<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 ) September 26, 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 August 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.
September 26, 1997
CINCINNATI MICROWAVE, INC.
By: Kurt H. Stump
------------------------------------
Kurt H. Stump
President and Chief Executive Officer
<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: August, 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: 9/18/97 Kurt H. Stump
--------------------------
Debtor in Possession
President & Ceo 513-247-4206
Title Phone
<PAGE> 2
FORM 2 (7/94)
AMENDED OPERATING STATEMENT
Debtor : IN RE: CINCINNATI MICROWAVE, INC. Case No: 97 - 10882
Month Ending : August 31, 1997
<TABLE>
<CAPTION>
TOTAL
CURRENT MONTH SINCE FILING
<S> <C> <C>
Total Revenue / Sales $ 8,726 $ 3,782,334
Cost of Sale $ 75,461 $ 3,200,215
-------------- --------------
Gross Profit $ (66,735) $ 582,119
Expenses:
Officer Compensation $ 15,013 $ 908,169
Employee Salaries $ 34,810 $ 845,245
Benefits & Pensions $ 0 $ 0
Payroll Taxes $ 0 $ 0
Other Taxes $ 10,000 $ 45,480
Rent & Lease Expense $ 0 $ 7,756
Interest Expense $ 10,951 $ 69,466
Insurance $ 0 $ 0
Auto & Truck Expenses $ 0 $ 530
Utilities $ 36,360 $ 245,833
Depreciation $ 0 $ 188,376
Travel & Entertainment $ 156 $ 2,925
Repairs & Maintenance $ 10,752 $ 17,938
Advertising $ 0 $ 101,387
Supplies, Office Expense $ 4,737 $ 12,396
Other : Relocation & Other $ 0 $ (20,146)
TOTAL EXPENSES $ 122,779 $ 2,425,355
NET OPERATING PROFIT / (LOSS) $ (189,514) $ (1,843,236)
Add: Non-Business Income:
Interest Income $ 0 $ 0
Other Income $ 254,071 $ 415,782
Less: Non-Business Expenses:
Professional Fees $ 119,337 $ 953,787
Other $ 0 $ 1,442
TOTAL NON-BUSINESS PROFIT / (LOSS) $ 134,734 $ (539,447)
NET INCOME / (LOSS) $ (54,780) $ (2,382,683)
</TABLE>
<PAGE> 3
FORM 3 (7/94)
BALANCE SHEET
Debtor : CINCINNATI MICROWAVE, INC. Case No: 97 - 10882
Month Ending : August 31, 1997
<TABLE>
<CAPTION>
ASSETS CURRENT MONTH PRIOR MONTH AT FILING
<S> <C> <C> <C>
Cash: $ 3,259,397 $ 3,476,943 $ 724,343
Inventory: $ 841,266 $ 875,140 $ 5,643,874
Accts Rec.: $ 5,437,097 * $ 902,438 $ 1,819,744
Insider Receivables: $ 0 $ 0 $ 0
Land & Buildings: $ 0 $ 4,900,000 $ 12,492,980
Furn., Fixtures & Equip: $ 0 $ 0 $ 25,373,681
Accumulated Depreciation: $ 0 $ 0 $ (29,118,554)
Other: $ 201,028 $ 111,533 $ 1,120,823
------------- ------------- -------------
TOTAL ASSETS: $ 9,738,788 $ 10,266,054 $ 18,056,891
TOTAL LIABILITIES:
Post Petition Liabilities:
Accts. Payable: $ 92,124 $ 97,266 $ 0
Wages & Salaries: $ 109,750 $ 109,750 $ 0
Taxes Payable: $ 0 $ 0 $ 0
Other: Accruals: $ 664,641 $ 600,000 $ 0
------------- ------------- -------------
TOTAL POST-PETITION LIAB. $ 866,515 $ 807,016 $ 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. $ 1,571,817 $ 1,813,861 $ 1,539,168
Unsecured Liabilities: $ 9,934,305 $ 9,950,640 $ 10,630,261
Other: Accruals & Estimates $ 4,835,289 $ 5,109,225 $ 6,237,879
------------- ------------- -------------
TOTAL PRE-PETITION LIAB. $ 16,341,411 $ 16,873,727 $ 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. $ (3,324,221) $ (3,269,772) $ 0
------------- ------------- -------------
TOTAL EQUITY $ (7,469,138) $ (7,414,689) $ (4,144,917)
TOTAL LIAB. & EQUITY $ 9,738,788 $ 10,266,054 $ 18,056,891
</TABLE>
* -- $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.
