0000950137-01-504183.txt : 20011101
0000950137-01-504183.hdr.sgml : 20011101
ACCESSION NUMBER: 0000950137-01-504183
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20011031
ITEM INFORMATION: Other events
ITEM INFORMATION: Financial statements and exhibits
FILED AS OF DATE: 20011031
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: M WAVE INC
CENTRAL INDEX KEY: 0000883842
STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC COMPONENTS, NEC [3679]
IRS NUMBER: 363809819
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 000-19944
FILM NUMBER: 1771694
BUSINESS ADDRESS:
STREET 1: 216 EVERGREEN ST
CITY: BENSENVILLE ILLINOIS
STATE: IL
ZIP: 60106
BUSINESS PHONE: 6308609542
MAIL ADDRESS:
STREET 1: 216 EVERGREEN STREET
CITY: BENSENVILLE
STATE: IL
ZIP: 60106
8-K
1
c65717e8-k.txt
CURRENT REPORT
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
October 31, 2001
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Date of Report (Date of earliest event reported)
M-Wave, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 33-45499 36-3809819
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
216 Evergreen Street, Bensenville, Illinois 60106
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(Address of principal executive offices) (Zip Code)
(630) 860-9542
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(Registrant's telephone number)
ITEM 5. OTHER EVENTS.
On October 30, 2001 M-Wave, Inc. announced its financial results for the
third quarter of 2001. The full text of M-Wave, Inc.'s October 30, 2001 press
release is attached hereto as Exhibit 99.1 and is incorporated herein by
reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Exhibits
99.1 Press Release issued by M-Wave, Inc. dated October 30, 2001.
-2-
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: October 31, 2001
M-WAVE, INC.
By: /s/ PAUL S. SCHMITT
---------------------------------
Name: Paul S. Schmitt
Title: Controller; Chief Accounting Officer
EXHIBIT INDEX
EXHIBIT
NO. DESCRIPTION
------- -----------
99.1 Press Release issued by M-Wave, Inc. dated October 30, 2001
-4-
EX-99.1
3
c65717ex99-1.txt
PRESS RELEASE
EXHIBIT 99.1
NEWS BULLETIN M~WAVE, INC.
FROM: RE: 215 Park Street
Bensenville, IL 60106
FRB|Weber Shandwick
NASDAQ: MWAV
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FOR FURTHER INFORMATION
AT THE COMPANY: AT FRB|WEBER SHANDWICK:
Paul Schmitt Tad Gage Lisa Fortuna
Chief Financial Officer General Info Analysts/Investors
(630) 860-3560 (312) 640-6745 (312) 640-6779
FOR IMMEDIATE RELEASE
OCTOBER 30, 2001
M~WAVE ANNOUNCES THIRD QUARTER RESULTS
BENSENVILLE, ILL., OCTOBER 30, 2001--M~Wave, Inc. (Nasdaq: MWAV), a value-added
service provider of high performance circuit boards used in a variety of digital
and high frequency applications, announced a net income of $479,000 or $0.11 per
share, for the third quarter ended September 30, 2001.
For the nine months ended September 30, 2001, the Company reported a net profit
of $3,327,000 or $0.73 per share, compared with a net income of $2,120,000 or
$0.47 per share for the nine months ended September 30, 2000. Net sales for the
nine months ended September 30, 2001 were $46,586,000, up 31% from the nine
months ended September 30, 2000.
Cash levels decreased from $1,231,000 at December 31, 2000 to $1,149,000 at
September 30, 2001. Accounts receivable was down $1,543,000 and inventories were
down $6,349,000 from year-end. Accounts payable was down $3,473,000 from
year-end. Capital expenditures, relating to the new facility in West Chicago,
were $5,142,000 for the nine months ended September 30, 2001. The Company also
reduced debt by $2,452,000 in the first nine months of 2001.
Joseph A. Turek, Chairman and Chief Executive Officer, said: "In these uncertain
economic times our focus is on profitability. This was our eighth consecutive
profitable quarter. It is satisfying that even at these present sales levels, we
have become efficient enough to still maintain profitability. We believe our
market is at its lowest level and expect growth in our revenue base to begin as
early as the second quarter of 2002. We now expect our annual revenues for 2001
will range from $51 million to $56 million."
M~Wave maintains an active plan to repurchase its stock and the Board of
Directors has authorized the purchase of an additional 50,000 shares of its
common stock. The Company repurchased approximately 116,000 shares of its stock
during the third quarter of 2001.
Join M~Wave on its quarterly Conference call on Wednesday, October 31, 2001 at
10:00 am CST at 703-871-3597 or 888-792-1093 at least five minutes before start
time or on www.vcall.com.
MORE
FRB|Weber Shandwick serves as financial relations counsel to this company,
is acting on the company's behalf in issuing this bulletin and receiving
compensation therefor. The information contained herein is furnished for
information purposes only and is not to be construed as an
offer to buy or sell securities.
M-WAVE, INC.
ADD 1
ABOUT M-WAVE:
Established in 1988 and headquartered in the Chicago suburb of Bensenville,
Ill., M-Wave is a value-added service provider of high performance circuit
boards. The Company's products are used in a variety of telecommunications
applications for wireless and Internet communications and digital applications.
M-Wave services customers like Lucent Technologies, Motorola, Inc. and Celestica
with its patented bonding technology, Flexlink II(TM). The Company trades on the
Nasdaq National Market under the symbol "MWAV". Visit the Company on its web
site at www.mwav.com.
This news release contains predictions, estimates and other forward-looking
statements that involve a number of risks and uncertainties. While this outlook
represents our current judgement on the future direction of the business, such
risks and uncertainties could cause actual results to differ materially from any
future performance suggested above. Factors that could cause actual results to
differ include the following: dependence on, and dependence on suppliers and
subcontractors for circuit board components; economic conditions; successful
award of contracts under bid; a highly competitive environment; design and
production delays; cancellation or reductions of contract orders; effective
utilization of existing and new manufacturing resources; pricing pressures by
key customers; and other factors detailed in the Company's Securities and
Exchange Commission filings.
-FINANCIAL TABLES FOLLOW-