<PAGE>
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
For the fiscal year ended December 31, 1993
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
Commission file number 1-168
-------------------------------
THE AMETEK SAVINGS AND INVESTMENT PLAN
(Full title of the plan)
AMETEK, INC.
Station Square
Paoli, Pennsylvania 19301
(Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office)
<PAGE>
Report of Independent Auditors
The Administrative Committee
The Ametek Savings and Investment Plan
We have audited the accompanying statements of financial condition of The Ametek
Savings and Investment Plan as of December 31, 1993 and 1992, and the related
statements of income and changes in plan equity for each of the three years in
the period ended December 31, 1993. 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 referred to above present fairly, in
all material respects, the financial status of The Ametek Savings and Investment
Plan at December 31, 1993 and 1992, and the changes in its financial status for
each of the three years in the period ended December 31, 1993, in conformity
with generally accepted accounting principles.
Ernst & Young
Philadelphia, Pennsylvania
June 21, 1994
F-1
<PAGE>
<TABLE>
<CAPTION>
THE AMETEK SAVINGS AND INVESTMENT PLAN
STATEMENT OF FINANCIAL CONDITION
DECEMBER 31, 1993
FIXED COMMON
INCOME EQUITY INSURANCE STOCK
FUND FUND CONTRACTS FUND
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
- - ------
Investments at market value
(Notes 2, 3, and 4):
GIC trusts $43,037,059 $ - $ - $ -
Dreyfus Group of funds:
The Dreyfus Fund (Cost $13,079,103) - 13,169,619 - -
Strategic Investing (Cost $2,392,200) - 2,356,845 - -
New Leaders (Cost $2,483,739) - 2,456,734 - -
Premier Global Investing (Cost $1,563,490) - 1,703,508 - -
Money Market Fund 625,951 - - -
Cash value of life insurance - - 630,546 -
Ametek, Inc. common stock
(Cost $4,422,607) - - - 4,240,944
Short-term investment fund - - - -
--------------------------------------------------------------------
43,663,010 19,686,706 630,546 4,240,944
--------------------------------------------------------------------
Receivables:
Employee contributions 405,019 382,609 7,095 58,802
Employer contributions (Note 3) 74,166 - - -
Loans to participants - - - -
Interfund accounts (Note 3) (585,682) 698,939 - 8,281
--------------------------------------------------------------------
Total Assets $43,556,513 $20,768,254 $637,641 $4,308,027
====================================================================
LIABILITIES AND PLAN EQUITY
- - ---------------------------
Liability for insurance contribution $ - $ - $7,095 $ -
--------------------------------------------------------------------
Total Liabilities - - 7,095 -
Plan equity (Note 7) 43,556,513 20,768,254 630,546 4,308,027
--------------------------------------------------------------------
Total liabilities and plan equity $43,556,513 $20,768,254 $637,641 $4,308,027
====================================================================
</TABLE>
<TABLE>
<CAPTION>
LOAN UNALLO- TOTAL
ACCOUNT CATED
- - ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS
Investments at market value
(Notes 2, 3, and 4):
GIC trusts $ - $ - $43,037,059
Dreyfus Group of funds:
The Dreyfus Fund (Cost $13,079,103) - - 13,169,619
Strategic Investing (Cost $2,392,200) - - 2,356,845
New Leaders (Cost $2,483,739) - - 2,456,734
Premier Global Investing (Cost $1,563,490) - - 1,703,508
Money Market Fund - - 625,951
Cash value of life insurance - - 630,546
Ametek, Inc. common stock
(Cost $4,422,607) - - 4,240,944
Short-term investment fund - 975,063 975,063
---------------------------------------------------
- 975,063 69,196,269
---------------------------------------------------
Receivables:
Employee contributions - (853,525) -
Employer contributions (Note 3) - - 74,166
Loans to participants 3,820,900 - 3,820,900
Interfund accounts (Note 3) - (121,538) -
---------------------------------------------------
Total Assets $3,820,900 $ - $73,091,335
===================================================
LIABILITIES AND PLAN EQUITY
- - ---------------------------
Liability for insurance contribution $ - $ - $7,095
---------------------------------------------------
Total Liabilities - - 7,095
Plan equity (Note 7) 3,820,900 - 73,084,240
---------------------------------------------------
Total liabilities and plan equity $3,820,900 $ - $73,091,335
===================================================
</TABLE>
See accompanying notes.
