-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, YYrFSQcpbsRqLG4sUoPmzFdHDvLopNk2TDCTHR4G9NvLaROWOewBO497QJo1Co88 ZZJmRsxUCHAFmJIMnqPbpw== 0000201493-94-000005.txt : 19940518 0000201493-94-000005.hdr.sgml : 19940518 ACCESSION NUMBER: 0000201493-94-000005 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19940403 FILED AS OF DATE: 19940517 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLTEC INDUSTRIES INC CENTRAL INDEX KEY: 0000201493 STANDARD INDUSTRIAL CLASSIFICATION: 3728 IRS NUMBER: 131846375 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-07568 FILM NUMBER: 94529049 BUSINESS ADDRESS: STREET 1: 430 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2129400400 MAIL ADDRESS: STREET 1: 430 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: COLT INDUSTRIES INC DATE OF NAME CHANGE: 19900913 FORMER COMPANY: FORMER CONFORMED NAME: PENN TEXAS CORP DATE OF NAME CHANGE: 19680318 FORMER COMPANY: FORMER CONFORMED NAME: FAIRBANKS WHITNEY CORP DATE OF NAME CHANGE: 19680318 10-Q 1 COLTEC IND INC 10Q 1ST 1994 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (X) Quarterly Report Pursuant To Section 13 Or 15(d) Of The Securities Exchange Act of 1934 For the quarterly period ended April 3, 1994 OR ( ) Transition Report Pursuant To Section 13 Or 15(d) Of the Securities Exchange Act of 1934 For the transition period from __________________ to __________________ Commission file number 1-7568 COLTEC INDUSTRIES INC (Exact name of Registrant as specified in its charter) PENNSYLVANIA 13-1846375 (State or other jurisdiction of incorporation IRS Employer or organization) Identification No.) 430 PARK AVENUE, NEW YORK, N.Y. 10022 (Address of principal executive offices) (Zip code) (212) 940-0400 (Registrant's telephone number, including area code) ________________________________________________________________________________ (Former name, former address and former fiscal year, if changed since last report Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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 ( ) ________________________________ On May 1, 1994, there were outstanding 69,802,681 shares of common stock, par value $.01 per share. Page 1 of 15 PART I FINANCIAL INFORMATION Item I Financial Statements COLTEC INDUSTRIES INC AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET April 3, December 31, 1994 1993 ___________ ___________ (Unaudited) (In thousands, except per share data) A S S E T S Current assets - Cash and cash equivalents $ 5,297 $ 5,749 Accounts and notes receivable - net 196,706 161,521 Inventories - Finished goods 37,677 39,206 Work in process and finished parts 102,758 103,166 Raw materials and supplies 25,268 25,405 ___________ ___________ 165,703 167,777 Deferred income taxes 16,273 17,036 Other current assets 8,393 8,587 ___________ ___________ Total current assets 392,372 360,670 Property, plant and equipment 637,535 657,237 Less accumulated depreciation and amortization 420,742 431,908 ___________ ___________ 216,793 225,329 Costs in excess of net assets acquired, net of amortization 133,776 132,550 Other assets 107,864 87,863 ___________ ___________ $ 850,805 $ 806,412 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities - Current maturities of long-term debt $ 535 $ 1,543 Accounts payable 57,576 64,791 Accrued expenses 139,754 127,208 Current portion of liabilities of discontinued operations 4,000 4,000 ___________ ___________ Total current liabilities 201,865 197,542 Long-term debt 1,047,866 1,032,089 Deferred income taxes 29,472 27,543 Other liabilities 135,607 132,367 Liabilities of discontinued operations 41,635 42,361 Shareholders' equity - Preferred stock, $.01 par value, 2,500,000 shares authorized, shares outstanding - none - - Common stock, $.01 par value, 100,000,000 shares authorized, 69,943,341 shares issued (excluding 25,000,000 shares held by a wholly owned subsidiary) 699 699 Capital in excess of par value 637,008 636,846 Retained earnings (deficit) (1,230,822) (1,251,465) Unearned compensation - restricted stock awards (4,702) (5,552) Minimum pension liability (4,205) (4,205) Foreign currency translation adjustments (1,344) 1,077 ___________ ___________ (603,366) (622,600) Less: Cost of 140,660 and 179,309 shares of common stock in treasury at April 3, 1994 and December 31, 1993, respectively (2,274) (2,890) ___________ ___________ (605,640) (625,490) ___________ ___________ $ 850,805 $ 806,412 =========== =========== The accompanying notes to financial statements are an integral part of this statement. 