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<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 ) July 22, 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.)
One Microwave Plaza, Cincinnati, Ohio 45249-9502
------------------------------------- ----------
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code (513) 489-5400
-------------------
- ------------------------------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE> 2
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 June 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.
July 22, 1997
CINCINNATI MICROWAVE, INC.
By /s/ KURT H. STUMP
-----------------------------------
Kurt H. Stump
Vice President and Chief Financial Officer/
Treasurer/Secretary
<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 July 22, 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:
----------------------------
E. Williams
Chairman of the Board (Acting),
President and Chief Executive Officer
<PAGE> 2
FORM 1 (7/94)
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE SOUTHERN DISTRICT OF OHIO
WESTERN DIVISION
In re: :
CASE NO: 97-10882
------------
CHAPTER 11
: JUDGE: Burton Perlman
CINCINNATI MICROWAVE, INC. --------------
Debtor :
TRANSMITTAL OF FINANCIAL REPORTS AND
CERTIFICATION OF COMPLIANCE WITH OPERATING
REQUIREMENTS FOR
THE PERIOD ENDED: June , 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 an 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: 7/22/97 xxxxxxxx
--------- ------------------------------
Debtor in Possession
xxxxxx 513-247-4206
------------------------------ ------------
Title Phone
<PAGE> 3
FORM 2 (7/94)
AMENDED OPERATING STATEMENT
Debtor: IN RE: CINCINNATI MICROWAVE, INC. Case No: 97 - 10882
--------------------------------- -----------
Month Ending: June 30, 1997
----------------
<TABLE>
<CAPTION>
Total
Current Month Since Filing
<S> <C> <C>
Total Revenue / Sales $ 139,775 $ 3,619,261
Cost of Sale $ 171,799 $ 2,462,076
------------ ------------
Gross Profit $ (32,024) $ 1,157,185
Expenses:
Officer Compensation $ 109,255 $ 441,682
Employee Salaries $ 300,897 $ 995,706
Benefits & Pensions $ 0 $ 0
Payroll Taxes $ 0 $ 0
Other Taxes $ 0 $ 15,040
Rent & Lease Expense $ (5,006) $ 7,756
Interest Expense $ 14,209 $ 55,014
Insurance $ 0 $ 0
Auto & Truck Expenses $ 0 $ 530
Utilities $ 44,885 $ 169,771
Depreciation $ 0 $ 188,376
Travel & Entertainment $ 162 $ 2,577
Repairs & Maintenance $ 1,310 $ 5,703
Advertising $ 0 $ 101,387
Supplies, Office Expense $ (53,452) $ 2,217
Other: Relocation & Other $ 0 $ (20,146)
TOTAL EXPENSES: $ 412,260 $ 1,965,613
NET OPERATING PROFIT / (LOSS) $ (444,284) $ (808,428)
Add: Non-Business Income
Interest Income $ 0 $ 0
Other Income $ 34,497 $ 158,703
Less: Non-Business Expenses:
Professional Fees $ 771,000 $ 771,000
Other $ 0 $ 1,442
------------ ------------
TOTAL NON-BUSINESS PROFIT / (LOSS) $ (736,503) $ (613,739)
(LOSS)SS
NET INCOME / (LOSS) $ (1,180,787) $ (1,422,167)
</TABLE>
<PAGE> 4
FORM 3 (7/94)
BALANCE SHEET
Debtor: CINCINNATI MICROWAVE, INC. Case No. 97 - 10882
--------------------------- -------------
Month Ending: June 30, 1997
---------------
<TABLE>
<CAPTION>
