-----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, ezQ1Fe6UjBaC3XQHne3ZHDT8ltQTuJwI7v/2Ds2Ah9y6MzF7tSuNB6Ans3yHMBxv kdjZeapp3vCk/FE2mfnRSw== 0000025445-94-000017.txt : 19940503 0000025445-94-000017.hdr.sgml : 19940503 ACCESSION NUMBER: 0000025445-94-000017 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19940318 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19940502 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CRANE CO /DE/ CENTRAL INDEX KEY: 0000025445 STANDARD INDUSTRIAL CLASSIFICATION: 3490 IRS NUMBER: 131952290 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-01657 FILM NUMBER: 94525555 BUSINESS ADDRESS: STREET 1: 100 FIRST STAMFORD PLACE CITY: STAMFORD STATE: CT ZIP: 06902 BUSINESS PHONE: 2033637300 8-K/A 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K/A CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) March 18, 1994 -------------- CRANE CO. - ---------------------------------------------------------------- (Exact name of registrant as specified in its Charter) AMENDMENT NO. 1 Delaware 1-1657 13-1952290 - ---------------------------------------------------------------- (State or other juris- (Commission (IRS Employer diction of incorporation) File Number) Identification No.) 100 First Stamford Place, Stamford, CT 06902 - ----------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (203) 363-7300 -------------- (Not Applicable) - ----------------------------------------------------------------- (Former name or former address, if changed since last report) Item 7 of the report on Form 8-K filed by Crane Co. on March 31, 1994 is hereby amended in its entirety to read as follows: Item 7. Financial Statements and Exhibits There is incorporated by reference herein: A) Audited 3/31/93 Financial Statements for ELDEC Corporation filed on Form 10-K for the fiscal year ended March 31, 1993. (IRS Employer I.D. No.91-0663532) B) The nine months ended 12/26/93 and 12/27/92 Unaudited Income Statement and the 12/26/93 Unaudited Balance Sheet for ELDEC Corporation as contained in the ELDEC Corporation December 26, 1993 Form 10-Q filed in February 1994. Exhibit 1 Consent of Coopers & Lybrand. Exhibit 2 Proforma financial information relative to ELDEC Corporation. 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. Crane Co. ---------- Registrant April 27, 1994 By: /s/ P.R. Hundt ---------------- P. R. Hundt Vice President By: /s/ M. L. Raithel ------------------ M. L. Raithel Controller-Chief Accounting Officer EXHIBIT 1 CONSENT OF INDEPENDENT ACCOUNTANTS We hereby consent to the incorporation by reference in this Form 8-K of Crane Co. dated March 18, 1994 of our report dated May 4, 1993, on our audit of the consolidated financial statements of ELDEC Corporation as of March 28, 1993 and March 29, 1992 and for the three years ended March 28, 1993 appearing in the annual report on Form 10-K filed with the Securities and Exchange Commission. /s/ Coopers & Lybrand Seattle, Washington May 4, 1993 EXHIBIT 2 CRANE CO. - PROFORMA Statement of Income (in thousands, except per share amounts)
12/31/93 12/31/93 Crane Co. ELDEC Pro-Forma Pro-Forma & Subs Corporation Adjustments 12/31/93 Net Sales $1,310,205 $100,232 $ - $1,410,437 Operating Costs and Expenses Cost of Sales 1,038,004 58,379 1,152 1,097,535 Selling, General and Administrative 186,345 39,407 - 225,752 ---------- ------- ------- --------- 1,224,349 97,786 1,152 1,323,287 Operating Profit (Loss) 85,856 2,446 (1,152) 87,150 Other Income (Deductions): Interest Expense - Net (6,931) (1,707) (5,793) (14,431) Miscellaneous Income(Expense) - Net 893 (43) - 850 ---------- ------- ------- ---------- (6,038) (1,750) (5,793) (13,581) ---------- ------- ------- ---------- Income (Loss) Before Taxes 79,818 696 (6,945) 73,569 Provision For Income Taxes (Benefit) 30,925 (291) (2,369) 28,265 ---------- ------- ------- ---------- Net Income $ 48,893 $ 987 $(4,576) $ 45,304 ========== ======= ======= ========== Net Income Per Share $1.62 $1.50 ===== ===== Average Shares Outstanding 30,217 30,217
