-----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, KKliq3jggKzdBH9veOPFPmkdoEx2eQ0uHB+qw4Z9BEMNdwl/DqXQhSzEGBVjwt8X eATt83WPghQgSBhhpHG+MQ== 0000950172-96-000329.txt : 19960701 0000950172-96-000329.hdr.sgml : 19960701 ACCESSION NUMBER: 0000950172-96-000329 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960628 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEXTRON INC CENTRAL INDEX KEY: 0000217346 STANDARD INDUSTRIAL CLASSIFICATION: AIRCRAFT & PARTS [3720] IRS NUMBER: 050315468 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05480 FILM NUMBER: 96588235 BUSINESS ADDRESS: STREET 1: 40 WESTMINSTER ST CITY: PROVIDENCE STATE: RI ZIP: 02903 BUSINESS PHONE: 4014212800 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN TEXTRON INC DATE OF NAME CHANGE: 19710510 11-K 1 =============================================================================== SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------------------- FORM 11-K (Mark one) [X] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] For the fiscal year ended December 31, 1995 OR [ ] 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 001-05480 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: ELCO TEXTRON INC. PROFIT SHARING AND SAVINGS PLAN 1111 SAMUELSON ROAD P.O. BOX 7009 ROCKFORD, ILLINOIS 61125 B. Name of issuer of securities held pursuant to the plan and address of its principal executive office: TEXTRON INC. 40 WESTMINSTER STREET PROVIDENCE, RHODE ISLAND 02903 =============================================================================== REQUIRED INFORMATION The following Financial Statements for the Elco Textron Inc. Profit Sharing and Savings Plan (formerly known as Elco Industries, Inc. Profit Sharing and Savings Plan) are furnished herein: INDEX Report of Independent Auditors............................................. 3 Financial Statements Statements of Net Assets Available for Plan Benefits................... 4 Statement of Changes in Net Assets Available for Plan Benefits......... 5 Notes to Financial Statements.......................................... 6 Supplemental Schedules Assets Held for Investment............................................. 10 Reportable Transactions ............................................... 15 Report of Independent Auditors Pension Committee Elco Industries, Inc. Profit Sharing and Savings Plan We have audited the accompanying statements of net assets available for benefits of Elco Industries, Inc. Profit Sharing and Savings Plan (the Plan) as of December 31, 1995 and 1994, and the related statements of changes in net assets available for benefits for the year ended December 31, 1995. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financials 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 management, 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 Plan at December 31, 1995 and 1994, and the changes in net assets available for benefits for the year ended December 31, 1995, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedules of assets held for investment as of December 31, 1995, and reportable transactions for the year then ended are presented for purposes of complying with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, and are not a required part of the basic financial statements. The Fund Information in the statement of net assets available for benefits and the statements of changes in net assets available for benefits is presented for purposes of additional analysis rather than to present the net assets available for benefits of each fund. The supplemental schedules and Fund Information have been subjected to the auditing procedures applied in our audits 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. Ernst & Young LLP Milwaukee, Wisconsin May 31, 1996 Elco Industries, Inc. Profit Sharing and Savings Plan Statements of Net Assets Available for Plan Benefits
DECEMBER 31, 1995 DECEMBER 31, 1994 --------------------------------------------------------- ----------------------------------------- Money Market Balanced Mortgage & Total Balanced Mortgage & Total Fund Fund Bond Fund Funds Fund Bond Fund Funds --------------------------------------------------------- ----------------------------------------- ASSETS Investments, at fair value: Mortgage notes $ - $ - $ 6,124,887 $ 6,124,887 $ - $ 6,863,754 $ 6,863,754 Common stocks - 19,616,737 - 19,616,737 13,807,379 - 13,807,379 Preferred stocks - 1,411,713 - 1,411,713 324,856 - 324,856 U.S. Government and Agency obligations - 7,868,687 6,740,495 14,609,182 7,432,086 7,029,533 14,461,619 Corporate and municipal obligations - 1,645,356 3,235,413 4,880,769 1,656,169 2,920,293 4,576,462 Foreign bonds - 97,138 - 97,138 126,000 - 126,000 Short-term investments 1,245,289 4,855,118 1,046,161 7,146,568 2,538,873 192,676 2,731,549 Loans to participants - - 5,498 5,498 - 5,222 5,222 Cash, interest- bearing 8,550 143,324 209,960 361,834 631,709 127,293 759,002 --------------------------------------------------------- ----------------------------------------- 1,253,839 35,638,073 17,362,414 54,254,326 26,517,072 17,138,771 43,655,843 Employer contribution receivable - 512,624 - 512,624 1,056,982 - 1,056,982 Interest and dividend receivable 5,381 216,068 139,628 361,077 83,088 137,817 220,905 Accounts receivable - - - - 20,146 24,544 44,690 Due to (from) other fund 22,449 (92,830) 70,381 - (75,272) 75,272 - --------------------------------------------------------- ----------------------------------------- $1,281,669 $36,273,935 $17,572,423 $55,128,027 $27,602,016 $17,376,404 $44,978,420 ========================================================= =========================================
See accompanying notes.
