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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 ) October 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.)
One Microwave Plaza, Cincinnati, Ohio 45249-9502
- ------------------------------------------ -------------------------
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code (513) 247-2223
--------------------------
- --------------------------------------------------------------------------------
(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 September 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.
October 24, 1997
CINCINNATI MICROWAVE, INC.
By /s/ George W. Fels
-------------------------------------
George W. Fels
President
<PAGE> 1
Exhibit 99(i)
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
CINCINNATI MICROWAVE, INC. : JUDGE: Burton Perlman
- -------------------------- -----------------
debtor
TRANSMITTAL OF FINANCIAL REPORTS AND
CERTIFICATION OF COMPLIANCE WITH OPERATING
REQUIREMENTS FOR
THE PERIOD ENDED: September , 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: 10-16-97 /s/ George W. Fels
-----------------------------------
Debtor in Possession
President 489-2223
-------------------- ---------------
Title Phone
<PAGE> 2
FORM 2 (7/94)
AMENDED OPERATING STATEMENT
Debtor : IN RE: CINCINNATI MICROWAVE, INC. Case No: 97 - 10882
------------------------------------ ----------------
Month Ending : September 30, 1997
---------------------
<TABLE>
<CAPTION>
Total
Current Month Since Filing
<S> <C> <C>
Total Revenue / Sales $ (173,674) $ 3,608,660
Cost of Sale $ (98,282) $ 3,101,933
------------- --------------
Gross Profit $ (75,393) $ 506,726
Expenses:
Officer Compensation $ 12,462 $ 920,631
Employee Salaries $ 18,672 $ 863,917
Benefits & Pensions $ 0 $ 0
Payroll Taxes $ 0 $ 0
Other Taxes $ 12,386 $ 57,866
Rent & Lease Expense $ 0 $ 7,756
Interest Expense $ 12,299 $ 81,765
Insurance $ 0 $ 0
Auto & Truck Expenses $ 0 $ 530
Utilities $ 52,009 $ 297,842
Depreciation $ 0 $ 188,376
Travel & Entertainment $ 202 $ 3,127
Repairs & Maintenance $ 645 $ 18,583
Advertising $ 0 $ 101,387
Supplies, Office Expense $ 5,745 $ 18,141
Other : Relocation & Other $ 0 $ (20,146)
------------- --------------
TOTAL EXPENSES $ 114,419 $ 2,539,773
NET OPERATING PROFIT / (LOSS) $ (189,812) $ (2,033,047)
Add: Non-Business Income:
Interest Income $ 0 $ 0
Other Income $ 32,407 $ 448,189
Less: Non-Business Expenses:
Professional Fees $ 84,532 $ 1,038,319
Other $ 0 $ 1,442
------------- --------------
TOTAL NON-BUSINESS PROFIT / (LOSS) $ (52,125) $ (591,571)
NET INCOME / (LOSS) $ (241,937) $ (2,624,618)
</TABLE>
<PAGE> 3
FORM 3 (7/94)
BALANCE SHEET
-------------
Debtor : CINCINNATI MICROWAVE, INC. Case No: 97 - 10882
------------------------------ ----------------
Month Ending : September 30, 1997
-----------------------
<TABLE>
<CAPTION>
ASSETS Current Month Prior Month At Filing
<S> <C> <C> <C>
Cash: $ 3,231,315 $ 3,259,397 $ 724,343
Inventory: $ 954,057 $ 841,266 $ 5,643,874
Accts Rec.: $ 4,971,319 * $ 5,437,097 $ 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: $ 186,518 $ 201,028 $ 1,120,823
-------------- ---------------- ----------------
TOTAL ASSETS: $ 9,343,209 $ 9,738,788 $ 18,056,891
TOTAL LIABILITIES:
Post Petition Liabilities:
Accts. Payable: $ 3,492 $ 92,124 $ 0
Wages & Salaries: $ 109,750 $ 109,750 $ 0
Taxes Payable: $ 0 $ 0 $ 0
Other: Accruals: $ 580,236 $ 664,641 $ 0
-------------- ---------------- ----------------
TOTAL Post-Petition Liab. $ 693,478 $ 866,515 $ 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. $ 1,584,453 $ 1,571,817 $ 1,539,168
Unsecured Liabilities: $ 9,923,514 $ 9,934,305 $ 10,630,261
Other: Accruals & Estimates $ 4,852,839 $ 4,835,289 $ 6,237,879
-------------- ---------------- ----------------
TOTAL Pre-Petition Liab. $ 16,360,805 $ 0 $ 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. $ (3,566,157) $ (3,324,220) $ 0
-------------- ---------------- ----------------
Total Equity $ (7,711,074) $ (7,469,137) $ (4,144,917)
TOTAL LIAB. & EQUITY $ 9,343,209 $ 9,738,788 $ 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 was reclassified from Land and
Buildings due to a signed sales agreement with Home Depot
awaiting approval through the Bankruptcy Court.
