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Previous: METROPOLITAN LIFE INSURANCE CO/NY, SC 13D, 1997-11-25 |
Next: SWISS ARMY BRANDS INC, SC 13D/A, 1997-11-25 |
<PAGE> 1
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
Date of Report (Date of earliest event reported) November 24, 1997
-----------------
CINCINNATI MICROWAVE, INC.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Ohio 0-13136 31-0903863
- ---------------------------- -------------- ------------------
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
8520 E Kemper Rd Ste 8B, Cincinnati, Ohio 45249-3700
- -------------------------------------------- ---------------------
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code (513) 489-2216
--------------------------
One Microwave Plaza Cincinnati, OH 45249
--------------------------------------------
(Former name, former address and former fiscal year, if changed
since last report)
<PAGE> 2
FORM 1 (7/94)
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE SOUTHERN DISTRICT OF OMO
WESTERN DIVISION
In re: CASE NO. 97-10882
--------
CHAPTER 11
CINCINNATI MICROWAVE, INC. JUDGE: Burton Perlman
- -------------------------- --------------
Debtor
TRANSMITTAL OF FINANCIAL REPORTS AND
CERTIFICATION OF COMPLIANCE WITH OPERATING
REQUIREMENTS FOR
THE PERIOD ENDED: OCTOBER , 1997
---------------
MONTH
As debtor in possession, I affirm:
1. That I have reviewed the financial statements attached hereto,
consisting of
X Operating Statement (Form 2)
-----
X Balance Sheet (Form 3)
-----
X Summary of Operations (Form 4)
-----
X Monthly Cash Statement (Form 5)
-----
X Statement of Compensation (Form 6)
-----
----- --------------------------
and that they have been prepared in accordance with normal and customary
accounting practices, and fairly and accurately reflect the debtor's financial
activity for the period stated:
2. That the insurance as described in Section 4 of the Operating Instructions
and Reporting Requirements For Chapter 11 Cases IS/IS NOT in effect; and, (if
--
not, attach written explanation).
3. That all post petition taxes as described in Sections 1 and 14 of the
Operating Instructions and Reporting Requirements For Chapter 11 Cases ARE/ARE
---
NOT current. (if not, attach written explanation).
4. No professional fees (attorney, accountant, etc.) have been paid without
specific court authorization. Explain on separate sheet, if not true.
I HEREBY CERTIFY, UNDER PENALTY OF PERJURY, THAT THE INFORMATION PROVIDED
HEREIN IS TRUE AND CORRECT TO THE BEST OF MY INFORMATION AND BELIEF.
Dated: 11-18-97 /s/ George W. Fels
-------- ----------------------------------
Debtor in Possession
President (513) 489-2216
----------------------- --------------
Title Phone
<PAGE> 3
FORM 2 (7/94)
<TABLE>
<CAPTION>
AMENDED OPERATING STATEMENT
Debtor : IN RE: CINCINNATI MICROWAVE, INC. Case No: 97 - 10882
-------------------------------- ---------------
Month Ending : October 31, 1997
-------------------------
TOTAL
CURRENT MONTH SINCE FILING
<S> <C> <C>
Total Revenue / Sales $ 0 $ 3,608,660
Cost of Sale $ 215 $ 2,666,097
---------------- ----------------
Gross Profit $ (215) $ 942,562
Expenses:
