<PAGE>
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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
 
                            ------------------------
 
                                  FORM 10-QSB
 
(Mark One)
 
[ X ]          QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE
               SECURITIES EXCHANGE ACT OF 1934
 
               FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1997
 
[   ]          Transition Report Under Section 13 or 15(d) of the
               Exchange Act For the transition period from to
 
               COMMISSION FILE NUMBER 0-5351
 
                              EIP MICROWAVE, INC.
 
       (Exact name of small business issuer as specified in its charter)
 
                DELAWARE                              95-2148645
      (State or other jurisdiction                  (IRS Employer
   of incorporation or organization)             Identification No.)
 
       3 CIVIC PLAZA, SUITE 265,
       NEWPORT BEACH, CALIFORNIA                        92660
(Address of principal executive offices)              (Zip Code)
 
                                 (714) 720-1766
 
                          (Issuer's telephone number)
 
   (Former name, former address and former fiscal year, if changed since last
                                    report)
 
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. YES [ X ] NO [   ]
 
OUTSTANDING COMMON STOCK: As of May 5, 1997, Registrant had only one class of
common stock, and had 424,907 shares of this $.01 par value common stock
outstanding.
 
Transitional Small Business Disclosure Format (check one): YES [   ] NO [ X ]
 
                                                       Total Number of Pages: 28
                                                                Exhibit Index 12
 
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--------------------------------------------------------------------------------
<PAGE>
                              EIP MICROWAVE, INC.
                                  FORM 10-QSB
                          QUARTER ENDED MARCH 31, 1997
 
<TABLE>
<CAPTION>
                                                                                                              PAGE
                                                                                                            ---------
<S>            <C>                                                                                          <C>
PART I  FINANCIAL INFORMATION
 
    Item 1.    Condensed Consolidated Financial Statements
 
               Condensed Consolidated Balance Sheets as of March 31, 1997 (unaudited) and September 30,
                1996......................................................................................          3
 
               Condensed Consolidated Statements of Operations and Retained Earnings (Accumulated Deficit)
                for the three months and six months ended March 31, 1997 and 1996 (unaudited).............          4
 
               Condensed Consolidated Statements of Cash Flows for the six months ended March 31, 1997 and
                1996 (unaudited)..........................................................................          5
 
               Notes to Unaudited Condensed Consolidated Financial Statements.............................          6
 
    Item 2.    Management's Discussion and Analysis of Results of Operations and Financial Condition......        7-9
 
PART II  OTHER INFORMATION
 
    Item 2.    Changes in Securities......................................................................         10
 
    Item 4.    Submission of Matters to a Vote of Security Holders........................................         10
 
    Item 6.    Exhibits and Reports on Form 8-K...........................................................         10
 
    Signatures............................................................................................         11
 
    Index to Exhibits.....................................................................................         12
</TABLE>
<PAGE>
                              EIP MICROWAVE, INC.
                        PART I -- FINANCIAL INFORMATION
             ITEM 1 -- CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                     CONDENSED CONSOLIDATED BALANCE SHEETS
                   (DOLLARS IN THOUSANDS, EXCEPT SHARE DATA)
 
<TABLE>
<CAPTION>
                                                                                         MARCH 31,   SEPTEMBER 30,
                                                                                           1997          1996
                                                                                        -----------  -------------
<S>                                                                                     <C>          <C>
                                                                                        (UNAUDITED)
                                                      ASSETS
Current assets:
  Cash and cash equivalents...........................................................   $     115     $     216
  Short-term investments..............................................................          26           324
                                                                                        -----------       ------
                                                                                               141           540
 
  Accounts receivable, net............................................................         792           686
  Inventories.........................................................................       1,019         1,067
  Prepaid expenses....................................................................          48            59
                                                                                        -----------       ------
        Total current assets..........................................................       2,000         2,352
Property and equipment, net...........................................................         611           631
                                                                                        -----------       ------
                                                                                         $   2,611     $   2,983
                                                                                        -----------       ------
                                                                                        -----------       ------
 
                                       LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
  Accounts payable....................................................................   $     554     $     706
  Accrued liabilities.................................................................         482           546
  Advanced payments from customers....................................................          --           190
  Bank borrowings.....................................................................         151           185
  Notes payable to affiliates.........................................................         600            --
  Current portion of obligations under capital leases.................................          34            34
                                                                                        -----------       ------
        Total current liabilities.....................................................       1,821         1,661
                                                                                        -----------       ------
Long term obligations under capital leases............................................          78            95
                                                                                        -----------       ------
 
