8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15 (d) of

the Securities Exchange Act of 1934

May 12, 2003

Date of Report (Date of earliest event reported)

HYTEK MICROSYSTEMS, INC.

(Exact name of Registrant as specified in its charter)

California	0-11880	94-2234140
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	( I.R.S. Employer Identification Number)

400 Hot Springs Road

Carson City, NV 89706

(Address of principal executive offices) (Zip code)

(775) 883-0820

(Registrant’s telephone number, including area code)

n/a

(Former name or former address, if changed since last report)

Item 7.    Financial Statements and Exhibits

(c)    Exhibits

The following exhibit is being furnished (not filed) herewith:

Exhibit Number	Description
99.1	Text of press release issued by Hytek Microsystems, Inc. Dated May 12, 2003, titled “Hytek Microsystems Reports First Quarter Results” together with related Condensed Income Statement and Balance Sheet data.

Item 9.    Regulation FD Disclosure

In accordance with Securities and Exchange Commission Release No 33-8216, the following information, which is intended to be furnished under Item 12 “Results of Operations and Financial Condition,” is instead being furnished under Item 9, “Regulation FD Disclosure.” This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

On May 12, 2003, Hytek Microsystems, Inc. (Nasdaq symbol: HTEK) issued a press release regarding Hytek’s financial results for its first fiscal quarter ended March 29, 2003. The full text of Hytek’s press release, together with the related Condensed Income Statement and Balance Sheet data, is attached hereto as Exhibit 99.1.

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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 hereunto duly authorized.

	HYTEK MICROSYSTEMS, INC.         (Registrant)
Date: May 16, 2003	By:	/s/ Sally B Chapman
		Sally B. Chapman Chief Financial Officer (Principal Financial and Accounting Officer)

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EXHIBIT INDEX

Exhibit Number	Description
99.1*	Text of press release issued by Hytek Microsystems, Inc. Dated May 12, 2003, titled “Hytek Microsystems Reports First Quarter Loss” together with related Condensed Income Statement and Balance Sheet data.

* Furnished, not filed.

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EX-99.1

[CTA PUBLIC RELATIONS LOGO]

¨NEWS¨

For Immediate Release: May 13, 2003

Contact:	John Cole	Bevo Beaven, Vice-President
	President and CEO	CTA Public Relations
	Hytek Microsystems, Inc.	(303) 665-4200
	(775) 883-0820

Hytek Microsystems Reports First Quarter Results

Carson City, Nevada—May 13, 2003—Hytek Microsystems, Inc (NASDAQ: HTEK) announced today unaudited results for the fiscal first quarter ended March 29, 2003.

The Company recorded a net loss of $166,665 or $(0.05) per diluted share for the quarter ended March 29, 2003, on net revenues of $2.4 million, compared to a net profit of $196,269 or $0.06 per diluted share, on revenues of $3.6 million, for the prior year first quarter.

The decrease in revenues primarily resulted from reduced demand during the first quarter for geophysical exploration products and custom military products, due to the timing of funding and contracts. Cost of revenues was $1,899,000 or 80% of net revenues, for the quarter ended March 29, 2003, as compared to $2,743,000, or 77% of net revenues, for the quarter ended March 30, 2002. “The increase in cost as a percentage of revenues is primarily the result of spreading fixed costs over a smaller revenue base and the change of product mix with lower gross margins,” said John Cole, Hytek’s president and chief executive officer.

At March 29, 2003 the Company’s total backlog was approximately $6.5 million, of which $6.0 million was scheduled to ship during the remainder of 2003. Shipments are subject to customer requirements, demand and shipping schedules.

During the first quarter the Company paid down its loan with Bank of the West by $20,000. As of March 29, 2003, the bank has declared the Company to be in default with a financial covenant of the business loan agreement dated May 21, 2001. The Company has failed to maintain a minimum tangible net worth of not less than $5,000,000. The bank has indicated that on the maturity date, May 21, 2003, the line of credit would be converted to a long-term note. However, the bank reserves all rights as defined in the business loan agreement and to “call” the loan at its discretion.

(more)

Founded in 1974, Hytek, headquartered in Carson City, Nevada, specializes in hybrid microelectronic circuits that are used in oil exploration, military applications, satellite systems, industrial electronics, opto-electronics and other OEM applications.

This release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities litigation reform act of 1995. Actual results could differ materially. Investors are warned that forward-looking statements involve risks and uncertainties due to certain factors, including, but not limited to, customer rescheduling or cancellation of orders, changes in the nature of or demand in the Company’s markets, inability to develop new products or increase market share in new or existing markets, downturns in general economic conditions and shortages of raw materials.

Hytek Microsystems, Inc.

Financial Summary

(unaudited)

(In thousands except per share data)

Income Statement Data	Quarter Ended
	3/29/2003			3/30/2002
Net revenues	$	2,363		$	3,574
Net income (loss)		(167	)		196
Diluted net income (loss) per share	$	(0.05	)	$	0.06
Balance Sheet Data	3/29/2003			12/28/2002
Assets
Current assets	$	5,190		$	5,078
Net property, plant and equipment		988			1,013
Total Assets	$	6,178		$	6,091
Liabilities and equity
Current liabilities	$	2,043		$	1,789
Shareholder’s equity		4,135			4,302
Total liabilities and equity	$	6,178		$	6,091

Note: News releases and other information regarding Hytek Microsystems can be accessed on the Internet at http://www.hytek.com, or http://www.ctapr.com/htek

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