<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
[ ] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED)
OR
[ ] TRANSACTION REPORT PURSUANT TO SECTION 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the fiscal year ended Commission file number
December 31, 1993 0-325
A. Full title of the Plan and the address of the Plan, if different from
that of the issuer named below:
THE DURIRON COMPANY, INC.
SAVINGS AND THRIFT PLAN
B. Name of issuer of the securities held pursuant to the Plan and the
address of its principal executive office:
THE DURIRON COMPANY, INC.
3100 RESEARCH BOULEVARD
DAYTON, OHIO 45420
(513) 476-6100
INDEX TO EXHIBITS at page 3.
Page 1 of 20 pages
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REQUIRED INFORMATION
--------------------
The Duriron Company, Inc. Savings and Thrift Plan (the "Plan") is subject to
the Employee Retirement Income Security Act of 1974.
ITEM 4. In lieu of the requirements of Items 1, 2 and 3 of Form 11-K, the
following financial statements of the Plan, notes thereto, and Report of
Independent Auditors thereon are being filed as Exhibit 28.1 to this Report:
(a) Report of Independent Auditors.
(b) Statements of Net Assets Available for Benefits - December 31, 1993 and
1992.
(c) Statements of Changes in Net Assets Available for Benefits - years ended
December 31, 1993 and 1992.
(d) Notes to Financial Statements.
(e) Schedule of Assets Held for Investment Purposes - December 31, 1993.
(f) Schedule of Reportable Transactions - year ended December 31, 1993.
The Consent of Independent Auditors to the incorporation by reference of the
foregoing financial statements in the Registration Statement on Form S-8
pertaining to the Plan is being filed as Exhibit 23.1 to this Report.
SIGNATURES
----------
THE PLAN. Pursuant to the requirements of the Securities Exchange Act of
1934, the Pension and Insurance Committee of The Duriron Company, Inc., which
administers the Duriron Company, Inc. Savings and Thrift Plan, has duly caused
this annual report to be signed on behalf of the Plan by the undersigned
hereunto duly authorized.
THE DURIRON COMPANY, INC.
SAVINGS AND THRIFT PLAN
BY: /s/ Ronald F. Shuff
------------------------
RONALD F. SHUFF
Member, Pension and Insurance Committee
Date: June 29, 1994
2
<PAGE> 3
INDEX TO EXHIBITS
The following Exhibits are being filed with this Annual Report on Form
11-K:
Located at
Manually Numbered
Exhibit Page
- ------- -----------------
(23) CONSENT OF EXPERTS AND COUNSEL:
23.1 Consent of Ernst & Young ................ 5
(28) ADDITIONAL EXHIBITS
28.1 Annual Financial Statements of The
Duriron Company, Inc. Savings and
Thrift Plan at December 31, 1993
and 1992 and for the two years
ended December 31, 1993 ................. 7
_______________________________________________
3
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|| EXHIBIT 23.1 ||
|| ||
|| ||
|| CONSENT OF ERNST & YOUNG ||
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4
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CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration Statement
(Form S-8 No. 33-72372) dated December 1, 1993, pertaining to The Duriron
Company, Inc. Savings and Thrift Plan and the Valtek Incorporated Retirement
Plan and Trust of our report dated May 4, 1994, with respect to the financial
statements and schedules of The Duriron Company, Inc. Savings and Thrift Plan
included in this Annual Report (Form 11-K) for the year ended December 31,
1993.
ERNST & YOUNG
Dayton, Ohio
June 28, 1994
<PAGE> 1
==========================================
|| ||
|| ||
|| ||
|| EXHIBIT 28.1 ||
|| ||
|| THE DURIRON COMPANY, INC. ||
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|| SAVINGS & THRIFT PLAN ||
|| ||
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6
<PAGE> 2
THE DURION COMPANY, INC.
SAVINGS AND THRIFT PLAN
FINANCIAL STATEMENTS
AND
SUPPLEMENTAL SCHEDULES
DECEMBER 31, 1993 AND 1992
WITH
REPORT OF INDEPENDENT AUDITORS
7
<PAGE> 3
THE DURIRON COMPANY, INC.
SAVINGS AND THRIFT PLAN
-----------------------
CONTENTS
Report of Independent Auditors
- ------------------------------
Financial Statements
- --------------------
Statements of net assets available for benefits
Statements of changes in net assets available for benefits
Notes to financial statements
Schedule
Supplemental Schedules --------
- ----------------------
Schedule of assets held for investment purposes 1
Schedule of reportable transactions 2
8
<PAGE> 4
- -------------------------------------------------------------------------------
REPORT OF INDEPENDENT AUDITORS
The Audit/Finance Committee of The Board of Directors and
The Pension and Insurance Committee
The Durion Company, Inc.
