<PAGE> 1
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------------
FORM 11-K
---------------------
(MARK ONE)
/X/ ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED)
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1993
OR
/ / 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 1-6098
A. Full title of the plan and the address of the plan, if different from that of
the issuer named below:
DANIEL INDUSTRIES, INC.
EMPLOYEES' PROFIT SHARING AND
SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and the address of
its principal executive office:
DANIEL INDUSTRIES, INC.
9753 PINE LAKE DRIVE
HOUSTON, TEXAS 77055
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<PAGE> 2
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee benefit plan)
have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
DANIEL INDUSTRIES, INC.
EMPLOYEES' PROFIT SHARING
AND SAVINGS PLAN
<TABLE>
<S> <C>
By /s/ LARRY G. IRVING
______________________________________
Larry G. Irving
Date January 11, 1994 Member of the Administrative Committee
By /s/ BELA VACZI
______________________________________
Bela Vaczi
Date January 11, 1994 Member of the Administrative Committee
By /s/ MICHAEL R. YELLIN
______________________________________
Michael R. Yellin
Date January 11, 1994 Member of the Administrative Committee
</TABLE>
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<PAGE> 3
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE MEMBERS AND ADMINISTRATIVE COMMITTEE
OF THE DANIEL INDUSTRIES, INC.
EMPLOYEES' PROFIT SHARING AND SAVINGS PLAN
In our opinion, the accompanying statements of financial condition and the
related statements of income and changes in plan equity present fairly, in all
material respects, the financial position of the Daniel Industries, Inc.
Employees' Profit Sharing and Savings Plan at September 30, 1993 and 1992, and
the results of its operations and the changes in its plan equity for each of the
three years in the period ended September 30, 1993, in conformity with generally
accepted accounting principles. These financial statements are the
responsibility of the Plan's Administrative Committee; our responsibility is to
express an opinion on these financial statements based on our audits. We
conducted our audits of these statements in accordance with generally accepted
auditing standards which 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, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for the opinion expressed above.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information included in
the accompanying Schedules 1 and 2 is presented for purposes of additional
analysis and is not a required part of the basic financial statements but is
additional information required by ERISA. Such information has been subjected to
the auditing procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
PRICE WATERHOUSE
Houston, Texas
December 20, 1993
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<PAGE> 4
DANIEL INDUSTRIES, INC.
EMPLOYEES' PROFIT SHARING AND SAVINGS PLAN
STATEMENT OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
SEPTEMBER 30, 1993
----------------------------------------------------------------------------
FIXED DISCRETIONARY
EQUITY INCOME CASH COMPANY EMPLOYER
ASSETS ASSETS EQUIVALENTS STOCK CONTRIBUTION
FUND FUND FUND FUND ACCOUNT TOTAL
--------- --------- --------- --------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at fair
market value:
Daniel Industries,
Inc. common stock
(456,416 shares
at cost of
$2,175,681)...... $ -- $ -- $ -- $2,467,039 $4,436,253 $6,903,292
Cash equivalents
(cost is
equivalent to
market value).... 71,192 244,423 1,335,963 13,352 254,879 1,919,809
Fixed income assets
(cost of
$12,537,176)..... -- 2,368,875 -- -- 12,327,260 14,696,135
Equity assets (cost
of $9,059,536)... 2,846,913 -- -- -- 8,297,400 11,144,313
--------- --------- --------- --------- ---------- ----------
Total investments at
fair market value... 2,918,105 2,613,298 1,335,963 2,480,391 25,315,792 34,663,549
Employee contributions
receivable.......... 37,775 32,843 18,113 12,083 -- 100,814
Employer contributions
receivable.......... -- -- -- 21,276 765,000 786,276
Accrued interest and
dividends........... 2,214 41,118 3,430 16 212,050 258,828
---------- ---------- ---------- ---------- ----------- -----------
Total assets $2,958,094 $2,687,259 $1,357,506 $2,513,766 $26,292,842 $35,809,467
---------- ---------- ---------- ---------- ----------- -----------
---------- ---------- ---------- ---------- ----------- -----------
PLAN EQUITY
Plan equity........... $2,958,094 $2,687,259 $1,357,506 $2,513,766 $26,292,842 $35,809,467
---------- ---------- ---------- ---------- ----------- -----------
---------- ---------- ---------- ---------- ----------- -----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
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<PAGE> 5
DANIEL INDUSTRIES, INC.
EMPLOYEES' PROFIT SHARING AND SAVINGS PLAN
STATEMENT OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
SEPTEMBER 30, 1992
----------------------------------------------------------------------------
FIXED DISCRETIONARY
EQUITY INCOME CASH COMPANY EMPLOYER
ASSETS ASSETS EQUIVALENTS STOCK CONTRIBUTION
FUND FUND FUND FUND ACCOUNT TOTAL
--------- --------- --------- --------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at fair
market value:
Daniel Industries,
Inc. common stock
(455,223 shares
at cost of
$2,154,826)...... $ -- $ -- $ -- $1,963,244 $3,556,335 5,519,579
Cash equivalents
(cost is
equivalent to
market value).... 140,188 234,687 1,426,403 141 36,643 1,838,062
Fixed income assets
(cost of
$12,902,760)..... -- 1,901,771 -- -- 12,538,929 14,440,700
Equity assets (cost
of $7,761,916)... 2,343,719 -- -- -- 8,424,037 10,767,756
---------- ---------- ---------- ---------- ----------- -----------
Total investments at
fair market value... 2,483,907 2,136,458 1,426,403 1,963,385 24,555,944 32,566,097
Employee contributions
receivable.......... 33,247 28,085 19,171 13,423 -- 93,926
Employer contributions
receivable....... -- -- -- 19,836 800,000 819,836
Receivables from sales
of securities....... 58,319 -- -- -- 238,537 296,856
Accrued interest,
dividends and other
receivables......... 3,760 35,179 3,916 82 247,238 290,175
---------- ---------- ---------- ---------- ----------- -----------
Total assets.... $2,579,233 $2,199,722 $1,449,490 $1,996,726 $25,841,719 $34,066,890
---------- ---------- ---------- ---------- ----------- -----------
---------- ---------- ---------- ---------- ---------- -----------
PLAN EQUITY
Plan equity........... $2,579,233 $2,199,722 $1,449,490 $1,996,726 $25,841,719 $34,066,890
---------- ---------- ---------- ---------- ----------- -----------
---------- ---------- ---------- ---------- ----------- -----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
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<PAGE> 6
DANIEL INDUSTRIES, INC.
