-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, F55cAfNgT2ISloO2X2W9edXYDibSzt3aPjRFgNpVFBZORadxhxIyGh0q67YSfDXj amnnurbXtzCL1D6D7sOsBQ== 0000109446-96-000007.txt : 19960209 0000109446-96-000007.hdr.sgml : 19960209 ACCESSION NUMBER: 0000109446-96-000007 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19941231 FILED AS OF DATE: 19960208 SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ZURN INDUSTRIES INC CENTRAL INDEX KEY: 0000109446 STANDARD INDUSTRIAL CLASSIFICATION: COGENERATION SERVICES & SMALL POWER PRODUCERS [4991] IRS NUMBER: 251040754 STATE OF INCORPORATION: PA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05502 FILM NUMBER: 96513160 BUSINESS ADDRESS: STREET 1: ONE ZURN PL STREET 2: P O BOX 2000 CITY: ERIE STATE: PA ZIP: 16505 BUSINESS PHONE: 8144522111 MAIL ADDRESS: STREET 1: ONE ZURN PLACE CITY: ERIE STATE: PA ZIP: 16505 11-K 1 ZURN/NEPCO SAVINGS PLAN FORM 11-K SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 X Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934 [Fee Required] For the Fiscal Year Ended December 31, 1994 ___ Transition Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934 [No Fee Required] For the Transition Period From ___________ To __________ Commission File Number 1-5502 ZURN/NEPCO RETIREMENT SAVINGS PLAN (Full title of the Plan) ZURN INDUSTRIES, INC. One Zurn Place, Erie, Pennsylvania 16505 (Name and address of issuer of securities held pursuant to the Plan) -1- Pension Committee Zurn Industries, Inc. Erie, Pennsylvania We have audited the accompanying statements of net assets available for benefits of the Zurn/NEPCO Retirement Savings Plan as of December 31, 1994 and 1993, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan's administrator. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the administrator, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Zurn/NEPCO Retirement Savings Plan as of December 31, 1994 and 1993, and the changes in its net assets available for benefits for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of expressing an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes at December 31, 1994, and loans or fixed income obligations for the year then ended are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedules have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. /s/ Pashke Twargowski & Lee Erie, Pennsylvania October 11, 1995 -2- STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS ZURN/NEPCO RETIREMENT SAVINGS PLAN December 31 1994 1993 ASSETS Investments in T. Rowe Price Funds: U.S. Treasury Money $ 960,357 $ 906,824 U.S. Treasury Intermediate 14,646 New Income 219,579 256,413 Balanced 77,858 Capital Appreciation 1,757,743 1,424,286 Equity Index 1,226,294 1,126,505 International Stock 360,970 OTC 55,369 4,672,816 3,714,028 Participants' loans 221,555 117,626 Contributions receivable: Participants' 38,184 57,742 Employers' 10,470 17,068 TOTAL ASSETS 4,943,025 3,906,464 FORFEITED EMPLOYERS' CONTRIBUTIONS 23,562 27,865 NET ASSETS AVAILABLE FOR BENEFITS $4,919,463 $3,878,599 See notes to financial statements. -3- STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS ZURN/NEPCO RETIREMENT SAVINGS PLAN Year Ended December 31, 1994
T. Rowe Price Funds U.S. Treasury New Capital Money Intermediate Income Balanced Appreciation ADDITIONS Investment income (loss): Dividends $ 32,619 $ 587 $ 16,328 $ 3,750 $ 139,112 Net (depreciation) in value of investments (700) (21,794) (4,164) (80,215) 32,619 (113) (5,466) (414) 58,897 Contributions: Participants' 228,335 2,486 98,460 15,795 414,694 Employers' 68,708 877 26,818 3,955 106,452 Participants' loan interest 2,147 391 233 3,725 TOTAL ADDITIONS 331,808 3,250 120,203 19,569 583,768 DEDUCTIONS Benefits paid to participants 155,576 85 29,041 415 172,703 Forfeited employers' contributions 9,993 6,185 171 22,776 TOTAL DEDUCTIONS 165,569 85 35,226 586 195,479 NET ADDITIONS 166,239 3,165 84,977 18,983 388,289 NET ASSETS AVAILABLE FOR BENEFITS Beginning of year 906,824 256,413 1,424,286 Transfers (112,707) 11,481 (121,811) 58,875 (54,832) End of year $ 960,357 $ 14,646 $ 219,579 $ 77,858 $1,757,743 See notes to financial statements. -4- /TABLE STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS - Continued ZURN/NEPCO RETIREMENT SAVINGS PLAN Year Ended December 31, 1994
T. Rowe Price Funds Equity International Index Stock OTC Other Total ADDITIONS Investment income (loss): Dividends $ 45,759 $ 22,134 $ 5,716 $ 266,005 Net (depreciation) in value of investments (33,620) (32,242) (5,426) (178,161) 12,139 (10,108) 290 87,844 Contributions: Participants' 306,932 131,710 15,218 $ (19,558) 1,194,072 Employers' 78,827 28,297 4,138 1,768 319,840 Participants' loan interest 2,962 468 109 10,035 TOTAL ADDITIONS 400,860 150,367 19,755 (17,790) 1,611,791 DEDUCTIONS Benefits paid to participants 125,159 13,566 219 11,216 507,980 Forfeited employers' contributions 16,414 3,290 55 4,063 62,947 TOTAL DEDUCTIONS 141,573 16,856 274 15,279 570,927 NET ADDITIONS (DEDUCTIONS) 259,287 133,511 19,481 (33,069) 1,040,864 NET ASSETS AVAILABLE FOR BENEFITS Beginning of year 1,126,505 164,571 3,878,599 Transfers (159,498) 227,459 35,888 115,145 End of year $1,226,294 $ 360,970 $ 55,369 $ 246,647 $4,919,463 See notes to financial statements. -5- /TABLE STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS ZURN/NEPCO RETIREMENT SAVINGS PLAN Year Ended December 31, 1993
