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Previous: CINCINNATI MICROWAVE INC, 8-K, 1997-07-02 |
Next: WITTER DEAN U S GOVERNMENT SECURITIES TRUST, 497, 1997-07-02 |
<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 ) June 13, 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 2. Acquisition or Disposition of Assets
------------------------------------
The Company announced today that it has exhausted its opportunities to
reorganize as an ongoing entity, and therefore, will be preparing and filing a
liquidating plan in its chapter 11 case to provide for the resolution of its
creditor claims and equity interests.
The Company is in the process of looking for buyers for the rest of its phone
business. This transaction, however, is not likely to contribute more than
minimum value to the creditors. This sale, coupled with the closing of the sale
of the Company's real estate, will complete the sale of substantially all of the
Company's assets. While there is a likelihood of a significant distribution to
unsecured creditors, no payment is expected to be made to the class consisting
of the holders of the Company's common shares.
<PAGE> 3
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 May 1997 (without
exhibits to the Monthly Cash Statement (Form 5)).
99(ii) - Agreement to provide omitted Schedules to Monthly Cash
Statement upon request.
99(iii) - Press release of Cincinnati Microwave, Inc, dated June 13,
1997.
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.
June 13, 1997
CINCINNATI MICROWAVE, INC.
/s/ Kurt H. Stamp
--------------------------------------------
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 June 13, 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/ E. Williams
---------------------------------------
E. Williams
Chairman of the Board (Acting),
President and Chief Executive Officer
<PAGE> 2
FORM 1 (7/94)
<TABLE>
<CAPTION>
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE SOUTHERN DISTRICT OF OHIO
WESTERN DIVISION
<S> <C> <C>
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: May , 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)
----------
----------------------------------
</TABLE>
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: 6/20/97 /s/ Kurt H. Stump
-------------------
Debtor in Possession
513-247-4206
--------------------
Phone
Title VP & CPO
FORM 2 (7/94)
<PAGE> 3
<TABLE>
<CAPTION>
AMENDED OPERATING STATEMENT
Debtor: IN RE: CINCINNATI MICROWAVE, INC. Case No: 97 - 10882
---------------------------------- ------------
Month Ending: May 31, 1997
----------------
Total
Current Month Since Filing
<S> <C> <C>
Total Revenue / Sales $ 235,963 $ 3,479,486
Cost of Sale $ 190,702 $ 2,290,277
Gross Profit $ 45,261 $ 1,189,209
Expenses:
Officer Compensation $ 84,281 $ 332,427
Employee Salaries $ 76,622 $ 694,809
Benefits & Pensions $ 0 $ 0
Payroll Taxes $ 0 $ 0
Other Taxes $ 987 $ 15,040
Rent & Lease Expense $ (2,486) $ 12,762
Interest Expense $ 9,957 $ 40,805
Insurance $ 0 $ 0
Auto & Truck Expenses $ 0 $ 530
Utilities $ 42,383 $ 124,886
Depreciation $ 0 $ 188,376
Travel & Entertainment $ (2,269) $ 2,415
Repairs & Maintenance $ 3,410 $ 4,393
Advertising $ 3,534 $ 101,387
Supplies, Office Expense $ 65,123 $ 55,669
Other: Relocation & Other $ 0 $ (20,146)
TOTAL EXPENSES: $ 281,542 $ 1,553,353
NET OPERATING PROFIT / (LOSS) $ (236,281) $ (364,144)
Add: Non-Business Income
Interest Income $ 0 $ 0