EMPLOYEES' PROFIT SHARING AND SAVINGS PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
<TABLE>
<CAPTION>
FISCAL YEAR ENDED SEPTEMBER 30, 1993
----------------------------------------------------------------------------
FIXED DISCRETIONARY
EQUITY INCOME CASH COMPANY EMPLOYER
ASSETS ASSETS EQUIVALENTS STOCK CONTRIBUTION
FUND FUND FUND FUND ACCOUNT TOTAL
---------- --------- --------- --------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Cash dividends on
Daniel Industries,
Inc. common stock.. $ -- $ -- $ -- $ 29,467 $ 52,795 $ 82,262
Other cash
dividends.......... 29,439 -- -- -- 99,296 128,735
Interest............ 5,521 160,710 45,681 1,500 921,384 1,134,796
---------- ---------- ---------- ---------- ----------- -----------
Net investment
income.......... 34,960 160,710 45,681 30,967 1,073,475 1,345,793
Net realized gain on
sale of
investments:
Daniel Industries,
Inc. common
stock........... -- -- -- 12,650 -- 12,650
Other
investments..... 66,562 -- -- -- 1,335,643 1,402,205
Unrealized
appreciation
(depreciation) of:
Daniel Industries,
Inc. common
stock........... -- -- -- 482,940 879,918 1,362,858
Other
investments..... 42,394 111,385 -- -- (453,823) (300,044)
---------- ---------- ---------- ---------- ----------- -----------
Total...... 143,916 272,095 45,681 526,557 2,835,213 3,823,462
Contributions:
Participating
employees....... 448,131 367,700 220,537 150,805 -- 1,187,173
Participating
employers....... -- -- -- 250,159 765,000 1,015,159
Rollover from
qualifed plan... 4,647 9,293 4,647 -- -- 18,587
Member
distributions...... (296,705) (307,270) (279,639) (269,100) (3,149,090) (4,301,804)
Member account
transfers among
funds.............. 78,872 145,719 (83,210) (141,381) -- --
Plan equity at
beginning of
period............. 2,579,233 2,199,722 1,449,490 1,996,726 25,841,719 34,066,890
---------- ---------- ---------- ---------- ----------- -----------
Plan equity at end of
period............. $2,958,094 $2,687,259 $1,357,506 $2,513,766 $26,292,842 $35,809,467
---------- ---------- ---------- ---------- ----------- -----------
---------- ---------- ---------- ---------- ----------- -----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
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<PAGE> 7
DANIEL INDUSTRIES, INC.
EMPLOYEES' PROFIT SHARING AND SAVINGS PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
<TABLE>
<CAPTION>
FISCAL YEAR ENDED SEPTEMBER 30, 1992
----------------------------------------------------------------------------
FIXED DISCRETIONARY
EQUITY INCOME CASH COMPANY EMPLOYER
ASSETS ASSETS EQUIVALENTS STOCK CONTRIBUTION
FUND FUND FUND FUND ACCOUNT TOTAL
--------- --------- --------- --------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Cash dividends on
Daniel Industries,
Inc. common
stock........... $ -- $ -- $ -- $ 28,439 $ 52,796 $ 81,235
Other cash
dividends....... 27,214 -- -- -- 99,921 127,135
Interest........... 7,941 129,694 62,333 2,352 996,488 1,198,808
---------- ---------- ---------- ---------- ----------- -----------
Net investment
income....... 35,155 129,694 62,333 30,791 1,149,205 1,407,178
Net realized gain on
sale of
investments:
Daniel Industries,
Inc. common
stock........... -- -- -- 1,577 -- 1,577
Other
investments..... 141,991 1,876 -- -- 940,758 1,084,625
Unrealized
appreciation
(depreciation) of:
Daniel Industries,
Inc. common
stock........... -- -- -- (785,873) (1,503,817) (2,289,690)
Other
investments..... (33,379) 90,945 -- -- 471,727 529,293
---------- ---------- ---------- ---------- ----------- -----------
Total...... 143,767 222,515 62,333 (753,505) 1,057,873 732,983
Contributions:
Participating
employees....... 370,512 321,418 242,795 172,237 -- 1,106,962
Participating
employers....... -- -- -- 235,736 800,000 1,035,736
Member
reinstatements... -- -- -- -- 786 786
Member
distributions...... (85,006) (40,160) (118,637) (135,217) (1,767,939) (2,146,959)
Member account
transfers among
funds.............. (21,317) 219,254 (115,285) (82,652) -- --
Transfer from other
plan............... -- -- -- -- 25,750,999 25,750,999
Plan equity at
beginning of
period............. 2,171,277 1,476,695 1,378,284 2,560,127 -- 7,586,383
---------- ---------- ---------- ---------- ----------- -----------
Plan equity at end of
period............. $2,579,233 $2,199,722 $1,449,490 $1,996,726 $25,841,719 $34,066,890
---------- ---------- ---------- ---------- ----------- -----------
---------- ---------- ---------- ---------- ----------- -----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
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<PAGE> 8
DANIEL INDUSTRIES, INC.
