<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, 1995
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
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 through 3
above.
(b) Exhibits:
23 Consent of Independent Auditors
<PAGE> 3
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, 1995 and 1994 2-3
Statements of Changes in Net Assets Available for Plan Benefits for
the years ended April 30, 1995 and 1994 4-5
Notes to Financial Statements 6-10
Financial Statement Schedules:
Assets held for investment purposes at April 30, 1995 11
Reportable transactions for the year ended April 30, 1995 12
Party-in-interest transactions for the year ended April 30, 1995 13
</TABLE>
<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, 1995 and 1994, 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 Fund Information in the statement of net
assets available for benefits and the statement of changes in net assets
available for benefits is presented for purposes of additional analysis rather
than to present the net assets available for benefits and changes in net
assets available for benefits of each fund. The supplemental schedules and
Fund Information have been subjected to the auditing procedures applied in our
audits 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.
Orange County, California
July 14, 1995
<PAGE> 5
FURON COMPANY
EMPLOYEES' PROFIT-SHARING-RETIREMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
APRIL 30, 1995
<TABLE>
<CAPTION>
Retirement
Furon Government
Company Managed Money Fidelity
Common Income Fidelity Fidelity Market Investment
Stock Portfolio Magellan Puritan Portfolio Grade Bond
Fund Fund Fund Fund Fund Fund
---------- ---------- ----------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Assets:
Investments, at
fair value $5,202,664 $7,781,605 $11,566,255 $5,655,288 $6,071,912 $249,562
Loans receivable - - - - - -
Contribution receivable - - - - - -
---------- ---------- ----------- ---------- ---------- --------
Net assets available for
plan benefits $5,202,664 $7,781,605 $11,566,255 $5,655,288 $6,071,912 $249,562
========== ========== =========== ========== ========== ========
</TABLE>
<TABLE>
<CAPTION>
Fidelity Fidelity
Asset OTC Fidelity
Manager Portfolio Contra- Participant Contribution
Fund Fund Fund Loans Receivable Total
-------- --------- ---------- ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
Assets:
Investments, at
fair value $475,549 $290,583 $1,081,708 $ - $ - $38,375,126
Loans receivable - - - 648,947 - 648,947
Contribution receivable - - - - 146,167 146,167
-------- -------- ---------- -------- -------- -----------
Net assets available for
plan benefits $475,549 $290,583 $1,081,708 $648,947 $146,167 $39,170,240
======== ======== ========== ======== ======== ===========
</TABLE>
See accompanying notes.
2
<PAGE> 6
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 Fidelity
Common Income Fidelity Fidelity Market Investment
Stock Portfolio Magellan Puritan Portfolio Grade Bond
Fund Fund Fund Fund Fund Fund
----------- ----------- ----------- ---------- ---------- ----------
<S> <C> <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 $176,589
Loan receivable - - - - - -
---------- ---------- ---------- ---------- ---------- --------
Net assets
available for
plan benefits $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>
Assets:
Investments,
at fair value $455,017 $138,796 $694,097 $ - $32,853,704
Loan receivable - - - 534,670 534,670
-------- -------- -------- --------- -----------
Net assets
available for
plan benefits $455,017 $138,796 $694,097 $ 534,670 $33,388,374
======== ======== ======== ========= ===========
</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, 1995
<TABLE>
<CAPTION>
Retirement
Furon Government
Company Managed Money Fidelity
Common Income Fidelity Fidelity Market Investment
Stock Portfolio Magellan Puritan Portfolio Grade Bond
Fund Fund Fund Fund Fund Fund
---------- ------------ ----------- ----------- ---------- --------
<S> <C> <C> <C> <C> <C> <C>
Contributions:
Employer $ 210,728 $ 295,064 $ 487,787 $ 253,090 $ 218,319 $ 17,041
Participants 419,184 585,716 1,029,582 539,265 514,692 35,692
Rollover contributions 1,048 159,662 47,614 4,914 2,096 -
---------- ----------- ----------- ---------- ---------- --------
Total contributions 630,960 1,040,442 1,564,983 797,269 735,107 52,733
Net investment income:
Interest 1,000 438,705 - - 252,842 -
Interest on loans to
participants 5,114 6,494 14,205 6,709 6,358 282
Dividends 61,930 - 388,905 402,473 - 16,272
Net appreciation
(depreciation) in fair
value of investments 1,248,089 - 853,551 22,477 - (6,343)
---------- ----------- ----------- ---------- ---------- --------
Net investment income 1,316,133 445,199 1,256,661 431,659 259,200 10,211
---------- ----------- ----------- ---------- ---------- --------
Total contributions and
net investment
income 1,947,093 1,485,641 2,821,644 1,228,928 994,307 62,944
Benefits, terminations
and withdrawals (257,671) (1,319,722) (1,009,303) (379,664) (390,321) (11,791)