Elco Industries, Inc. Profit Sharing and Savings Plan Statement of Changes in Net Assets Available for Plan Benefits Year ended December 31, 1995 Money Market Balanced Mortgage & Total Fund Fund Bond Fund Funds ---------------------------------------------------------------------------- Additions: Contributions: Employer $ 21,654 $ 1,092,881 $ 67,889 $ 1,182,424 Employee 33,226 884,381 464,986 1,382,593 Interest and dividends 65,177 1,091,529 1,150,798 2,307,504 Net appreciation in fair value of investments - 6,903,221 851,973 7,755,194 ---------------------------------------------------------------------------- 120,057 9,972,012 2,535,646 12,627,715 Deductions: Benefits payments to participants or their beneficiaries 97,807 672,324 1,504,066 2,274,197 Administrative expenses - 154,698 49,213 203,911 ---------------------------------------------------------------------------- 97,807 827,022 1,553,279 2,478,108 Transfers, net 1,259,419 (473,071) (786,348) - ---------------------------------------------------------------------------- Net additions 1,281,669 8,671,919 196,019 10,149,607 Net assets available for Plan benefits, beginning of year - 27,602,016 17,376,404 44,978,420 ---------------------------------------------------------------------------- Net assets available for Plan benefits, end of year $1,281,669 $36,273,935 $17,572,423 $55,128,027 ============================================================================
See accompanying notes. Elco Industries, Inc. Profit Sharing and Savings Plan Notes to Financial Statements December 31, 1995 1. DESCRIPTION OF THE PLAN The Elco Industries, Inc. Profit Sharing and Savings Plan (the Plan) is a defined contribution plan formed to provide profit sharing benefits to employees of Elco Textron Inc. (the Company). Elco Industries, Inc. was purchased in October 1995 and changed its name to Elco Textron Inc. All full-time employees of the Company's Corporate Division, Precision Automotive Division, Precision Commercial Division, Heat Treat and Finishes Division, Tool Manufacturing Division, Construction Products Division and Elco Consumer Products Corp. are eligible to participate in the Plan, commencing with the first annual anniversary of their employment. Plan participants vest in the Company's contributions at the rate of 10 percent per year for each of the first two years of participation in the Plan and at the rate of 20 percent per year for the next four years. Participants become fully vested after six years. Forfeitures are allocated to remaining Plan participants. The Plan is administered by an administrative committee consisting of not fewer than three members selected by the Board of Directors of the Company. The Company annually contributes to the Plan the lesser of 10 percent of its current year adjusted net income plus an additional amount, which may be authorized at the discretion of its Board of Directors, or 15 percent of the aggregate compensation paid to all Plan participants. Active participants may elect to make taxable contributions not to exceed 10 percent of their earnings, and/or tax reduction contributions as a percent of earnings as determined annually by the administrative committee. Employee and employer contributions are funded currently with the custodian. The Plan requires that at least two investment portfolios be maintained. The Company's contributions generally are invested in common stocks and other equity securities. The participants' contributions may be invested in money market funds, fixed income securities (Mortgage & Bond Fund) or in a stock portfolio (Balanced Fund) as directed by each participant. However, the administrative committee may direct that any portion of the funds be invested in fixed income property to conserve principal. The allocation of Plan income or loss to active participants is made in the same ratio that a participant's account bears to the sum of the balances of all participants' accounts, taking into consideration the dates on which additional contributions and withdrawals are made. The allocation of Company contributions and forfeitures is based on participant earnings, plus years of service, as defined by the Plan document. The benefit to which a participant is entitled is the benefit that can be provided from the participant's account balance. On termination of service, a