F-2
<PAGE>
THE AMETEK SAVINGS AND INVESTMENT PLAN
STATEMENT OF FINANCIAL CONDITION
DECEMBER 31, 1992
<TABLE>
<CAPTION>
FIXED COMMON
INCOME EQUITY INSURANCE STOCK
FUND FUND CONTRACTS FUND
- - -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
- - ------
Investments at market value
(Notes 2, 3, and 4):
GIC trusts $41,299,591 $ - $ - $ -
Dreyfus Group of funds:
The Dreyfus Fund
(Cost $12,695,919) - 13,029,051 - -
Money Market Fund 99,581 - - -
Other (Cost $372,310) - 369,081 - -
Cash value of life insurance - - 606,606 -
Ametek, Inc. common stock
(Cost $3,747,002) - - - 4,644,705
Short-term investment fund - - - -
---------------------------------------------------------------------
41,399,172 13,398,132 606,606 4,644,705
---------------------------------------------------------------------
Receivables:
Employee contributions 372,701 385,755 8,677 63,721
Employer contributions (Note 3) 195,582 - - -
Loans to participants - - - -
Interfund accounts (Note 3) (750,617) 1,052,142 - 222,674
---------------------------------------------------------------------
Total Assets $41,216,838 $14,836,029 $615,283 $4,931,100
=====================================================================
LIABILITIES AND PLAN EQUITY
- - ---------------------------
Liability for insurance contribution $ - $ - $8,677 $ -
---------------------------------------------------------------------
Total Liabilities (a) - - 8,677 -
Plan equity (a)(Note 7) 41,216,838 14,836,029 606,606 4,931,100
---------------------------------------------------------------------
Total liabilities and plan equity $41,216,838 $14,836,029 $615,283 $4,931,100
=====================================================================
<CAPTION>
LOAN UNALLO- TOTAL
ACCOUNT CATED
- - --------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS
- - ------
Investments at market value
(Notes 2, 3, and 4):
GIC trusts $ - $ - $41,299,591
Dreyfus Group of funds:
The Dreyfus Fund - - 13,029,051
(Cost $12,695,919)
Money Market Fund - - 99,581
Other (Cost $372,310) - - 369,081
Cash value of life insurance - - 606,606
Ametek, Inc. common stock
(Cost $3,747,002) - - 4,644,705
Short-term investment fund - 1,344,704 1,344,704
--------------------------------------------------
- 1,344,704 61,393,319
--------------------------------------------------
Receivables:
Employee contributions - (820,505) 10,349
Employer contributions (Note 3) - - 195,582
Loans to participants 3,146,398 - 3,146,398
Interfund accounts (Note 3) - (524,199) -
--------------------------------------------------
Total Assets $3,146,398 $ - $64,745,648
==================================================
LIABILITIES AND PLAN EQUITY
- - ---------------------------
Liability for insurance contribution $ - $ - $8,677
--------------------------------------------------
Total Liabilities (a) - - 8,677
Plan equity (a)(Note 7) 3,146,398 - 64,736,971
--------------------------------------------------
Total liabilities and plan equity $3,146,398 $ - $64,745,648
==================================================
</TABLE>
(a) Reclassified to conform to 1993 presentation.
See accompanying notes.
