Looks like it’s close to bust – commenting on its figures below, Cincinnati Microwave Inc says its independent accountants, Price Waterhouse & Co, voiced substantial doubts about the company’s ability to continue as a going concern and cited Cincinnati’s recurring operating losses and substantial debt in its opinion: it plans to cut inventories, improve its cost structure, pay down trade debt and refinance bank debt and step up selling efforts to address the concerns of its accountants; first-quarter 1996 sales are expected to be about 40% above 1995’s $13.6m and it is looking for new credit after its lender reduced its facility to $3m; CIT Group/Credit Finance Inc is conducting due diligence in consideration of extending it a line of credit.
Content from our partners