Savings and Thrift Plan
We have audited the accompanying statements of net assets available for
benefits of The Durion Company, Inc. Savings and Thrift Plan as of December 31,
1993 and 1992, 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 management, 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 Plan at
December 31, 1993 and 1992, and the changes in its net assets available for
benefits for the years then ended, in conformity with generally accepted
accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental schedule of assets held for
investment purposes as of December 31, 1993 and schedule of reportable
transactions 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.
ERNST & YOUNG
Dayton, Ohio
May 4, 1994
- -------------------------------------------------------------------------------
9
<PAGE> 5
FINANCIAL STATEMENTS
--------------------
10
<PAGE> 6
<TABLE>
THE DURIRON COMPANY, INC.
SAVINGS AND THRIFT PLAN
-----------------------
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1993 AND 1992
<CAPTION>
1993 1992
----------- -----------
ASSETS
------
<S> <C> <C>
Investments at fair value:
Common stock of The Duriron Company, Inc. $ 6,188,397 $ 6,400,747
Interest in interest accumulation fund 7,539,717 7,324,438
Interest in Wellington fund 1,788,959 498,947
Interest in Index 500 fund 7,332,684 6,581,713
Interest in World U.S. Growth fund 867,210 651,317
Employee loan fund 465,140 234,860
-------------- --------------
Total investments 24,182,107 21,692,022
Receivables:
Employer contributions 373,612 363,898
Employee contributions 139,283 140,680
Accrued income 40,404 44,789
-------------- --------------
Total receivables 553,299 549,367
-------------- --------------
Net assets available for benefits $24,735,406 $22,241,389
============== ==============
<FN>
See notes to financial statements.
</TABLE>
11
<PAGE> 7
<TABLE>
THE DURIRON COMPANY, INC.
SAVINGS AND THRIFT PLAN
-----------------------
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEARS ENDED DECEMBER 31, 1993 AND 1992
<CAPTION>
1993 1992
-------------- --------------
<S> <C> <C>
Investment activity:
Net appreciation in fair value of investments $ 269,383 $ 813,062
Interest & dividends 947,764 879,134
-------------- --------------
Total investment activity 1,217,147 1,692,196
Less: Investment expenses 430 --
-------------- --------------
Net investment activity 1,216,717 1,692,196
Contributions:
Employer 589,362 591,283
Employee 1,787,198 1,756,396
-------------- --------------
Total contributions 2,376,560 2,347,679
Benefits paid to participants 1,117,816 1,495,321
Participant rollovers & transfers 18,556 --
-------------- --------------
Increase in net assets available for benefits 2,494,017 2,544,554
Net assets available for benefits:
Beginning of year 22,241,389 19,696,835
-------------- --------------
End of year $24,735,406 $22,241,389
============== ==============
<FN>
See notes to financial statements.
</TABLE>
12
<PAGE> 8
THE DURIRON COMPANY, INC.
SAVINGS AND THRIFT PLAN
-----------------------
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1993
1. Description of Plan ------------------- A general description of The
Duriron Company, Inc. Savings and Thrift Plan for Salaried Employees
(Plan), including vesting and available benefits is provided in the
"Summary Plan Description of The Duriron Company, Inc. Savings and Thrift
Plan for Salaried Employees."
2. Significant accounting policies
-------------------------------
Investments -
-----------
The investment in common stock of Duriron, which is traded in the
over-the-counter market, is valued at the last reported bid price.
The employee loan fund is valued based on the current participants
amounts receivable at the end of the year.
The interests in all other Vanguard funds are valued by reference to
the underlying assets. Investments in securities traded on a national
securities exchange are valued at the last reported sales price on the last
business day of the year; securities traded in the over-the-counter market
and listed securities for which no sale was reported on that date are
valued at the last reported bid price. Government securities traded in the
over-the-counter market are valued at the last reported bid price.
The cost of investments sold are computed on an average cost basis.
13
<PAGE> 9
THE DURIRON COMPANY, INC.
SAVINGS AND THRIFT PLAN
-----------------------
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1993
Contributions -
- -------------
Contributions from employees are recorded when Duriron makes payroll deductions
from Plan participants. Contributions from Duriron are accrued based on
amounts to be matched under the terms of the Plan.
Income tax status -
- -----------------
The Plan is qualified under Section 401(a) of the Internal Revenue Code and,
therefore, is exempt from taxation under Section 501(a) of the Code.