Other Income $ 124,206 $ 124,206
Less: Non-Business Expenses:
Professional Fees $ 0 $ 0
Other $ 0 $ 1,442
TOTAL NON-BUSINESS PROFIT / (LOSS) $ 124,206 $ 122,764
NET INCOME / (LOSS) $ (112,075) $ (241,380)
</TABLE>
FORM 3 (7/94)
<PAGE> 4
<TABLE>
<CAPTION>
BALANCE SHEET
-------------
Debtor: CINCINNATI MICROWAVE, INC. Case No. 97 - 10882
---------------------------- -------------
Month Ending: May 31, 1997
--------------
ASSETS Current Month Prior Month At Filing
<S> <C> <C> <C>
Cash: $ 4,744,700 $ 4,576,962 $ 724,343
Inventory: $ 1,659,051 $ 2,063,791 $ 5,643,874
Accts. Rec: $ 5,731,900 $ 5,732,170 $ 1,819,744
Insider Receivables: $ 0 $ 0 $ 0
Land & Buildings: $ 0 $ 0 $ 12,492,980
Furn., Fixtures & Equip: $ 42,843 $ 82,843 $ 25,373,681
Accumulated Depreciation: $ 0 $ 0 $(29,118,554)
Other: $ 475,505 $ 516,598 $ 1,120,823
TOTAL ASSETS: $ 12,653,999 $ 12,972,364 $ 18,056,891
LIABILITIES:
POST-PETITION LIABILITIES:
Accts. Payable: $ 90,887 $ 89,297 $ 0
Wages & Salaries: $ 19,535 $ 19,535 $ 0
Taxes Payable: $ 0 $ 0 $ 0
Other: $ 0 $ 0 $ 0
TOTAL POST-PETITION LIAB $ 110,422 $ 108,832 $ 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. $ 1,431,978 $ 1,430,231 $ 1,539,168
Unsecured Liabilities: $ 10,951,035 $ 10,780,183 $ 10,630,261
Other: Accruals & estimates $ 4,767,236 $ 5,042,139 $ 6,237,879
TOTAL PRE-PETITION LIAB. $ 17,150,249 $ 17,252,553 $ 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. $ (461,755) $ (244,104) $ 0
TOTAL EQUITY $ (4,606,672) $ (4,389,021) $ (4,144,917)
TOTAL LIAB. & EQUITY $ 12,653,999 $ 12,972,364 $ 18,056,891
</TABLE>
FORM 4 (7/94)
<PAGE> 5
Debtor: CIN. MICROWAVE Period Ended: May 31, 1997 Case No. 97-10882
------------------- -------------- ---------
<TABLE>
<CAPTION>
Taxes Payable Schedule
----------------------
Beginning Accrued / Payment / Ending
Balance Withheld Deposit Balance
---------------------------------------------------------------------
<S> <C> <C> <C> <C>
Income Taxes Withheld:
Federal: $ 720.18 $ 20,465.87 $(21,186.05) $ 0.00
State: $ 84.13 $ 5,716.26 $ (5,800.89) $ (0.50)
Local: $ (40.00) $ 0.00 $ 0.00 $ (40.00)
FICA Withheld: $ (478.67) $ 4,881.19 $ (6,221.28) $ (1,818.76)
Employers FICA: $ (478.67) $ 4,881.20 $ (6,221.29) $ (1,818.76)
Unemployment Tax:
Federal: $ 81.17 $ 6.06 $ (107.48) $ (20.25)
State: $ (579.33) $ 134.76 $ (570.94) $ (1,015.51)
Sales, Use & Excise:
Sales Tax: $ (2,091.08) $ 3,541.63 $ (254.82) $ 1,195.73
Real Estate Tax: $ (53,149.81) $ 0.00 $ 0.00 $ (53,149.81)
Property Taxes: $(459,444.52) $ 0.00 $ 0.00 $(459,444.52)
Use Tax: $ (1,500.00) $ 1,500.00 $ 0.00 $ 0.00
Other: Worker's, etc $ (24,806.09) $ 10,830.30 $ (3,918.83) $ (17,894.62)
TOTALS: $(541,682.69) $ 51,957.27 $(44,281.58) $(534,007.00)
</TABLE>
<TABLE>
<CAPTION>
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 $ 16,726 $ 56,828 $ 17,433
Accts. Rec. $ 4,712,527 $ 155,970 $ 863,403
</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 NON-PAYMENT OF THE ACCOUNT.
Describe events or factors occuring during this reporting period materially
affecting operations and formulation of a Plan of Reorganization.
FORM 5 (7/94)
<PAGE> 6
<TABLE>
<CAPTION>
MONTHLY CASH STATEMENT
Debtor: CINCINNATI MICROWAVE, INC. Statement for the period:
-------------------------------
Case No: 97 - 10882 From: May 1, 1997 To: May 31, 1997
------------------------------------ -------------- --------------
Cash Activity Analysis (Cash Basis Only):
General Payroll Tax Cash Coll.
