<PAGE> 1
- - - --------------------------------------------------------------------------------
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 April 30, 1994
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 0-8088______________________________________________
FURON COMPANY EMPLOYEES' PROFIT-SHARING-RETIREMENT PLAN
(Title of the plan)
FURON COMPANY
29982 Ivy Glenn Drive
Laguna Niguel, California 92677
(Name and address of principal executive office
of the issuer of the securities held pursuant to the plan)
- - - --------------------------------------------------------------------------------
<PAGE> 2
FURON COMPANY
EMPLOYEES' PROFIT-SHARING-RETIREMENT PLAN
INDEX TO FINANCIAL STATEMENTS
AND FINANCIAL STATEMENT SCHEDULES (ITEM 4(a))
<TABLE>
<CAPTION>
Page
----
<S> <C>
Report of Independent Auditors 1
Financial Statements:
Statements of Net Assets Available for Plan Benefits
at April 30, 1994 and 1993 2-3
Statements of Changes in Net Assets Available for Plan Benefits for
the years ended April 30, 1994 and 1993 4-5
Notes to Financial Statements 6-10
Financial Statement Schedules:
Item 27a Schedule of Assets Held for Investment Purposes at April 30, 1994 11
Item 27d Schedule of Reportable Transactions for the year ended April 30, 1994 12
Schedule of Party-in-Interest Transactions for the year ended April 30, 1994 13
</TABLE>
<PAGE> 3
FURON COMPANY
EMPLOYEES' PROFIT-SHARING-RETIREMENT PLAN
ITEM 1. Not applicable.
ITEM 2. Not applicable.
ITEM 3. Not applicable.
ITEM 4. Financial statements and exhibits
(a) Financial statements:
Financial Statements and Financial Statement Schedules
prepared in accordance with the financial reporting
requirements of ERISA filed hereunder are listed in the
Index to Financial Statements and Financial Statement
Schedules, in lieu of the requirements of Items 1 to 3 above.
(b) Exhibits:
23 Consent of Independent Auditors
<PAGE> 4
REPORT OF INDEPENDENT AUDITORS
The Administrative Committee
Furon Company Employees' Profit-
Sharing-Retirement Plan
We have audited the financial statements of the Furon Company Employees'
Profit-Sharing-Retirement Plan (the Plan) listed in the accompanying index to
financial statements and financial statement schedules (Item 4 (a)). These
financial statements are the responsibility of the Plan's management. 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 listed in the accompanying index to
financial statements and financial statement schedules present fairly, in all
material respects, the net assets available for plan benefits of the Plan at
April 30, 1994 and 1993, and the changes in net assets available for plan
benefits for the years then ended, in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying financial statement
schedules are presented for purposes of complying with the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974, and are not a required part of the
basic financial statements. The financial statement schedules have been
subjected to the auditing procedures applied in our audit of the 1994 financial
statements and, in our opinion, are fairly stated in all material respects in
relation to the 1994 basic financial statements taken as a whole.
ERNST & YOUNG
Orange County, CA
June 24, 1994
<PAGE> 5
FURON COMPANY
EMPLOYEES' PROFIT-SHARING-RETIREMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
APRIL 30, 1994
<TABLE>
<CAPTION>
Retirement
Furon Government
Company Managed Money
Common Income Fidelity Fidelity Market
Stock Portfolio Magellan Puritan Portfolio
Fund Fund Fund Fund Fund
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Assets:
Investments,
at fair value $3,971,909 $7,672,384 $9,902,029 $4,898,733 $4,944,150
Loans receivable - - - - -
---------- ---------- ---------- ---------- ----------
Net assets avail-
able for plan
benefits $3,971,909 $7,672,384 $9,902,029 $4,898,733 $4,944,150
========== ========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION> Fidelity Fidelity Fidelity
Investment Asset OTC Fidelity
Grade Bond Manager Portfolio Contra- Participant
Fund Fund Fund fund Loans Total
---------- -------- --------- -------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Assets:
Investments,
at fair value $176,589 $455,017 $138,796 $694,097 $ - $32,853,704
Loans receivable - - - - 534,670 534,670
-------- -------- -------- -------- -------- -----------
Net assets avail-
able for plan
benefits $176,589 $455,017 $138,796 $694,097 $534,670 $33,388,374
======== ======== ======== ======== ======== ===========
</TABLE>
See accompanying notes.