14
<PAGE> 10
<TABLE>
3. Investments
-----------
Investments held by the trustee at December 31, 1993 and 1992 are summarized below:
<CAPTION>
1993 1992
------------------------------- -----------------------------------
Description Cost Fair Value Cost Fair Value
-------------------------------------- ------------- ------------- ------------- ------------
<S> <C> <C> <C> <C>
The Duriron Company, Inc. common
stock (263,336 shares or 710,494
units in 1993 and 258,616 shares or
698,772 units in 1992) $4,033,416 $6,188,397 $3,623,043 $6,400,747
Vanguard Interest Accumulation
Fund (736,300 units in 1993 and
722,331 units in 1992) 7,416,855 7,539,717 7,239,033 7,324,438
Vanguard Wellington Fund
(87,694 units in 1993 and
26,041 units in 1992) 1,739,176 1,788,959 494,733 498,947
Vanguard Index 500 Fund
(167,298 units in 1993 and
160,647 units in 1992) 6,505,282 7,332,684 6,146,246 6,581,713
Vanguard World U.S. Growth
Fund (58,085 units in 1993 and
42,403 units in 1992) 858,471 867,210 629,700 651,317
Employee Loan fund 465,140 465,140 234,860 234,860
---------------- -------------- ----------- -------------
$ 21,018,340 $ 24,182,107 $ 18,367,615 $ 21,692,022
================ ================ =========== =============
</TABLE>
15
<PAGE> 11
THE DURIRON COMPANY, INC.
SAVINGS AND THRIFT PLAN
-----------------------
3. Investments (continued)
-----------------------
All of the above investments are held by Vanguard Fiduciary Trust Company of
Wayne, Pennsylvania, under a trust agreement dated April 1, 1993. Prior to
this date, investments were held by National City Bank of Cleveland, Ohio,
under a trust agreement dated July 13, 1978. The trustee has full
discretionary authority for purchase and sale of investments within the
applicable provisions of the trust agreement.
<TABLE>
During 1993 and 1992, the plan's investments appreciated (depreciated) in value as follows:
<CAPTION>
1993 1992
-------------- --------------
<S> <C> <C>
Investments at fair value:
Common stock of The Duriron Company, Inc. $ (304,043) $ 397,774
Interest in commingled equity fund -- (190,334)
Interest in interest accumulation fund 73,856 116,683
Interest in Wellington fund 48,775 4,478
Interest in Index 500 fund 464,279 462,097
Interest in World U.S. Growth fund (13,484) 22,364
-------------- --------------
Net appreciation in value $ 269,383 $ 813,062
============== ==============
</TABLE>
16
<PAGE> 12
<TABLE>
THE DURIRON COMPANY, INC.
SAVINGS AND THRIFT PLAN
-----------------------
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1993
4. Investment fund activity
------------------------
Net assets available for benefits at December 31, 1991, 1992 and 1993 and changes in net assets during 1992 and 1993 are
summarized below by investment fund:
<CAPTION>
Duriron Fixed Index Interest
Stock Equity Income 500 Accum
Fund Fund Fund Fund Fund
------ ----- ----- ----- -----
<S> <C> <C> <C> <C> <C>
Net assets available at Dec. 31, 1991 $ 6,046,492 $ 6,141,213 $ 7,509,130 $ -- $ --
Investment activity:
Net appreciation/(depreciation) 397,774 (190,334) -- 462,097 116,683
Interest & Dividends 157,627 23,525 80,209 158,992 426,181
----------- ----------- ------------ ------------ ------------
Net investment activity 555,401 (166,809) 80,209 621,089 542,864
----------- ---------- ------------ ------------ ------------
Contributions:
Employer 591,283 -- -- -- --
Employee -- 156,455 164,787 509,242 289,999
----------- ---------- ----------- ----------- -------------
Total contributions 591,283 156,455 164,787 509,242 289,999
----------- ----------- ------------ ------------ ------------
Investment fund transfers, net -- (6,011,694) (7,730,451) 5,892,998 7,077,759
Benefits paid to participants (428,531) (119,165) (23,675) (388,540) (512,585)
----------- ----------- ------------ ------------ ------------
Net assets available at Dec. 31, 1992 6,764,645 -- -- 6,634,789 7,398,037
Investment activity:
Net appreciation (depreciation) (304,043) -- -- 464,279 73,856
Interest & Dividends 158,454 -- -- 190,652 470,468
Investment expenses -- -- -- (180) --
----------- ----------- ------------ ------------ ------------
Net investment activity (145,589) -- -- 654,751 544,324
----------- ----------- ------------ ------------ ------------
Contributions:
Employer 589,362 -- -- -- --
Employee -- -- -- 644,641 318,525
----------- ----------- ------------ ------------ ------------
Total contributions 589,362 -- -- 644,641 318,525