F-3
<PAGE>
THE AMETEK SAVINGS AND INVESTMENT PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
YEAR ENDED DECEMBER 31, 1993
<TABLE>
<CAPTION>
FIXED
INCOME EQUITY INSURANCE
FUND FUND CONTRACTS
- - -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ADDITIONS
- - ---------
Contributions:
Employee $4,445,822 $4,242,427 $95,221
Employer 960,862 888,157 -
Rollovers from other plans 126,018 245,073 -
------------------------------------------------
Total Contributions 5,532,702 5,375,657 95,221
------------------------------------------------
Investment Income (Loss):
Interest and dividends 2,943,984 1,482,747 23,924
Net realized gain and unrealized (loss)
on investments (Note 4) - (110,811) -
------------------------------------------------
Total Investment Income (Loss) 2,943,984 1,371,936 23,924
Total Contributions and
------------------------------------------------
Investment Income (Loss) 8,476,686 6,747,593 119,145
------------------------------------------------
DEDUCTIONS
- - ----------
Withdrawals and terminations (Notes 1 and 7) (5,030,477) (1,488,013) (29,747)
Insurance premiums and commissions - net - - (71,886)
Net interfund transfers in (out) (1,106,534) 672,645 6,428
------------------------------------------------
Total Deductions (6,137,011) (815,368) (95,205)
------------------------------------------------
Increase (decrease) in plan equity 2,339,675 5,932,225 23,940
Plan equity at beginning of year (a) (Note 7) 41,216,838 14,836,029 606,606
------------------------------------------------
Plan equity at end of year $43,556,513 $20,768,254 $630,546
================================================
<CAPTION>
COMMON
STOCK LOAN TOTAL
FUND ACCOUNT
- - -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ADDITIONS
- - ---------
Contributions:
Employee $680,382 $ - $9,463,852
Employer 140,877 - 1,989,896
Rollovers from other plans 66,812 - 437,903
------------------------------------------------
Total Contributions 888,071 - 11,891,651
------------------------------------------------
Investment Income (Loss):
Interest and dividends 183,980 320,309 4,954,944
Net realized gain and unrealized (loss)
on investments (Note 4) (1,079,828) - (1,190,639)
------------------------------------------------
Total Investment Income (Loss) (895,848) 320,309 3,764,305
------------------------------------------------
Total Contributions and
------------------------------------------------
Investment Income (Loss) (7,777) 320,309 15,655,956
------------------------------------------------
DEDUCTIONS
- - ----------
Withdrawals and terminations (Notes 1 and 7) (409,685) (278,879) (7,236,801)
Insurance premiums and commissions - net - - (71,886)
Net interfund transfers in (out) (205,611) 633,072 -
------------------------------------------------
Total Deductions (615,296) 354,193 (7,308,687)
------------------------------------------------
Increase (decrease) in plan equity (623,073) 674,502 8,347,269
Plan equity at beginning of year (a) (Note 7) 4,931,100 3,146,398 64,736,971
------------------------------------------------
Plan equity at end of year $4,308,027 $3,820,900 $73,084,240
================================================
</TABLE>
(a) Reclassified to conform to 1993 presentation.
See accompanying notes.
F-4
<PAGE>
THE AMETEK SAVINGS AND INVESTMENT PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
YEAR ENDED DECEMBER 31, 1992
<TABLE>
<CAPTION>
FIXED
INCOME EQUITY INSURANCE
FUND FUND CONTRACTS
- - ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ADDITIONS
- - ---------
Contributions:
Employee $5,578,783 $2,697,685 $109,368
Employer 1,023,486 862,300 -
Rollovers from other plans 298,135 93,453 -
------------------------------------------------
Total Contributions 6,900,404 3,653,438 109,368
------------------------------------------------
Investment Income:
Interest and dividends 3,014,282 328,433 23,206
Net realized and unrealized gain
on investments (Note 4) - 1,168,207 -
------------------------------------------------
Total Investment Income 3,014,282 1,496,640 23,206
------------------------------------------------
Total Contributions and
------------------------------------------------
Investment Income 9,914,686 5,150,078 132,574
------------------------------------------------
DEDUCTIONS
- - ----------
Withdrawals and terminations (a) (Notes 1 and 7) (2,727,845) (821,045) (27,229)
Insurance premiums and commissions - net - - (50,754)
Net interfund transfers in (out) (2,136,100) (725,117) (20,455)
------------------------------------------------
Total Deductions (4,863,945) (1,546,162) (98,438)
------------------------------------------------
Increase in plan equity 5,050,741 3,603,916 34,136
Plan equity at beginning of year (a) 36,166,097 11,232,113 572,470
------------------------------------------------
Plan equity at end of year (a) $41,216,838 $14,836,029 $606,606
================================================
<CAPTION>
COMMON
STOCK LOAN TOTAL
FUND ACCOUNT
- - ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ADDITIONS
- - ---------
Contributions:
Employee $667,275 $ - $9,053,111
Employer 139,796 - 2,025,582
Rollovers from other plans 29,109 - 420,697
------------------------------------------------
Total Contributions 836,180 - 11,499,390
------------------------------------------------
Investment Income:
Interest and dividends 182,607 251,958 3,800,486
Net realized and unrealized gain
on investments (Note 4) 685,802 - 1,854,009
------------------------------------------------
Total Investment Income 868,409 251,958 5,654,495
------------------------------------------------
Total Contributions and
------------------------------------------------
Investment Income 1,704,589 251,958 17,153,885
------------------------------------------------
DEDUCTIONS
- - ----------
Withdrawals and terminations (a) (Notes 1 and 7) (260,299) (86,087) (3,922,505)
Insurance premiums and commissions - net - - (50,754)
Net interfund transfers in (out) (98,855) 2,980,527 -
------------------------------------------------
Total Deductions (359,154) 2,894,440 (3,973,259)
------------------------------------------------
Increase in plan equity 1,345,435 3,146,398 13,180,626
Plan equity at beginning of year (a) 3,585,665 - 51,556,345
------------------------------------------------
Plan equity at end of year (a) $4,931,100 $3,146,398 $64,736,971
=============== =================================
</TABLE>
(a) Reclassified to conform to 1993 presentation.