2
<PAGE> 6
FURON COMPANY
EMPLOYEES' PROFIT-SHARING-RETIREMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
April 30, 1993
<TABLE>
<CAPTION>
Furon Retirement
Company Managed Government
Common Income Fidelity Fidelity Money Market
Stock Portfolio Magellan Puritan Portfolio Participant
Fund Fund Fund Fund Fund Loans Total
---------- ---------- ---------- ---------- ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments, at fair value $4,591,208 $8,731,713 $8,642,050 $4,869,677 $5,895,459 $ - $32,730,107
Loans receivable - - - - - 342,297 342,297
---------- ---------- ---------- ---------- ---------- -------- -----------
Net assets available for
plan benefits $4,591,208 $8,731,713 $8,642,050 $4,869,677 $5,895,459 $342,297 $33,072,404
========== ========== ========== ========== ========== ======== ===========
</TABLE>
See accompanying notes.
3
<PAGE> 7
FURON COMPANY
EMPLOYEES' PROFIT-SHARING-RETIREMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
Year ended April 30, 1994
<TABLE>
<CAPTION> Retirement
Furon Government Fidelity
Company Managed Money Investment
Common Income Fidelity Fidelity Market Grade
Stock Portfolio Magellan Puritan Portfolio Bond
Fund Fund Fund Fund Fund Fund
---------- ---------- ----------- ---------- ---------- --------
<S> <C> <C> <C> <C> <C> <C>
Contributions:
Employer $ 179,760 $ 266,153 $ 357,919 $ 184,126 $ 112,812 $ 7,065
Participants 421,282 622,744 915,202 479,855 518,445 18,921
Rollover contributions 5,053 546 16,098 7,298 10,111 903
---------- ---------- ----------- ---------- ---------- --------
Total contributions 606,095 889,443 1,289,219 671,279 641,368 26,889
Net investment income (loss):
Interest - 444,592 - - 151,163 -
Interest on loans to participants 2,942 4,606 7,901 4,263 7,805 267
Dividends 64,223 - 886,665 579,035 - 8,447
Net appreciation
(depreciation) in fair
value of investments (342,165) - 192,790 (138,268) - (11,938)
---------- ---------- ----------- ---------- ---------- --------
Net investment income (loss) (275,000) 449,198 1,087,356 445,030 158,968 (3,224)
---------- ---------- ----------- ---------- ---------- --------
Total contributions and net
investment income (loss) 331,095 1,338,641 2,376,575 1,116,309 800,336 23,665
Benefits paid to participants of
divested divisions (204,120) (611,369) (478,782) (295,279) (182,260) -
Benefits, terminations
and withdrawals (364,064) (1,061,081) (1,114,593) (792,889) (738,345) (53)
Fees on loans to participants - (131) (332) (369) (1,124) -
---------- ---------- ----------- ---------- ---------- --------
Increase (decrease) in net assets
available for plan benefits (237,089) (333,940) 782,868 27,772 (121,393) 23,612
Account transfers (382,210) (725,389) 477,111 1,284 (829,916) 152,977
Net assets available for plan
benefits:
Beginning of year 4,591,208 8,731,713 8,642,050 4,869,677 5,895,459 -
---------- ----------- ----------- ---------- ---------- --------
End of year $3,971,909 $ 7,672,384 $ 9,902,029 $4,898,733 $4,944,150 $176,589
========== =========== =========== ========== ========== ========
</TABLE>
<TABLE>
<CAPTION> Fidelity Fidelity
Asset OTC Fidelity
Manager Portfolio Contra- Participant
Fund Fund fund Loans Total
-------- -------- -------- -------- -----------
<S> <C> <C> <C> <C> <C>
Contributions:
Employer $ 18,345 $ 6,893 $ 34,933 $ - $ 1,168,006
Participants 56,187 18,677 98,267 - 3,149,580
Rollover contributions 1,047 3,935 15,888 - 60,879
-------- -------- -------- -------- -----------
Total contributions 75,579 29,505 149,088 - 4,378,465
Net investment income (loss):
Interest - - - - 595,755
Interest on loans to participants 31 62 867 - 28,744
Dividends 23,286 9,698 37,503 - 1,608,857
Net appreciation
(depreciation) in fair
value of investments 2,153 (10,249) (18,203) - (325,880)
-------- -------- -------- -------- -----------
Net investment income (loss) 25,470 (489) 20,167 - 1,907,476
-------- -------- -------- -------- -----------
Total contributions and net
investment income (loss) 101,049 29,016 169,255 - 6,285,941
Benefits paid to participants of
divested divisions - (316) (17,088) - (1,789,214)
Benefits, terminations
and withdrawals (2,606) (2,495) (9,298) (93,377) (4,178,801)
Fees on loans to participants - - - - (1,956)
-------- -------- -------- -------- -----------
Increase (decrease) in net assets
available for plan benefits 98,443 26,205 142,869 (93,377) 315,970
Account transfers 356,574 112,591 551,228 285,750 -
Net assets available for plan
benefits:
Beginning of year - - - 342,297 33,072,404
-------- -------- -------- -------- -----------
End of year $455,017 $138,796 $694,097 $534,670 $33,388,374
======== ======== ======== ======== ===========
</TABLE> See accompanying notes.