2. COLTEC INDUSTRIES INC AND SUBSIDIARIES CONSOLIDATED STATEMENT OF EARNINGS (Unaudited) Three Months Ended ____________________ April 3, April 4, 1994 1993 ________ ________ (In thousands, except per share data) Net sales $331,850 $339,934 ________ ________ Costs and expenses - Cost of sales 227,641 232,031 Selling and administrative 49,530 52,936 ________ ________ Total costs and expenses 277,171 284,967 ________ ________ Operating income 54,679 54,967 Interest and debt expense, net 22,424 28,059 ________ ________ Earnings before income taxes and extraordinary item 32,255 26,908 Provision for income taxes 11,612 9,418 ________ ________ Earnings before extraordinary item 20,643 17,490 Extraordinary item - (264) ________ ________ Net earnings $ 20,643 $ 17,226 ======== ======== Earnings per common share - Before extraordinary item $ .30 $ .25 Extraordinary item - - ________ ________ Net earnings $ .30 $ .25 ======== ======== Weighted average number of common and common equivalent shares 69,797 69,599 ======== ======== The accompanying notes to financial statements are an integral part of this statement. 3. COLTEC INDUSTRIES INC AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) Three Months Ended ______________________ April 3, April 4, 1994 1993 _________ ________ (In thousands) Cash flows from operating activities Net earnings $ 20,643 $ 17,226 Adjustments to reconcile net earnings to cash Extraordinary item - 264 Depreciation and amortization 10,921 12,645 Deferred income taxes 1,929 227 Receivable from insurance carriers (3,089) (4,695) Payment of liabilities of discontinued operations (726) (304) Other operating items (2,521) 2,198 _________ ________ 27,157 27,561 _________ ________ Changes in assets and liabilities Accounts and notes receivable (15,989) (14,248) Inventories (1,011) (15,715) Deferred income taxes 763 146 Other current assets (85) (1,266) Accounts payable (4,710) 543 Accrued expenses (16,886) 2,075 _________ ________ Changes in assets and liabilities (37,918) (28,465) _________ ________ Cash used in operating activities (10,761) (904) _________ ________ Cash flows from investing activities Capital expenditures (7,146) (4,108) Other - net (1,029) 1,891 _________ ________ Cash used in investing activities (8,175) (2,217) _________ ________ Cash flows from financing activities Proceeds from issuance of long-term debt 329,000 24,112 Retirement of long-term debt (310,516) (22,075) _________ ________ Cash provided by financing activities 18,484 2,037 _________ ________ Cash and cash equivalents - Decrease (452) (1,084) At beginning of period 5,749 7,155 _________ ________ At end of period $ 5,297 $ 6,071 ========= ======== The accompanying notes to financial statements are an integral part of this statement. 4. COLTEC INDUSTRIES INC AND SUBSIDIARIES Notes to Financial Statements April 3, 1994 (Unaudited) 1. The unaudited financial statements included herein reflect in the opinion of Coltec Industries Inc ("Coltec") all normal recurring adjustments necessary to present fairly the financial position and results of operations for the periods indicated. The unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The consolidated balance sheet as of December 31, 1993 has been derived from the audited financial statements as of that date. For further information, refer to the financial statements and footnotes included in Coltec's annual report to shareholders for the year ended December 31, 1993. 2. In the first quarter of 1994, Coltec adopted the requirements of Financial Accounting Standards Board Interpretation No. 39, "Offsetting of Amounts Related to Certain Contracts." In accordance with Interpretation No. 39, Coltec recorded its liabilities for asbestos-related matters that are deemed probable and can be reasonably estimated (settled actions and actions in advanced stages of processing), and separately recorded an asset equal to the amount expected to be recovered by insurance. In addition, Coltec has recorded a receivable for that portion of payments previously made for asbestos product liability actions and related litigation costs that is recoverable from its insurance carriers. Liabilities for asbestos related matters and the receivable from insurance carriers included in the Consolidated Balance Sheet are as follows: April 3, December 31, 1994 1993 ________ ___________ (In thousands) Accounts and notes receivable - net $61,287 $35,838 Other assets 37,952 23,697 Accrued expenses 31,581 - Other liabilities 10,404 - 3. Interest paid and federal and