Commitments and contingencies
 
Stockholders' equity:
  Common stock, $.01 par value; authorized -- 10,000,000 shares;
    424,907 issued and outstanding....................................................           5             5
  Additional paid-in capital..........................................................         848           848
  Retained earnings (accumulated deficit).............................................        (141)          374
                                                                                        -----------       ------
  Total stockholders' equity..........................................................         712         1,227
                                                                                        -----------       ------
                                                                                         $   2,611     $   2,983
                                                                                        -----------       ------
                                                                                        -----------       ------
</TABLE>
 
                                       3
<PAGE>
                              EIP MICROWAVE, INC.
    PART I/ITEM 1 -- CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                  AND RETAINED EARNINGS (ACCUMULATED DEFICIT)
                (IN THOUSANDS EXCEPT PER SHARE DATA, UNAUDITED)
 
<TABLE>
<CAPTION>
                                                                           THREE MONTHS        SIX MONTHS ENDED
                                                                         ENDED MARCH 31,          MARCH 31,
                                                                       --------------------  --------------------
                                                                         1997       1996       1997       1996
                                                                       ---------  ---------  ---------  ---------
<S>                                                                    <C>        <C>        <C>        <C>
Net sales............................................................  $   1,289  $   1,684  $   2,547  $   3,244
                                                                       ---------  ---------  ---------  ---------
 
Costs and expenses:
  Cost of sales......................................................        802      1,005      1,595      1,985
  Research, development and engineering..............................        278        265        494        466
  Selling, general and administrative................................        497        520        963      1,052
  Interest and other, net............................................          5       (119)        10       (137)
                                                                       ---------  ---------  ---------  ---------
    Total costs and expenses.........................................      1,582      1,671      3,062      3,366
                                                                       ---------  ---------  ---------  ---------
Net income (loss)....................................................       (293)        13       (515)      (122)
Retained earnings at beginning of period.............................        152        732        374        867
                                                                       ---------  ---------  ---------  ---------
Retained earnings (accumulated deficit) at end of period.............  $    (141) $     745  $    (141) $     745
                                                                       ---------  ---------  ---------  ---------
Net income (loss) per share..........................................  $    (.69) $     .03  $   (1.21) $    (.29)
Weighted average common shares outstanding...........................        425        423        425        423
                                                                       ---------  ---------  ---------  ---------
                                                                       ---------  ---------  ---------  ---------
</TABLE>
 
                                       4
<PAGE>
                              EIP MICROWAVE, INC.
    PART I/ITEM 1 -- CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                          INCREASE (DECREASE) IN CASH
                       (DOLLARS IN THOUSANDS, UNAUDITED)
 
<TABLE>
<CAPTION>
                                                                                                   SIX MONTHS ENDED
                                                                                                      MARCH 31,
                                                                                                 --------------------
<S>                                                                                              <C>        <C>
                                                                                                   1997       1996
                                                                                                 ---------  ---------
Cash flows from operating activities:
  Net income (loss)............................................................................  $    (515) $    (122)
  Adjustments to reconcile net income (loss) to net cash provided by (used in) operating
   activities:
    Depreciation and amortization..............................................................        133         88
    Gain on sale of capital equipment..........................................................        (93)       (50)
    Change in assets and liabilities:
      Accounts receivable, net.................................................................       (106)       183
      Inventories..............................................................................         48        (92)
      Prepaid expenses.........................................................................         11         43
      Accounts payable.........................................................................       (152)       160
      Accrued liabilities......................................................................        (64)      (195)
      Advanced payment from customers..........................................................       (190)         0
                                                                                                 ---------  ---------
Cash provided by (used in) operating activities................................................       (928)        15
                                                                                                 ---------  ---------
Cash flows from investing activities:
  Purchase of short-term investments...........................................................         --        (13)
  Sale of short-term investments...............................................................        298         --
  Capital expenditures.........................................................................       (113)      (327)
  Proceeds from the sale of capital equipment..................................................         93         61
                                                                                                 ---------  ---------
Cash provided by (used in) investing activities................................................        278       (279)
                                                                                                 ---------  ---------
Cash flows from financing activities:
  Proceeds from (repayment of) bank borrowings.................................................        (34)       180
  Notes payable to affiliates..................................................................        600         --
  Repayment of obligations under capital leases................................................        (17)        --
                                                                                                 ---------  ---------
Cash provided by financing activities..........................................................        549        180
                                                                                                 ---------  ---------
 
Decrease in cash and cash equivalents..........................................................       (101)       (84)
Cash and cash equivalents at beginning of period...............................................        216        126
                                                                                                 ---------  ---------
Cash and cash equivalents at end of period.....................................................  $     115  $      42
                                                                                                 ---------  ---------
                                                                                                 ---------  ---------
</TABLE>
 
                                       5
<PAGE>
                              EIP MICROWAVE, INC.
 