4
<PAGE> 8
FURON COMPANY
EMPLOYEES' PROFIT-SHARING-RETIREMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
Year ended April 30, 1993
<TABLE>
<CAPTION>
Furon Retirement
Company Managed Government
Common Income Fidelity Fidelity Money Market
Stock Portfolio Magellan Puritan Portfolio Participant
Fund Fund Fund Fund Fund Loans Total
----------- ----------- ---------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Contributions:
Employer $ 223,424 $ 321,095 $ 375,887 $ 181,045 $ 95,733 $ - $ 1,197,184
Participants 524,827 751,723 940,991 448,707 620,997 - 3,287,245
Rollover contributions 1,480 4,227 2,522 3,097 4,000 - 15,326
---------- ---------- ---------- ---------- ---------- -------- -----------
Total contributions 749,731 1,077,045 1,319,400 632,849 720,730 - 4,499,755
Net investment income:
Interest - 501,768 - - 181,265 - 683,033
Interest on loans to
participants 690 4,713 3,176 2,415 5,501 - 16,495
Dividends 68,831 - 1,040,476 378,447 - - 1,487,754
Net appreciation
(depreciation) in
fair value of
investments 1,209,553 - 132,668 393,144 - - 1,735,365
---------- ---------- ---------- ---------- ---------- -------- -----------
Net investment income 1,279,074 506,481 1,176,320 774,006 186,766 - 3,922,647
---------- ---------- ---------- ---------- ---------- -------- -----------
Total contributions
and net investment
income 2,028,805 1,583,526 2,495,720 1,406,855 907,496 - 8,422,402
Benefits, terminations and
withdrawals (658,018) (871,184) (643,473) (419,583) (555,427) - (3,147,685)
Fees on loans to
participants - (193) (237) (427) (639) - (1,496)
---------- ---------- ---------- ---------- ---------- -------- -----------
Increase in net assets
available for plan
benefits 1,370,787 712,149 1,852,010 986,845 351,430 - 5,273,221
Account transfers (627,331) 190,873 16,092 306,461 (228,392) 342,297 -
Net assets available for
plan benefits:
Beginning of year 3,847,752 7,828,691 6,773,948 3,576,371 5,772,421 - 27,799,183
---------- ---------- ---------- ---------- ---------- -------- -----------
End of year $4,591,208 $8,731,713 $8,642,050 $4,869,677 $5,895,459 $342,297 $33,072,404
========== ========== ========== ========== ========== ======== ===========
</TABLE>
See accompanying notes.
5
<PAGE> 9
1. Summary of significant accounting policies
Basis of presentation
The accompanying financial statements of the Furon Company Employees'
Profit-Sharing-Retirement Plan (the Plan) have been prepared on the
accrual basis of accounting. The Plan is a defined contribution
profit sharing plan and is sponsored by Furon Company (the Company).
Investment valuation
The Plan values investments in marketable securities at the last
reported sale price on the last business day of the Plan's year.
