-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QWTbu7MyLjP51dHLMcATu29oDQWMrSIuphLIE01H1xqjVT/YkudzUnsETrpPXFAH ocHWd6oIh33gfMUQKXkzUQ== 0000950137-02-004684.txt : 20020828 0000950137-02-004684.hdr.sgml : 20020828 20020828133953 ACCESSION NUMBER: 0000950137-02-004684 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020827 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020828 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: 02750850 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 c71593e8vk.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 August 27, 2002 ------------------------------------------------------------------ Date of Report (Date of earliest event reported) M-Wave, Inc. ------------------------------------------------------------------ (Exact name of registrant as specified in its charter) Delaware 33-45499 36-3809819 - ---------------------------- ------------ -------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 216 Evergreen Street, Bensenville, Illinois 60106 ----------------------------------------------------------- (Address of principal executive offices) (Zip Code) (630) 860-9542 ------------------------------ (Registrant's telephone number) ITEM 5. OTHER EVENTS. On August 27, 2002 M-Wave, Inc. announced certain employee reductions The full text of M-Wave, Inc.'s August 27, 2002 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 August 27, 2002. -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: August 27, 2002 M-WAVE, INC. By: /s/ PAUL H. SCHMITT ------------------------------- Name: Paul H. Schmitt Title: Chief Financial Officer EXHIBIT INDEX EXHIBIT NO. DESCRIPTION ------- ----------- 99.1 Press Release issued by M-Wave, Inc. dated August 27, 2002 -4- EX-99.1 3 c71593exv99w1.txt PRESS RELEASE EXHIBIT 99.1 NEWS FRB | WEBER SHANDWICK FINANCIAL COMMUNICATIONS AT THE COMPANY: AT FRB|WEBER SHANDWICK Paul Schmitt Jeff Wilhoit Lisa Fortuna Chief Financial Officer General Info Analysts/Investors (630) 860-3560 (312) 640-6757 (312) 640-6779 FOR IMMEDIATE RELEASE TUESDAY, AUGUST 27, 2002 M~WAVE REDUCES WORKFORCE BY 22% BENSENVILLE, ILL., AUGUST 27, 2002--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 that it has eliminated approximately 35 jobs or about 22% of its work force. The cuts are a result of the downturn in the telecom industry and the consolidation of the Bensenville facilities into the West Chicago campus. "The downturn in the telecom industry continues to adversely affect our revenue base," said Joseph A. Turek, Chairman and Chief Executive Officer. "This decision, while unfortunate, is a necessary first step in right-sizing the company. The current business climate served to accelerate our plan to consolidate our Bensenville facilities into our new West Chicago campus, a process which we had originally planned to complete in 2004. The consolidation is already underway, and we expect to be completed by the end of 2002. "The efficiencies we will realize from this consolidation will move us closer to our goal of reducing our break-even point to approximately $5,000,000 per quarter," added Turek. "We believe that long-term industry fundamentals remain solid, and as the markets recover we are anticipating growth and profitability in 2003. M~Wave offers Supply Chain Management to its customers under its program of Virtual Manufacturing. M~Wave has signed nine new agreements, which the Company expects to represent approximately $10,000,000 in revenues for 2002. Virtual Manufacturing contractually supplies the printed circuit needs of our customer by managing the complete procurement process. We utilize a global base of suppliers that allows our customers to benefit from lower worldwide manufacturing prices. We deliver products when the customer needs them through either consignment inventory control or just-in-time programs. And, we reinforce our quality policy with a money-back guarantee for boards and components. To our knowledge, no other company offers the price, delivery, and quality benefits of our Virtual Manufacturing program. 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 and industrial electronics applications. M~Wave services customers like Lucent Technologies and Motorola, Inc. with its patented bonding technology, Flexlink II(TM) and its supply MORE FRB | Weber Shandwick Worldwide 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 chain management program called Virtual Manufacturing. 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: the Company's relationship and contractual arrangements with key customers; dependence on suppliers and subcontractors for circuit board components; 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. ### -----END PRIVACY-ENHANCED MESSAGE-----