EMPLOYEES' PROFIT SHARING AND SAVINGS PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
<TABLE>
<CAPTION>
FISCAL YEAR ENDED SEPTEMBER 30, 1991
-------------------------------------------------------------
FIXED
EQUITY INCOME CASH COMPANY
ASSETS ASSETS EQUIVALENTS STOCK
FUND FUND FUND FUND TOTAL
---------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Investment income:
Cash dividends on
Daniel Industries,
Inc. common
stock.................. $ -- $ -- $ -- $ 25,288 $ 25,288
Other cash
dividends............. 24,034 -- -- -- 24,034
Interest................. 10,511 106,271 91,375 5,176 213,333
---------- ---------- ---------- ---------- ----------
Net investment
income.... 34,545 106,271 91,375 30,464 262,655
Net realized loss on
sale of
investments............. (33,785) -- -- -- (33,785)
Unrealized
appreciation
of:
Daniel Industries,
Inc. common
stock.............. -- -- -- 43,417 43,417
Other
investments........ 632,289 87,028 -- -- 719,317
---------- ---------- ---------- ---------- ----------
Total......... 633,049 193,299 91,375 73,881 991,604
Contributions:
Participating
employees............ 321,205 264,177 276,215 168,728 1,030,325
Participating
employers............ -- -- -- 224,621 224,621
Member
distributions........ (255,823) (115,188) (157,473) (234,008) (762,492)
Member account
transfers among
funds................ (41,108) 13,192 (25,467) 53,383 --
Plan equity at
beginning of
period............... 1,513,954 1,121,215 1,193,634 2,273,522 6,102,325
---------- ---------- ---------- ---------- ----------
Plan equity at end of
period....... $2,171,277 $1,476,695 $1,378,284 $2,560,127 $7,586,383
---------- ---------- ---------- ---------- ----------
---------- ---------- ---------- ---------- ----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
-8-
<PAGE> 9
NOTES TO FINANCIAL STATEMENTS
NOTE 1 -- PLAN MERGER
The Daniel Industries, Inc. Employees' Savings Plan (the "Savings Plan")
was initially established effective October 1, 1982, as a stock purchase plan
and was amended to become a pre-tax savings plan effective April 1, 1984. The
Savings Plan was amended from time to time to reflect certain changes in the
Internal Revenue Code, as amended (the "Code").
The Daniel Industries, Inc. Employees' Profit Sharing and Retirement Plan
(the "Profit Sharing Plan") was initially established effective September 30,
1953. The Profit Sharing Plan was amended from time to time to reflect certain
changes in the Code.
Effective October 1, 1991, in order to administer more efficiently the
benefits provided under the plans, thereby reducing administrative costs, the
Profit Sharing Plan was merged into the Savings Plan. As a result of the merger
of the former plans, net assets of $25,750,999 were transferred into the Savings
Plan. The Savings Plan was thereafter called the Daniel Industries, Inc.
Employees' Profit Sharing and Savings Plan (the "Plan").
NOTE 2 -- DESCRIPTION OF THE PLAN
The following description provides only general information relating to the
Plan, following the merger of the plans referred to above, and is qualified by
the terms of the Plan. Capitalized terms which are not otherwise defined herein
are defined in the Plan. Members should refer to the Summary Plan Description of
each
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<PAGE> 10
of the prior plans or the Plan document for a more complete explanation of the
Plan's provisions. The Plan document is controlling at all times.
Participation
The Plan is a defined contribution plan in which each employee of Daniel
Industries, Inc. (the "Company"), Daniel Flow Products, Inc., Daniel En-Fab
Systems, Inc., Daniel Industrial, Inc. (formerly Daniel Bolt & Gasket, Inc. and
Daniel Flange Company), Daniel Oil Tools Company and Daniel Valve Company
(together with the Company, the "Employers") is initially eligible to
participate on the Entry Date (October 1, the first day of the Plan Year)
coincident with or next following the date such employee was first employed by
an Employer. Effective October 1, 1992, Daniel Flange Company, Inc. and Daniel
Bolt and Gasket, Inc. were merged into a new company, Daniel Industrial, Inc. On
that date, all employees at Daniel Industrial, Inc. either continued to
participate or became eligible to participate in the Plan.
Contributions
The Plan provides for Discretionary Employer Contributions in such amount,
if any, that shall be determined by the Employers. These contributions are
allocated to Active Members in the proportion which the Considered Compensation
of each such Member for the Plan Year bears to the total Considered Compensation
of all such Members for that Plan Year.
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<PAGE> 11
A summary of Discretionary Employer Contributions for the Plan Year ended
September 30, 1993 is as follows:
<TABLE>
<CAPTION>
DISCRETIONARY
EMPLOYER
CONTRIBUTIONS
FOR PLAN
YEAR
ENDED
SEPTEMBER 30,
EMPLOYER 1993
------------------------------------------------------------- --------
<S> <C>
Daniel Industries, Inc. and Daniel Flow Products, Inc........ $495,000
Daniel Industrial, Inc....................................... 50,000
Daniel En-Fab Systems, Inc................................... 60,000
Daniel Valve Company......................................... 160,000
--------
$765,000
--------
--------
</TABLE>
- ---------------
NOTE: The Discretionary Employer Contributions to the Plan for the Plan Year
ended September 30, 1992 and employer contributions to the Profit Sharing
Plan for the Plan Year ended September 30, 1991 totalled $800,000 and
$800,000, respectively.
Further, an eligible employee may choose, by completing and returning to
the Administrative Committee of the Plan (the "Administrative Committee") a
Salary Deferral Agreement, to authorize his Employer to reduce his Considered
Compensation by a certain amount and to contribute on his behalf such amount to
a trust (the "Trust") created under the Plan. The maximum reduction in
compensation that an employee participating in the Plan may elect for
contribution to the Plan is determined by the Administrative Committee; the
nontaxable portion of each employee's annual salary deferral contribution is
limited to the maximum amount permitted by the Secretary of the Treasury ($8,994
for the 1993 calendar year). In addition, such contributions by eligible
employees who are "highly compensated employees" (within the meaning of Section
414(q) of the Code) are subject to nondiscrimination limitations that are
affected by contributions made by all other eligible employees.
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<PAGE> 12
Employers make contributions ("Salary Deferral Contributions") for each
Member employed by such Employer in amounts equal to the amount by which each
such Member's Considered Compensation was reduced pursuant to his Salary
Deferral Agreement. In addition, each Employer is required to make a matching
contribution (an "Employer Matching Contribution") for each Member employed by
such Employer in an amount equal to the lesser of 1.5% of such Member's
Considered Compensation or 25% of the Salary Deferral Contributions made by such
Employer for such Member. Under certain circumstances, a Member may make
additional Rollover Contributions and Voluntary Employee Contributions to the
Trust. Effective October 1, 1993, the Plan was amended to change the Employer
Matching Contribution from the lesser of 1.5% of a Member's Considered
Compensation or 25% of the Member's Salary Deferral Contributions, to the lesser
of 1.5% of a Member's Considered Compensation or 50% of the Member's Salary
Deferral Contributions.