Officer Compensation $ 15,918 $ 936,549
Employee Salaries $ 14,086 $ 878,003
Benefits & Pensions $ 2,350 $ 2,350
Payroll Taxes $ 0 $ 0
Other Taxes $ 10,000 $ 67,866
Rent & Lease Expense $ 0 $ 7,756
Interest Expense $ 4,239 $ 86,004
Insurance $ 14,510 $ 450,561
Auto & Truck Expenses $ 0 $ 530
Utilities $ 57,475 $ 355,317
Depreciation $ 0 $ 188,376
Travel & Entertainment $ 803 $ 3,929
Repairs & Maintenance $ 546 $ 19,130
Advertising $ 0 $ 101,387
Supplies, Office Expense $ 6,623 $ 24,763
Other : Relocation & Other $ 7,507 $ (12,639)
---------------- ----------------
TOTAL EXPENSES $ 134,057 $ 3,109,881
NET OPERATING PROFIT / (LOSS) $ (134,272) $ (2,167,319)
Add: Non-Business Income:
Interest Income $ 0 $ 0
Other Income $ 38,471 $ 486,660
Less: Non-Business Expenses:
Professional Fees $ 163,154 $ 1,201,472
Other $ 0 $ 1,442
---------------- ----------------
TOTAL NON-BUSINESS PROFIT / (LOSS) $ (124,683) $ (716,254)
NET INCOME / (LOSS) $ (258,955) $ (2,883,573)
</TABLE>
<PAGE> 4
FORM 3 (7/94)
<TABLE>
<CAPTION>
BALANCE SHEET
-------------
Debtor : IN RE: CINCINNATI MICROWAVE, INC. Case No: 97 - 10882
-------------------------------- ---------------
Month Ending : October 31, 1997
-------------------------
ASSETS CURRENT MONTH PRIOR MONTH AT FILING
<S> <C> <C> <C>
Cash: $ 2,832,039 * $ 3,231,315 $ 724,343
Inventory: $ 954,057 $ 954,057 $ 5,643,874
Accts Rec.: $ 4,898,064 * $ 4,971,319 $ 1,819,744
Insider Receivables: $ 0 $ 0 $ 0
Land & Buildings: $ 0 $ 0 $ 12,492,980
Furn., Fixtures & Equip: $ 0 $ 0 $ 25,373,681
Accumulated Depreciation: $ 0 $ 0 $ (29,118,554)
Other: $ 168,508 $ 186,518 $ 1,120,823
--------------- --------------- ---------------
TOTAL ASSETS: $ 8,852,668 $ 9,343,209 $ 18,056,891
TOTAL LIABILITIES:
Post Petition Liabilities:
Accts. Payable: $ 51 $ 3,492 $ 0
Wages & Salaries: $ 109,750 $ 109,750 $ 0
Taxes Payable: $ 0 $ 0 $ 0
Other: Accruals: $ 139,791 $ 580,236 $ 0
--------------- --------------- ---------------
TOTAL POST-PETITION LIAB $ 249,592 $ 693,478 $ 0
Secured Liabilities:
Subject to Post-Petition $ 0 $ 0 $ 3,794,500
Coll. or Financing Order $ 0 $ 0 $ 0
All Other Secured Liab $ 0 $ 0 $ 0
--------------- --------------- ---------------
TOTAL SECURED LIAB $ 0 $ 0 $ 3,794,500
PRE-PETITION LIABILITIES:
Taxes & Other Pri. Liab $ 1,583,558 $ 1,584,453 $ 1,539,168
Unsecured Liabilities: $ 9,923,514 $ 9,923,514 $ 10,630,261
Other: Accruals & Estimates $ 4,792,838 $ 4,852,839 $ 6,237,879
--------------- --------------- ---------------
TOTAL PRE-PETITION LIAB $ 16,299,910 $ 16,360,805 $ 18,407,308
EQUITY:
Owners' Capital: $ 10,937,861 $ 10,937,861 $ 10,937,861
Retained Earnings-PrePet $ (15,082,778) $ (15,082,778) $ (15,082,778)
Retained Earnings-PostPet $ (3,551,916) $ (3,566,157) $ 0
--------------- --------------- ---------------
TOTAL EQUITY $ (7,696,833) $ (7,711,074) $ (4,144,917)
TOTAL LIAB. & EQUITY $ 8,852,668 $ 9,343,209 $ 18,056,891
<FN>
* -- $100,000 of Restricted Cash (escrow for building sale) and $4.8 million of
Accounts Receivable relating to the sale of CMI's land and building to Home
Depot is awaiting approval through the Bankruptcy Court.
</TABLE>
<PAGE> 5
IN RE: CINCINNATI MICROWAVE, INC.