Acc. Acct. Acct. Acct.
<S> <C> <C> <C> <C>
A. Beginning Balance $ 4,547,336
B. Receipts, Attach $ 694,023
separate schedule:
---------------
C. Balance Available $ 5,241,359
(A + B)
D. Less Disbursements $ 496,659
Attach separate ---------------
schedule
E. ENDING BALANCE $ 0 $ 0 $ 0 $ 4,744,700
(C - D)
(PLEASE ATTACH COPIES OF MOST RECENT RECONCILED BANK STATEMENTS FROM EACH
ACCOUNT)
General Account:
1. Depository Name & Add. Fifth Third Bank Cincinnati Ohio
----------------------------------------------------------------
2. Account Number Cash collateral accts 728-51998, 999-41002, 733-55267, 727-19671
----------------------------------------------------------------
Payroll Account:
1. Depository Name & Add.
----------------------------------------------------------------
2. Account Number
----------------------------------------------------------------
Tax Account:
1. Depository Name & Add.
----------------------------------------------------------------
2, Account Number
----------------------------------------------------------------
</TABLE>
Other monies on hand (specify type and location) (i.e. CD's, petty cash, etc.)
Approximately $950 in petty cash. Included in book cash is a reserve of $500,000
maintained by the credit card company to offset claims etc, and $2,175,189 in
escrow for various sales of assets.
Date: 6/20/97 /s/ Kurt H. Stump
------------------------
Debtor in Possession
FORM 6 (7/94)
<PAGE> 7
<TABLE>
<CAPTION>
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.
<S> <C> <C>
Name: ERIKA WILLIAMS Capacity: ---- Principal
----------------------
X Officer
----
X Director
----
Insider
----
Detailed Description of Duties: Daily responsibilities of President and Chief Executive Officer.
---------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------
CURRENT COMPENSATION PAID: Weekly or Monthly
$ 30,404
----------------- ------------------
CURRENT BENEFITS RECEIVED: Weekly or Monthly
Health Insurance $ 204
----------------- ------------------
Life Insurance
----------------- ------------------
Retirement
----------------- ------------------
Company Vehicle
----------------- ------------------
Entertainment
----------------- ------------------
Travel
----------------- ------------------
Other Benefits
----------------- ------------------
CURRENT TOTAL:
Weekly or Monthly
$ 0.00 $30,608.00
----------------- ------------------
Date: 6/20/97 /s/ Kurt H. Stump
------------------------------------------------------
Principal, Officer, Director, Insider
</TABLE>
<PAGE> 8
<TABLE>
<CAPTION>
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.
<S> <C> <C>
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
----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------
CURRENT COMPENSATION PAID: Weekly or Monthly
$11,838
----------------- ------------------
CURRENT BENEFITS RECEIVED: Weekly or Monthly
Health Insurance $ 204
----------------- ------------------
Life Insurance
----------------- ------------------
Retirement
----------------- ------------------
Company Vehicle
----------------- ------------------
Entertainment
----------------- ------------------
Travel
----------------- ------------------
Other Benefits
----------------- ------------------
CURRENT TOTAL:
Weekly or Monthly
$0.00 $12,042
----------------- ------------------
Date: 6/20/97 /s/ Kurt H. Stump
-------------------------------------------
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, office, director, manager, insider, or
owner that is employed by the debtor in possession. ATTACH ADDITIONAL PAGES IF NECESSARY.
<S> <C> <C> <C>
Name: GILBERT L. WACHSMAN Capacity: Principal
- ----------------------------------------------------------------------------------------------------------------------------
Officer
- ----------------------------------------------------------------------------------------------------------------------------
X Director
- ----------------------------------------------------------------------------------------------------------------------------
Insider
- ----------------------------------------------------------------------------------------------------------------------------
Detailed Description of Duties: Member of Board of Directors
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
- ---------------------------------
CURRENT COMPENSATION PAID: Weekly or Monthly
- --------------------------
BOARD MEETING
- -------------------------- ---------------- ------------------
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
----------------- ------------------
Date: 6/20/97 /s/ Kurt H. Stump
- ----------------------------------------------------------------------------
Principal, Officer, Director, Insider
- --------------------------------------------------------------------
</TABLE>
<PAGE> 10
<TABLE>
<CAPTION>
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.