Salary Deferral Contributions, Employer Matching Contributions and
Discretionary Employer Contributions made on behalf of each Member are credited
to the Member's Salary Deferral Contribution Account, Employer Matching
Contribution Account and Discretionary Employer Contribution Account,
respectively. Each of such Accounts reflects the contributions, and the
appreciation or depreciation in the value of the Trust Fund, allocated to such
Account. A Member's Discretionary Employer Contribution Account, Salary Deferral
Contribution Account, Employer Matching Contribution Account,
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<PAGE> 13
Rollover Contribution Account and Voluntary Employee Contribution Account are
referred to collectively as a Member's Accounts.
A summary of Members' Salary Deferral Contributions and a summary of
Employer Matching Contributions for the Plan Year ended September 30, 1993, 1992
and 1991 are as follows:
<TABLE>
<CAPTION>
MEMBERS' SALARY DEFERRAL
CONTRIBUTIONS FOR
PLAN YEARS ENDED SEPTEMBER 30,
-------------------------------------
EMPLOYER 1993 1992 1991
- ------------------------------------------------------- --------- --------- ---------
<S> <C> <C> <C>
Daniel Industries, Inc................................. $ 142,500 $ 123,077 $ 119,285
Daniel Industrial, Inc................................. 68,256 64,537 76,611
Daniel En-Fab Systems, Inc............................. 69,695 75,086 77,308
Daniel Flow Products, Inc.............................. 668,987 604,840 535,239
Daniel Oil Tools Company............................... -- 7,282 22,307
Daniel Valve Company................................... 237,735 232,140 199,575
---------- ---------- ----------
$1,187,173 $1,106,962 $1,030,325
---------- ---------- ----------
---------- ---------- ----------
</TABLE>
<TABLE>
<CAPTION>
EMPLOYER MATCHING
CONTRIBUTIONS FOR
PLAN YEARS ENDED SEPTEMBER 30,
-------------------------------------
EMPLOYER 1993 1992 1991
- ------------------------------------------------------- --------- --------- ---------
<S> <C> <C> <C>
Daniel Industries, Inc................................. $ 28,932 $ 25,309 $ 26,689
Daniel Industrial, Inc................................. 15,718 16,138 19,152
Daniel En-Fab Systems, Inc............................. 15,190 16,825 17,751
Daniel Flow Products, Inc.............................. 138,244 124,738 111,704
Daniel Oil Tools Company............................... -- 1,821 5,578
Daniel Valve Company................................... 52,075 50,905 43,747
--------- --------- ---------
$ 250,159 $ 235,736 $ 224,621
--------- --------- ---------
--------- --------- ---------
</TABLE>
Investments
The Plan provides for assets that are held by the Plan as a result of
Discretionary Employer Contributions and Voluntary Employee Contributions to be
invested and reinvested in investments specified in the Plan document. The Plan
further provides that assets held by the Plan as a result of Salary Deferral
Contributions and Rollover Contributions shall be invested and reinvested in one
or more of four investment funds: Equity Assets
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<PAGE> 14
Fund, Fixed Income Assets Fund, Cash Equivalents Fund and Company Stock Fund.
These funds are limited to certain categories of investments specified in the
Plan document. The assets in each of these four funds may be held temporarily in
cash or cash equivalents. Earnings from investments for each quarter are
allocated among the Members' accounts in the proportion which the balance of
each Member in each account at the beginning of the quarter bears to the total
of all Members' balances in each such account at the beginning of the quarter.
All amounts allocated to a Member's Employer Matching Contribution Account
are invested in the Company Stock Fund. Each Member is required to designate the
percentage of his share of Salary Deferral Contributions and Rollover
Contributions to be invested in each fund. The percentage to be invested in any
fund must be 0%, 25%, 50%, 75% or 100%. A Member has the right to change the
percentage of his share of Salary Deferral Contributions to be invested in a
particular fund once during any calendar quarter. In addition, a Member has the
right to change the percentage of the then present interest in his Salary
Deferral Contribution Account and his Rollover Contribution Account that is
invested in the respective funds once during any calendar quarter. These rights
may be exercised by notifying the Administrative Committee in writing, but need
not be exercised simultaneously. Any such change is effective on the first day
of the calendar quarter to occur not less than 15 days following receipt of
appropriate written instructions by the Administrative Committee.
-14-
<PAGE> 15
As Employer Matching Contributions are allocated to the Company Stock Fund,
all Members become participants in such fund. Members may participate in all
four funds simultaneously.
Vesting
A Member is always 100% vested in all of his Accounts except his
Discretionary Employer Contribution Account. For all Members with an employment
date which occurred on or before September 30, 1989, the balance in the
Discretionary Employer Contribution Account vests with each of the Members in
10% annual increments beginning with such Member's first employment anniversary
date and continuing through the fourth employment anniversary date and in 20%
annual increments beginning with such Member's fifth employment anniversary
date. For all Members with an employment date occurring after September 30,
1989, the balance in the Discretionary Employer Contribution Account vests with
each of those Members in 20% annual increments beginning with such Member's
third employment anniversary date. Accordingly, in both those cases, Members are
fully vested at the end of seven years. A Member's interest in the Discretionary
Employer Contribution Account also becomes fully vested upon retirement or upon
death or Separation on account of Total and Permanent Disability. Non-vested
amounts are forfeited upon termination of employment and are used to restore any
accounts required to be restored. Any excess forfeited balances at the end of
the Plan Year are allocated to remaining Members on the same basis used to
allocate Discretionary Employer Contributions of the Employers as described
above.
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<PAGE> 16
Distributions and Withdrawals
Upon the death, Total and Permanent Disability, or retirement of a Member,
or his termination of employment with his Employer, such Member or his validly
designated Beneficiary is entitled to the vested interest of the amount in the
Member's Accounts as of the end of the calendar quarter immediately following
the date of such Member's death, or other Separation.