participant may elect to receive either a lump-sum amount equal to the vested portion of his account, or periodic payments over a period of time as defined by the Plan. In accordance with the terms of the trust agreement as amended January 1, 1976, the custodian has custody of all trust assets. The Plan has received a determination letter dated April 6, 1995, from the Internal Revenue Service that the Plan meets the requirements of Section 401(b) of the Internal Revenue Code (IRC) and, therefore, is not subject to federal or state income taxes. Once qualified, a plan is required to operate in conformity with the IRC 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. Participants should refer to the Summary Plan Description for a more complete description of the Plan. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Common stocks, preferred stocks, U.S. Government and Agency obligations, foreign bonds, and corporate and municipal obligations are carried at fair value based on quoted market values. The values of investments in mortgage notes and loans to participants represent the uncollected principal balances, which approximate fair value. Short-term investments are reported at cost, which approximates fair value. The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Certain administrative services are provided to the Plan by the Company without charge. 3. TERMINATION PRIORITIES Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contribution at any time and to terminate the Plan subject to the provisions of ERISA. In the event of termination, participants will become 100% vested in their accounts. 4. MORTGAGE NOTES The Plan invests in mortgage notes receivable from certain employees of the Company in northern Illinois who may or may not be Plan participants. The Plan's policy restricts these investments to first mortgages on personal residences, including subsequent home improvements, and requires approval by the administrative committee. The mortgage amount may not exceed 80 percent of the appraised value of the property plus 50 percent of the participant's vested benefit in their profit sharing account. The maximum amount loaned is limited to the appraised value, but may not exceed $50,000. Interest rates currently range from 7.5% to 8.5%. The notes are granted with maturities of up to ten years and payment schedules based on periods of up to twenty-five years. At the maturity date, unpaid loan balances are reviewed by the administrative committee and, upon approval, are refinanced at prevailing interest rates. 5. NET APPRECIATION (DEPRECIATION) OF INVESTMENTS During 1995, Plan investments (including investments bought, sold, as well as held during the year) appreciated (depreciated) in fair value as follows: Common stocks $6,187,450 Preferred stocks 67,634 U.S. Government and Agency obligations 1,061,506 Corporate obligations 494,341 Foreign bonds (55,737) ------------------- $7,755,194 =================== 6. INVESTMENTS EXCEEDING FIVE PERCENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS The fair value of individual investments that exceed five percent of net assets is as follows: ---------------------------- 1995 1994 ---------------------------- U.S. Treasury notes, 5.125%, due 12/31/98 $3,486,875 $3,904,959 Parkstone U.S. Government Obligations Money Market Fund 4,210,996 Parkstone Prime Obligations Money Market Fund 2,935,572 7. RELATED-PARTY TRANSACTIONS As of December 31, 1994, common stock included 110,019 shares of Elco Industries, Inc., common stock with a fair value of $1,870,323. During 1995, the Plan sold the 110,019 common shares of Elco Industries, Inc. at $3,960,684 for a gain of $3,663,262. The Plan had the following related-party transactions with funds administered by an affiliate of the Plan's custodian, for the year ended December 31, 1995: Purchases Sales -------------------------------------------- Parkstone Money Market Funds $32,090,278 $27,675,259