                    PART I/ITEM 1 -- CONDENSED CONSOLIDATED
                        FINANCIAL STATEMENTS (CONTINUED)
 
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 
    (a) The condensed consolidated financial statements presented in this Form
       10-QSB have been prepared from the accounting records without audit on a
       basis consistent with the financial statements included in the Company's
       annual report filed with the Securities and Exchange Commission for the
       preceding fiscal year. Certain information and footnote disclosures
       normally included in financial statements prepared in accordance with
       generally accepted accounting principles have been condensed or omitted
       pursuant to the rules and regulations of the Securities and Exchange
       Commission. The information furnished reflects all adjustments and
       disclosures which are, in the opinion of management, of a normal,
       recurring nature, and necessary for a fair statement of the results for
       the interim periods. This report should be read in conjunction with the
       Company's 1996 Annual Report on Form 10-KSB. The results of operations
       for the interim periods presented are not necessarily indicative of the
       results expected for the entire year.
 
    (b) Composition of certain balance sheet captions (in thousands):
 
<TABLE>
<CAPTION>
                                                                                 SEPTEMBER 30,
                                                                                     1996
                                                                     MARCH 31,   -------------
                                                                       1997
                                                                    -----------
                                                                    (UNAUDITED)
<S>                                                                 <C>          <C>
Accounts receivable:
  Trade...........................................................   $     842     $     736
  Less allowance for doubtful accounts............................         (50)          (50)
                                                                    -----------  -------------
                                                                     $     792     $     686
                                                                    -----------  -------------
Inventories:
  Raw materials...................................................   $     592     $     719
  Work-in-process.................................................         380           320
  Finished goods..................................................          47            28
                                                                    -----------  -------------
                                                                     $   1,019     $   1,067
                                                                    -----------  -------------
Property and equipment:
  Cost............................................................   $   5,335     $   5,319
  Accumulated depreciation........................................      (4,724)       (4,688)
                                                                    -----------  -------------
                                                                     $     611     $     631
                                                                    -----------  -------------
</TABLE>
 
    (c) The calculation of net income (loss) per share is based upon the
       weighted average number of shares outstanding during the year. During the
       three month and six month periods ended March 31, 1997 and 1996, the
       common equivalent shares were either antidilutive due to losses in three
       of those periods or immaterial and, accordingly, were excluded from the
       computation of loss or income per share for those periods.
 
    (d) In February 1997, the Financial Accounting Standards Board issued
       Statement of Financial Accounting Standards No. 128, "Earnings per
       Share". This Statement is effective for the Company's fiscal year ending
       September 30, 1997. The Statement redefines earnings per share under
       generally accepted accounting principles under the new standard, primary
       earnings per share is replaced by basic earnings per share and fully
       diluted earnings per share is replaced by diluted earnings per share. The
       Company does not expect the adoption of this Statement to have a
       significant impact on the previously reported loss per share.
 
                                       6
<PAGE>
                              EIP MICROWAVE, INC.
 
            PART I/ITEM 2 -- MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
 
THE FOLLOWING DISCUSSION CONTAINS TREND INFORMATION AND OTHER FORWARD-LOOKING
STATEMENTS THAT INVOLVE A NUMBER OF RISKS AND UNCERTAINTIES. THE COMPANY'S
ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THE COMPANY'S HISTORICAL RESULTS OF
OPERATIONS AND THOSE DISCUSSED IN THE FORWARD-LOOKING STATEMENTS. FACTORS THAT
COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY INCLUDE, BUT ARE NOT LIMITED TO,
THOSE IDENTIFIED UNDER THE HEADING "CERTAIN FACTORS" BELOW.
 
                             RESULTS OF OPERATIONS
 
    Net sales for the three months ended March 31, 1997, were $1,289,000, a 23%
decrease from sales of $1,684,000 in the same period last year. Net sales for
the six months ended March 31, 1997, were $2,547,000, a 21% decrease from sales
of $3,244,000 in the same period last year. The decrease in sales for both
periods was primarily attributable to lower sales of frequency counters.
 