T. Rowe Price Funds U.S. Treasury New Capital Money Income Appreciation ADDITIONS Investment income: Dividends $ 19,276 $ 9,610 $ 54,732 Net appreciation (depreciation) in value of investments (900) 102,774 19,276 8,710 157,506 Contributions: Participants' 329,838 105,059 476,166 Employers' 99,380 24,166 119,756 Participants' loan interest 1,633 82 1,973 TOTAL ADDITIONS 450,127 138,017 755,401 DEDUCTIONS Benefits paid to participants 81,663 5,159 68,395 Forfeited employers' contributions (16,272) 811 7,919 TOTAL DEDUCTIONS 65,391 5,970 76,314 NET ADDITIONS 384,736 132,047 679,087 NET ASSETS AVAILABLE FOR BENEFITS Beginning of year 616,154 54,523 751,845 Transfers (94,066) 69,843 (6,646) End of year $ 906,824 $ 256,413 $1,424,286 See notes to financial statements. -6- /TABLE STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS - Continued ZURN/NEPCO RETIREMENT SAVINGS PLAN Year Ended December 31, 1993
T. Rowe Price Fund Equity Index Other Total ADDITIONS Investment income: Dividends $ 23,988 $ 107,606 Net appreciation in value of investments 59,931 161,805 83,919 269,411 Contributions: Participants' 340,675 $ 10,202 1,261,940 Employers' 94,551 6,113 343,966 Participants' loan interest 2,735 6,423 TOTAL ADDITIONS 521,880 16,315 1,881,740 DEDUCTIONS Benefits paid to participants 99,461 7,771 262,449 Forfeited employers' contributions 7,542 29,769 29,769 TOTAL DEDUCTIONS 107,003 37,540 292,218 NET ADDITIONS (DEDUCTIONS) 414,877 (21,225) 1,589,522 NET ASSETS AVAILABLE FOR BENEFITS Beginning of year 726,397 140,158 2,289,077 Transfers (14,769) 45,638 End of year $1,126,505 $ 164,571 $3,878,599 See notes to financial statements. -7- /TABLE NOTES TO FINANCIAL STATEMENTS ZURN/NEPCO RETIREMENT SAVINGS PLAN December 31, 1994 PLAN DESCRIPTION The Zurn/NEPCO Retirement Savings Plan is a defined contribution plan providing retirement benefits through participant-directed investments to participants in the National Energy Production Corporation Pension Plan. It is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The Company has agreed to contribute participants' elective deferrals of up to 18% of eligible compensation plus one-half of such amounts up to 2% of eligible compensation. Participants also may contribute non-taxed distributions from other employers' qualified plans and they may borrow from their accounts subject to specified limitations. Information about the Plan agreement and the benefit provisions is contained in the "Summary Plan Description" which may be obtained from Zurn Industries, Inc., the Plan Administrator. SIGNIFICANT ACCOUNTING POLICIES T. Rowe Price Investments The investments are stated at market value as determined by the funds. Investment Transactions Investment transactions are recorded as of the date the order to buy or sell is executed with realized gains and losses being included in investment income as a component of the net appreciation (depreciation) in the value of investments. Participants' Loans Participants' loans are stated at the principal amount due from the participants. Dividends Dividend income is recognized on the ex-dividend date. Expenses Administrative expenses are paid by the Plan Administrator. INCOME TAX STATUS The Internal Revenue Service has ruled that the Plan qualifies under Section 401(a) of the Internal Revenue Code and is, therefore, not subject to tax under present income tax law. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The Plan Administrator is not aware of any course of action or series of events that might adversely affect the Plan's qualified status. -8- SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES ZURN/NEPCO RETIREMENT SAVINGS PLAN December 31, 1994 ASSETS OWNED AT YEAR-END Cost Current Value T. Rowe Price Funds: U.S. Treasury Money $ 960,357 $ 960,357 U.S. Treasury Intermediate 15,343 14,646 New Income 235,478 219,579 Balanced 81,812 77,858 Capital Appreciation 1,771,691 1,757,743 Equity Index 1,181,544 1,226,294 International Stock 393,681 360,970 OTC 60,798 55,369 Participants' loans - 7% to 9.5% interest -0- 221,555 -9- SCHEDULE OF LOANS OR FIXED INCOME OBLIGATIONS ZURN/NEPCO RETIREMENT SAVINGS PLAN Year Ended December 31, 1994 Amount Received Original During The Year Unpaid Amount Overdue Amount Principal Interest Balance Principal Interest John R. Bunch $1,422 $91 $9 $1,331 $1,331 $-0- 1059 Military Turnpike Participant loan - 7% Plattsburgh, NY 12901 Distributed to participant -10- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Pension Committee of Zurn Industries, Inc. has duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized. ZURN/NEPCO RETIREMENT SAVINGS PLAN (Plan) February 7, 1996 /s/ James A. Zurn James A. Zurn, Chairman Pension Committee of Zurn Industries, Inc. -11- CONSENT OF INDEPENDENT AUDITORS We consent to the incorporation by reference in the Registration Statement on Form S-8 pertaining to the Zurn/NEPCO Retirement Savings Plan of our report dated October 11, 1995 with respect to the financial statements and supplemental schedules included in the Annual Report on Form 11-K of the Zurn/NEPCO Retirement Savings Plan. /s/ Pashke Twargowski & Lee Erie, Pennsylvania February 7, 1996 -12- -----END PRIVACY-ENHANCED MESSAGE-----