Elco Industries, Inc. Profit Sharing and Savings Plan Assets Held for Investment December 31, 1995 PAR VALUE CURRENT IDENTITY /DESCRIPTION OR SHARES COST VALUE - -------------------------------------------------------------------------------------------------------------- Mortgage notes, interest rates of 7.5% - 8.5%, maturing at various dates through 2005 - $6,124,887 $6,124,887 Common stocks: AT&T Corporation 2,350 135,744 152,162 Allstate Corporation 2,885 91,712 118,646 American Express Company Exchangeable Note 5,400 262,210 299,700 American Home Products Corporation 2,650 217,802 257,050 Atlantic Richfield Company 2,150 245,678 238,112 Bandag Incorporated Class A Common 2,600 134,462 137,800 Banta Corporation 3,200 104,400 140,800 Belden Incorporated 10,200 265,058 262,650 Brinker International Corporation 29,000 440,957 438,625 Bristol Myers Squibb Company 3,100 258,612 266,212 Browning Ferris Industries 17,500 508,143 514,062 Browning Ferris Industries Incorporated Common Auto Exchange 3,850 136,560 120,794 Burlington Resources, Inc. 10,500 398,030 412,125 CCH Incorporated Class B Nonvoting 5,300 111,699 292,162 Casey's General Stores 15,900 123,005 347,812 Coca Cola Company 3,700 210,108 274,725 Conagra Incorporated 3,200 109,986 132,000 Corning Incorporated 6,900 184,074 220,800 Deluxe Corporation 9,700 268,998 281,300 Dentsply International Incorporated 5,200 171,600 208,000 Duke Power Company 7,300 303,279 345,837 Duracell International Incorporated 5,550 260,762 287,212 Eli Lilly and Company 7,500 303,154 421,875 Emerson Electric Company 4,100 293,640 335,175 Enron Corporation Common Exchangeable EOG 5,800 134,814 139,200 FPL Group Incorporated 7,700 301,477 357,087 Family Dollar Store, Inc. 31,000 468,867 426,250 Federal National Mortgage Association 3,500 256,073 433,562 First Financial Corporation Wisconsin 9,400 46,083 216,200 First Tennessee National Corporation 2,100 118,075 127,050 Fisher Scientific International Incorporated 8,100 261,486 270,338 Frontier Corporation 8,600 194,819 258,000 G & K Services, Inc. Class A 15,000 133,925 382,500 Glatfelter P H Company 5,500 84,142 94,188 HJ Heinz Company 10,175 312,639 337,047 Haemonetics Corporation 14,500 299,534 257,375 Harding Lawson Associates Group Incorporated 4,300 73,100 25,800 John Alden Financial Corporation 6,400 137,623 133,600 Johnson & Johnson 4,300 275,487 367,650 Liqui Box Corporation 2,400 47,600 71,100 MBNA Corporation 8,700 245,597 320,813 Marshall & Ilsley Corporation 6,900 69,000 179,400 May Department Stores Company 3,150 124,808 132,694 Mentor Graphics Corporation 18,000 200,865 328,500 Minerals Technologies Incorporated 3,700 131,269 135,050 Mobil Corporation 4,150 397,595 463,763 New England Electric System 3,400 122,897 134,725 Newell Company 4,400 79,242 113,850 Occidental Petroleum Corporation 7,850 184,528 167,794 Old Republic International Corp. 7,200 168,301 255,600 PNC Bank Corporation 4,200 126,861 135,450 Pall Corporation 11,600 182,410 311,750 Policy Management Systems Corporation 8,700 293,128 414,338 Proctor & Gamble Company 5,000 343,175 415,000 Progressive Corporation Ohio 5,000 179,630 244,375 Providian Corporation 6,400 135,235 260,800 Questar Corporation 3,950 128,995 132,325 Raychem Corporation 8,000 330,688 455,000 Regal Beloit Corporation 14,500 134,449 315,375 Roto Rooter, Inc. 3,500 52,500 114,625 Royal Dutch Petroleum Company 2,950 359,161 416,319 Ryans Steak House 34,000 284,185 238,000 Sears Roebuck and Company 7,450 254,118 290,550 Service Corporation International 6,268 170,300 275,796 Snap On Incorporated 4,250 182,906 192,313 Stratus Computer, Inc. 9,900 335,280 342,788 Sungard Data Systems 15,000 158,826 427,500 Sybron International Corporation 6,600 80,190 155,925 Texas Utilities Company 3,250 117,973 133,250 US Healthcare Corporation 2,750 109,849 127,875 UST Incorporated 11,950 358,387 398,831 United Technologies Corporation 3,400 238,060 322,575 Watts Industries Class A 18,000 394,365 418,500 Wausau Paper Mills Company 4,180 88,825 113,905 Xerox Corporation 2,400 283,620 328,800 ------------------------------------- 15,732,635 19,616,737 Preferred stocks: Alco Standard 4,250 338,946 363,375 Allstate Corporation 3,250 135,779 133,250 Bowater Incorporated 4,150 131,285 126,575 First Bank System 2,450 176,346 210,088 First USA, Inc. 7,600 288,952 300,200 Houghton Mifflin Company 1,250 90,100 85,000 Sunamerica Incorporated 2,950 187,653 193,225 ------------------------------------- 1,349,061 1,411,713 U.S. Government obligations: U.S. Treasury note, 6.375%, due 7/15/99 1,200,000 1,206,447 1,240,500 U.S. Treasury note, 5.625%, due 8/31/97 2,000,000 2,056,750 2,013,120 U.S. Treasury note, 5.125%, due 12/31/98 3,500,000 3,463,299 3,486,875 U.S. Treasury