ASSETS Current Month Prior Month At Filing
<S> <C> <C> <C>
Cash: $ 4,959,421 $ 4,744,700 $ 724,343
Inventory: $ 1,503,668 $ 1,659,051 $ 5,643,874
Accts. Rec: $ 5,506,338 $ 5,731,900 $ 1,819,744
Insider Receivables: $ 0 $ 0 $ 0
Land & Buildings: $ 0 $ 0 $ 12,492,980
Furn., Fixtures & Equip: $ 0 $ 42,843 $ 25,373,681
Accumulated Depreciation: $ 0 $ 0 $ (29,118,554)
Other: $ 191,611 $ 475,505 $ 1,120,823
------------- ------------- -------------
TOTAL ASSETS: $ 12,161,038 $ 12,653,999 $ 18,056,891
LIABILITIES:
POST-PETITION LIABILITIES:
Accts. Payable: $ 86,744 $ 90,887 $ 0
Wages & Salaries: $ 256,000 $ 19,535 $ 0
Taxes Payable: $ 0 $ 0 $ 0
Other: Accruals $ 550,000 $ 0 $ 0
------------- ------------- -------------
TOTAL POST-PETITION LIAB. $ 892,744 $ 110,422 $ 0
Secured Liabilities:
Subject to Post-Petition $ 1,219,670 $ 0 $ 3,794,500
Coll. or Financing Order $ 0 $ 0 $ 0
All Other Secured Liab. $ 0 $ 0 $ 0
------------- ------------- -------------
TOTAL SECURED LIAB. $ 1,219,670 $ 0 $ 3,794,500
PRE-PETITION LIABILITIES:
Taxes & Other Pri. Liab. $ 1,963,464 $ 1,431,978 $ 1,539,168
Unsecured Liabilities: $ 9,771,925 $ 10,951,035 $ 10,630,261
Other: Accruals & estimates $ 4,749,328 $ 4,767,236 $ 6,237,879
---------------------- ------------- ------------- -------------
TOTAL PRE-PETITION LIAB. $ 16,484,717 $ 17,150,249 $ 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. $ (2,291,176) $ (461,755) $ 0
------------- ------------- -------------
TOTAL EQUITY $ (6,436,093) $ (4,606,672) $ (4,144,917)
TOTAL LIAB. & EQUITY $ 12,161,038 $ 12,653,999 $ 18,056,891
</TABLE>
<PAGE> 5
FORM 4 (7/94)
SUMMARY OF OPERATIONS
Debtor: CIN. MICROWAVE Period Ended: June 30, 1997 Case No. 97-10882
-------------- ------------- --------
Taxes Payable Schedule
----------------------
<TABLE>
<CAPTION>
Beginning Accrued / Payment / Ending
Balance Withheld Deposit Balance
--------- --------- ---------- -------
<S> <C> <C> <C> <C>
Income Taxes
Withheld:
Federal: $ 0.00 $24,039.86 $ (24,039.86) $ 0.00
State: $ (0.50) $ 6,372.34 $ (6,371.84) $ 0.00
Local: $ (40.00) $ 0.00 $ 0.00 $ (40.00)
FICA Withheld: $ (1,818.76) $ 5,835.51 $ (4,922.75) $ (906.00)
Employers FICA: $ (1,818.76) $ 5,835.51 $ (4,922.76) $ (906.01)
Unemployment Tax:
Federal: $ (20.25) $ 1,077.86 $ (1,068.98) $ (11.37)
State: $ (1,015.51) $ 1,573.97 $ (604.81) $ (46.35)
Sales, Use & Excise:
Sales Tax: $ 1,195.73 $ 1,186.76 $ 0.00 $ 2,382.49
Real Estate Tax: $ (53,149.81) $ 0.00 $ (19,587.19) $ (72,737.00)
Property Taxes: $(459,444.52) $ 0.00 $(135,412.81) $(594,857.33)
Use Tax: $ 0.00 $ 440.00 $ 0.00 $ 440.00
Other: Worker's, etc. $ (17,894.62) $19,983.80 $ (6,570.50) $ (4,481.32)
TOTALS: $(534,007.00) $66,345.61 $(203,501.50) $(671,162.89)
</TABLE>
AGING OF ACCOUNTS RECEIVABLE
AND POST-PETITION ACCOUNTS PAYABLE
<TABLE>
<CAPTION>
Age in Days 0-30 30-60 Over 60
<S> <C> <C> <C>
Post Petition
Accts. Payable $ 86,744 $ 0 $ 0
Accts. Rec. $4,694,353 $ 26,628 $ 799,659
</TABLE>
FOR ALL POST-PETITION ACCOUNTS PAYABLE OVER 30 DAYS OLD, PLEASE ATTACH A SHEET
LISTING EACH SUCH ACCOUNT, TO WHOM THE ACCOUNT IS OWED, THE DATE THE ACCOUNT
WAS OPENED, AND THE REASON FOR NONPAYMENT OF THE ACCOUNT.
