Thanks for the reply. The in and out are jumpered together so the signal is going out the antenna jack. Just in case though I tried what you suggested and connected the dummy load to the out BNC and have the same results. To clarify, the S meter is always blinking, from the time it is powered up. I do not have to try to transmit for it to be blinking, its always in this state. If I do try to transmit, there is a relay that switches over but the radio puts out zero watts. I'm thinking it might be a problem with PB-1445, the protection circuit relay or something like that but am hoping someone might know a trick that will help me avoid testing every component.
KI7WQH Steve