state income taxes paid and refunded were as follows: Three Months Ended ______________________ April 3, April 4, 1994 1993 _______ _______ (In thousands) Interest paid $29,718 $30,598 Income taxes: Paid 12,512 4,992 Refunded 285 896 5. COLTEC INDUSTRIES INC AND SUBSIDIARIES Notes to Financial Statements April 3, 1994 (Unaudited) 4. During the first quarter of 1993, Coltec incurred an extraordinary charge of $264,000, net of a tax benefit of $135,000, in connection with the writeoff of deferred financing costs from early extinguishment of debt. 6. COLTEC INDUSTRIES INC AND SUBSIDIARIES April 3, 1994 PART I FINANCIAL INFORMATION Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations The following table shows financial information by industry segment for the three months ended April 3, 1994 and April 4, 1993. Three Months Ended __________________ April 3, April 4, 1994 1993 _______ _______ (In millions) Sales: Aerospace/Government $ 99.1 $113.1 Automotive 128.4 113.1 Industrial 104.7 114.0 Intersegment elimination (.3) (.3) ______ ______ Total $331.9 $339.9 ====== ====== Operating income: Aerospace/Government $ 13.6 $ 17.7 Automotive 28.3 26.3 Industrial 22.3 20.8 ______ ______ Total segments 64.2 64.8 Corporate unallocated (9.5) (9.8) ______ ______ Operating income $ 54.7 $ 55.0 ====== ====== RESULTS of OPERATIONS Three Months Ended April 3, 1994 Compared with Three Months Ended April 4, 1993. Earnings before extraordinary item for the first quarter of 1994 were $20.6 million, equal to $.30 per common share, compared with $17.5 million, or $.25 per common share in the first quarter of 1993. Sales were $331.9 million compared with $339.9 million for the first quarter last year. Operating income for the 1994 first quarter was $54.7 million and the operating margin was 16.5%. This compared with operating income of $55.0 million and an operating margin of 16.2% in the first quarter of 1993. Results for the first quarter of 1994 were adversely impacted by the severe weather conditions in January and February . 7. COLTEC INDUSTRIES INC AND SUBSIDIARIES April 3, 1994 In the Aerospace/Government segment, operating income in the first quarter of 1994 declined 23% on a 12% sales decline from the comparable 1993 period. Operating income in the Automotive segment improved 8% on a 14% sales increase, and operating income in the Industrial segment increased 7% on an 8% decline in sales. Operating results for the Aerospace/Government segment continued to reflect the weakness in demand for commercial aircraft and delayed receipt of orders for engines for U.S. Navy programs. The improved performance in the Automotive segment reflects the increasing strength in the automotive industry and rising demand for segment products. In the Industrial segment, results were mixed in the first quarter of 1994, with higher sales and earnings reported by Quincy Compressor and Garlock Bearings, while Garlock Mechanical Packing, France Compressor Products and Delavan Commercial Products reported lower results. Order input in the Industrial segment increased in the first quarter of 1994 over the 1993 fourth quarter. Excluding the operating results of Central Moloney, which was sold in January 1994, sales were up slightly to $327.0 million from $324.2 million and operating income was $54.6 million compared with $56.6 million in the first quarter of 1993. Excluding Central Moloney, operating income for the Industrial segment was level and sales were up 2% for the first quarter of 1994. Following is a discussion of the results of operations for the three months ended April 3, 1994 compared with the three months ended April 4, 1993. Sales. In the Aerospace/Government segment, sales were $99.1 million compared with $113.1 million a year ago. The sales decline continued to reflect the weakness in demand for commercial aircraft. Shipments of Menasco landing gear were down reflecting schedule reductions early in 1993 that were in response to customer cutbacks. Sales were down at Fairbanks Morse Engine on lower shipments of engines reflecting completion of certain U.S. Navy programs; and at Chandler Evans Control Systems, sales were down on lower demand for spare parts from both the commercial and military markets. Sales for the Automotive segment increased from $113.1 million last year to $128.4 million in the first quarter of 1994 reflecting higher new car and truck production. Sales at Holley Automotive were higher on increased demand for manifold assemblies, transmission solenoids and transmission modulators. Shipments of oil pumps and both mechanical and electrical emission-control air pumps were up at Coltec Automotive. The higher sales of electric air pumps reflected the acquisition late in 1993 of General Motor's air pump manufacturing operation. Farnam Sealing Systems reported higher sales on strong demand for gaskets and seals from both original equipment manufacturers and the aftermarket. Sales were lower at Holley Replacement Parts reflecting a decline in demand for carburetors in the aftermarket. 