-----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, DohC2LC9L8LOh65Qk4JhNKO8sH1QPBw5Npa2WTKZpsf2ofCcE65j0sb69aQHfbJ4 d2sxgcZT8dGGdRgXjv59Ew== 0000025445-94-000019.txt : 19940518 0000025445-94-000019.hdr.sgml : 19940518 ACCESSION NUMBER: 0000025445-94-000019 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19940427 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19940513 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: 94527715 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) April 27, 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 May 11, 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 12/31/93 Financial Statements for Mark Controls Corporation filed on Form 10-K for the fiscal year ended December 31, 1993. (IRS Employer I.D. No.36-3530490) Exhibit 1 Consent of Arthur Andersen. Exhibit 2 Proforma financial information relative to Mark Controls 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 May 12, 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 April 27, 1994 of our report dated February 11, 1994, on our audit of the consolidated financial statements of Mark Controls Corporation and Subsidiaries as of December 31, 1993 and 1992 and for each of the three years in the period ended December 31, 1993 appearing in the annual report on Form 10-K filed with the Securities and Exchange Commission. /s/ Arthur Andersen & Co. Chicago, Illinois May 10, 1994 EXHIBIT 2 CRANE CO. - PROFORMA Statement of Income (in thousands, except per share amounts)
12/31/93 12/31/93 Crane Co.(1) MARK Acquisitions Crane Co. ELDEC Pro-Forma Pro-Forma CONTROLS -------------- Pro-Forma Pro-Forma & Subs Corp. Adj. 12/31/93 12/31/93 Barks Westad Adj. Crane Co. --------- --------- --------- --------- --------- ------ ------ ---------- --------- (Unaudited) Net Sales $1,310,205 $100,232 $ - $1,410,437 $ 87,789 $28,713 $11,412 $ - $1,538,351 Operating Costs and Expenses Cost of Sales 1,038,004 58,379 1,152 1,097,535 59,277 16,904 7,532 2,490 1,183,738 Selling, General and Administrative 186,345 39,407 - 225,752 22,806 7,020 2,858 - 258,436 ---------- -------- ------- ----------- ------ ------ ------ ------- ----------- 1,224,349 97,786 1,152 1,323,287 82,083 23,924 10,390 2,490 1,442,174 Operating Profit (Loss) 85,856 2,446 (1,152) 87,150 5,706 4,789 1,022 (2,490) 96,177 Other Income (Deductions): Interest Expense - Net (6,931) (1,707) (5,793) (14,431) (604) - - (8,969) (24,004) Miscellaneous Income (Expense) - Net 893 (43) - 850 - - (145) - 705 ---------- ------- ------- ---------- ------- ------ ------- ------- ---------- (6,038) (1,750) (5,793) (13,581) (604) - (145) (8,969) (23,299) ---------- ------- ------- ---------- ------- ------ ------- ------- ---------- Income (Loss) Before Taxes 79,818 696 6,945 73,569 5,102 4,789 877 (11,459) 72,878 Provision For Income Taxes (Benefit) 30,925 (291) (2,369) 28,265 1,990 1,877 355 (4,207) 28,280 ---------- ------- ------- ---------- ------- ------ ------- -------- ---------- Net Income $ 48,893 $ 987 $(4,576) $ 45,304 $3,112 $2,912 $ 522 $(7,252) $ 44,598 ========== ======= ======= ========== ======= ====== ======= ======== ========== Net Income Per Share $1.62 $1.50 $1.48 ===== ===== ===== Average Shares Outstanding 30,217 30,217 30,217 (1) Filed a Pro-Forma for the ELDEC acquisition of March 18th on May 2.
CRANE CO. - PROFORMA Balance Sheet (in thousands, except per share amounts)
12/31/93 12/31/93 Crane Co. 12/31/93 Acquisitions(a) Crane Co. Crane Co. ELDEC Pro-Forma Mark ------------- Pro-Forma Pro-Forma & Subs Corp. Acquisition 12/31/93 Controls Barks Westad Adj. 12/31/93 --------- -------- ----------- --------- -------- ------------- --------- --------- (Unaudited) Current Assets: Cash and Cash Equivalents $ 12,592 $ 9,459 $ - $ 22,051 $ 4,027 $ - $1,737 $ - $ 27,815 Accounts Receivable 178,767 20,501 (3,124) 196,144 17,503 - 1,562 - 215,209 Contract Engineering in Process - 16,787 (16,200) 587 - - - - 587 Inventories at lower of cost, principally LIFO, or market: Net Inventory 193,699 21,752 1,203 216,654 26,844 - 1,548 - 245,046 Other Current Assets 8,488 655 - 9,143 5,097 - - - 14,240 -------- -------- ------- -------- --------- ----- ----- ------- ---------- Total Current Assets 393,546 69,154 (18,121) 444,579 53,471 - 4,847 - 502,897 Intangible Assets, Net - 1,400 - 1,400 17,815 - 2,660 10,000 31,875 Property, Plant and Equipment: Gross P.P.& E. 421,708 79,340 (22,584) 478,464 46,027 - 1,161 (27,013) 498,639 Accumulated Depreciation 222,314 38,025 (38,025) 222,314 27,013 - - (27,013) 222,314 -------- -------- ------- -------- -------- ----- ----- -------- -------- Net Property, Plant & Equipment 199,394 41,315 15,441 256,150 19,014 - 1,161 - 276,325 Other Assets 38,142 1,326 19,500 58,968 - - 33 - 59,001 Cost in Excess of Net Assets Acquired 113,083 - 7,072 120,155 - - - 52,256 172,411 -------- -------- -------- -------- -------- ----- ----- ------- ---------- Total Assets $744,165 $113,195 $23,892 $881,252 $90,300 - $8,701 $62,256 $1,042,509 ======== ======== ======== ======== ======== ===== ===== ======== ========== (a) Barksdale and Westad are Mark Controls Corporations (MCC) acquisitions in December 1993 and January 1994 respectively. The Barksdale Balance Sheet is included in the MCC 12/31/93 Balance Sheet.