Each Member who has completed five years of Vesting Service and who has
given written notice to the Administrative Committee may withdraw, as of the end
of the calendar quarter next following such notice, a specified amount of his
Discretionary Employer Contribution Account, but not in excess of 25% of his
vested interest in such account. The number of such withdrawals available to a
Member is limited to one, prior to his completion of ten years of Vesting
Service, and one subsequent to his completion of ten years of Vesting Service.
A Member who is suffering a qualifying financial hardship may file a
written request with the Administrative Committee to withdraw from his Salary
Deferral Contribution Account, Employer Matching Contribution Account and
Rollover Contribution Account an amount necessary to ease his hardship. However,
a Member is not entitled to make a financial hardship withdrawal of any earnings
credited to the Member's Salary Deferral Contribution Account or of any Employer
Matching Contributions or earnings credited to the Member's Employer Matching
Contribution Account after December 31, 1988.
-16-
<PAGE> 17
A Member who has reached age 60 and has completed 25 years of service may
withdraw an amount not in excess of the total balance in his Accounts,
determined as of the end of the calendar quarter next following the date on
which the written notice of his intent to make such a withdrawal is given to the
Administrative Committee. Effective October 1, 1993, the Plan
was amended to allow a Member who has reached age 55 and has completed 25 years
of service to make one withdrawal of an amount not in excess of the total
balance in his Accounts other than his Salary Deferral Contribution Account.
Upon reaching age 60 and completing 25 years of service, a Member may make one
withdrawal of an amount not in excess of the total balance in his Accounts
(exclusive of any Account(s) from which he made a prior withdrawal pursuant to
this amendment).
Subject to the limitations established by Section 401(a)(9) of the Code,
distributions are payable in accordance with the Member's choice in cash or in
kind, or both, in any one or a combination of the following manners: (i) in one
lump sum; or (ii) in substantially equal periodic installments for a specified
number of years not to exceed the greater of (a) 25 years or (b) the life
expectancy of the Member or the joint and last survivor life expectancy of the
Member and his spouse or other Beneficiary or (c) such shorter period as may
result from the allocation of losses to his Accounts.
Trustee and Investment Manager
The Trustee under the Plan is Wachovia Bank of North Carolina, N.A. The
Trustee's duties are to maintain custody of the assets of the Trust Fund, to
invest and reinvest the assets of the Trust Fund subject to the instructions of
the Administrative Committee, and, in accordance with the provisions of the
Plan, to render certain reports to the Administrative Committee. The Trustee is
appointed by the Board of Directors of the Company and serves as Trustee under
the terms of the agreement relating to the Trust and the Plan
-17-
<PAGE> 18
until the termination of the Trust, the resignation of the Trustee or the
removal of the Trustee by the Board of Directors of the Company. The Trustee has
the right to vote the shares of the Company's common stock and other securities
held in the Trust Fund, subject to instruction by the Administrative Committee.
J. & W. Seligman & Co. Incorporated ("Seligman"), the Plan's investment
manager, makes investment decisions regarding all of the Plan's investments
except the Cash Equivalents Fund, the Company Stock Fund, Daniel Industries,
Inc. common stock and cash or cash equivalents. The investment manager is
appointed by the Plan's Administrative Committee which reviews its performance.
William C. Morris, a member of the Company's Board of Directors, is Chairman of
the Board of Directors and President of Seligman.
Termination of the Plan
The Company currently intends to continue the Plan indefinitely, but it may
terminate the Plan at any time, withdraw from the Plan, or amend it in whole or
in part. Any Employer that has adopted the Plan may terminate the Plan with
respect to itself by executing and delivering to the Trustee a notice of
termination that specifies the date on which the Plan will terminate. If the
Plan is terminated, all amounts credited to the Accounts of each Member will be
paid to such Member or his Beneficiary after payment of all expenses and
adjustments.
-18-
<PAGE> 19
NOTE 3 -- SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation of Financial Statements
The financial statements of the Plan are prepared on the accrual basis of
accounting.
Investments
Cash equivalents are stated at cost, which approximates market value. All
other securities are stated at their quoted market price as of the close of the
Plan Year. Any change in the market value of the common stock of the Company and
other securities held is recorded in the Statement of Income and Changes in Plan
Equity as an increase or decrease in net unrealized appreciation or depreciation
at year end. Dividends and interest income are recorded when earned.
Administrative Expenses
During the Plan Year ended September 30, 1990, the Company began paying the
Plan's Trustee and other administrative expenses.
NOTE 4 -- MEMBER DISTRIBUTION OBLIGATIONS
During the Plan Year ended September 30, 1992, the Plan changed its method
of accounting for pending distribution payments to Members in order to recognize
distributions only upon payment. The effect of this change on the Plan's
financial statements was not material.
-19-
<PAGE> 20
Obligations for distribution payments to Members are as follows:
<TABLE>
<CAPTION>
MEMBER DISTRIBUTIONS
PAYABLE
SEPTEMBER 30,
------------------------
1993 1992
-------- --------
<S> <C> <C>
Equity Assets Fund.................................. $ 31,501 $ 52,840
Fixed Income Assets Fund............................ 42,403 49,043
Cash Equivalents Fund............................... 12,808 27,274
Company Stock Fund.................................. 35,175 42,702
Discretionary Employer Contribution Account......... 617,945 471,813
-------- --------
Total..................................... $739,832 $643,672
-------- --------
-------- --------
</TABLE>
These obligations are reflected as liabilities in the Form 5500 Annual
Return/Report of Employee Benefit Plan.
NOTE 5 -- FEDERAL INCOME TAX STATUS
Management believes that the Plan is qualified under Section 401(a), and,
therefore, the trust is exempt from taxation under Section 501(a) of the Code.
The Internal Revenue Service granted a favorable letter of determination to the
Plan on August 7, 1992. Generally, contributions to a qualified plan are
deductible by the Company when made; earnings of the trust are tax exempt and
Members are not taxed on their benefits until withdrawn from the Plan and not
rolled over into another qualified plan or individual retirement account.