Describe events or factors occuring during this reporting period materially
affecting operations and formulation of a Plan of Reorganization.
<PAGE> 6
FORM 6 (7/94)
MONTHLY STATEMENT OF COMPENSATION
The following information is to be provided for each shareholder, office,
director, manager, insider, or owner that is employed by the debtor in
possession. Attach additional pages if necessary.
-------------------------------------
Name: ERIKA WILLIAMS Capacity: Principal
-------------------- ---
X Officer
---
X Director
---
Insider
---
Detailed Description of Duties: Daily responsibilities of President and Chief
Executive Officer.
<TABLE>
<S> <C> <C>
CURRENT COMPENSATION PAID: Weekly or Monthly
$27,692
-------------- --------------
CURRENT BENEFITS RECEIVED: Weekly or Monthly
Health Insurance $ 1,000
-------------- --------------
Life Insurance
-------------- --------------
Retirement
-------------- --------------
Company Vehicle
-------------- --------------
Entertainment
-------------- --------------
Travel
-------------- --------------
Other Benefits
-------------- --------------
CURRENT TOTAL:
Weekly or Monthly
$0.00 $28,692
-------------- --------------
</TABLE>
Date: 7/22/97 x x x x x x x x x x
---------- ----------------------------------------
Principal, Officer, Director, Insider
<PAGE> 7
FORM 6 (7/94)
MONTHLY STATEMENT OF COMPENSATION
The following information is to be provided for each shareholder, office,
director, manager, insider, or owner that is employed by the debtor in
possession. Attach additional pages if necessary.
-------------------------------------
Name: KURT H. STUMP Capacity: Principal
-------------------- ---
X Officer
---
X Director
---
Insider
---
Detailed Description of Duties: Daily work activities of Chief Financial
Officer, Director, and Treasurer.
<TABLE>
<S> <C> <C>
CURRENT COMPENSATION PAID: Weekly or Monthly
$10,385
-------------- --------------
CURRENT BENEFITS RECEIVED: Weekly or Monthly
Health Insurance $ 1,000
-------------- --------------
Life Insurance
-------------- --------------
Retirement
-------------- --------------
Company Vehicle
-------------- --------------
Entertainment
-------------- --------------
Travel
-------------- --------------
Other Benefits
-------------- --------------
CURRENT TOTAL:
Weekly or Monthly
$0.00 $11,385
-------------- --------------
</TABLE>
Date: 7/22/97 x x x x x x x x x
---------- ----------------------------------------
Principal, Officer, Director, Insider
<PAGE> 8
FORM 6 (7/94)
MONTHLY STATEMENT OF COMPENSATION
The following information is to be provided for each shareholder, office,
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.
<TABLE>
<S> <C> <C>
CURRENT COMPENSATION PAID: Weekly or Monthly
DIRECTOR'S FEES $12,000
-------------- --------------
CURRENT BENEFITS RECEIVED: Weekly or Monthly
Health Insurance
-------------- --------------
Life Insurance
-------------- --------------
Retirement
-------------- --------------
Company Vehicle
-------------- --------------
Entertainment
-------------- --------------
Travel
-------------- --------------
Other Benefits: Meeting
fee
-------------- --------------
CURRENT TOTAL:
Weekly or Monthly
$0.00 $12,000
-------------- --------------
</TABLE>
Date: 7/22/97 x x x x x x x x
---------- ----------------------------------------
Principal, Officer, Director, Insider
<PAGE> 9
FORM 6 (7/94)
MONTHLY STATEMENT OF COMPENSATION
The following information is to be provided for each shareholder, office,
director, manager, insider, or owner that is employed by the debtor in
possession. Attach additional pages if necessary.
-------------------------------------
Name: CARROLL J. HALVA Capacity: Principal
-------------------- ---
X Officer
---
Director
---
Insider
---
Detailed Description of Duties: Daily work activities of Vice President -
Manufacturing.