See accompanying notes.
F-5
<PAGE>
<TABLE>
<CAPTION>
THE AMETEK SAVINGS AND INVESTMENT PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
YEAR ENDED DECEMBER 31, 1991
FIXED
INCOME EQUITY INSURANCE
FUND FUND CONTRACTS
- - ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ADDITIONS
Contributions:
Employees' compensation deferral $5,597,061 $1,851,525 $122,729
Employees' rollovers 566,221 61,927 -
Company 1,290,563 402,885 -
-------------------------------------------------
Total Contributions 7,453,845 2,316,337 122,729
-------------------------------------------------
Investment Income:
Interest and dividends 2,786,797 645,394 22,182
Net realized and unrealized gain
on investments (Note 4) - 1,540,820 -
-------------------------------------------------
Total Investment Income 2,786,797 2,186,214 22,182
-------------------------------------------------
Total Contributions and -------------------------------------------------
Investment Income 10,240,642 4,502,551 144,911
-------------------------------------------------
DEDUCTIONS
Withdrawals and terminations (a) (Notes 1 and 7) (2,306,038) (607,971) (17,339)
Insurance premiums and commissions - net - - (46,761)
-------------------------------------------------
(2,306,038) (607,971) (64,100)
-------------------------------------------------
Increase in plan equity
from income transactions 7,934,604 3,894,580 80,811
Interfund transfers
Increase (decrease) (11,826) (49,213) (21,676)
Plan equity at beginning of year (a) 28,243,319 7,386,746 513,335
-------------------------------------------------
Plan equity at end of year (a) $36,166,097 $11,232,113 $572,470
=================================================
</TABLE>
<TABLE>
<CAPTION>
COMMON
STOCK TOTAL
FUND
- - ----------------------------------------------------------------------------------------------------------
<S> <C> <C>
ADDITIONS
Contributions:
Employees' compensation deferral $573,270 $8,144,585
Employees' rollovers 17,229 645,377
Company 128,390 1,821,838
-------------------------------------
Total Contributions 718,889 10,611,800
-------------------------------------
Investment Income:
Interest and dividends 166,077 3,620,450
Net realized and unrealized gain
on investments (Note 4) 873,732 2,414,552
-------------------------------------
Total Investment Income 1,039,809 6,035,002
-------------------------------------
Total Contributions and -------------------------------------
Investment Income 1,758,698 16,646,802
-------------------------------------
DEDUCTIONS
Withdrawals and terminations (a) (Notes 1 and 7) (212,543) (3,143,891)
Insurance premiums and commissions - net - (46,761)
-------------------------------------
(212,543) (3,190,652)
-------------------------------------
Increase in plan equity
from income transactions 1,546,155 13,456,150
Interfund transfers
Increase (decrease) 82,715 -
Plan equity at beginning of year (a) 1,956,795 38,100,195
-------------------------------------
Plan equity at end of year (a) $3,585,665 $51,556,345
=====================================
</TABLE>
(a) Reclassified to conform to 1993 presentation.
See accompanying notes.
F-6
<PAGE>
THE AMETEK SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1993
1. Description of the Plan
-----------------------
The following brief description of The Ametek Savings and Investment Plan
("the Plan") provides only summarized information. Participants should refer
to the Summary Plan Description for more complete information.
The Plan is a tax-deferred 401(k) defined contribution savings plan which
provides eligible employees of Ametek, Inc. ("the Company"), and certain
affiliated companies, an opportunity to invest up to 14% of their compensation
in one or a combination of investment programs (described in Note 3).
Participants are fully vested at all times in their contributions to the Plan
and are vested in Company contributions after three years of service.