NOTE 6 -- UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS AND REALIZED
GAINS (LOSSES) ON SALE OF INVESTMENTS
Unrealized appreciation (depreciation) of investments and realized gains
(losses) on the sale of investments are determined on a historical cost basis.
For purposes of presenting such information in the Plan's Form 5500 Annual
Return/Report of
-20-
<PAGE> 21
Employee Benefit Plan, the current value method is used. Under the current value
method, net unrealized appreciation of investments and net realized losses on
sale of investments of $3,182,963 and $(725,125), respectively, were incurred
during the year ended September 30, 1993, as calculated and provided by the
Plan's Trustee.
NOTE 7 - PLAN HOLDINGS WHICH REPRESENT 5% OR MORE OF NET ASSETS
Investments that represent 5% or more of the Plan's net assets are as
follows:
<TABLE>
<CAPTION>
SEPTEMBER 30,
1993
-------------
<S> <C>
Wachovia Bank of North Carolina Short-term Investment
Fund.................................................. $ 1,919,809
Daniel Industries, Inc. Common Stock.................... 6,903,292
U.S. Treasury Bonds 8.75% 11/15/08-03*.................. 2,713,898
U.S. Treasury Notes 8.50% 2/15/00....................... 6,236,843
</TABLE>
- ---------------
* Maturity date November 15, 2008. Callable on November 15, 2003.
-21-
<PAGE> 22
SCHEDULE 1
(1 of 5)
DANIEL INDUSTRIES, INC.
EMPLOYEES' PROFIT SHARING AND SAVINGS PLAN
ITEM 27a -- SCHEDULE OF ASSETS HELD FOR INVESTMENT
AS OF SEPTEMBER 30, 1993
<TABLE>
<CAPTION>
(a) (b) (c) (d) (e)
- ---- ------------------------------------------------------- -------- ---------- ----------
DESCRIPTION
OF
INVESTMENT
INCLUDING
MATURITY
DATE,
RATE OF
INTEREST,
COLLATERAL,
IDENTITY OF ISSUE, PAR OR
BORROWER, LESSOR MATURITY CURRENT
OR SIMILAR PARTY VALUE COST VALUE
------------------------------------------------------- -------- ---------- ----------
DISCRETIONARY EMPLOYER CONTRIBUTION ACCOUNT
<CAPTION>
COMMON STOCKS SHARES
--------
<S> <C> <C> <C> <C>
American International Group Inc....................... 2,100 $ 163,007 $ 206,059
Amoco Corp ............................................ 3,000 167,805 173,250
Baker Hughes Inc ...................................... 7,000 163,170 164,500
Block H&R Inc ......................................... 3,000 118,415 114,000
Century Tel Enterprises Inc ........................... 5,000 147,800 138,125
Circus Circus Enterprises Inc ......................... 5,550 178,254 255,300
Cisco Systems Inc ..................................... 2,500 115,000 125,000
Coca Cola Co .......................................... 7,000 130,849 295,750
Comcast Corp .......................................... 5,000 126,130 155,625
Crown Cork & Seal Inc ................................. 3,500 138,830 125,125
* Daniel Industries, Inc ................................ 293,306 402,513 4,436,253
E M C Corp Mass ....................................... 4,500 144,833 160,313
Enron Corp ............................................ 5,000 145,875 175,000
First Data Corp ....................................... 7,000 167,156 273,000
Fisher Scientific Intl Inc ............................ 5,000 156,170 175,000
Forest Labs ........................................... 5,000 178,271 187,500
General Electric Co ................................... 2,000 189,724 191,750
Gillette Co ........................................... 3,000 171,014 172,500
Harley Davidson Inc ................................... 5,000 175,801 235,000
Home Depot Inc ........................................ 6,000 69,452 231,000
Illinois Tool Works Inc ............................... 6,000 188,519 231,750
Informix Corp ......................................... 5,000 110,000 117,500
Intel Corp ............................................ 3,000 169,963 212,250
International Game Technology ......................... 5,500 94,962 219,313
Interpublic Group Cos Inc ............................. 6,000 100,585 186,000
Keycorp ............................................... 5,000 202,800 189,375
MCI Communications Corp ............................... 6,000 169,734 165,750
Microsoft Corp ........................................ 2,000 133,000 165,000
NationsBank Corp ...................................... 3,500 171,773 180,250
Nucor Corp ............................................ 6,000 141,910 322,500
Office Depot .......................................... 7,500 161,458 252,188
Pitney Bowes Inc ...................................... 4,000 161,240 153,000
Raychem Corp .......................................... 4,000 124,290 170,500
Reynolds & Reynolds Co ................................ 4,500 169,020 177,188
Schering -- Plough Corp ............................... 2,500 162,650 164,688
Schlumberger Ltd ...................................... 2,000 131,620 133,250
Service Corp Intl ..................................... 5,000 119,050 124,375
Sigma Aldrich Corp .................................... 3,000 84,032 145,500
Telephone & Data Systems Inc .......................... 3,000 140,130 158,250
</TABLE>
<PAGE> 23
SCHEDULE 1
(2 of 5)
<TABLE>
<CAPTION>
(a) (b) (c) (d) (e)
- ---- ------------------------------------------------------- ------------- ---------- ----------
DESCRIPTION OF
INVESTMENT INCLUDING
MATURITY DATE
IDENTITY OF ISSUE, RATE OF INTEREST,
BORROWER, LESSOR COLLATERAL, PAR OR CURRENT
OR SIMILAR PARTY MATURITY VALUE COST VALUE
------------------------------------------------------- -------------- ---------- ----------
<S> <C> <C> <C> <C>
Teleflex Inc .......................................... 5,000 149,675 163,750
Telefonos De Mexico L ADR ............................. 3,500 154,648 177,188