8. COLTEC INDUSTRIES INC AND SUBSIDIARIES April 3, 1994 In the Industrial segment, sales were $104.7 million for the first quarter of 1994 compared with $114.0 million last year. Excluding Central Moloney, sales were $99.8 million compared with $98.2 million in the first quarter of 1993. Quincy Compressor reported higher sales on increased shipments of rotary screw air compressors and greater demand for compressor parts and accessories. Sales were higher at Garlock Bearings, Sterling Die and Haber on increased demand from the automotive market. Lower sales were reported in the first quarter of 1994 by Garlock Mechanical Packing, Garlock Valves & Industrial Plastics and France Compressor Products. Cost of Sales. Cost of sales decreased 2% in the first quarter of 1994; however, excluding Central Moloney, cost of sales was 3% higher. This increase is related primarily to higher operating costs at Chandler Evans Control Systems and Walbar resulting from production delays and inefficiencies during the consolidation and relocation of operations pursuant to the restructuring plan announced in 1993. Cost of sales as a percent of sales increased to 68.2% from 66.7%, after excluding Central Moloney. Selling and Administrative. Selling and administrative expense, including other income and expense, declined 6% in the first quarter of 1994. Excluding Central Moloney, selling and administrative expense was down 4% due to lower sales and to reductions in the sales force at Garlock Mechanical Packing. As a percent of sales, selling and administrative expense declined to 15.1% from 15.8% in the first three months of 1993, after excluding Central Moloney. Interest and Debt Expense, Net. Interest and debt expense, net declined $5.6 million, or 20%, primarily reflecting lower cost under the 1994 Credit Agreement entered into in January 1994. Provision for Income Taxes. The provision for income taxes for the first three months of 1994 results in an effective income tax rate of 36.0% compared with 35.0% for the first three months of 1993. Extraordinary Item. Coltec incurred an extraordinary charge of $.3 million, net of a $.1 million tax benefit, in the first three months of 1993 resulting from the write-off of deferred financing costs from early extinguishment of debt. 9. COLTEC INDUSTRIES INC AND SUBSIDIARIES April 3, 1994 Liquidity and Financial Position In January 1994, Coltec entered into a $415.0 million reducing revolving credit facility (the "1994 Credit Agreement"). This agreement was used to prepay borrowings outstanding and replace letters of credit issued under a credit agreement entered into in 1992. On January 11, 1994, borrowings of $324.0 million were outstanding and letters of credit of $43.6 million were issued under the 1994 Credit Agreement. The remaining balance of the 1994 Credit Agreement is being used for working capital and general corporate purposes. The 1994 Credit Agreement, which expires June 30, 1999, provides up to $100 million for issuance of letters of credit and will be reduced $50.0 million on both January 11, 1997 and 1998. On April 3, 1994, borrowings of $329.0 million were outstanding and letters of credit of $38.9 million were issued under the 1994 Credit Agreement leaving $47.1 million available for additional borrowings and the issuance of letters of credit. In the first quarter of 1994, Coltec adopted the requirements of Financial Accounting Standards Board Interpretation No. 39, "Offsetting of Amounts Related to Certain Contracts." In accordance with Interpretation No. 39, Coltec recorded liabilities ($31.6 million included in accrued expenses and $10.4 million included in other liabilities in the Consolidated Balance Sheet) for asbestos-related matters that are deemed probable and can be reasonably estimated (settled actions and actions in advanced stages of processing), and separately recorded an asset equal to the amount expected to be recovered by insurance. In addition, Coltec has recorded a receivable for that portion of payments previously made