Fees on loans to participants - (293) (538) (554) (1,300) (25)
---------- ----------- ----------- ---------- ---------- --------
Increase (decrease) in net assets
available for plan benefits 1,689,422 165,626 1,811,803 848,710 602,686 51,128
Account transfers (458,667) (56,405) (147,577) (92,155) 525,076 21,845
Net assets available for plan
benefits:
Beginning of year 3,971,909 7,672,384 9,902,029 4,898,733 4,944,150 176,589
---------- ----------- ----------- ---------- ---------- --------
End of year $5,202,664 $ 7,781,605 $11,566,255 $5,655,288 $6,071,912 $249,562
========== =========== =========== ========== ========== ========
</TABLE>
<TABLE>
<CAPTION>
Fidelity Fidelity
Asset OTC Fidelity
Manager Portfolio Contra- Participant Contribution
Fund Fund Fund Loans Receivable Total
---------- ----------- ----------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Contributions:
Employer $ 37,745 $ 22,745 $ 75,938 $ - $ 146,167 $ 1,764,624
Participants 82,113 48,750 166,193 - - 3,421,187
Rollover contributions 15,860 - 1,328 - - 232,522
---------- --------- --------- ---------- --------- -----------
Total contributions 135,718 71,495 243,459 - 146,167 5,418,333
Net investment income:
Interest - - - - - 692,547
Interest on loans to
participants 792 257 1,592 - - 41,803
Dividends 16,159 1,618 - - - 887,357
Net appreciation
(depreciation) in fair
value of investments 2,618 31,035 98,112 - - 2,249,539
---------- --------- --------- ---------- --------- -----------
Net investment income 19,569 32,910 99,704 - - 3,871,246
---------- --------- --------- ---------- --------- -----------
Total contributions and
net investment
income 155,287 104,405 343,163 - 146,167 9,289,579
Benefits, terminations
and withdrawals (7,476) (6,603) (65,174) (57,278) - (3,505,003)
Fees on loans to participants - - - - - (2,710)
---------- --------- --------- ---------- -------- -----------
Increase (decrease) in net assets
available for plan benefits 147,811 97,802 277,989 (57,278) 146,167 5,781,866
Account transfers (127,279) 53,985 109,622 171,555 - -
Net assets available for plan
benefits:
Beginning of year 455,017 138,796 694,097 534,670 - 33,388,374
----------- --------- ---------- ---------- --------- -----------
End of year $ 475,549 $ 290,583 $1,081,708 $ 648,947 $ 146,167 $39,170,240
=========== ========= ========== ========== ========= ===========
</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, 1994
<TABLE>
<CAPTION>
Retirement
Furon Government
Company Managed Money Fidelity
Common Income Fidelity Fidelity Market Investment
Stock Portfolio Magellan Puritan Portfolio Grade 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.
5
<PAGE> 9
FURON COMPANY
Notes to Financial Statements
April 30, 1995
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 dated
August 9, 1989, indicating that the Plan qualifies in form, under
Sections 401(a) of the Internal Revenue Code of 1986, as amended (the
Code), and the underlying trust is, therefore, exempt from federal
income taxes under Section 501(a) of the Code. The Plan is required
to operate in accordance with the Code to maintain its tax
qualification. The Administrative Committee (the Committee) of the
Plan is not aware of any course of actions or series of events that
have occurred which might adversely affect the Plan's qualified
status.
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
FURON COMPANY
Notes to Financial Statements (continued)
April 30, 1995
2. Contributions and benefits
--------------------------
Contributions to the Plan generally made on a monthly basis, 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, 1995 April 30, 1994
-------------- --------------
<S> <C> <C>
Company primary contribution, as a
percent of compensation 1% 1%
Company matching contribution, as a
percent of participant compensation
deferral contributions 40% 25%
</TABLE>
Participants have nine funds in 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 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, the Fidelity Contrafund and the Furon
Common Stock Fund 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 and rollover account are fully
vested at all times. The matching contribution account is vested
April 30 each year. 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
FURON COMPANY
Notes to Financial Statements
April 30, 1995
2. Contribution and benefits (continued)
-------------------------------------
Separate investment accounts are maintained for each participant and
are adjusted on the transaction date 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, 1995 and 1994 were
$66,258 and $130,000, respectively.
Included in net assets available for plan benefits at April 30, 1995
and 1994 were $120,999 and $86,323, 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
$1,656,166 and $1,783,987 of nondistributed vested benefits related to
participants who have terminated or retired from the Company at April
30, 1995 and 1994, 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%.