CRANE CO. - PROFORMA Balance Sheet (in thousands, except per share amounts)
12/31/93 12/31/93 Crane Co. ELDEC Pro-Forma & Subs Corporation Acquisition 12/31/93 (Unaudited) Assets Current Assets: Cash and Cash Equivalents $ 12,592 $ 9,459 $ - $ 22,051 Accounts Receivable 178,767 20,501 (3,124) 196,144 Contract engineering in process - 16,787 (16,200) 587 Inventories, at lower of cost, principally LIFO, or market: Net Inventory 193,699 21,752 1,203 216,654 Other Current Assets 8,488 655 - 9,143 -------- -------- ------- --------- Total Current Assets 393,546 69,154 (18,121) 444,579 Intangible Assets, Net - 1,400 - 1,400 Property, Plant and Equipment: Gross P.P.& E. 421,708 79,340 (22,584) 478,464 Accumulated Depreciation 222,314 38,025 (38,025) 222,314 -------- -------- ------- -------- Net Property, Plant & Equipment 199,394 41,315 15,441 256,150 Other Assets 38,142 1,326 19,500 58,968 Cost in Excess of Net Assets Acquired 113,083 - 7,072 120,155 -------- -------- ------- -------- Total Assets $744,165 $113,195 $23,892 $881,252 ======== ======== ======== ========
CRANE CO. - PROFORMA Balance Sheet (in thousands,except per share amounts)
12/31/93 12/31/93 Crane Co. ELDEC Pro-Forma & Subs Corporation Acquisition 12/31/93 (Unaudited) Liabilities and Shareholders' Equity Current Liabilities: Current Maturities of Long-Term Debt $ 3,852 $ - $ - $ 3,852 Loans Payable 108,048 - - 108,048 Accounts Payable 73,385 4,744 - 78,129 Accrued Liabilities 81,107 11,728 10,165 103,000 Taxes on Income 5,291 - - 5,291 -------- -------- -------- -------- Total Current Liabilities 271,683 16,472 10,165 298,320 Long-Term Debt 105,557 25,000 77,300 207,857 Long-Term Debt - Related Parties - - - - Reserves and Other Liabilities 20,631 1,630 - 22,261 Accrued Postretirment Benefits 42,570 - - 42,570 Accrued Pension Liability 6,767 - - 6,767 Deferred Income Tax 6,138 4,065 2,455 12,658 Shareholders' Equity: Common Shares 29,863 285 (285) 29,863 Capital Surplus 10,160 12,344 (12,344) 10,160 Retained Earnings 263,666 53,448 (53,448) 263,666 Currency Translation Adjustment (12,870) (49) 49 (12,870) --------- -------- -------- -------- Total Common Shareholders' Equity 290,819 66,028 (66,028) 290,819 --------- -------- -------- -------- $ 744,165 $113,195 $ 23,892 $881,252 ========= ======== ======== ========
Pro-Forma Adjustments Amount 1) Amortization of the excess of purchase price over net assets acquired over 40 years 177 2) Record intangible amortization - 20 years 975 3) Increase in interest cost due to debt incurred and cash used for acquisition 5,793 4) Record step-up basis of inventory 1,203 5) Write down of trade receivables (3,124) 6) Write down of contract engineering in process (16,200) 6) Write-up P.P.& E. to appraised value (APB 16) 15,441 7) Record intangible assets 19,500 8) Goodwill upon acquisition 7,072 9) Establish restructuring reserve (severance and plant rearrangement - $8.0 million), warranty reserve for additional exposure ($2.0 million) and insurane reserve ($164 thousand) 10,165 10) Deferred tax - temporary timing difference affected on the acquisition adjustments 2,455 11) Cost of investment 77,300
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