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<PAGE>
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
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CRANE CO.
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(Exact name of registrant as specified in its Charter)
AMENDMENT NO. 1
Delaware 1-1657 13-1952290
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(State or other juris- (Commission (IRS Employer
diction of incorporation) File Number) Identification
No.)
100 First Stamford Place, Stamford, CT 06902
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (203) 363-7300
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(Not Applicable)
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(Former name or former address, if changed since last report)
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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.
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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.
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Registrant
April 27, 1994
By: /s/ P.R. Hundt
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P. R. Hundt
Vice President
By: /s/ M. L. Raithel
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M. L. Raithel
Controller-Chief
Accounting Officer
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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
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<TABLE>
EXHIBIT 2
CRANE CO. - PROFORMA
Statement of Income
(in thousands, except per share amounts)
<CAPTION>
12/31/93 12/31/93
Crane Co. ELDEC Pro-Forma Pro-Forma
& Subs Corporation Adjustments 12/31/93
<C> <C> <C> <C>
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
</TABLE>
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<TABLE>
CRANE CO. - PROFORMA
Balance Sheet
(in thousands, except per share amounts)
<CAPTION>
12/31/93 12/31/93
Crane Co. ELDEC Pro-Forma
& Subs Corporation Acquisition 12/31/93
(Unaudited)
<S> <C> <C> <C> <C>
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
======== ======== ======== ========
</TABLE>
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<TABLE>
CRANE CO. - PROFORMA
Balance Sheet
(in thousands,except per share amounts)
<CAPTION>
12/31/93 12/31/93
Crane Co. ELDEC Pro-Forma
& Subs Corporation Acquisition 12/31/93
(Unaudited)
<S> <C> <C> <C> <C>
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
========= ======== ======== ========
</TABLE>
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<CAPTION>
Pro-Forma Adjustments Amount
<S> <C>
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
</TABLE>
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