    Gross margin decreased to 38% in the second fiscal quarter of 1997, from 40%
in the second fiscal quarter of 1996. Gross margin was 37% for the six months
ended March 31, 1997, as compared to 39% for the same period last year. The
decrease in gross margin percentage for both periods ended March 31, 1997, was
primarily attributable to higher than normal warranty repair expenses for VXI
products.
 
    Incoming orders for the second fiscal quarter were $1,528,000, a 23%
increase from orders of $1,238,000 for the same period a year ago. Incoming
orders for the six months ended March 31, 1997, were $2,404,000, a 6% decrease
from orders of $2,554,000 for the same period a year ago. Backlog at March 31,
1997, was $566,000, an 18% increase from a backlog of $481,000 at the end of the
second fiscal quarter last year. The increase in orders for the second fiscal
quarter and backlog resulted primarily from a large order from one government
contractor. However, orders for the six months ended March 31, 1997, were also
affected by a decrease in international orders for frequency counters.
 
    Research, development and engineering expenses increased 5% to $278,000 in
the second fiscal quarter of 1997, compared to $265,000 for the same quarter
last year. Research, development and engineering expenses increased 6% to
$494,000 for the six months ended March 31, 1997, compared to $466,000 for the
same period last year. The increase in research, development and engineering
expenses for both periods was primarily attributable to new product development
expenditures related to a new frequency measurement product line currently under
development.
 
    Selling, general and administrative expenses decreased 4% to $497,000 during
the second fiscal quarter of 1997, compared to $520,000 for the same quarter
last year. Selling, general and administrative expenses decreased 8% to $963,000
for the six months ended March 31, 1997, compared to $1,052,000 for the same
period last year. The decrease in selling, general and administrative expenses
for both periods is due primarily to decreased commission expense resulting from
decreased sales volume, and overall expense control, compared to the same
periods last year.
 
    The Company recorded a net loss of $293,000 for the second fiscal quarter of
1997, as compared to net income of $13,000 during the same period last year. A
net loss of $515,000 was recorded for the six months ended March 31, 1997, as
compared to a net loss of $122,000 for the same period last year. Gains on sale
of capital equipment of $57,000 and $93,000, respectively, are included in
interest and other in the net losses for the three months and six months ended
March 31, 1997. Further, the net income for the three months ended March 31,
1996, and the net loss for the six months ended on such date reflects a credit
of $111,000 due to the waiver of fees owed by the Company to members of the
Board of Directors, and a gain on sale of capital equipment of $50,000. The
decrease in earnings for the three month and six month periods ended March 31,
1997, compared to the same periods last year, is primarily due to
 
                                       7
<PAGE>
                              EIP MICROWAVE, INC.
 
            PART I/ITEM 2 -- MANAGEMENT'S DISCUSSION AND ANALYSIS OF
           RESULTS OF OPERATIONS AND FINANCIAL CONDITION (CONTINUED)
 
decreased sales, a decrease in gross margin and increased research, development
and engineering expenses.
 
                              FINANCIAL CONDITION
 
    At March 31, 1997, the Company's cash, cash equivalents and short-term
investment balance was $141,000, as compared with a cash, cash equivalents and
short-term investment balance of $540,000 at September 30, 1996. At March 31,
1997, the Company had no material commitments for capital expenditures. At March
31, 1997, working capital decreased $512,000 from September 30, 1996, and the
Company's current ratio decreased to 1.10:1 from 1.42:1 over the same time
period.
 
    On March 5, 1997, the Company renewed its bank line of credit (the Bank
Line) through March 4, 1998. The Bank Line provides for borrowings up to 60% of
eligible accounts receivable, not to exceed $500,000. Interest is charged at the
banks prime rate plus 3% per annum, provided that the interest rate in effect
each month shall not be less than 10% per annum, and is payable monthly (11.5%
as of March 31, 1997). The Bank Line contains various restrictive covenants
requiring, among other matters, the maintenance of minimum levels of tangible
net worth and profitability and certain financial ratios, including a minimum
quick ratio and a maximum debt to net worth ratio. The Bank Line also precludes
or limits the Company's ability to take certain actions, such as paying
dividends, making loans, making acquisitions or incurring indebtedness, without
the bank's prior written consent. The Bank Line is secured by substantially all
of the Company's assets. At March 31, 1997, the Company was in material
compliance with the restrictive covenants of the Bank Line. Borrowings of
$151,000 were outstanding under the Bank Line at March 31, 1997.
 