Case No: 97 - 10882
--------------
SCHEDULE ATTACHED TO:
BALANCE SHEET (FORM 3)
October 31, 1997
STATEMENT OF RETAINED EARNINGS - POST PETITION
<TABLE>
<CAPTION>
================
<S> <C>
Retained Earnings - September 30, 1997 $ (3,566,156)
================
Plus: Current Earnings - Month of September $ (258,955)
Less: Prior Period Adjustment $ 273,195
================
Retained Earnings - October 31, 1997 $ (3,551,916)
================
</TABLE>
<PAGE> 6
FORM 4 (7/94)
<TABLE>
<CAPTION>
SUMMARY OF OPERATIONS
---------------------
Debtor CIN. MICROWAVE Period Ended: October 31, 1997 Case No: 97 - 10882
--------------- ---------------- -----------------
TAXES PAYABLE SCHEDULE
----------------------
Beginning Accrued / Payment / Ending
Balance Withheld Deposit Balance
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Income Taxes
Federal: $ 0.00 $ 4,166.33 $ (4,166.33) $ 0.00
State: $ (0.00) $ 863.03 $ (863.03) $ (0.00)
Local: $ 0.00 $ 0.00 $ 0.00 $ 0.00
FICA Withheld: $ (0.00) $ 1,227.18 $ (1,227.18) $ (0.00)
Employers FICA $ (0.00) $ 1,218.22 $ (1,218.22) $ (0.00)
Unemployment Tax
Federal: $ 0.00 $ 0.00 $ 0.00 $ 0.00
State: $ 0.00 $ 0.00 $ 0.00 $ 0.00
Sales, Use & Excise
Sales Tax: $ (43.10) $ 0.00 $ 0.00 $ (43.10)
Real Estate Tax: $ 112,737.00 $ 10,000.00 $ 0.00 $ 122,737.00
Property Taxes: $ 594,857.33 $ 0.00 $ 0.00 $ 594,857.33
Use Tax: $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other: Worker's, etc $ 1,997.32 $ 677.06 $ (477.06) $ 2,197.32
TOTALS: $ 709,548.56 $ 18,151.82 $ (7,951.82) $ 719,748.56
AGING OF ACCOUNTS RECEIVABLE
AND POST PETITION ACCOUNTS PAYABLE
Age in Days 0-30 30-60 Over 60
<S> <C> <C> <C>
Post Petition
Accts. Payable $ 51 $ 0 $ 0
Accts. Rec. $ 4,800,000 $ 0 $ 98,064
FOR ALL POST-PETITION ACCOUNTS PAYABLE OVER 30 DAYS OLD, PLEASE ATTACH A SHEET LISTING EACH SUCH ACCOUNT, TO WHOM
IT IS OWED, THE DATE THE ACCOUNT WAS OPENED, AND THE REASON FOR NON-PAYMENT OF THE ACCOUNT
Describe events or factors occurring during this reporting period materially affecting operations and formulation
of a Plan of Reorganization.
</TABLE>
<PAGE> 7
Form 6 (7/94)
<TABLE>
<CAPTION>
MONTHLY STATEMENT OF COMPENSATION
---------------------------------
The following information is to be provided for each shareholder, officer, director, manager,
insider, or owner that is employed by the debtor in possession. ATTACH ADDITIONAL PAGES IF
NECESSARY.
Name: ERIKA WILLIAMS Capacity: Principal
------------------------- --------
Officer
--------
X Director
--------
Insider
--------
Detailed Description of Duties: Member of Board of Directors
------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------
- --------------------------
<S> <C> <C>
CURRENT COMPENSATION PAID: Weekly or Monthly
DIRECTOR'S FEES $4,500
------------ ------------
For the Month of October, 1997
CURRENT BENEFITS RECEIVED: Weekly or Monthly
Health Insurance
------------ ------------
Life Insurance
------------ ------------
Retirement
------------ ------------
Company Vehicle
------------ ------------
Entertainment
------------ ------------
Travel
------------ ------------
Other Benefits
------------ ------------
CURRENT TOTAL:
Weekly or Monthly
$0 $4,500
------------ ------------
Date: 11/18/97 /s/ George W. Fels President
-------------- ----------------------------------------
Principal, Officer, Director, Insider
</TABLE>
<PAGE> 8
Form 6 (7/94)
<TABLE>
<CAPTION>
MONTHLY STATEMENT OF COMPENSATION
---------------------------------
The following information is to be provided for each shareholder, officer, director, manager,
insider, or owner that is employed by the debtor in possession. ATTACH ADDITIONAL PAGES IF
NECESSARY.