Time Warner Inc ....................................... 3,000 123,555 122,250
Tyco Labs Inc ......................................... 2,500 107,338 108,125
U S Healthcare Inc .................................... 2,400 120,300 121,800
United Healthcare Corp ................................ 1,600 103,303 109,800
UST, Inc .............................................. 5,000 69,429 134,375
Varity Corp ........................................... 4,500 152,708 161,438
Wheelabrator Technologies Inc ......................... 10,000 200,749 176,250
---------- ----------
Total Common Stocks ............................. 7,168,510 12,733,653
---------- ----------
</TABLE>
GOVERNMENT AND GOVERNMENTAL AGENCY BONDS AND NOTES
<TABLE>
<CAPTION>
DUE PRINCIPAL CURRENT
RATE DATE AMOUNT COST VALUE
----- ------------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
U.S. Treasury Bonds......... 8.00% 11/15/21 $ 250,000 $ 262,418 $ 306,602
U.S. Treasury Bonds......... 8.75% 11/15/08-03 2,000,000 1,995,625 2,467,180
U.S. Treasury Bonds......... 8.375% 08/15/08-03 500,000 491,094 600,705
U.S. Treasury Notes......... 8.00% 05/15/01 1,000,000 987,188 1,175,310
U.S. Treasury Notes......... 7.75% 02/15/01 500,000 507,813 578,280
U.S. Treasury Notes......... 8.375% 04/15/95 800,000 793,125 854,872
U.S. Treasury Notes......... 8.50% 02/15/00 4,750,000 4,746,562 5,642,858
U.S. Treasury Notes......... 7.50% 11/15/01 150,000 152,320 171,843
U.S. Treasury Notes......... 6.25% 02/15/03 500,000 514,063 529,610
----------- -----------
Total Government and
Governmental Agency Bonds
and Notes.......... 10,450,208 12,327,260
----------- -----------
</TABLE>
CASH EQUIVALENTS
<TABLE>
<CAPTION>
UNITS
-----------
<S> <C> <C> <C> <C>
* Wachovia Bank of North Carolina Short-Term
Investment Fund..................................... 254,879 254,879 254,879
----------- -----------
Total Discretionary Employer Contribution Account... $17,873,597 $25,315,792
----------- -----------
----------- -----------
</TABLE>
EQUITY ASSETS FUND
<TABLE>
<CAPTION>
COMMON STOCKS SHARES
-----------
<S> <C> <C> <C> <C>
American International Group Inc ................... 750 $58,218 $73,589
Amoco Corp ......................................... 1,000 55,935 57,750
Baker Hughes Inc ................................... 2,000 46,620 47,000
Block H&R Inc ...................................... 1,000 39,490 38,000
</TABLE>
<PAGE> 24
SCHEDULE 1
(3 of 5)
<TABLE>
<CAPTION>
(a) (b) (c) (d) (e)
- ---- ------------------------------------------------------- -------- ---------- ----------
DESCRIPTION
OF
INVESTMENT
INCLUDING
MATURITY
DATE,
RATE OF
INTEREST,
COLLATERAL,
IDENTITY OF ISSUE, PAR OR
BORROWER, LESSOR MATURITY CURRENT
OR SIMILAR PARTY VALUE COST VALUE
------------------------------------------------------- -------- ---------- ----------
<S> <C> <C> <C> <C>
Century Tel Enterprises Inc ........................... 1,700 50,252 46,964
Circus Circus Enterprises Inc ......................... 1,800 57,051 82,800
Cisco Systems Inc. .................................... 900 41,400 45,000
Coca Cola Co .......................................... 2,200 38,429 92,950
Comcast Corp .......................................... 2,000 50,250 62,250
Crown Cork & Seal Inc ................................. 1,500 59,435 53,625
Dillard Dept Stores Inc................................ 1,800 40,031 64,800
E M C Corp Mass........................................ 1,500 43,775 53,438
Enron Corp............................................. 2,000 58,350 70,000
First Data Corp........................................ 2,000 47,759 78,000
Fisher Scientific Intl Inc ............................ 1,500 46,762 52,500
Forest Labs............................................ 2,000 71,240 75,000
General Electric Co ................................... 600 56,917 57,525
General Re Corp........................................ 400 51,824 49,200
Harley Davidson Inc ................................... 1,500 52,757 70,500
Home Depot Inc ........................................ 2,300 27,182 88,550
Illinois Tool Works Inc................................ 2,000 63,746 77,250
Informix Corp ......................................... 2,000 41,000 47,000
Intel Corp............................................. 1,000 56,845 70,750
International Game Technology ......................... 2,000 34,636 79,750
Interpublic Groups Cos Inc ............................ 2,000 44,580 62,000
Keycorp................................................ 1,400 56,784 53,025
MCI Communications Corp................................ 2,000 56,578 55,250
Microsoft Corp ........................................ 500 33,250 41,250
NationsBank Corp....................................... 1,000 49,060 51,500
Nucor Corp............................................. 2,400 56,742 129,000
Office Depot Inc....................................... 2,250 48,437 75,656
Pitney Bowes Inc....................................... 1,400 56,434 53,550
Raychem Corp .......................................... 1,300 42,561 55,413
Reynolds & Reynolds Co................................. 1,500 56,340 59,063
Schering - Plough Corp. ............................... 900 58,554 59,288
Schlumberger Ltd....................................... 700 36,991 46,638
Service Corp Intl...................................... 1,800 42,858 44,775
Sigma Aldrich Corp .................................... 1,200 32,063 58,200
Telephone & Data Systems Inc .......................... 1,300 52,728 68,575
Teleflex Inc .......................................... 2,000 62,620 65,500
Telefonos De Mexico L ADR ............................. 1,000 45,660 50,625
Time Warner Inc........................................ 1,000 41,183 40,750