<S> <C> <C>
Name: TED SPRINGSTEAD Capacity: Principal
------------------------ ---- Officer
----
X Director
----
Insider
----
Detailed Description of Duties: Member of Board of Directors
----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------
CURRENT COMPENSATION PAID: Weekly or Monthly
BOARD MEETING
----------------- ------------------
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
----------------- ------------------
Date: 6/20/97 /s/ Kurt H. Stump
-----------------------------------------
Principal, Officer, Director, Insider
</TABLE>
<PAGE> 11
<TABLE>
<CAPTION>
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.
<S> <C> <C>
Name: R. GREGORY BLAIR Capacity: Principal
-------------------------------------- ------
X Officer
----
Director
----
Insider
----
Detailed Description of Duties: Daily work activities of Vice President - Production
----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------
CURRENT COMPENSATION PAID: Weekly or Monthly
----------------- ------------------
CURRENT BENEFITS RECEIVED: Weekly or Monthly
Health Insurance
----------------- ------------------
Life Insurance
----------------- ------------------
Retirement
----------------- ------------------
Company Vehicle
----------------- ------------------
Entertainment
----------------- ------------------
Travel
----------------- ------------------
Other Benefits
----------------- ------------------
CURRENT TOTAL:
Weekly or Monthly
$0.00
----------------- ------------------
Date: 6/20/97 /s/ Kurt H. Stump
---------------------------------------
Principal, Officer, Director, Insider
</TABLE>
<PAGE> 12
<TABLE>
<CAPTION>
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.
<S> <C> <C>
Name: CARROLL J. HALVA Capacity: Principal
------------------------------------- ------
X Officer
---
Director
---
Insider
---
Detailed Description of Duties: Daily work activities of Vice President - Manufacturing
----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------
CURRENT COMPENSATION PAID: Weekly or Monthly
$12,333
----------------- ------------------
CURRENT BENEFITS RECEIVED: Weekly or Monthly
Health Insurance $204
----------------- ------------------
Life Insurance
----------------- ------------------
Retirement
----------------- ------------------
Company Vehicle
----------------- ------------------
Entertainment
----------------- ------------------
Travel
----------------- ------------------
Other Benefits
----------------- ------------------
CURRENT TOTAL:
Weekly or Monthly
$12,537
----------------- ------------------
Date: 6/20/97 /s/ Kurt H. Stump
-----------------------------------------
Principal, Officer, Director, Insider
</TABLE>
<PAGE> 13
<TABLE>
<CAPTION>
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.
<S> <C> <C>
Name: THOMAS H. PERSZYK Capacity: Principal
-------------------------------------- ----
X Officer
---
Director
---
Insider
---
Detailed Description of Duties: Daily work activities of Vice President - Engineering
----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------
CURRENT COMPENSATION PAID: Weekly or Monthly
$10,192
----------------- ------------------
CURRENT BENEFITS RECEIVED: Weekly or Monthly
Health Insurance $204
----------------- ------------------
Life Insurance
----------------- ------------------
Retirement
----------------- ------------------
Company Vehicle
----------------- ------------------
Entertainment
----------------- ------------------
Travel
----------------- ------------------
Other Benefits
----------------- ------------------
CURRENT TOTAL:
Weekly or Monthly
$10,396
----------------- ------------------
Date: 6/20/97 /s/ Kurt H. Stump
-----------------------------------------
Principal, Officer, Director, Insider
</TABLE>
<PAGE> 14
<TABLE>
<CAPTION>
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.
