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I'm sniffing around here. Sounds like a possible short squeeze play.
so whats that mean all old dd
Cincinnati Microwave blazed on, off radar screen
Foreign competitors were undoing of electronics firm
Cincinnati Business Courier - December 31, 2004by Joe WesselsCourier Staff Reporter
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Cincinnati Microwave Inc., to many in the area, is a distant memory. Since the company closed its doors in 1997, it's been easy to forget its mid-'80s boom, with record profits and $95 million sales forecasts for the radar detector manufacturer.
Not only did Cincinnati Microwave hit its forecast in 1984, it beat it by $16 million, thanks to a tinier version of its popular Escort radar detector, called Passport.
Passport became a best seller. Earnings were up 46 percent in 1985 -- a giant leap compared to the 16 percent increase seen during 1984. Earnings that year were nearly $76 million.
In 1983, CMI sold 230,000 Escort units, and sales were expected to climb to 325,000 in 1984. From September 1983 to November 1984, the Deerfield Township firm went from 179 employees to 316.
Cincinnati Microwave CEO James Jaeger was the highest-paid executive in the Tri-State and a new member of the Forbes 400 list of richest Americans. Times were good.
Today the former CMI headquarters spot, which was auctioned off in the late 1990s in bankruptcy court, is the site of a Home Depot store.
All the surrounding property and the lavish headquarters facility, complete with workout rooms and racquetball courts, has been sold. Home Depot tore down the original building.
Employees found out the company was closing on Feb. 14, 1997, known as the "Valentine's Day Massacre," said Steve Geers, who worked as an electrical engineer at Microwave.
Geers now is a partner with Mason-based Cincinnati Technologies, along with four other ex-CMI employees. Cincinnati Technologies offers engineering support and expertise to several companies in the wireless arena, experience the five honed working in CMI cordless telephone division.
CMI was the inventor of the spread-spectrum cordless telephone, a business that never made much money even though its phones were considered some of the best in the world at the time.
Problems started to arise a few years after the company went public in December 1983, which was a "bad idea," said Greg Blair, president of Escort Inc., another spinoff company, and former CMI vice president of operations.
In that initial public offering, CMI sold nearly 1.9 million shares at $7.62 per share, drumming up $13 million in cash. Most of that went to pay off debt in the form of a loan used to buy out shares owned by Mike Valentine, according to the company's 1985 annual report. Valentine and his father had founded the firm in 1976.
Market Cap at .01 is only $100K...
I PM'd rooterjack maybe when he gets back he can share his insight...
when the big run comming? got in @.01
last time there was a buyout potential
BEL-TRONICS TO ACQUIRE CINCINNATI MICROWAVE
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Published: December 5, 1996
Cincinnati Microwave Inc., a struggling maker of radar detectors, agreed yesterday to be acquired by Bel-Tronics Ltd. USA, a privately held competitor based in Covington, Ga., for an undisclosed amount of stock. The transaction would result in a publicly traded company in which Bel-Tronics would own a 60 percent stake and Cincinnati Microwave, 40 percent. Last month, Cincinnati Microwave reported its 11th consecutive quarterly loss. Shares of Cincinnati Microwave rose 50 cents, to $1.75, in Nasdaq trading. Cincinnati Microwave currently has a market value of about $30 million. The company had revenues of $79.3 million last year.
that equates to 2.00 per share
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