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Technology Stocks : CMIC - Calif Micrwv - satellite; digital VIDEO BROADCAST
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To: H. Bradley Toland, Jr. who wrote (6)3/11/1999 11:08:00 AM
From: Triffin  Read Replies (1) of 13
 
CMIC..NEWS..NEWS

Thursday March 11, 10:12 am Eastern Time

California Microwave sees $38 mln gain
from deal

SUNNYVALE, Calif., March 11 (Reuters) - California
Microwave Inc. (Nasdaq:CMIC - news), which makes
equipment for satellite and wireless communications systems, said
Thursday it expects a net gain of $38 million from the sale of its
defense business to defense contractor Northrop Grumman Corp.
(NYSE:NOC - news).

California Microwave said it will receive $93 million at closing and up to $5 million more in the year
2000 if certain revenue goals are met.

It said it expects to net more than $80 million in cash from the sale after tax and other closing-related
costs.

California Microwave said it will use the proceeds to retire short-term debt and to repurchase its
own shares. The company said it has repurchased 2.7 million shares out of an authorized 6 million
share buyback program initiated in February 1998.

California Microwave also said that on April 29 it will change its name to Adaptive Broadband
Corp., and its stock symbol will be changed to ''ADAP'' (Nasdaq:ADAP - news), listed April 30
on the Nasdaq.

California Microwave shares were up 1-3/16 on the Nasdaq at 10-3/4 in morning trade. The stock's
12-month high is 24-1/4, and its 12-month low 6-3/4.

EOM-----------------------------------------------------------------

This will really help clean up the balance sheet..

Jim in CT..
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