<S> <C> <C>
Name: DANIEL MURPHY Capacity: Principal
-------------------------------------- ----
X Officer
---
Director
---
Insider
---
Detailed Description of Duties: Daily work activities of Vice President - Marketing
----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------
CURRENT COMPENSATION PAID: Weekly or Monthly
$9,538
----------------- ------------------
CURRENT BENEFITS RECEIVED: Weekly or Monthly
Health Insurance $204
----------------- ------------------
Life Insurance
----------------- ------------------
Retirement
----------------- ------------------
Company Vehicle
----------------- ------------------
Entertainment
----------------- ------------------
Travel
----------------- ------------------
Other Benefits
----------------- ------------------
CURRENT TOTAL:
Weekly or Monthly
$ 9,742
----------------- ------------------
Date: 6/20/97 /s/ Kurt H. Stump
-----------------------------------------
Principal, Officer, Director, Insider
</TABLE>
<PAGE> 15
<TABLE>
<CAPTION>
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.
<S> <C> <C>
Name: JOSEPH MARSHALL Capacity: Principal
-------------------------------------- -----
X Officer
---
Director
---
Insider
---
Detailed Description of Duties: Daily work activities of Vice President - Materials
----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------
CURRENT COMPENSATION PAID: Weekly or Monthly
$9,976
----------------- ------------------
CURRENT BENEFITS RECEIVED: Weekly or Monthly
Health Insurance $204
----------------- ------------------
Life Insurance
----------------- ------------------
Retirement
----------------- ------------------
Company Vehicle
----------------- ------------------
Entertainment
----------------- ------------------
Travel
----------------- ------------------
Other Benefits
----------------- ------------------
CURRENT TOTAL:
Weekly or Monthly
$10,180
----------------- ------------------
Date: 6/20/97 /s/ Kurt H. Stump
-----------------------------------------
Principal, Officer, Director, Insider
</TABLE>
<PAGE> 16
IN RE: CINCINNATI MICROWAVE, INC.
Case no: 97 - 10882
------------
Schedule attached to:
<TABLE>
<CAPTION>
BALANCE SHEET (FORM 3)
May 31, 1997
STATEMENT OF RETAINED EARNINGS - POST PETITION
<S> <C>
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)
======================
</TABLE>
<PAGE> 17
IN RE: CINCINNATI MICROWAVE, INC.
Case no: 97 - 10882
------------
Schedule attached to:
<TABLE>
<CAPTION>
MONTHLY CASH STATEMENT
May 31, 1997
SUPPLEMENT TO DISBURSEMENTS
<S> <C>
RADAR CASH $ 73,204.42
SYSTEM CHECKS $ 154.95
MANUAL CHECKS $ 251,986.93
WIRE TRANSFERS $ 171,312.66
------------------
TOTAL DISBURSEMENTS $ 496,658.96
==================
</TABLE>
<PAGE> 1
[CINCINNATI MICROWAVE LETTERHEAD]
FOR FURTHER INFORMATION:
- ------------------------
AT THE COMPANY: AT THE FINANCIAL RELATIONS BOARD:
Taffy Long Bill Schmidle, Analyst Inquiries
513-489-5400 312-640-6753
[email protected] Karl Plath, General Inquiries
312-640-6738
FOR IMMEDIATE RELEASE
CINCINNATI, JUNE 13, 1997 - CINCINNATI MICROWAVE, INC. announced today that it
has exhausted its opportunities to reorganize as an ongoing entity, and
therefore, will be preparing and filing a liquidating plan in its chapter 11
case to provide for the resolution of its creditor claims and equity interests.
The Company is in the process of looking for buyers for the rest of its phone
business. This transaction, however, is not likely to contribute more than
minimum value to the creditors. This sale, coupled with the closing of the sale
of the Company's real estate, will complete the sale of substantially all of the
Company's assets. While there is a likelihood of a significant distribution to
unsecured creditors, no payment is expected to be made to the class consisting
of the holders of the Company's common shares.
ADDITIONAL INFORMATION ON THE COMPANY, ITS PRODUCTS AND MARKETS CAN BE OBTAINED
FROM THE COMPANY'S WORLDWIDE WEB SITE: HTTP://WWW.CNMW.COM/WELCOME.HTM.
INFORMATION ABOUT CINCINNATI MICROWAVE ALSO IS AVAILABLE, FREE OF
CHARGE VIA FAX, BY DIALING 1-800-PRO-INFO AND
USING TICKER SYMBOL CNMW.
-30-
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