<TABLE>
<S> <C> <C>
CURRENT COMPENSATION PAID: Weekly or Monthly
$11,384
-------------- --------------
CURRENT BENEFITS RECEIVED: Weekly or Monthly
Health Insurance
-------------- --------------
Life Insurance
-------------- --------------
Retirement
-------------- --------------
Company Vehicle
-------------- --------------
Entertainment
-------------- --------------
Travel
-------------- --------------
Other Benefits
-------------- --------------
CURRENT TOTAL:
Weekly or Monthly
$0.00 $11,384
-------------- --------------
</TABLE>
Date: 7/22/97 x x x x x x x x x
---------- ----------------------------------------
Principal, Officer, Director, Insider
<PAGE> 10
FORM 6 (7/94)
MONTHLY STATEMENT OF COMPENSATION
The following information is to be provided for each shareholder, office,
director, manager, insider, or owner that is employed by the debtor in
possession. Attach additional pages if necessary.
-------------------------------------
Name: DANIEL MURPHY Capacity: Principal
-------------------- ---
X Officer
---
Director
---
Insider
---
Detailed Description of Duties: Daily work activities of Vice President -
Marketing.
<TABLE>
<S> <C> <C>
CURRENT COMPENSATION PAID: Weekly or Monthly
$22,223
-------------- --------------
CURRENT BENEFITS RECEIVED: Weekly or Monthly
Health Insurance
-------------- --------------
Life Insurance
-------------- --------------
Retirement
-------------- --------------
Company Vehicle
-------------- --------------
Entertainment
-------------- --------------
Travel
-------------- --------------
Other Benefits
-------------- --------------
CURRENT TOTAL:
Weekly or Monthly
$0.00 $22,223
-------------- --------------
</TABLE>
Date: 7/22/97 x x x x x x x x x
---------- ----------------------------------------
Principal, Officer, Director, Insider
<PAGE> 11
FORM 6 (7/94)
MONTHLY STATEMENT OF COMPENSATION
The following information is to be provided for each shareholder, office,
director, manager, insider, or owner that is employed by the debtor in
possession. Attach additional pages if necessary.
-------------------------------------
Name: JOSEPH MARSHALL Capacity: Principal
-------------------- ---
X Officer
---
Director
---
Insider
---
Detailed Description of Duties: Daily work activities of Vice President -
Materials.
<TABLE>
<S> <C> <C>
CURRENT COMPENSATION PAID: Weekly or Monthly
$ 9,280
-------------- --------------
CURRENT BENEFITS RECEIVED: Weekly or Monthly
Health Insurance $ 791
-------------- --------------
Life Insurance
-------------- --------------
Retirement
-------------- --------------
Company Vehicle
-------------- --------------
Entertainment
-------------- --------------
Travel
-------------- --------------
Other Benefits
-------------- --------------
CURRENT TOTAL:
Weekly or Monthly
$10,071
-------------- --------------
</TABLE>
Date: 7/22/97 x x x x x x x x x
---------- ----------------------------------------
Principal, Officer, Director, Insider
<PAGE> 12
IN RE: CINCINNATI MICROWAVE, INC.
Case no: 97 - 10882
------------
Schedule attached to:
BALANCE SHEET (FORM 3)
June 30, 1997
STATEMENT OF RETAINED EARNINGS - POST PETITION
Retained Earnings - March 31, 1997 $ (311,156)
Plus: Current Earnings - Month of April $ 181,945
Less: Prior Period Adjustment $ (114,893)
-----------
Retained Earnings - April 30, 1997 $ (244,104)
===========
Plus: Current Earnings - Month of May $ (112,075)
Less: Prior Period Adjustment $ (105,576)
-----------
Retained Earnings - May 31, 1997 $ (461,755)
===========
Plus: Current Earnings - Month of June $(1,180,787)
Less: Prior Period Adjustments $ (648,634)
-----------
Retained Earnings - June 30, 1997 $(2,291,176)
===========
<PAGE> 13
IN RE: CINCINNATI MICROWAVE, INC.
Case no: 97 - 10882
------------
Schedule attached to:
MONTHLY CASH STATEMENT
June 30, 1997
SUPPLEMENT TO DISBURSEMENTS
RADAR CASH a/c 0010 $ 66,803.60
SYSTEM CHECKS a/c 0020 $ 0.00
MANUAL CHECKS a/c 0021 $ 51,477.31
WIRE TRANSFERS a/c 0022 $ 58,688.93
-----------
TOTAL DISBURSEMENTS $176,969.84
===========
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