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 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)
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Pension Committee
Zurn Industries, Inc.
Erie, Pennsylvania
We have audited the accompanying statements of net assets available for
benefits of the Zurn 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
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
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STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
ZURN RETIREMENT SAVINGS PLAN
December 31
1994 1993
ASSETS
Investments in T. Rowe Price Funds:
U.S. Treasury Money $2,232,858 $1,893,688
U.S. Treasury Intermediate 26,922
New Income 445,518 364,646
Balanced 58,186
Capital Appreciation 2,070,228 1,596,947
Equity Index 1,611,665 1,332,328
International Stock 306,343
OTC 84,488
6,836,208 5,187,609
Contributions receivable 30,369 32,062
Participants' loans 126,543 73,453
NET ASSETS AVAILABLE FOR BENEFITS $6,993,120 $5,293,124
See notes to financial statements.
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<TABLE>
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
ZURN RETIREMENT SAVINGS PLAN
Year Ended December 31, 1994
<CAPTION>
T. Rowe Price Funds
U.S. Treasury New Capital
Money Intermediate Income Balanced Appreciation
<S> <C> <C> <C> <C> <C>
ADDITIONS
Investment income (loss):
Dividends $ 70,445 $ 1,039 $ 29,592 $ 2,978 $ 163,988
Net (depreciation) in
value of investments (1,474) (37,461) (3,411) (96,013)
70,445 (435) (7,869) (433) 67,975
Participants' contributions 572,980 11,123 193,726 18,455 556,320
Participants' loan interest 1,488 473 1,822
TOTAL ADDITIONS 644,913 10,688 186,330 18,022 626,117
BENEFITS PAID TO PARTICIPANTS 160,548 7,719 2,499 80,112
NET ADDITIONS 484,365 10,688 178,611 15,523 546,005
NET ASSETS AVAILABLE FOR BENEFITS
Beginning of year 1,893,688 364,646 1,596,947
Transfers (145,195) 16,234 (97,739) 42,663 (72,724)
End of year $2,232,858 $ 26,922 $ 445,518 $ 58,186 $2,070,228
See notes to financial statements.
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<TABLE>
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS - Continued
ZURN RETIREMENT SAVINGS PLAN
Year Ended December 31, 1994
<CAPTION>
T. Rowe Price Funds
Equity International
Index Stock OTC Other Total
<S> <C> <C> <C> <C> <C>
ADDITIONS
Investment income (loss):
Dividends $ 59,665 $ 18,785 $ 8,722 $ 355,214
Net (depreciation) in
value of investments (41,456) (28,283) (8,332) (216,430)
18,209 (9,498) 390 138,784
Participants' contributions 447,897 72,005 26,142 $ (1,693) 1,896,955
Participants' loan interest 1,874 548 29 6,234
TOTAL ADDITIONS 467,980 63,055 26,561 (1,693) 2,041,973
BENEFITS PAID TO PARTICIPANTS 84,853 4,111 390 1,745 341,977
NET ADDITIONS (DEDUCTIONS) 383,127 58,944 26,171 (3,438) 1,699,996
NET ASSETS AVAILABLE FOR BENEFITS
Beginning of year 1,332,328 105,515 5,293,124
Transfers (103,790) 247,399 58,317 54,835
End of year $1,611,665 $ 306,343 $ 84,488 $ 156,912 $6,993,120
See notes to financial statements.
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<TABLE>
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
ZURN RETIREMENT SAVINGS PLAN
Year Ended December 31, 1993
<CAPTION>
T. Rowe Price Funds
U.S. Treasury New Capital
Money Income Appreciation
<S> <C> <C> <C>
ADDITIONS
Investment income:
Dividends $ 43,047 $ 16,645 $ 60,554
Net appreciation in
value of investments 2,124 122,318
43,047 18,769 182,872
Participants' contributions 742,719 123,508 505,891
Participants' loan interest 1,278 317 925
TOTAL ADDITIONS 787,044 142,594 689,688
BENEFITS PAID TO PARTICIPANTS 269,219 5,037 132,427
NET ADDITIONS 517,825 137,557 557,261
NET ASSETS AVAILABLE FOR BENEFITS
Beginning of year 1,632,762 147,323 926,535
Transfers (256,899) 79,766 113,151
End of year $1,893,688 $ 364,646 $1,596,947
See notes to financial statements.
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<TABLE>
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS - Continued
ZURN RETIREMENT SAVINGS PLAN
Year Ended December 31, 1993
<CAPTION>
T. Rowe
Price Fund
Equity
Index Other Total
<S> <C> <C> <C>
ADDITIONS
Investment income:
Dividends $ 29,132 $ 149,378
Net appreciation in
value of investments 71,310 195,752
100,442 345,130
Participants' contributions 460,606 $ (1,516) 1,831,208
Participants' loan interest 986 3,506
TOTAL ADDITIONS 562,034 (1,516) 2,179,844
BENEFITS PAID TO PARTICIPANTS 137,215 1,935 545,833
NET ADDITIONS (DEDUCTIONS) 424,819 (3,451) 1,634,011
NET ASSETS AVAILABLE FOR BENEFITS
Beginning of year 897,108 55,385 3,659,113
Transfers 10,401 53,581
End of year $1,332,328 $ 105,515 $5,293,124
See notes to financial statements.
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NOTES TO FINANCIAL STATEMENTS
ZURN RETIREMENT SAVINGS PLAN
December 31, 1994
PLAN DESCRIPTION
The Zurn Retirement Savings Plan is a defined contribution plan providing
retirement benefits through participant-directed investments to participants
in the Zurn Industries Retirement Plan and Cosco Fire Protection Plan for
Salaried Employees. 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
20% 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.
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SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
ZURN RETIREMENT SAVINGS PLAN
December 31, 1994
ASSETS OWNED AT YEAR-END
Cost Current Value
T. Rowe Price Funds:
U.S. Treasury Money $2,232,858 $2,232,858
U.S. Treasury Intermediate 28,290 26,922
New Income 478,321 445,518
Balanced 61,504 58,186
Capital Appreciation 2,070,723 2,070,228
Equity Index 1,555,424 1,611,665
International Stock 334,575 306,343
OTC 92,806 84,488
Participants' loans - 7% to 9.5% interest -0- 126,543
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SCHEDULE OF LOANS OR FIXED INCOME OBLIGATIONS
ZURN RETIREMENT SAVINGS PLAN
Year Ended December 31, 1994
Amount Received
Original During The Year Unpaid Amount Overdue
Amount Principal Interest Balance Principal Interest
Tina R. Hillman $1,985 $240 $43 $1,745 $1,745 $-0-
11362 Cumberland Lane Participant loan - 7%
Pomona, CA 91792 Distributed to participant
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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 RETIREMENT SAVINGS PLAN
(Plan)
February 7, 1996 /s/ James A. Zurn
James A. Zurn, Chairman
Pension Committee of
Zurn Industries, Inc.
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CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration Statement on
Form S-8 pertaining to the Zurn 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 Retirement
Savings Plan.
/s/ Pashke Twargowski & Lee
Erie, Pennsylvania
February 7, 1996
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