| Ticker: REMC | 9404 Chesapeake Drive | |
| Exchange: NASDAQ-National Market | San Diego, California 92123 | |
| Industry: Manufacturing | (619) 560-1301 |
| Type of Shares: | Common Shares | Filing Date: | 12/13/95 | |
| U.S. Shares: | 3,000,000 | Offer Date: | 2/1/96 | |
| Non-U.S. Shares: | 0 | Filing Price: | $9.00 | |
| Primary Shares: | 2,000,000 | Offer Price: | $8.00 | |
| Secondary Shares: | 1,000,000 | Gross Spread: | $0.56 | |
| Offering Amount: | $27,000,000 | Selling: | $0.30 | |
| Expenses: | $800,000 | Reallowance: | $0.10 | |
| Shares Out After: | 7,495,769 |
| Manager | Tier | Phone |
| Oppenheimer & Company, Inc. | Lead Manager | (212) 667-7402 |
| Needham & Company | Co-manager | (212) 371-8300 |
| Auditor: Ernst & Young | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 1/31/95 | 10/22/95 | 10/23/94 | 10/22/95 | ||
| Revenue: | $46.25 | $38.62 | $33.90 | Assets: | $26.93 |
| Net Income: | $1.43 | $1.05 | $0.98 | Liabilities: | $10.63 |
| EPS: | $0.26 | $0.19 | $0.18 | Equity: | $16.30 |
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company designs and manufactures multi-function modules for microwave transmission systems used in defense applications and the commercial wireless telecommunications market. The Company's capabilities enable it to develop and manufacture MFMs with reduced size, weight, parts count and cost, and increased reliability and performance. The Company believes that the high cost of facilities, power and maintenance will necessitate the development of small, highly reliable and cost effective microwave "front ends" for wireless transmission systems, requiring increased use of MFMs. The Company believes that it is well positioned to capitalize on these demands because of its experience in developing smaller, lighter and more reliable MFMs for defense applications. Most of the Company's sales of MFMs have been to the defense market on programs to product tactical aircraft, satellites, missile systems and guided bombs. In addition to the MFM defense business the Company through its wholly owned subsidiary, Humphrey, Inc., designs and manufactures precision instruments for guidance control and measurement systems used by the defense, aerospace, petroleum and mining industries. |
| Use of Proceeds |
| The company intends to use approximately $4 million of the proceeds for capital expenditures needed to expand automated manufacturing capabilities. Approximately $1.75 million will be used to pay down borrowings under the company's bank revolving working capital line of credit. The company currently has no other specific plans for any significant portion of the proceeds. The company also plans to use the proceeds for general corporate purposes, including working capital. |
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