for asbestos product liability actions and related litigation costs that is recoverable from its insurance carriers. At April 3, 1994 and December 31, 1993, the receivable balance was $99.2 million and $59.5 million, respectively, of which $61.3 million and $35.8 million, respectively, is included in accounts and notes receivable - net, with the remaining balance included in other assets. In the first three months of 1994, $10.8 million of cash was used in operating activities compared with $.9 million last year. The $10.8 million of cash used in operating activities in 1994 reflects higher working capital requirements, a lower interest accrual resulting from the 1994 Credit Agreement, higher payments of income taxes and payments covering the restructuring plan announced in 1993. The $.9 million of cash used in operating activities in the first quarter of 1993 was due to higher working capital requirements. Excluding the receivable due from insurance carriers, receivables increased 8% to $135.4 million and receivables days outstanding were 38 days at April 3, 1994 compared with 36 days at year-end 1993. Inventories of $165.7 million at April 3, 1994 were slightly lower than at December 31, 1993, however, excluding Central Moloney, inventories were slightly higher. 10. COLTEC INDUSTRIES INC AND SUBSIDIARIES April 3, 1994 At April 3, 1994, total debt was $1,048.4 million compared with $1,033.6 million at year-end 1993. The negative balance in shareholders equity of $605.6 million compares with a negative balance of $625.5 million at year-end 1993. Cash and cash equivalents at April 3, 1994 were $5.3 million compared with $5.7 million at December 31, 1993. Working capital at April 3, 1994 was $190.5 million and the current ratio was 1.94. This compares with working capital of $163.1 million and a current ratio of 1.83 at December 31, 1993. 11. COLTEC INDUSTRIES INC AND SUBSIDIARIES April 3, 1994 PART II OTHER INFORMATION Item 1. Legal Proceedings As of April 3, 1994, two subsidiaries of Coltec were among a number of defendants (typically 15 to 40) in approximately 68,300 actions (including approximately 6,000 actions in advanced stages of processing) filed in various states by plaintiffs alleging injury or death as a result of asbestos fibers. Through April 3, 1994, approximately 98,800 of the approximately 167,100 total actions brought have been settled or otherwise disposed of. The damages claimed for personal injury or death vary from case to case and in many cases plaintiffs seek $1 million or more in compensatory damages and $2 million or more in punitive damages. Although the law in each state differs to some extent, it appears, based on advice of counsel, that liability for compensatory damages would be shared among all responsible defendants, thus limiting the potential monetary impact of such judgments on any individual defendant. Following a decision of the Pennsylvania Supreme Court, in a case in which neither Coltec nor any of its subsidiaries were parties, that held insurance carriers are obligated to cover asbestos-related bodily injury actions if any injury or disease process, from first exposure through manifestation, occurred during a covered policy period (the "continuous trigger theory of coverage"), Coltec settled litigation with its primary and most of its first-level excess insurance carriers, substantially on the basis of the Court's ruling. Coltec is currently negotiating with its remaining excess carriers to determine, on behalf of its subsidiaries, how payments will be made with respect to such insurance coverage for asbestos claims. Coltec believes that agreement can be achieved without litigation, and on substantially the same basis that it has resolved the issues with its primary and first-level excess carriers. On this basis, Coltec will have available to it a significant amount of coverage from its solvent carriers for asbestos claims. Settlements are generally made on a group basis with payments made to individual claimants over periods of one to four years. In the first quarter of 1994, two subsidiaries of Coltec received approximately 4,000 new actions. Payments were made with respect to asbestos liability and related costs aggregating $10.1 million in the first quarter of 1994, substantially all of which were covered by insurance. In accordance with Coltec's internal procedures for the processing of asbestos product liability actions and due to the proximity to trial or settlement, certain outstanding actions have progressed to a stage