    In the event that the Company is unable to maintain compliance with its
financial covenants under the Bank Line, J. Bradford Bishop, the Chairman and
Chief Executive Officer of the Company, and John F. Bishop, the Vice Chairman,
Treasurer and Secretary of the Company (the "Bishops"), have agreed to finance
up to $500,000 of working capital, in addition to the Subordinated Loan
(described below), on terms acceptable to the Bishops and the Company to replace
the Bank Line.
 
    At March 31, 1997, the Company had outstanding notes in the aggregate
principal amount of $600,000 payable to the Bishops (the "Bridge Notes").
Principal and interest under the Bridge Notes of $600,000 was repaid by the
Company on April 10, 1997, with proceeds from the Subordinated Loan (described
below). Principal in an amount equal to $9,808 remains outstanding on the Bridge
Notes. Interest is charged at 10% per annum. Principal and interest under the
Bridge Notes are payable on demand. The Bridge Notes are secured by
substantially all of the Company's assets, and the Bishops have agreed to
subordinate the Bridge Notes to the Bank Line.
 
    The Company and the Bishops are also parties to a Subordinated Loan
Agreement dated December 16, 1996. This agreement provides for a loan from the
Bishops to the Company up to a maximum aggregate amount of $600,000 (the
"Subordinated Loan"), and such aggregate amount was advanced to the Company by
the Bishops on April 10, 1997. The Subordinated Loan must be repaid by the
Company by February 1, 2000. Interest is charged at 8% per annum, and is payable
quarterly. The Subordinated Loan is subject to various restrictive covenants,
including restrictions on dividends, mergers and the sale of substantially all
assets of the Company. The Subordinated Loan is secured by substantially all of
the Company's assets, and the Bishops have agreed to subordinate the
Subordinated Loan to the Bank Line. In connection with the Subordinated Loan,
the Company issued warrants entitling the Bishops to purchase 90,000 shares of
the Company's common stock at $3.00 per share. The warrants will expire on
December 16, 2001.
 
                                       8
<PAGE>
                              EIP MICROWAVE, INC.
 
            PART I/ITEM 2 -- MANAGEMENT'S DISCUSSION AND ANALYSIS OF
           RESULTS OF OPERATIONS AND FINANCIAL CONDITION (CONTINUED)
 
    Future operating performance and levels of capital expenditures could reduce
the total amount of funds available under the Bank Line.
 
    The Company believes that the cash on hand, funds generated from operations,
and funds available under the Bank Line will satisfy its cash requirements
during fiscal 1997.
 
                                CERTAIN FACTORS
 
    IN ADDITION TO THE FACTORS DISCUSSED ELSEWHERE IN THIS QUARTERLY REPORT ON
FORM 10-QSB, THE FOLLOWING ARE IMPORTANT FACTORS WHICH COULD CAUSE ACTUAL
RESULTS OR EVENTS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN ANY
FORWARD-LOOKING STATEMENT MADE BY OR ON BEHALF OF THE COMPANY.
 
PRODUCT DEVELOPMENT AND INTRODUCTION
 
    The Company expects to continue to invest in research and development of new
products, and plans to begin producing a new frequency measurement product line
in fiscal year 1997. Due to the uncertainty associated with any new product
development and introduction (such as delays in development and lack of market
acceptance of a new product), there can be no assurances that the development
and introduction will be successful. If the new frequency measurement product
line is not successfully introduced in fiscal year 1997, the Company's business,
financial condition and results of operations will be materially adversely
affected.
 
LIQUIDITY
 
    Although the Company believes that its existing and available cash
resources, together with the availability under the Bank Line should be
sufficient to meet its needs for fiscal year 1997, there can be no assurance
that such cash resources will be sufficient to satisfy the Company's operating
requirements. The actual cash resources required will depend upon numerous
factors, including those described under "Product Development and Introduction"
above and "Other Factors" below.
 
OTHER FACTORS
 
    The Company's results of operations are also affected by a wide variety of
other factors, including fluctuations in customer demand, competitive factors
(such as pricing pressures on existing products and the timing and market
acceptance of new product introductions by competitors of the Company), and both
general economic conditions and conditions specific to the microwave and RF test
and measurement industry.
 
    Due to the foregoing and other factors, past results are not a reliable
predictor of future results. In addition, the securities of many technology and
developmental companies, such as the Company, have historically been subject to
extensive price and volume fluctuations that may adversely affect the market
price of their common stock.
 