Name: KURT H. STUMP Capacity: Principal
------------------------- --------
Officer
--------
X Director
--------
Insider
--------
Detailed Description of Duties: Member of Board of Directors $4,500
------------------------------------------------------------------
Consultant Fees $2,358
- --------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------
- --------------------------
<S> <C> <C>
CURRENT COMPENSATION PAID: Weekly or Monthly
For the Month of October, 1997 $6,858
------------ ------------
CURRENT BENEFITS RECEIVED: Weekly or Monthly
Health Insurance $0
------------ ------------
Life Insurance
------------ ------------
Retirement
------------ ------------
Company Vehicle
------------ ------------
Entertainment
------------ ------------
Travel
------------ ------------
Other Benefits
------------ ------------
CURRENT TOTAL:
Weekly or Monthly
$0 $6,858
------------ ------------
Date: 11/18/97 /s/ George W. Fels President
-------------- ----------------------------------------
Principal, Officer, Director, Insider
</TABLE>
<PAGE> 9
Form 6 (7/94)
<TABLE>
<CAPTION>
MONTHLY STATEMENT OF COMPENSATION
---------------------------------
The following information is to be provided for each shareholder, officer, director, manager,
insider, or owner that is employed by the debtor in possession. ATTACH ADDITIONAL PAGES IF
NECESSARY.
Name: TED SPRINGSTEAD Capacity: Principal
------------------------- --------
Officer
--------
X Director
--------
Insider
--------
Detailed Description of Duties: Member of Board of Directors
------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------
- --------------------------
<S> <C> <C>
CURRENT COMPENSATION PAID: Weekly or Monthly
DIRECTOR'S FEES $3,000
------------ ------------
For the Month of October, 1997
CURRENT BENEFITS RECEIVED: Weekly or Monthly
Health Insurance
------------ ------------
Life Insurance
------------ ------------
Retirement
------------ ------------
Company Vehicle
------------ ------------
Entertainment
------------ ------------
Travel
------------ ------------
Other Benefits
------------ ------------
CURRENT TOTAL:
Weekly or Monthly
$0 $3,000
------------ ------------
Date: 11/18/97 /s/ George W. Fels President
-------------- ----------------------------------------
Principal, Officer, Director, Insider
</TABLE>
<PAGE> 10
Form 6 (7/94)
<TABLE>
<CAPTION>
MONTHLY STATEMENT OF COMPENSATION
---------------------------------
The following information is to be provided for each shareholder, officer, director, manager,
insider, or owner that is employed by the debtor in possession. ATTACH ADDITIONAL PAGES IF
NECESSARY.
Name: GILBERT WACHSMAN Capacity: Principal
------------------------- --------
Officer
--------
X Director
--------
Insider
--------
Detailed Description of Duties: Member of Board of Directors
------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------
- --------------------------
<S> <C> <C>
CURRENT COMPENSATION PAID: Weekly or Monthly
DIRECTOR'S FEES $4,500
------------ ------------
For the Month of October, 1997
CURRENT BENEFITS RECEIVED: Weekly or Monthly
Health Insurance
------------ ------------
Life Insurance
------------ ------------
Retirement
------------ ------------
Company Vehicle
------------ ------------
Entertainment
------------ ------------
Travel
------------ ------------
Other Benefits: Meeting Fee
------------ ------------
CURRENT TOTAL:
Weekly or Monthly
$0 $4,500
------------ ------------
Date: 11/18/97 /s/ George W. Fels President
-------------- ----------------------------------------
Principal, Officer, Director, Insider
</TABLE>
<PAGE> 11
Form 6 (7/94)
<TABLE>
<CAPTION>
MONTHLY STATEMENT OF COMPENSATION
---------------------------------
The following information is to be provided for each shareholder, officer, director, manager,
insider, or owner that is employed by the debtor in possession. ATTACH ADDITIONAL PAGES IF
NECESSARY.