Forfeited Company contributions are used to reduce current-year Company
contributions. If a participant terminates employment with the Company for any
reason, he or she may receive a distribution following termination of
employment or may elect to commence distribution at or after age 65, but no
later than age 70-1/2. When a participant attains age 59-1/2 while still an
employee, he or she can elect to withdraw the vested amount of his or her
account balance. Also, in certain cases of financial hardship, a participant
may elect to withdraw up to specified amounts of his or her vested account
balance, regardless of age. The Plan also allows participants to borrow funds
from their accounts, subject to certain limitations, and such amounts are
reflected in a loan account until repaid.
The Plan provides for Company contributions equal to 33-1/3% of the first 6%
of compensation contributed by each participant, to a maximum contribution of
$1,200 per participant.
While the Company has not expressed any intent to terminate the Plan, it is
free to do so at any time subject to the provisions of the Employee Retirement
Income Security Act of 1974 as amended ("ERISA"), and applicable labor
agreements, if any. In the event of termination, each participant will receive
the value of his or her separate account. Participants' collective accounts
are represented by the Plan's equity as shown in the accompanying financial
statements.
2. Summary of significant accounting policies
------------------------------------------
Basis of financial statements
- - -----------------------------
The accompanying financial statements have been prepared on the accrual basis
of accounting. Purchases and sales of investments are reflected on trade
dates. Realized gains and losses on sales of investments are based on the
average cost of such investments. Dividend income is recorded on the ex-
dividend date. Income from other investments is recorded as earned.
Investment valuation
- - --------------------
Investments in the Dreyfus group of funds and the Common Stock Fund are
carried at market value based upon closing market quotes on the last business
day of the Plan year. Guaranteed income contracts and short-term investments
are carried at the redemption prices and fair value established by the issuer
and the trustee, respectively. The Life Insurance Contracts are carried at the
cash value of such policies at year-end.
F-7
<PAGE>
THE AMETEK SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1993
3. Investment programs
-------------------
At December 31, 1993, The Dreyfus Trust Company served as Trustee for the
Plan. Each participant may have his or her accounts invested (up to certain
specified limits) in one or a combination of the following investment
programs:
(a) The Fixed Income Fund:
---------------------
The assets of the Fixed Income Fund are presently invested in guaranteed
income contracts (GIC) issued by Massachusetts Mutual Life Insurance
Company and Metropolitan Life Insurance Company. The Fund also holds
investments in a Dreyfus Guaranteed Income Fund Trust (GIFT) managed by
LaSalle National Trust, N.A. Effective January 1, 1994, the GIFT fund's
name was changed to the Capital Preservation Fund. In addition, included
in this Fund is a Dreyfus Government Securities Series Money Market Fund,
an open-end mutual fund. No direct commissions, fees or other charges are
assessed against the accounts invested in this Fund. Matching Company
contributions are temporarily invested in this Fund and are allocated,
together with earnings thereon, to the individual investment funds.
(b) The Equity Fund:
---------------
At December 31, 1993, the assets of the Equity Fund consisted of
1,005,645 (981,843 in 1992) shares of The Dreyfus Fund. Other Dreyfus
mutual fund investments held by the Equity Fund at December 31, 1993
consisted of 108,103 (7,453 in 1992) shares in Strategic Investing,
106,211 (6,958 in 1992) shares in Premier Global Investing, and 71,906
(3,753 in 1992) shares in the Dreyfus New Leaders Fund. These investments
primarily consist of common stocks of small and medium sized domestic and
foreign growth companies. However, the funds may also use various
investment techniques, including foreign exchange and derivatives
transactions. Participants should refer to the respective Dreyfus mutual
fund prospectus for more complete information. Shares in each fund are
purchased at the net asset value of the respective funds and no direct
commissions, fees or other charges are assessed against the accounts
invested in these funds.
(c) Insurance Contracts:
-------------------
Employee contributions are presently used to maintain previously
purchased life insurance policies underwritten by First Colony Life
Insurance Company of Lynchburg, Virginia and American Mayflower Insurance
Company of New York. Commissions paid on Insurance Contracts are charged
directly against the participants' insurance accounts. Since July 1,
1987, participants may not make an initial investment election to this
Fund.
(d) The Common Stock Fund:
---------------------
At December 31, 1993 and 1992, the assets of the Common Stock Fund
consisted of 328,308 and 285,828 shares of the Company's common stock.
