORTOF FOREIGNPRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
For the month of: May
Commission File No.:000-51581
Saifun SemiconductorsLtd.
(Exact name ofregistrant as specified in charter)
6 Arie Regev Street,
Sappir Industrial Park, Netanya 42504, Israel
(Address of principal executive offices)
Indicateby check mark whether the registrant files or will file annual reports under cover Form20-F or Form 40-F.
Form 20-F x Form 40-F o
Indicateby check mark if the registrant is submitting the Form 6-K in paper as permitted byRegulation S-T Rule 101(b)(1): ____
Indicateby check mark if the registrant is submitting the Form 6-K in paper as permitted byRegulation S-T Rule 101(b)(7): ____
Indicateby check mark whether by furnishing the information contained in this Form, the registrantis also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b)under the Securities Exchange Act of 1934.
Yes o
No x
IfYes is marked, indicate below the File Number assigned to the registrant inconnection with Rule 12g3-2(b): _________.
EXPLANATORYNOTE
On or about May 27, 2007, SaifunSemiconductors Ltd. Will mail to its shareholders of record copies of its 2006 AnnualReport together with proxy statement and proxy card for an Annual General Meeting ofShareholders to be held on June 28, 2007, in Israel.
Copies of the Annual Report, proxystatement and proxy card are attached to this Form 6-K as Exhibit 99.1, 99.2 and 99.3.
2
SIGNATURE
Pursuantto the requirements of the Securities Exchange Act of 1934, the registrant has duly causedthis report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: May 29 2007:
SAIFUN SEMICONDUCTORS LTD.
By: /s/ Igal Shany
Igal Shany
Chief Financial Officer
3
EXHIBIT INDEX
The following exhibit is filed aspart of this Form 6-K:
Exhibit Description
99.1
AnnualReport
99.2
ProxyStatement
99.3
ProxyCard
4
EX-992exhibit_99-1.htm
6-K
Exhibit 99.1
innovation & execution
NROM
Saifun Semiconductors Ltd.
Annual Report 2006
innovation & execution
Saifun Headquarters
Saifun Semiconductors Ltd.
6 Arie Regev Street
Sappir Industrial Park
Netanya 42504, Israel
Phone: +972-9-892-8444
Fax: +972-9-892-8445
E-mail: [email protected]
Saifun U.S.A.
Saifun Semiconductors (USA) Inc.
2350 Mission College Blvd,
Suite 1070
Santa Clara, CA 95054, USA
Phone: +1-408-982-5888
Fax: +1-408-982-5890
E-mail: [email protected]
www.saifun.com
Saifun is the Hebrew word for
gladioli. Like the flower, Saifun
strives to stand out above all
others by its commitment to
Innovation and Execution.
Dr. Boaz Eitan, Chief Executive Officer
Revenues and Operating Profit (non GAAP)
in US$ Millions
75
60
45
30
15
0
2004
2005
20063
Revenues
Operating profit
Total non-GAAP* revenues of $62.8 million
in 2006 compared to $59.4 million in 2005
Non-GAAP* net profit of $39.6 million, or
$1.29 per basic and $1.22 per diluted
share, in 2006 comparedto $34.8 million or $1.44 per basic and
$1.33 per diluted share 2005
$231.1 million of cash, cash equivalents,
short-term investments and held-to-maturity
marketable securitiesat December 31, 2006
* Non-GAAP numbersexclude non-cash revenues in the
amount of $19.2 million, $5.3 million loss from discontinued
product operations in 2005, and stock-basedcompensation.
Saifun Semiconductors Ltd.
Annual Report 2006
innovation & execution
Innovation in aFlash
The Power of Execution
Saifun is a story of innovation. Since its inception in 1997,
Saifun has focused on delivering breakthrough technology for the
non-volatile memory (NVM) market.
Saifun NROM represents a breakthrough in non-volatile memory
technology by offering double the storage capacity of a basic
memory cell, simpler cell architecture that requires fewer
manufacturing steps, and reduced manufacturing costs. The concept
behind the Saifun NROM technology is a localized trapped charge
device, which stores two or four physically separated bits per
cell. NROM is technically, architecturally and practically superior
to existing NVM technology in almost every respect and exemplifies
our dedication to being innovators in the NVM market.
Everyone at Saifun is committed to continuous innovation, which has
become our trademark and a driving force behind the 150 U.S.
patents that have been issued or are pending.
We license our Saifun NROM technology to semiconductor
manufacturers who use this technology to develop and manufacture a
variety of code, date and embedded flash products for the wireless,
consumer electronics, networking and automotive markets.
Saifun maintains one of the largest NVM design centers in the
world, where over 200 engineers and experts provide design and
development services to bring next-generation flash product to
market. Working together, our mission is to help our licensees lead
the NVM market with products based on our NROM technology.
Our licensees include leading semiconductor manufacturers such as
Macronix International, Matsushita Electric Industrial (MEI), NEC,
Semiconductor Manufacturing International Corporation (SMIC), Sony
Corporation, Spansion, and Tower Semiconductor.