CRANE CO. - PROFORMA Balance Sheet (in thousands,except per share amounts)
12/31/93 12/31/93 Crane Co. 12/31/93 Acquisitions(a) Crane Co. Crane Co. ELDEC Pro-Forma Mark -------------- Pro-Forma Pro-Forma & Subs. Corp. Acquisition 12/31/93 Controls Barks Westad Adj. 12/31/93 --------- -------- ----------- --------- -------- -------------- --------- --------- (Unaudited) Liabilities and Shareholders' Equity Current Liabilities: Current Maturities of Long-Term Debt $ 3,852 $ - $ - $ 3,852 $ - $ - $ 125 $ - $ 3,977 Loans Payable 108,048 - - 108,048 - - - - 108,048 Accounts Payable 73,385 4,744 - 78,129 5,934 - 976 - 85,039 Accrued Liabilities 81,107 11,728 10,165 103,000 9,738 - 819 1,619 115,176 Taxes on Income 5,291 - - 5,291 2,103 - 355 - 7,749 ------- ------ ------ -------- ------- ------- ------ ------ ------- Total Current Liabilities 271,683 16,472 10,165 298,320 17,775 - 2,275 1,619 319,989 Long-Term Debt 105,557 25,000 77,300 207,857 31,640 - 6,426 96,300 342,223 Long-Term Debt - Related Parties - - - - - - - - - Reserves and Other Liabilities 20,631 1,630 - 22,261 529 - - - 22,790 Accrued Postretirement Benefits 42,570 - - 42,570 330 - - - 42,900 Accrued Pension Liability 6,767 - - 6,767 - - - - 6,767 Deferred Income Tax 6,138 4,065 2,455 12,658 473 - - 3,890 17,021 Shareholders' Equity: Common Shares 29,863 285 (285) 29,863 50 - - (50) 29,863 Capital Surplus 10,160 12,344 (12,344) 10,160 20,580 - - (20,580) 10,160 Retained Earnings 263,666 53,448 (53,448) 263,666 19,655 - - (19,655) 263,666 Currency Translation Adjustment (12,870) (49) 49 (12,870) (732) - - 732 (12,870) --------- -------- -------- -------- ------- ------- ------- -------- -------- Total Common Shareholders' Equity 290,819 66,028 (66,028) 290,819 39,553 - - (39,553) 290,819 --------- -------- -------- -------- ------- ------- ------- -------- -------- $ 744,165 $113,195 $ 23,892 $881,252 $90,300 - $8,701 $62,256 $1,042,509 ========= ======== ======== ======== ======== ======= ======= ======== =========
Pro-Forma Adjustments The net assets of Mark Controls Corporation included in the Pro-Forma Financial Statements are prior to any allocation of the purchase price; therefore this is a preliminary allocation. The final valuations will affect this allocation, they are not expected to have a material effect on the financial statements. (A) Barksdale was acquired by Mark Controls Corporation in December 1993. The results of operations for Barksdale for the month ended December 31, 1993 are included in the Mark Controls Consolidated statement of operations for the year ended December 31, 1993. The Company recorded goodwill in the amount of $13,023 related to this transaction. The Pro-Forma figures reflect the 11 months income statement ended 11/30/93. In January 1994, Mark Controls Corporation acquired all of the stock of Westad Industri. The Pro-Forma figures reflect the Westad 12 months ended income statement and balance sheet at December 31, 1993. Amount 1) Amortization of the excess of purchase price over net assets acquired over 25 years 2,090 2) Record intangible amortization - 25 years 400 3) Increase in interest cost due to debt incurred and cash used for acquisition 8,969 4) Record intangible asset upon acquisition 10,000 5) Record deferred tax liability on intangible asset 3,890 6) Goodwill upon acquisition 52,256 7) Establish restructuring reserve 1,619 8) Cost of investment 96,300
-----END PRIVACY-ENHANCED MESSAGE-----