United Healthcare Corp. ............................... 600 38,739 41,175
UST Inc................................................ 1,500 25,191 40,313
U.S. Healthcare Inc ................................... 900 45,113 45,675
Varity Corp............................................ 1,500 50,903 53,813
Wheelabrator Technologies Inc ......................... 3,500 70,266 61,688
---------- ----------
Total Common Stocks ................................... 2,293,539 2,846,913
---------- ----------
</TABLE>
<PAGE> 25
SCHEDULE 1
(4 of 5)
<TABLE>
<CAPTION>
(a) (b) (c) (d) (e)
- ---- ------------------------------------------------------- -------- ---------- ----------
DESCRIPTION
OF
INVESTMENT
INCLUDING
MATURITY
DATE,
RATE OF
INTEREST,
COLLATERAL,
IDENTITY OF ISSUE, PAR OR
BORROWER, LESSOR MATURITY CURRENT
OR SIMILAR PARTY VALUE COST VALUE
------------------------------------------------------- -------- ---------- ----------
<S> <C> <C> <C> <C>
</TABLE>
CASH EQUIVALENTS
<TABLE>
<CAPTION>
UNITS
-----------
<S> <C> <C> <C> <C>
* Wachovia Bank of North Carolina Short-Term
Investment Fund..................................... 71,192 71,192 71,192
----------- -----------
Total Equity Assets Fund............................ $ 2,364,731 $ 2,918,105
----------- -----------
----------- -----------
</TABLE>
FIXED INCOME ASSETS FUND
GOVERNMENT AND GOVERNMENTAL AGENCY BONDS AND NOTES
<TABLE>
<CAPTION>
DUE PRINCIPAL
RATE DATE AMOUNT
----- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
U.S. Treasury Bonds......... 7.875% 11/15/07-02 $ 100,000 $ 99,813 $ 115,828
U.S. Treasury Bonds......... 8.75% 11/15/08-03 200,000 199,563 246,718
U.S. Treasury Bonds......... 7.50% 11/15/16 250,000 252,016 287,070
U.S. Treasury Bonds......... 8.00% 11/15/21 100,000 104,969 122,641
U.S. Treasury Notes......... 8.00% 05/15/01 100,000 98,719 117,531
U.S. Treasury Notes......... 6.375% 06/30/97 100,000 103,578 106,516
U.S. Treasury Notes......... 6.25% 02/15/03 200,000 205,625 211,844
U.S. Treasury Notes......... 8.375% 04/15/95 200,000 199,750 213,718
U.S. Treasury Notes......... 8.50% 02/15/00 500,000 496,520 593,985
U.S. Treasury Notes......... 8.50% 03/31/94 175,000 174,883 179,540
U.S. Treasury Notes......... 7.75% 02/15/01 150,000 151,532 173,484
----------- -----------
Total Government and
Governmental
Agency Bonds and Notes................... 2,086,968 2,368,875
----------- -----------
</TABLE>
CASH EQUIVALENTS
<TABLE>
<CAPTION>
UNITS
-----------
<S> <C> <C> <C> <C>
* Wachovia Bank of North Carolina Short-Term
Investment Fund..................................... 244,423 244,423 244,423
----------- -----------
Total Fixed Income Assets Fund...................... $ 2,331,391 $ 2,613,298
----------- -----------
----------- -----------
</TABLE>
CASH EQUIVALENTS FUND
CASH EQUIVALENTS
<TABLE>
<CAPTION>
UNITS
-----------
<S> <C> <C> <C> <C>
* Wachovia Bank of North Carolina Short-Term
Investment Fund..................................... 1,335,963 $ 1,335,963 $ 1,335,963
----------- -----------
Total Cash Equivalents Fund......................... $ 1,335,963 $ 1,335,963
----------- -----------
----------- -----------
</TABLE>
<PAGE> 26
SCHEDULE 1
(5 of 5)
<TABLE>
<CAPTION>
(a) (b) (c) (d) (e)
- ---- ------------------------------------------------------- -------- ---------- ----------
DESCRIPTION
OF
INVESTMENT
INCLUDING
MATURITY
DATE,
RATE OF
INTEREST,
COLLATERAL,
IDENTITY OF ISSUE, PAR OR
BORROWER, LESSOR MATURITY CURRENT
OR SIMILAR PARTY VALUE COST VALUE
------------------------------------------------------- -------- ---------- ----------
<S> <C> <C> <C> <C>
</TABLE>
COMPANY STOCK FUND
COMMON STOCKS
<TABLE>
<CAPTION>
SHARES
-----------
<S> <C> <C> <C> <C>
* Daniel Industries, Inc.............................. 163,110 $ 1,773,168 $ 2,467,039
----------- -----------
Total Common Stocks................................. 1,773,168 2,467,039
----------- -----------
</TABLE>
CASH EQUIVALENTS
<TABLE>
<CAPTION>
UNITS
-----------
<S> <C> <C> <C> <C>
* Wachovia Bank of North Carolina Short-Term
Investment Fund..................................... 13,352 13,352 13,352
----------- -----------
Total Company Stock Fund............................ $ 1,786,520 $ 2,480,391
----------- -----------
----------- -----------
Total Assets Held for Investment Purposes........... $25,692,202 $34,663,549
----------- -----------
----------- -----------
</TABLE>
* Represents a party in interest.
<PAGE> 27
SCHEDULE 2
DANIEL INDUSTRIES, INC.
EMPLOYEES' PROFIT SHARING AND SAVINGS PLAN
ITEM 27D-SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED SEPTEMBER 30, 1993
<TABLE>
<CAPTION>
(a) (b) (c) (d) (e) (f) (g) (h) (i)
- ------------------ ------------- ---------- ----------- ------- ---------- --------- ----------- ---------
DESCRIPTION
OF ASSET
(INCLUDE
INTERST CURRENT
RATE AND EXPENSES VALUE OF
IDENTITY MATURITY INCURRED ASSET ON
OF PARTY IN CASE PURCHASE SELLING LEASE WITH COST TRANSACTION NET GAIN
INVOLVED OF A LOAN) PRICE PRICE RENTAL TRANSACTION OF ASSET DATE OR (LOSS)
- ------------------- ------------- ----------- ----------- -------- ----------- -------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Wachovia Bank of Short-Term
North Carolina Investment
Fund........ $ 8,863,399 $ 8,863,399
Wachovia Bank of Short-Term
North Carolina Investment
Fund........ $ 8,781,652 $8,781,652 $ 8,781,652
</TABLE>
<PAGE> 28
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (No. 2-79399), including all Post-Effective Amendments
thereto filed prior to the date of this consent, of Daniel Industries, Inc. of
our report dated December 20, 1993 appearing on Page 3 of this Annual Report on
Form 11-K.
PRICE WATERHOUSE
Houston, Texas
January 13, 1994