1
Floating Gate
NROM
1 Bit
1 Bit
2 Bit
2 Bit
1 Bit
2 Bit
Source
Drain
Source
Drain
3 Bit
4 Bit
innovation & execution
Letter from Dr. Boaz Eitan, Chief Executive Officer
Dear Fellow Shareholders, Licensees and Employees,
2006 was a year of progress for Saifun, NROM technology and the NVMmarket as a whole. During the year, we extended NROMs positionin the NVM market, with our licensees revenues of NROM-based products reaching approximately $1.3 billion. In addition, we investedsignificantly toward the pursuit of our strategic initiatives, signing new contracts with our current licensees and making headway inadvancing our technology. On the negative side, we suffered a major setback when Qimonda announced that it was phasing out itsNROM-based activities starting from 2007. Despite this decision, we believe that our progress with other licensees reflects the strongadvantages of NROM technology and our consistent focus on innovation and execution in this $26 billion plus market. As a company,
2
We brought to production the first
technology in 35 years to challenge
Floating Gate. Today, only these two
technologies serve the $26 billion
Flash market.
we are dedicated to pushing the envelope of innovation to create
value for our licensees and to help them in their quest to innovate
more, and to innovate more successfully.
Saifuns revenues in 2006 reached $62.8 million comprising 65%
licensing revenues and 35% service revenue. Royalty revenues
increased to 30% of the total licensing revenues as our licensees
brought more products to market. We closed the year with a net GAAP
income of $35 million or 56% of revenues.
Breaking the Barriers of NVM
Saifun invented and owns a groundbreaking NVM technology
called Saifun NROM. NROM represents a breakthrough in existing
technology by doubling the storage capacity of conventional memory
cells and providing a simpler architecture that requires fewer
manufacturing steps, thereby reducing manufacturing costs by as
much as 40%.
When we started out over ten years ago, we were driven by the
need for a new direction in NVM technology. Only one technology
existed commercially floating Gate which had been invented over 35
years ago. We knew that competing with a mature technology - deeply
entrenched throughout the industry would be a challenge. However,
we also believed that with the right combination of innovation and
execution, we could offer a compelling alternative with cost and
scaling advantages.
And we are doing it. Our NROM technology has enabled us to be the
first company to bring a true two-bit-per-cell technology to
market, and more recently, to go one step further with the
commercial launch of four-bit-per-cell flash, based on our unique
Quad NROM technology. Protected by over 150 patents issued or
pending, NROM has become the core technology for major flash
applications.
3
We know that ourlicensees depend
on constant innovation to remain
competitive, and we are proudof
our ability to innovate and help our
partners compete.
A Single Solution for all NVM Segments
Our NROM technology serves all three segments of the
flash market, namely embedded, code (NOR), data (NAND) flash.
Embedded flash combines NVM, logic and other circuitry on a
single chip. Driving this market are products requiring high
performance, extremely low power consumption, and better security,
all under severe space restrictions, such as consumer electronics,
automotive applications and smart cards. The market for embedded
flash is expected to grow from $3 billion in 2006 to $7 billion in
2011, according to Web-Feet Research.
NROM provides embedded flash manufacturers the best high-end
solution. Its simple manufacturing process cuts the number of
masking steps and allows a high level of scalability. These
advantages over traditional technology are enabling our licensees,
including Macronix, MEI, Sony and Tower Semiconductor, to
develop competitive price/performance products. This year, we
increased our position in this segment when NEC Electronics became
the third Japanese embedded flash manufacturer to adopt our
technology.
Code flash is typically used to store executable code, such
as operating systems and software for cellular phones. The market
for code flash is expected to grow from $8 billion in 2006 to $12
billion in 2011, according to Web-Feet Research.
Saifuns first two licensees were Spansion and Macronix, two leading
manufactures of code flash devices. Today, Spansion is the market
share leader in code flash, having doubled its NROM-based revenues
from 30% at the end of 2005 to over 60% by the end of 2006.
Macronix, too, has doubled its NROM-based revenues since 2005
reaching nearly 20% by the end of 2006. In addition, this year we
increased our position in this segment when MEI extended its
embedded license to include code flash products. Today, with
products in
4
Licensee indevelopment
10
8
6
4
2
0
1999
2000
2001
2002
2003
2004
2005
2006
NROMPenetration
Number of Licensees
innovation & execution
LicensingProgress
Licensees inproduction
production ranging from 1Mbit to 1Gbit, our licensees hold
approximately 20% of the code flash market.
Data flash is a very challenging yet lucrative market that
is driven by the explosive demand for storing large quantities of
reprogrammable data such as digital music, pictures and media. The
market for data flash is expected to grow from $15 billion in 2006
to $46 billion in 2011, according to Web-Feet Research.
The segment is controlled by a small number of market leaders and
as such, is highly cost sensitive. In order to compete, flash
manufacturers are looking for a new technology that is able to
scale to advanced process design rules and to store more bits per
silicon area. Two of our licensees announced that their first data
products will come to market in 2007; Spansion with a complete line
of Quad NROM-based products from 256Mb to 2Gb, and SMIC with a 2Gb
product.