Securities not traded on the last business day are valued at the last
reported bid price. Money market funds are valued at cost, which
approximates market. The Managed Income Portfolio Fund is valued at
fair value as determined in good faith by the Trustee.
Income tax status
The Internal Revenue Service has issued a determination letter
indicating that the Plan is qualified, in form, under Sections 401(a)
and 401(k) of the Internal Revenue Code (the Code), and the underlying
trust is, therefore, exempt from federal income taxes under Section
501(a) of the Code. The Administrative Committee (the Committee) of
the Plan has indicated that it is not aware of any events which would
cause the Plan to become disqualified in operation.
Contributions
Company contributions are accrued in the period in which they are
authorized by the Board of Directors of the Company. Contributions by
participants are recorded when payroll deductions are made.
Other
Purchases and sales of investments are reflected on the trade dates.
Gains or losses on sales or distributions of investments are based on
average cost.
6
<PAGE> 10
2. Contributions and benefits
Contributions to the Plan can be in the form of: (1) compensation
deferral contributions which are withheld from the participant's pay
and are limited to 10% of total compensation or the current IRS
limitation, whichever is less; (2) voluntary after-tax contributions,
also limited to 10% of compensation, which can either be withheld from
the participant's pay or contributed directly by the participant; (3)
Company primary contributions which are a percentage of total
compensation, as defined, as determined by the Board of Directors and
(4) Company matching contributions which are a percentage of the
participant's compensation deferral contributions as determined by the
Board of Directors. Participants are also allowed to make "rollover
contributions" from other qualified plans, if such contributions are
made in accordance with the Plan document. The following table
summarizes amounts contributed by the Company:
<TABLE>
<CAPTION>
For the year For the year
ended ended
April 30, 1994 April 30, 1993
-------------- --------------
<S> <C> <C>
Company primary contribution, as a
percent of compensation 1% 1%
Company matching contribution, as a
percent of participant compensation
deferral contributions 25% 25%
</TABLE>
On March 22, 1994, the Board of Directors approved an
increase in the Company matching contribution to 35% for the plan
year ending April 30, 1995.
Participants have nine funds from which to invest their
contributions and those of the Company. These funds consist of a
Managed Income Portfolio Fund, Retirement Government Money Market
Portfolio Fund, the Fidelity Puritan Fund, the Fidelity Magellan
Fund, the Furon Company Common Stock Fund, the Fidelity Investment
Grade Bond Fund, the Fidelity Asset Manager Fund, the Fidelity
Contrafund, and the Fidelity OTC Portfolio Fund. All of these
funds except for the Fidelity Magellan Fund, the Fidelity Puritan
Fund and the Fidelity Contrafund are components of other investment
trust funds managed by Fidelity. Participant balances are
invested at the participant's discretion and may be allocated
among all funds. The allocation between funds may be changed
at the participants discretion at any time.
All amounts allocated to a participant's compensation deferral
account, voluntary contribution account, rollover account, and
matching contribution account (subject to certain annual eligibility
requirements) are fully vested at all times. A participant's primary
company contribution does not vest until the completion of five years
of service at which time the contributions become fully vested.
Notwithstanding the above, a participant shall become fully vested
upon retirement at age 60 or older, death, permanent disability or
plan termination.
Participants may request a withdrawal of all or part of their
voluntary contributions made prior to December 31, 1986. In addition,
participants are entitled to request all or a portion of their salary
deferral contributions, or all or part of their voluntary
contributions made after December 31, 1987, if it is determined by the
Committee that the request meets the IRS defined hardship withdrawal
requirements. Such payments to participants are made in a lump sum.
7
<PAGE> 11
2. Contribution and benefits (continued)
Separate investment accounts are maintained for each participant and
adjusted at least annually as follows:
(a) For a pro rata share of income, expenses, and net appreciation
(depreciation) in the fair value of investments of each
respective Fund on the ratio of each participant's balance to
the total of the respective Fund balance as of the date of the
previous allocation.
(b) For a pro rata share of the Company's primary contribution
determined by the percentage which the participant's qualified
compensation bears to the total qualified compensation of all
participants through the last day of the Plan year.
(c) At the Company's discretion unvested forfeitures may be
allocated to remaining participants based upon the percentage of
the remaining participant's compensation to the total
compensation of all participants as described in (b).