Shares of the Company's common stock may be purchased by the Trustee on
the open market, directly from the Company, or from other stockholders.
Brokerage commissions paid are charged against the accounts invested in
this Fund.
F-8
<PAGE>
THE AMETEK SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1993
3. Investment programs (cont'd)
----------------------------
A participant may change his or her contribution percentage election as of
January 1, April 1, July 1, or October 1 of any year. In addition,
participants may change their investment selection within investment programs
or investment funds in which their contributions are invested at any time,
subject to certain limitations. The Plan also permits a participant, at any
time, to completely discontinue contributions on a prospective basis.
The Trustee invests the portion of employee contributions awaiting allocation
to the investment options chosen by participants in a short-term investment
fund.
There were approximately 5,200 participants in the Plan at December 31, 1993.
The approximate number of participants in each fund at December 31, 1993 was
as follows:
Fixed Income Fund:
GIC Trusts 3,700
Government Series Money Market 500
Equity Fund:
The Dreyfus Fund 2,400
Dreyfus Strategic Investing 1,200
Dreyfus New Leaders Fund, Inc. 1,100
Dreyfus Premier Global Investing, Inc. 900
Common Stock Fund 2,100
Insurance Contracts 220
The total of fund participants do not agree with total Plan participants due
to individuals participating in more than one fund.
4. Net realized and unrealized gain (loss) on investments
------------------------------------------------------
The components of the net realized gains and the change in the net unrealized
gain (loss) on equity investments are as follows:
<TABLE>
<CAPTION>
------------------------------------
Year ended December 31,
------------------------------------
1993 1992 1991
------------------------------------
<S> <C> <C> <C>
Equity Fund
-----------
Realized gains:
Distribution of realized gains (a) $50,918 $331,841 $538,282
Sale of the Windsor Fund (b) - 506,463 -
------------------------------------
Total realized gains 50,918 838,304 538,282
Increase (decrease) in unrealized
appreciation (depreciation) (161,729) 329,903 1,002,538
------------------------------------
Total Equity Fund (110,811) 1,168,207 1,540,820
Common Stock Fund
-----------------
Distribution of realized loss (462) - -
Increase (decrease) in unrealized
appreciation (depreciation) (1,079,366) 685,802 873,732
------------------------------------
Total Common Stock Fund (1,079,828) 685,802 873,732
Total net realized and unrealized gain (loss) ($1,190,639) $1,854,009 $2,414,552
====================================
</TABLE>
(a) The Equity Fund made capital gain distributions of 4.7%, 2.5%, and
5.5% in 1993, 1992, and 1991 respectively, which were immediately
reinvested in additional Fund shares.
(b) On September 30, 1992 the investment held in the Equity Fund, which
consisted of the Vanguard Windsor Fund, was sold and the sales
proceeds were immediately invested in The Dreyfus Fund.
F-9
<PAGE>
THE AMETEK SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1993
4. Net realized and unrealized gain (loss) on investments (cont'd)
---------------------------------------------------------------
The net unrealized appreciation (depreciation) of investments included in the
Plan's equity is as follows:
<TABLE>
<CAPTION>
Equity Common Stock
Fund Fund Total
----------------------------------------
<S> <C> <C> <C>
Balance December 31, 1990 ($2,008,061) ($661,831) ($2,669,892)
Change for the year 1991 1,002,538 873,732 1,876,270
----------------------------------------
Balance December 31, 1991 (1,005,523) 211,901 (793,622)
Change for the year 1992 1,335,426 (a) 685,802 2,021,228
----------------------------------------
Balance December 31, 1992 329,903 897,703 1,227,606
Change for the year 1993 (161,729) (1,079,366) (1,241,095)
----------------------------------------
Balance December 31, 1993 $168,174 ($181,663) ($13,489)
========================================
</TABLE>
(a) Includes reversal of the December 31, 1991 unrealized
depreciation ($1,005,523) of the Windsor Fund investment which
was sold in September, 1992.
5. Federal income tax status
-------------------------
The Company has received a determination from the Internal Revenue Service that
the Plan qualifies under Section 401 of the Internal Revenue Code, and is
therefore exempt from federal income tax. Contributions will not be taxed to the
employee until a distribution from the Plan is received. However, participants
who invest in insurance contracts will be subject to ordinary income tax
annually on the premiums paid for the life insurance coverage.