Name: GEORGE FELS Capacity: Principal
------------------------- --------
X Officer
--------
Director
--------
Insider
--------
Detailed Description of Duties: Daily work activities of President
------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------
- --------------------------
<S> <C> <C>
CURRENT COMPENSATION PAID: Weekly or Monthly
$12,250
------------ ------------
CURRENT BENEFITS RECEIVED: Weekly or Monthly
Health Insurance
------------ ------------
Life Insurance
------------ ------------
Retirement
------------ ------------
Company Vehicle
------------ ------------
Entertainment
------------ ------------
Travel
------------ ------------
Other Benefits
------------ ------------
CURRENT TOTAL:
Weekly or Monthly
$0 $12,250
------------ ------------
Date: 11/18/97 /s/ George W. Fels President
-------------- ----------------------------------------
Principal, Officer, Director, Insider
</TABLE>
<PAGE> 12
Form 6 (7/94)
<TABLE>
<CAPTION>
MONTHLY STATEMENT OF COMPENSATION
---------------------------------
The following information is to be provided for each shareholder, officer, director, manager,
insider, or owner that is employed by the debtor in possession. ATTACH ADDITIONAL PAGES IF
NECESSARY.
Name: ROBIN EPPINGHOFF Capacity: Principal
------------------------- --------
X Officer
--------
Director
--------
Insider
--------
Detailed Description of Duties: Daily work activities of Secretary
------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------
- --------------------------
<S> <C> <C>
CURRENT COMPENSATION PAID: Weekly or Monthly
$3,668
------------ ------------
CURRENT BENEFITS RECEIVED: Weekly or Monthly
Health Insurance $0
------------ ------------
Life Insurance
------------ ------------
Retirement
------------ ------------
Company Vehicle
------------ ------------
Entertainment
------------ ------------
Travel
------------ ------------
Other Benefits
------------ ------------
CURRENT TOTAL:
Weekly or Monthly
$0 $3,668
------------ ------------
Date: 11/18/97 /s/ George W. Fels President
-------------- ----------------------------------------
Principal, Officer, Director, Insider
</TABLE>
<PAGE> 13
Form 8-K Cincinnati Microwave, Inc.
Item 7. Financial Statements and Exhibits
---------------------------------
(c) Exhibits.
99(i) - Financial reports, as amended, as filed with the United States
Bankruptcy Court for the Southern District of Ohio, Western Division,
for the Company's operations during the period ended October 1997
(without exhibits to the Monthly Cash Statement (Form 5)).
99(ii) - Agreement to provide omitted Schedules to Monthly Cash
Statement upon request.
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934, Cincinnati
Microwave, Inc. has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
November 24, 1997
CINCINNATI MICROWAVE, INC.
By: /s/ George W. Fels
----------------------------------
George W. Fels
President
<PAGE> 1
EXHIBIT 99(ii)
--------------
The Financial Reports, as amended, which are being filed as an exhibit
to the Form 8-K of Cincinnati Microwave, Inc., date of report November 24, 1997,
are being filed without the schedules to the Monthly Cash Statement (Form 5).
Set forth below is a list of the omitted Schedules to Form 5 which Cincinnati
Microwave, Inc. hereby agrees to furnish supplementally to the Securities and
Exchange Commission upon request: (i) Fifth Third Bank statement regarding the
Company's General Account and (ii) the Supplement to Disbursements containing a
listing of the Company's wire transfers, system checks and manual checks.
CINCINNATI MICROWAVE, INC.
By: /s/ George W. Fels
----------------------------------
George W. Fels
President
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