note, 5.875%, due 2/15/04 1,300,000 1,242,578 1,326,000 U.S. Treasury note, 7.875%, due 11/15/04 650,000 649,188 752,577 ------------------------------------- 8,618,262 8,819,072 U.S. Government Agency obligations: FHLB, 7.050% DTD 12/21/95, due 12/21/05 700,000 700,000 700,000 FHLB, 6.880% DTD 8/01/95, due 8/01/00 825,000 825,000 822,690 FHLB, 6.877% DTD 9/13/95, due 9/13/00 500,000 500,781 507,350 FHLB, 7.300% DTD 12/27/95, due 12/27/10 800,000 800,000 800,000 FHLB, 7.325% DTD 12/28/95, due 12/28/10 600,000 600,000 600,000 FHLMC Debenture, 7.000% DTD 12/01/95, due 12/02/02 750,000 750,000 750,000 FHLMC Debenture, 7.050% DTD 1/29/93, due 1/29/03 500,000 502,031 503,300 FHLMC Debenture, 6.780% DTD 2/12/93, due 2/12/03 500,000 499,297 500,650 SLMA, 6.970% DTD 8/23/95, due 8/23/0 0 600,000 601,500 606,120 ------------------------------------- 5,778,609 5,790,110 Corporate and municipal obligations: American Express Master Trust CMO, 6.050%, due 7/15/97 200,000 199,418 201,609 Analog Devices Incorporated, 3.500%, due 12/01/00 125,000 125,962 133,594 Anheuser Busch, Inc., 8.750%, due 12/01/99 300,000 320,478 332,154 Bear Steams Companies, 9.375%, due 6/01/01 150,000 153,314 172,407 Browning Ferris Industries, 6.750%, due 7/18/05 120,000 120,275 119,700 Coca Cola Enterprises, Inc., 7.875%, due 2/01/02 300,000 298,050 329,484 Dupont E I De Nemours & Co., 8.500%, due 2/15/03 400,000 421,559 451,312 First Financial Management Corporation, 5.000%, due 12/15/99 80,000 106,675 124,300 Ford Motor Company, 9.000%, due 9/15/01 300,000 305,625 342,468 General Instrument Corporation, 5.000%, due 6/15/00 80,000 105,573 88,000 Great Western Financial Corporation, 6.375%, due 7/01/00 200,000 198,666 203,186 Healthsouth Rehabilitation Corporation, 5.000%, due 4/01/01 175,000 223,550 280,000 Integrated Device Technology, 5.500%, due 6/01/02 135,000 134,463 110,025 Lowes Companies Incorporated, 3.000%, due 7/22/03 115,000 130,298 150,650 Northern Telecom, 6.875%, due 10/01/02 300,000 300,000 311,718 Olsten Corporation, 4.875%, due 5/15/03 110,000 123,300 126,500 Pacific Gas and Electric Co., 5.375%, due 8/01/98 500,000 498,175 494,920 Sterling Software Incorporated, 5.750%, due 2/01/03 150,000 189,000 323,813 Texas Instruments, Inc., 9.0%, due 3/15/01 350,000 371,350 396,154 VLSI Technology Incorporated, 8.250%, due 10/01/05 65,000 65,070 59,962 Wendy's International, 7.0%, due 4/01/06 75,000 108,000 128,813 -------------------------------------- 4,498,801 4,880,769 Foreign bonds - Scholastic Corporation Euro Bond, 5.000%, due 8/15/05 95,000 106,575 97,138 Short-term investments: Parkstone Prime Obligations Money Market Fund 2,935,572 2,935,572 2,935,572 Parkstone U.S. Government Obligations Money Market Fund 4,210,996 4,210,996 4,210,996 -------------------------------------- 7,146,568 7,146,568 Loans to participants, 8.5% - - 5,498 Cash - 361,834 361,834 -------------------------------------- $49,717,232 $54,254,326 ======================================
Elco Industries, Inc. Profit Sharing and Savings Plan Reportable Transactions Year ended December 31, 1995 NUMBER OF TRANSACTIONS PROCEEDS FROM SALES REALIZED -------------------------COST OF PURCHASES OR REDEMPTIONS GAIN DESCRIPTION PURCHASES SALES DURING THE YEAR DURING THE YEAR (LOSS) - -------------------------------------------------------------------------------------------------------------- Category (iii) - Series of transactions in excess of 5 percent of plan assets Parkstone Prime Obligations Money Market Fund 179 68 $25,104,302 $23,686,101 $ - Parkstone U.S. Government Obligations Money Market Fund 100 27 6,985,976 3,989,158 - FHLMC Debenture, 7.910%, due 12/5/97 1 1 1,409,188 1,400,000 (9,188) FNMA Discounted Note DTD 7/25/94 due 7/17/95 1 1 1,607,940 1,645,000 37,060 FNMA Discounted Note, due 9/11/95 1 1 1,565,882 1,600,000 34,118 Elco Industries Incorporated common stock - 2 - 3,960,684 3,663,262
There were no Category (ii) or (iv) reportable transactions. Category (i) reportable transactions are included in Category (iii) reportable transactions above. SIGNATURES The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. ELCO TEXTRON INC. PROFIT SHARING AND SAVINGS PLAN ELCO TEXTRON INC., Plan Administrator DATE June 28, 1996 By /s/ Kenneth L. Heal Name: Kenneth L. Heal Title: Secretary/Treasurer -----END PRIVACY-ENHANCED MESSAGE-----