The amounts forfeited by terminated employees and used to reduce
Company contributions for the years ended April 30, 1994 and 1993 were
$130,000 and $200,000, respectively.
Included in net assets available for plan benefits at April 30, 1994
and 1993 were $86,323 and $100,212, respectively, of terminated
participants' nonvested benefits which will be reallocated, at the
Company's discretion, to remaining participants or used to reduce
future Company contributions.
In accordance with the Retirement Equity Act of 1984 (REACT), former
participants who return to employment with the Company prior to
incurring a five consecutive year break in service, are entitled to
have their previously forfeited amounts restored to their individual
account. Amounts required to restore such account balances are
provided by the Company.
No current income tax liability accrues to the participants in
connection with the Company's contributions, interest, dividends or
capital gains (losses) realized by the Plan. Amounts distributed to
the participants are taxable to the participants in accordance with
tax laws governing qualified plan distributions.
Also included in net assets available for plan benefits were
$1,783,987 and $2,213,921 of nondistributed vested benefits related to
participants who have terminated or retired from the Company at April
30, 1994 and 1993, respectively.
Participants may borrow from their individual accounts, subject to
approval of the Committee. The maximum amount which may be borrowed
is limited to the lesser of 50% of the vested portion of the
participant's account, or $50,000, with a minimum loan amount of
$1,000. Generally, loan terms are over a five year period with
payments to be made at least quarterly. However, if the loan is for
the purchase of the participant's principal residence the Committee
may permit the loan to be repaid over a ten year period. The loans
bear interest at a fixed rate, established by the Committee, which
must be at least equal to the prime rate in effect at the date of loan
approval, plus 1%. In the event of a borrower's termination, final
distribution, or death the participant's loan must be immediately
repaid.
8
<PAGE> 12
3. Net appreciation (depreciation) in fair value of investments
Net appreciation (depreciation) in fair value of investments consist
of both realized and unrealized gains and losses. Realized gains and
losses are measured as the difference between historical cost of
investments sold or redeemed during the year and the proceeds received
from their redemption. Unrealized gains and losses are measured as
the difference in fair market value at the beginning and end of the
period as compared to historical cost.
4. Administration of the Plan
The Plan is administered by the Committee which is appointed by the
Company's Board of Directors. The Trustee of the Plan is Fidelity
Management Trust Company. The trust agreement requires that the
Trustee hold, administer and distribute the funds of the Plan in
accordance with the text of the Plan and the instructions of the
Committee.
While the Company has not expressed any intent to terminate the Plan,
it is free to do so at any time. In the event of such termination,
each participant will automatically become fully vested to the extent
of the balance in his separate account.
The valuation and performance of the Plan's investment funds are
subject to changes in market prices and credit risk. The investments
held by the Funds, excluding the Furon Company Common Stock Fund, are
made at the discretion of the Fund investment managers and are subject
to ERISA regulations. In the event of non-performance by other
parties, the Plan's exposure to credit loss on investments is limited
to the carrying value of such investments. Except for the Furon
Company Common Stock Fund, the Committee believes that no significant
concentration of credit risk exists within each fund at April 30,
1994.
The Company pays all expenses for the Plan incurred in the
administration of the Plan.