where Coltec can reasonably estimate the cost to dispose of these actions. As of April 3, 1994, Coltec estimates that the aggregate 12. COLTEC INDUSTRIES INC AND SUBSIDIARIES April 3, 1994 remaining cost of the disposition of the settled actions for which payments remain to be made and actions in advanced stages of processing, including associated legal costs, is approximately $42.0 million and Coltec expects that this cost will be substantially covered by insurance. With respect to the 62,300 outstanding actions as of April 3, 1994 which are in preliminary procedural stages, Coltec lacks sufficient information upon which judgments can be made as to the validity or ultimate disposition of such actions, thereby making it difficult to estimate with reasonable certainty the liability or costs to Coltec. When asbestos actions are received they are typically forwarded to local counsel to ensure that the appropriate preliminary procedural response is taken. The complaints typically do not contain sufficient information to permit a reasonable evaluation as to their merits at the time of receipt, and in jurisdictions encompassing a majority of the outstanding actions, the practice has been that little or no discovery or other action is taken until several months prior to the date set for trial. Accordingly, Coltec generally does not have the information necessary to analyze the actions in sufficient detail to estimate the ultimate liability or costs to Coltec, if any, until the actions appear on a trial calendar. A determination to seek dismissal, to attempt to settle or to proceed to trial is typically not made prior to the receipt of such information. It is also difficult to predict the number of asbestos lawsuits that Coltec's subsidiaries will receive in the future. Coltec has noted that, with respect to recently settled actions or actions in advanced stages of processing, the mix of the injuries alleged and the mix of the occupations of the plaintiffs have been changing from those traditionally associated with Coltec's asbestos-related actions. Coltec is not able to determine with reasonable certainty whether this trend will continue. Based upon the foregoing, and due to the unique factors inherent in each of the actions, including the nature of the disease, the occupation of the plaintiff, the presence or absence of other possible causes of a plaintiff's illness, the availability of legal defenses, such as the statute of limitations or state of the art, and whether the lawsuit is an individual one or part of a group, management is unable to estimate with reasonable certainty the cost of disposing of outstanding actions in preliminary procedural stages or of actions that may be filed in the future. However, Coltec believes that its subsidiaries are in a favorable position compared to many other defendants because, among other things, the asbestos fibers in its asbestos-containing products were encapsulated. Considering the foregoing, as well as the experience of Coltec's subsidiaries and other defendants in asbestos litigation, the likely sharing of judgments among multiple responsible defendants, and the significant amount of insurance coverage that Coltec expects to be available from its solvent carriers, Coltec believes that pending and reasonably anticipated future claims are not likely to have a material effect on Coltec's results of operations and financial condition. 13. COLTEC INDUSTRIES INC AND SUBSIDIARIES April 3, 1994 Although the insurance coverage which Coltec has is substantial, it should be noted that insurance coverage for asbestos claims is not available to cover exposures initially occurring on and after July 1, 1984. In addition to claims for personal injury, the subsidiaries were among 40 named defendants in a class action seeking recovery of the cost of asbestos removal from school buildings. Twenty-nine similar school building cases have been dismissed without prejudice to the plaintiffs and without payment by Coltec's subsidiaries. Coltec's subsidiaries continue to be named as defendants in new cases. Item 6. Exhibits and Reports on Form 8-K (b) No reports on Form 8-K were filed during the quarter ended April 3,1994 by Coltec Industries Inc. 14. S I G N A T U R E 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. COLTEC INDUSTRIES INC (Registrant) by Paul G. Schoen ------------------------------------- Paul G. Schoen Executive Vice President, Finance Treasurer and Chief Financial Officer Date: May 16, 1994 15. -----END PRIVACY-ENHANCED MESSAGE-----