6. Expenses
--------
The expenses of administering the Plan are payable from the trust funds, unless
the Company elects to pay such expenses. For the Plan years ended December 31,
1993, 1992 and 1991, the Company elected to pay such expenses directly.
F-10
<PAGE>
THE AMETEK SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1993
7. Differences between financial statements and Form 5500
------------------------------------------------------
The following is a reconciliation of Plan equity at December 31, 1993 and
1992, and the deduction for participants' withdrawals and terminations for the
years ended December 31, 1993, 1992 and 1991 per the financial statements to
the Form 5500:
<TABLE>
<CAPTION>
Fixed Common
Income Equity Insurance Stock Loan Total
Fund Fund Contracts Fund Account
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Plan Equity
- - -----------
December 31, 1993:
Plan equity per the
financial statements $43,556,513 $20,768,254 $630,546 $4,308,027 $3,820,900 $73,084,240
Amounts owed to former
participants (1,428,444) (391,729) - (103,384) (26,526) (1,950,083)
--------------------------------------------------------------------------------
Plan equity (net assets)
per the Form 5500 $42,128,069 $20,376,525 $630,546 $4,204,643 $3,794,374 $71,134,157
================================================================================
December 31, 1992:
Plan equity per the
financial statements $41,216,838 $14,836,029 $606,606 $4,931,100 $3,146,398 $64,736,971
Amounts owed to former
participants (935,297) (176,608) - (92,827) (29,911) (1,234,643)
--------------------------------------------------------------------------------
Plan equity (net assets)
per the Form 5500 $40,281,541 $14,659,421 $606,606 $4,838,273 $3,116,487 $63,502,328
================================================================================
<CAPTION>
Deductions for Withdrawals and Terminations
- - -------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Year ended December 31, 1993:
Withdrawals and
terminations per the
financial statements $5,030,477 $1,488,013 $29,747 $409,685 $278,879 $7,236,801
Add: Amounts owed to
former participants at
December 31, 1993 1,428,444 391,729 - 103,384 26,526 1,950,083
Less: Amounts owed to
former participants at
December 31, 1992 (935,297) (176,608) - (92,827) (29,911) (1,234,643)
Payments to provide --------------------------------------------------------------------------------
benefits per the
Form 5500 $5,523,624 $1,703,134 $29,747 $420,242 $275,494 $7,952,241
================================================================================
</TABLE>
F-11
<PAGE>
THE AMETEK SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1993
7. Difference between financial statements and Form 5500 (cont'd)
--------------------------------------------------------------
<TABLE>
<CAPTION>
Fixed Common
Income Equity Insurance Stock Loan Total
Fund Fund Contracts Fund Account
--------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Deductions for Withdrawals and Terminations (cont'd)
- - ----------------------------------------------------
Year ended December 31, 1992:
Withdrawals and
terminations per the
financial statements $2,727,845 $821,045 $27,229 $260,299 $86,087 $3,922,505
Add: Amounts owed to
former participants at
December 31, 1992 935,297 176,608 - 92,827 29,911 1,234,643
Less: Amounts owed to
former participants at
December 31, 1991 (329,673) (43,706) - (18,645) - (392,024)
------------------------------------------------------------------
Payments to provide
benefits per the
Form 5500 $3,333,469 $953,947 $27,229 $334,481 $115,998 $4,765,124
==================================================================
Year ended December 31, 1991:
Withdrawals and
terminations per the
financial statements $2,306,038 $607,971 $17,339 $212,543 $ - $3,143,891
Add: Amounts owed to
former participants at
December 31, 1991 329,673 43,706 - 18,645 - 392,024
Less: Amounts owed to
former participants at
December 31, 1990 (190,480) (38,848) - (12,904) - (242,232)
------------------------------------------------------------------
Payments to provide
benefits per the
Form 5500 $2,445,231 $612,829 $17,339 $218,284 $ - $3,293,683
==================================================================
</TABLE>
Amounts owed to former participants are recorded on the Form 5500 for benefit
claims that have been processed but not paid at year-end. Such amounts are not
recorded as liabilities under generally accepted accounting principles.
F-12
<PAGE>
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934,
the Members of the Administrative Committee have duly caused this annual report
to be signed by the undersigned hereunto duly authorized.
THE AMETEK SAVINGS
AND INVESTMENT PLAN
----------------------------
(Name of Plan)
Dated: June 27, 1994 By: John J. Molinelli
-------------------------------
John J. Molinelli, Member,
Administrative Committee
