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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
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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
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.
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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
May 12, 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 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
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EXHIBIT 2
CRANE CO. - PROFORMA
Statement of Income
(in thousands, except per share amounts)
<CAPTION>
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)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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.
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CRANE CO. - PROFORMA
Balance Sheet
(in thousands, except per share amounts)
<CAPTION>
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)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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.
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CRANE CO. - PROFORMA
Balance Sheet
(in thousands,except per share amounts)
<CAPTION>
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)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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
========= ======== ======== ======== ======== ======= ======= ======== =========
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<CAPTION>
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
<S> <C>
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
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