Working with our Licensees
In 2006, together with our licensees we took a number of
important steps toward bringing new NROM-based products to
market:
We further extended our relationship with Spansion with respect to the design of a line of Quad NROM-based products using 90nm and 65nm process technology.
SMIC announced that it delivered its first engineering samples of its advanced 2Gb data flash product based on Saifuns two-bit-per-cell NROM technology, and it continues to target mass production of this product during 2007.
We signed an agreement with SMIC to collaborate on delivering 8Gb data flash using SMICs advanced process technology. This unique product, expected to reach the market in 2008, will be based on our Saifun Quad NROM technology and design.
5
Key innovations in NVM over 35 years
Floating Gate (FG)
1971
1980
1986
1994
2001
2005
1st
1st
Flash
MLC
Data
8Gb
Floating Gate
EEPROM
Data
product
MLC
Data
1970
1980
1990
2000
2007
2000
2004
2 bit
Data
1st
transistor
1997
2002
2006
product
product
Code
product
BGb Quad product
announcement
NROMWeAreClosingThe Gap!
We extended our agreement with MEI to include NROM for use in a segment of the code flash market in addition to an embedded license.
We signed a new agreement with Tower Semiconductor to include embedded flash and embedded EEPROM applications.
We added NEC Electronics to the NROM community. NEC is a leading provider of embedded flash devices and the third Japanese flash provider to join the NROM community. The growing demand for high-performance, cost-effective, single-chip solutions presents significant growth opportunities to both companies.
Nevertheless, 2006 was not without itsdisappointments. In October, Qimonda decided to phase out its NROM-basedactivities. This decision presents a significant challenge for Saifun as itnegatively impacts our results in the near term.
However, we remain confident that our progresswith new and existing licensees will position us well to overcome this setback.
InnovationStarts with People
Saifun realizes that the road to becoming apremier global company starts with exceptional human resources. At the end of2006, among our 232 employees, over 18% have masters or doctorate degrees, withnearly 90% of employees involved in our R&D efforts.
Our team of experts provides complete product solutions, including devicetechnology know-how, process design and installation, product design, testingand qualification, card design, production support compliance and training.Complementing our NROM technology, our services teams are dedicated to helpinglicensees bring the right flash products to the market at the right time.
6
innovation &execution
NROM
Complementing our NROM
technology, our service teams are
dedicated to supporting the need of
our licensees, to bring the right flash
products to the market at the right
time.
At the beginning of 2007, Kobi Rozengarten asked to be relieved
of his duties as President of the Company. He will, however, remain
a member of our board of directors. Kobi, who established the
company together with me, has played a major role in forming and
executing Saifuns strategy and building its business to be one of
the leading NVM technology providers. Kobi leaves Saifun in the
hands of an outstanding management team and with a very strong
foundation for continued profitable growth.
Looking Ahead
Our challenge for 2007 is to leverage the power of NROM
to increase our share of the very lucrative but very competitive
flash market. To this end, we will focus our efforts in three
directions; first, helping our licensees bring more products to
market at the right time and with a competitive cost structure;
second, working towards bringing more manufacturers into the NROM
community; and third, expanding our IP platform and strengthening
it against infringement.
We have begun the new year ready for the challenges ahead.
Today, more than ever, we remain guided by our unwavering belief in
the power, enormous potential, and pervasive applicability of NROM
technology to meet the demand for more memory at lower cost.With
innovation and execution at the core of our strategy, we are
confident about the opportunities ahead for our licensees,
employees and shareholders.
Thank you all for your support. We look forward to reporting on our
progress in 2007.
Sincerely,
Dr. Boaz Eitan
Chief Executive Officer
7
With innovation and execution at
the core of our strategy, we are
confident about the opportunities
ahead of our licensees,
employees and shareholders.
BOARD OF DIRECTORS
MANAGEMENT TEAM
Dr. Boaz Eitan
Chairman of the board
Dr. Boaz Eitan, Chairman and CEO
Kobi Rozengarten, President
George Hervey
Board Member
Igal Shany, CFO
Dr. Meir Janai, VP of Quality
Matty Karp
Board Member
Ramy Langer, VP of Business Development
Eduardo Maayan, VP of Research & Development
Kenneth Levy
Board Member
Ida Keidar Malits
Board Member
Kobi Rozengarten
Board Member
Yossi Sela
Board Member
8
Transfer Agent
U.S. Counsel
American Stock Transfer &
White & Case LLP
Trust Company
1155 Avenue of the Americas
59 Maiden Lane
New York, NY 10036, USA
Plaza Level
+1-212-819-8200
New York, NY 10038,
+1 800-937-5449
Israel Counsel
Eitan, Mehulal, Pappo, Kugler
Investor Relations
11 Hamanofim Street
KCSA
Herzliya, Israel
800 Second Avenue
+972-9-9726000
New York, NY 10017, USA
+1 212-682-6300
Shares
The Companys shares are traded with the NASDAQ symbol SFUN.
IndependentAccountants
Kost Forer Gabbay & Kasierer
A Member of Ernst & Young Global
3 Aminadav Street
Tel-Aviv, Israel
+972-3-623-2505
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