9
<PAGE> 13
5. Investments
Investments at April 30, 1994 and 1993 are as follows:
<TABLE>
<CAPTION>
1994 1993
---------------------- ----------------------
Unit, shares Unit, shares
or face Fair or face Fair
amount value amount value
------ ----- ------ -----
<S> <C> <C> <C> <C>
Investments at fair value:
Furon Company Common stock 260,453 $ 3,971,909 278,255 $ 4,591,208
Managed Income Portfolio 7,672,384 7,672,384 8,731,713 8,731,713
Fidelity Magellan Fund 140,614 9,902,029 125,048 8,642,050
Fidelity Puritan Fund 312,220 4,898,733 300,580 4,869,677
Retirement Government Money
Market Portfolio 4,944,150 4,944,150 5,895,459 5,895,459
Fidelity Investment Grade
Bond Fund 24,190 176,589 - -
Fidelity Asset Manager 31,337 455,017 - -
Fidelity OTC Portfolio 6,061 138,796 - -
Fidelity Contrafund 22,765 694,097 - -
----------- -----------
Total investments at fair value $32,853,704 $32,730,107
=========== ===========
</TABLE>
10
<PAGE> 14
Financial Statement Schedules
<PAGE> 15
SCHEDULE I
FURON COMPANY
EMPLOYEES' PROFIT-SHARING-RETIREMENT PLAN
ITEM 27a SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
April 30, 1994
<TABLE>
<CAPTION>
Description of Units, shares Fair
Identity of Issue Investment or face amount Cost value
----------------- -------------- -------------- ---- -----
<S> <C> <C> <C> <C>
Furon Company Common Stock* Common Stock 260,453 $ 3,534,717 $ 3,971,909
Managed Income Portfolio* Commingled 7,672,384 7,672,384 7,672,384
Pension Fund
Fidelity Magellan Fund* Mutual Fund 140,614 9,201,084 9,902,029
Fidelity Puritan Fund* Mutual Fund 312,220 4,577,396 4,898,733
Retirement
Government Money
Market Portfolio* Mutual Fund 4,944,150 4,944,150 4,944,150
Fidelity Investment Grade Bond Fund* Mutual Fund 24,190 188,191 176,589
Fidelity Asset Manager* Mutual Fund 31,337 466,459 455,017
Fidelity OTC Portfolio* Mutual Fund 6,061 148,941 138,796
Fidelity Contrafund* Mutual Fund 22,765 713,404 694,097
----------- -----------
Total investments in securities $31,446,726 $32,853,704
=========== ===========
</TABLE>
* Party-in-interest
11
<PAGE> 16
SCHEDULE II
FURON COMPANY
EMPLOYEES' PROFIT-SHARING RETIREMENT PLAN
ITEM 27d SCHEDULE OF REPORTABLE TRANSACTIONS
Year ended April 30, 1994
<TABLE>
<CAPTION>
Current
Expense value at
Purchase Selling incurred with Cost of transaction
Description of asset price price transaction asset sold date Net gain
- - - -------------------- -------- ------- ------------- ---------- ----------- --------
<S> <C> <C> <C> <C> <C> <C>
Managed Income
Portfolio $2,031,830 $ - $ - $ - $2,031,830 $ -
Managed Income
Portfolio - 3,091,158 - 3,091,058 3,091,158 -
Fidelity Puritan Fund 1,909,546 - - - 1,909,546 -
Fidelity Puritan Fund - 1,741,518 - 1,570,660 1,741,518 170,858
Fidelity Magellan Fund 4,363,783 - - - 4,363,783 -
Fidelity Magellan Fund - 3,296,489 - 3,055,607 3,296,489 240,882
Retirement Government
Money Market Portfolio 1,998,342 - - - 1,998,342 -
Retirement Government
Money Market Portfolio - 2,938,340 - 2,938,340 2,938,340 -
</TABLE>
The above schedule is a listing of transactions in the year ended April 30,
1994 that were greater than 5% of the net assets of the Plan at May 1, 1993.
12
<PAGE> 17
SCHEDULE III
FURON COMPANY
EMPLOYEES' PROFIT-SHARING-RETIREMENT PLAN
SCHEDULE OF PARTY-IN-INTEREST TRANSACTIONS
Year ended April 30, 1994
A schedule of party-in-interest transactions has not been presented because
there were no party-in-interest transactions which are prohibited by ERISA
Section 406 and for which there is no statutory or administrative exemption.
13
<PAGE> 18
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan
Administrative Committee has duly caused this annual report to be signed on its
behalf by the undersigned hereunto duly authorized.
FURON COMPANY EMPLOYEES'
PROFIT-SHARING-RETIREMENT PLAN
By: JOHN V. MAY
--------------------------------
John V. May
Chairman of Plan Administrative
Committee
Dated: July 13, 1994
<PAGE> 1
Exhibit 23
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration Statement
(Form S-8 No. 2-93028) pertaining to the Furon Company Employees'
Profit-Sharing-Retirement Plan, of our report dated June 24, 1994, with respect
to the financial statements and schedules of the Furon Company Employees'
Profit-Sharing-Retirement Plan included in this Annual Report (Form 11-K) for
the year ended April 30, 1994.
ERNST & YOUNG
Orange County, California
July 13, 1994