</TABLE>
<PAGE> 4
IN RE: CINCINNATI MICROWAVE, INC.
Case No: 97 - 10882
----------
Schedule attached to:
BALANCE SHEET (FORM 3)
September 30, 1997
STATEMENT OF RETAINED EARNINGS - POST PETITION
<TABLE>
<CAPTION>
-------------------
<S> <C>
Retained Earnings - August 31, 1997 $ (3,324,221)
===================
Plus: Current Earnings - Month of September $ (241,936)
Less: Prior Period Adjustment $ 0
-------------------
Retained Earnings - September 30, 1997 $ (3,566,157)
===================
</TABLE>
<PAGE> 5
FORM 4 (7/94)
SUMMARY OF OPERATIONS
---------------------
Debtor : CIN. MICROWAVE Period Ended: September 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
Federal: $ 2,982.73 $ 3,488.73 $ (6,471.46) $ 0.00
State: $ 455.39 $ 1,172.68 $ (1,628.07) $ (0.00)
Local: $ 0.00 $ $ $ 0.00
FICA Withheld: $ 3,250.95 $ 949.92 $ (4,200.87) $ (0.00)
Employers FICA $ 3,250.96 $ 949.92 $ (4,200.88) $ (0.00)
Unemployment Tax
Federal: $ 1,311.86 $ 0.48 $ (1,312.34) $ 0.00
State: $ 447.67 $ 0.96 $ (448.63) $ 0.00
Sales, Use & Excise
Sales Tax: $ (1,754.02) $ 1,710.92 $ $ (43.10)
Real Estate Tax: $ 102,737.00 $ 10,000.00 $ $ 112,737.00
Property Taxes: $ 594,857.33 $ $ $ 594,857.33
Use Tax: $ (675.00) $ 675.00 $ $ 0.00
Other: Worker's, etc. $ 47.99 $ 2,335.00 $ (385.67) $ 1,997.32
TOTALS: $ 706,912.86 $ 21,283.61 $ (18,647.91) $ 709,548.56
</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 $ 3,492 $ 0 $ 0
Accts. Rec. $ 4,825,000 $ 3,419 $ 190,925
</TABLE>
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.
<PAGE> 6
Form 6 (7/94)
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
---------------------- -------
X Officer
-------
X Director
-------
Insider
-------
Detailed Description of Duties: Daily work activities of Chief Financial
------------------------------------------------
Officer, Director, and Treasurer
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------
<TABLE>
<CAPTION>
CURRENT COMPENSATION PAID: Weekly or Monthly
<S> <C> <C>
$12,462
---------------- ----------------
CURRENT BENEFITS RECEIVED: Weekly or Monthly
Health Insurance $0
---------------- ----------------
Life Insurance
---------------- ----------------
Retirement
---------------- ----------------
Company Vehicle
---------------- ----------------
Entertainment
---------------- ----------------
Travel
---------------- ----------------
Other Benefits
---------------- ----------------
CURRENT TOTAL:
Weekly or Monthly
$0 $12,462
---------------- ----------------
</TABLE>
Date: 10-16-97 /s/ George W. Fels -- President
-------------------- --------------------------------------
Principal, Officer, Director, Insider
<PAGE> 7
Form 6 (7/94)
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
-------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------
<TABLE>
<CAPTION>
CURRENT COMPENSATION PAID: Weekly or Monthly
<S> <C> <C>
DIRECTOR'S FEES $3,000
---------------- ----------------
For the Month of September, 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
---------------- ----------------
</TABLE>
Date: 10-16-97 /s/ George W. Fels -- President
-------------------- --------------------------------------
Principal, Officer, Director, Insider
<PAGE> 8
Form 6 (7/94)
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
------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------
<TABLE>
<CAPTION>
CURRENT COMPENSATION PAID: Weekly or Monthly
<S> <C> <C>
DIRECTOR'S FEES $3,000
---------------- ----------------
For the Month of September, 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 $3,000
---------------- ----------------
</TABLE>
Date: 10-16-97 /s/ George W. Fels -- President
-------------------- --------------------------------------
Principal, Officer, Director, Insider
<PAGE> 9
Form 6 (7/94)
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
-------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------
<TABLE>
<CAPTION>
CURRENT COMPENSATION PAID: WEEKLY or MONTHLY
<S> <C> <C>
DIRECTOR'S FEES $3,000
---------------- ----------------
For the Month of September, 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 $3,000
---------------- ----------------
</TABLE>
Date: 10-16-97 /s/ George W. Fels -- President
-------------------- --------------------------------------
Principal, Officer, Director, Insider
<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 October 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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