<PAGE> 4
IN RE: CINCINNATI MICROWAVE, INC.
Case No: 97 - 10882
SCHEDULE ATTACHED TO:
BALANCE SHEET (FORM 3)
August 31, 1997
STATEMENT OF RETAINED EARNINGS - POST PETITION
<TABLE>
<S> <C>
Retained Earnings - July 31, 1997 $ (3,269,772)
===============
Plus: Current Earnings - Month of August $ (54,780)
Less: Prior Period Adjustment $ 332
----------------
Retained Earnings - August 31, 1997 $ (3,324,220)
===============
</TABLE>
<PAGE> 5
FORM 4 (7/94)
SUMMARY OF OPERATIONS
Debtor : CIN. MICROWAVE Period Ended: August 31, 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: $ 0.00 $ 80,062.49 $ (77,079.76) $ 2,982.73
State: $ 0.00 $ 12,475.21 $ (12,019.82) $ 455.39
Local: $ (40.00) $ 0.00 $ 40.00 $ 0.00
FICA Withheld: $ 2,825.56 $ 5,757.82 $ (5,332.43) $ 3,250.95
Employers FICA $ 2,825.58 $ 5,757.82 $ (5,332.44) $ 3,250.96
Unemployment Tax
Federal: $ 1,355.95 $ 0.00 $ (44.09) $ 1,311.86
State: $ 433.98 $ 24.12 $ (10.43) $ 447.67
Sales, Use & Excise
Sales Tax: $ (2,147.92) $ 393.90 $ 0.00 $ (1,754.02)
Real Estate Tax: $ 92,737.00 $ 10,000.00 $ 0.00 $ 102,737.00
Property Taxes: $ 594,857.33 $ 0.00 $ 0.00 $ 594,857.33
Use Tax: $ (675.00) $ 0.00 $ 0.00 $ (675.00)
Other: Worker's, etc. $ 5,454.06 $ 1,449.09 $ (6,855.16) $ 47.99
TOTALS: $ 697,626.54 $ 115,920.45 $ (106,634.13) $ 706,912.86
</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 $ 92,124 $ 0 $ 0
Accts. Rec. $ 4,986,170 $ 124,899 $ 326,028
</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: 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
$3,629
CURRENT BENEFITS RECEIVED: WEEKLY or MONTHLY
Health Insurance __________ ___________
Life Insurance __________ ___________
Retirement __________ ___________
Company Vehicle __________ ___________
Entertainment __________ ___________
Travel __________ ___________
Other Benefits __________ ___________
CURRENT TOTAL:
WEEKLY or MONTHLY
$0 $3,629
Date: 9/18/97 Kurt H. Stump
-------------------------------------
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: 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
$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 $11,385
Date: 9/18/97 Kurt H. Stump
-------------------------------------
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: ERIKA WILLIAMS Capacity: ___ Principal
___ Officer
X Director
---
___ Insider
Detailed Description of Duties: Member of Board of Directors
July
CURRENT COMPENSATION PAID: WEEKLY or MONTHLY
DIRECTOR'S FEES $3,000
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: 9/18/97 Kurt H. Stump
-------------------------------------
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: TED SPRINGSTEAD Capacity: ___ Principal
___ Officer
X Director
---
___ Insider
Detailed Description of Duties: Member of Board of Directors
July & August
CURRENT COMPENSATION PAID: WEEKLY or MONTHLY
DIRECTOR'S FEES $6,000
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 $6,000
Date: 9/18/97 Kurt H. Stump
-------------------------------------
Principal, Officer, Director, Insider
<PAGE> 10
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
July & Aug
CURRENT COMPENSATION PAID: WEEKLY or MONTHLY
DIRECTOR'S FEES $6,000
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 $6,000
Date: 9/18/97 Kurt H. Stump
-------------------------------------
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 September 26, 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: Kurt H. Stump
------------------------------------
Kurt H. Stump
President and Chief Executive Officer