8
<PAGE> 12
FURON COMPANY
Notes to Financial Statements
April 30, 1995
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,
1995.
The Company pays all expenses for the Plan incurred in the
administration of the Plan.
9
<PAGE> 13
FURON COMPANY
Notes to Financial Statements
April 30, 1995
5. Investments
Investments at April 30, 1995 and 1994 are as follows:
<TABLE>
<CAPTION>
1995 1994
------------------------ --------------------------
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 258,517 $ 5,202,664 260,453 $ 3,971,909
Managed Income Portfolio 7,781,606 7,781,605 7,672,384 7,672,384
Fidelity Magellan Fund 152,569 11,566,255 140,614 9,902,029
Fidelity Puritan Fund 359,522 5,655,288 312,220 4,898,733
Retirement Government
Money Market Portfolio 6,071,912 6,071,912 4,944,150 4,944,150
Fidelity Investment Grade
Bond Fund 35,601 249,562 24,190 176,589
Fidelity Asset Manager 33,139 475,549 31,337 455,017
Fidelity OTC Portfolio 11,040 290,583 6,061 138,796
Fidelity Contrafund 32,222 1,081,708 22,765 694,097
----------- -----------
Total investments at fair value $38,375,126 $32,853,704
=========== ===========
</TABLE>
10
<PAGE> 14
SCHEDULE I
FURON COMPANY
EMPLOYEES' PROFIT-SHARING-RETIREMENT PLAN
ITEM 27a SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
April 30, 1995
<TABLE>
<CAPTION>
Description Units, shares Fair
Identity of issue of investment or face amount Cost value
----------------- ------------- -------------- ----------- ----------
<S> <C> <C> <C> <C>
Furon Company Common Stock* Common Stock 258,517 $ 3,729,618 $ 5,202,664
Managed Income Portfolio* Commingled Pension Fund 7,781,606 7,781,606 7,781,605
Fidelity Magellan Fund* Mutual Fund 152,569 10,032,889 11,566,255
Fidelity Puritan Fund* Mutual Fund 359,522 5,322,375 5,655,288
Fidelity Retirement Government
Money Market Portfolio Fund* Mutual Fund 6,071,912 6,071,912 6,071,912
Fidelity Investment Grade Bond Fund* Mutual Fund 35,601 265,700 249,562
Fidelity Asset Manager* Mutual Fund 33,139 485,302 475,549
Fidelity OTC Portfolio* Mutual Fund 11,040 268,619 290,583
Fidelity Contrafund* Mutual Fund 32,222 1,000,878 1,081,708
----------- -----------
Total investments in securities $34,958,899 $38,375,126
=========== ===========
</TABLE>
*Party-in-interest
11
<PAGE> 15
SCHEDULE II
FURON COMPANY
EMPLOYEES' PROFIT-SHARING-RETIREMENT PLAN
ITEM 27d SCHEDULE OF REPORTABLE TRANSACTIONS
Year ended April 30, 1995
<TABLE>
<CAPTION>
Current
Expense value at
Identity of Purchase Selling incurred with Cost of transaction
party involved Description of asset price price transaction asset sold date Net gain
-------------- ---------------------- ---------- ---------- ------------- ---------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Fidelity Managed Income
Investments Portfolio Fund $2,074,287 $ - $ - $ - $2,074,287 $ -
Fidelity Managed Income
Investments Portfolio Fund - 1,965,065 - 1,965,065 1,965,065 -
Fidelity
Investments Fidelity Puritan Fund 1,838,922 - - - 1,838,922 -
Fidelity
Investments Fidelity Puritan Fund - 1,104,843 - 1,093,943 1,104,843 10,900
Fidelity
Investments Fidelity Magellan Fund 3,548,218 - - - 3,548,218 -
Fidelity
Investments Fidelity Magellan Fund - 2,737,543 - 2,716,414 2,737,543 21,129
Fidelity Retirement Government
Investments Money Market Portfolio 2,880,425 - - - 2,880,425 -
Fidelity Retirement Government
Investments Money Market Portfolio - 1,752,664 - 1,752,664 1,752,664 -
</TABLE>
The above schedule is a listing of transactions in the year ended April 30,
1995 that were greater than 5% of the net assets of the Plan at May 1, 1994.
12
<PAGE> 16
SCHEDULE III
FURON COMPANY
EMPLOYEES' PROFIT-SHARING-RETIREMENT PLAN
SCHEDULE OF PARTY-IN-INTEREST TRANSACTIONS
Year ended April 30, 1995
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> 17
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
/s/ JOHN V. MAY
-----------------------------------------
Chairman of Plan Administrative Committee
October 26, 1995
14
<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 July 14, 1995, 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, 1995.
ERNST & YOUNG LLP
Orange County, California
October 26, 1995