                                       9
<PAGE>
                              EIP MICROWAVE, INC.
 
                          PART II -- OTHER INFORMATION
 
ITEM 2. CHANGES IN SECURITIES
 
    The Company's Bank Line contains various restrictive covenants requiring,
among other matters, the maintenance of minimum levels of tangible net worth and
profitability and certain financial ratios, including a minimum quick ratio and
a maximum debt to net worth ratio. The Bank Line also precludes or limits the
Company's ability to take certain actions, such as paying dividends, making
loans, making acquisitions or incurring indebtedness, without the bank's prior
written consent. In addition, the Subordinated Loan is subject to various
restrictive covenants, including restrictions on dividends, mergers and the sale
of substantially all assets of the Company. The Bank Line and the Subordinated
Loan are more fully described in Part 1/Item 2-Financial Condition.
 
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
 
    The Company held its Annual Meeting of Stockholders on February 5, 1997. Two
items were voted on by the stockholders.
 
    (1) Mr. John F. Bishop and Mr. J. Bradford Bishop were re-elected as Class I
       members of the Board of Directors with terms expiring at the 2000 Annual
       Meeting. The votes cast for or withheld for each nominee were as follows:
       For - 355,671; Withheld - 11,605. Michael E. Johnson and J. Sidney Webb,
       each a Class II director, and Robert D. Johnson, a Class III director,
       were not up for re-election and continue in office.
 
    (2) The stockholders approved the Company's Second Amended and Restated 1994
       Stock Option Plan, as adopted by the Board of Directors. Vote to approve
       as follows: For - 240,598; Against - 25,362; Abstain - 790; Broker
       Non-Votes - 100,526.
 
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
 
<TABLE>
<S>        <C>           <C>
(a)                                                                                         Exhibits.
 
                  10(a)  Loan Modification Agreement dated as of January 15, 1997, between the Company
                         and Silicon Valley Bank.
 
                  10(b)  Loan Modification Agreement dated as of March 5, 1997, between the Company and
                         Silicon Valley Bank.
 
                  10(c)  Indemnification Agreement dated February 19, 1997, between the Company and
                         Lewis R. Foster.
 
                  10(d)  Indemnification Agreement dated February 19, 1997, between the Company and Ivan
                         Andres.
 
                  27     Financial Data Schedule.
 
(b)                                                                              Reports on Form 8-K.
</TABLE>
 
    The Company did not file with the Commission any reports on Form 8-K in the
quarter ended March 31, 1997.
 
                                       10
<PAGE>
                                   SIGNATURES
 
    Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
 
                                          EIP MICROWAVE, INC.
                                          (Registrant)
 
<TABLE>
<CAPTION>
                         NAME                                             TITLE                         DATE
------------------------------------------------------  -----------------------------------------  --------------
 
<C>                                                     <S>                                        <C>
                /s/ J. BRADFORD BISHOP
     -------------------------------------------        Chairman of the Board and Chief Executive
                  J. Bradford Bishop                      Officer                                     May 5, 1997
 
                 /s/ LEWIS R. FOSTER
     -------------------------------------------        President and Chief Operations Officer
                   Lewis R. Foster                                                                    May 5, 1997
 
                  /s/ JOHN F. BISHOP
     -------------------------------------------        Vice Chairman, Treasurer and Secretary
                    John F. Bishop                        (Principal Financial Officer)               May 5, 1997
</TABLE>
 
                                       11
<PAGE>
                              EIP MICROWAVE, INC.
                               INDEX TO EXHIBITS
 
<TABLE>
<CAPTION>
                                                                                                     SEQUENTIALLY
EXHIBIT NO.                                       DESCRIPTION                                       NUMBERED PAGE
-----------  -------------------------------------------------------------------------------------  --------------
 
<S>          <C>                                                                                    <C>
 10(a)       Loan Modification Agreement dated as of January 15, 1997, between the Company and
               Silicon Valley Bank................................................................        14
 
  10(b)      Loan Modification Agreement dated as of March 5, 1997, between the Company and
               Silicon Valley Bank................................................................        17
 
  10(c)      Indemnification Agreement dated February 19, 1997, between the Company and Lewis R.
               Foster.............................................................................        19
 
  10(d)      Indemnification Agreement dated February 19, 1997, between the Company and Ivan
               Andres.............................................................................        24
 
  27         Financial Data Schedule..............................................................        29
</TABLE>
 
                                       12