----------- ----------- ------------ ------------ ------------
Investment fund transfers and rollovers, net (401,179) -- -- (142,818) (289,725)
Benefits paid to participants (245,229) -- -- (401,702) (393,590)
----------- ------------ ------------ ------------ ------------
Net assets available at Dec. 31, 1993 $ 6,562,010 $ -- $ -- $7,389,661 $7,577,571
=========== =========== ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
World
Bond Wellington US Growth Loan
Fund Fund Fund Fund
----- ---------- --------- ----
<S> <C> <C> <C> <C>
Net assets available at Dec. 31, 1991 $ -- $ -- $ -- $ --
Investment activity:
Net appreciation (depreciation) -- 4,478 22,364 --
Interest & Dividends -- 15,118 10,932 6,550
----------- ----------- ------------ ------------
Net investment activity -- 19,596 33,296 6,550
----------- ----------- ------------ ------------
Contributions:
Employer -- -- --
Employee -- 302,157 333,756 --
----------- ----------- ------------ ------------
Total contributions -- 302,157 333,756 --
----------- ----------- ------------ ------------
Investment fund transfers, net -- 216,751 328,647 225,990
Benefits paid to participants -- (9,715) (10,202) (2,908)
----------- ----------- ------------ ------------
Net assets available at Dec. 31, 1992 -- 528,789 685,497 229,632
Investment activity:
Net appreciation (depreciation) -- 48,775 (13,484) --
Interest & Dividends -- 91,783 12,030 24,377
Investment expenses -- (230) (20) --
----------- ----------- ------------ ------------
World
Bond Wellington US Growth Loan
Fund Fund Fund Fund
----------- ----------- ----------- ------------
Net investment activity -- 140,328 (1,474) 24,377
----------- ----------- ------------ ------------
Contributions:
Employer -- -- -- --
Employee 26,539 375,367 422,126 --
----------- ----------- ------------ ------------
Total contributions 26,539 375,367 422,126 --
----------- ----------- ------------ ------------
Investment fund transfers and rollovers, net 2,861 816,756 (167,821) 200,482
Benefits paid to participants -- (41,179) (36,116) --
----------- ----------- ------------ ------------
Net assets available at Dec. 31, 1993 $ 29,400 $1,820,061 $ 902,212 $ 454,491
=========== =========== ============ ============
</TABLE>
17
<PAGE> 13
SUPPLEMENTAL SCHEDULES
----------------------
18
<PAGE> 14
<TABLE>
THE DURIRON COMPANY, INC.
SAVINGS AND THRIFT PLAN
-----------------------
Schedule 1
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES ----------
DECEMBER 31, 1993
<CAPTION>
Shares or Units Description Cost Fair Value
- ----------------- -------------------------------------------------- ------------ --------------
<S> <C> <C> <C>
710,494 units The Duriron Company, Inc. common stock $4,033,416 $6,188,397
736,300 units Vanguard Interest Accumulation Fund 7,416,855 7,539,717
87,694 units Vanguard Wellington Fund 1,739,176 1,788,959
167,298 units Vanguard Index 500 Portfolio 6,505,282 7,332,684
58,085 units Vanguard World U.S. Growth Fund 858,471 867,210
-- Employee Loan Fund 465,140 465,140
------------ --------------
Total investments $21,018,340 $24,182,107
============ ===========
</TABLE>
19
<PAGE> 15
<TABLE>
THE DURIRON COMPANY, INC.
SAVINGS AND THRIFT PLAN
-----------------------
Schedule 2
SCHEDULE OF REPORTABLE TRANSACTIONS ----------
YEAR ENDED DECEMBER 31, 1993
<CAPTION>
Cost/ Average Net
Security Description Transaction(s) Shares/Units Proceeds Cost Gain/(Loss)
- --------------------------------- ----------------- --------------- ------------- ---------- -----------
<S> <C> <C> <C> <C> <C>
Category iii - series of transactions in excess of 5% of fair value of net assets
Common stock of
The Duriron Company, Inc. 26 Purchases 93,545 units $772,198
Common stock of
The Duriron Company, Inc. 56 Sales 77,771 units $680,504 $361,825 $318,679
Vanguard Interest
Accum. Fund 37 Purchases 160,043 units $1,453,860
Vanguard Interest
Accum. Fund 80 Sales 146,074 units $1,312,438 $1,276,038 $36,400
Vanguard Index 500 Fund 43 Purchases 27,725 units $1,159,015
Vanguard Index 500 Fund 61 Sales 21,074 units $872,321 $799,979 $72,342
Vanguard Wellington Fund 44 Purchases 65,213 units $1,311,574
Vanguard Wellington Fund 44 Sales 3,560 units $70,336 $67,131 $3,205
Vanguard World U.S.
Growth Fund 24 Purchases 37,879 units $557,878
Vanguard World U.S.
Growth Fund 52 Sales 22,197 units $328,501 $329,107 $(606)
<FN>
There are no category i, ii, and iv transactions
</TABLE>
20
