<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, 1996
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, 1996 and 1995, and the related
statements of income and changes in plan equity for each of the three years in
the period ended December 31, 1996. 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, 1996 and 1995, and the changes in its financial status for
each of the three years in the period ended December 31, 1996, in conformity
with generally accepted accounting principles.
/s/ Ernst & Young LLP
Philadelphia, Pennsylvania
June 20, 1997
F-1
<PAGE>
<TABLE>
<CAPTION>
THE AMETEK SAVINGS AND INVESTMENT PLAN
STATEMENT OF FINANCIAL CONDITION
DECEMBER 31, 1996
<S> <C> <C> <C> <C> <C> <C> <C>
FIXED COMMON
INCOME EQUITY INSURANCE STOCK LOAN UNALLO- TOTAL
FUND FUND CONTRACTS FUND ACCOUNT CATED
ASSETS
Investments at market
value:
Guaranteed Income
Contracts
(at contract value) $45,144,295 $ - $ - $ - $ - $ - $ 45,144,295
Dreyfus Money Market fund 2,506,686 - - - - - 2,506,686
Dreyfus Group of Equity
funds - 32,070,338 - - - - 32,070,338
Fidelity Group of Equity
funds - 9,297,534 - - - - 9,297,534
Cash value of life
insurance - - 547,276 - - - 547,276
AMETEK, Inc. common stock - - - 7,869,847 - - 7,869,847
Short-term investment
fund - - - - - 845,579 845,579
--------------------------------------------------------------------------------------------
47,650,981 41,367,872 547,276 7,869,847 - 845,579 98,281,555
--------------------------------------------------------------------------------------------
Receivables:
Employee contributions 220,727 231,171 1,661 29,557 - - 483,116
Employer contributions 59,391 65,612 - 8,476 - - 133,479
Loans to participants - - - - 5,272,408 - 5,272,408
Interfund accounts 458,551 517,694 604 64,531 (195,801) (845,579) -
--------------------------------------------------------------------------------------------
Total Assets $48,389,650 $42,182,349 $549,541 $7,972,411 $5,076,607 $ - $104,170,558
============================================================================================
LIABILITIES AND PLAN EQUITY
Liability for Insurance
Contribution $ - $ - $2,265 $ - $ - $ - $2,265
--------------------------------------------------------------------------------------------
Total Liabilities - - 2,265 - - - 2,265
Plan equity 48,389,650 42,182,349 547,276 7,972,411 5,076,607 - 104,168,293
--------------------------------------------------------------------------------------------
Total liabilities and
plan equity $48,389,650 $42,182,349 $549,541 $7,972,411 $5,076,607 $ - $104,170,558
============================================================================================
See accompanying notes
F-2
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE AMETEK SAVINGS AND INVESTMENT PLAN
STATEMENT OF FINANCIAL CONDITION
DECEMBER 31, 1995
FIXED COMMON
INCOME EQUITY INSURANCE STOCK LOAN UNALLO- TOTAL
FUND FUND CONTRACTS FUND ACCOUNT CATED
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at market value:
Guaranteed Income Contracts
(at contract value) $43,823,027 $ - $ - $ - $ - $ - $43,823,027
Dreyfus Money Market fund 1,780,258 - - - - - 1,780,258
Dreyfus Group of equity funds - 25,541,595 - - - - 25,541,595
Fidelity Group of equity funds - 6,032,191 - - - - 6,032,191
Cash value of life insurance - - 579,528 - - - 579,528
AMETEK, Inc. common stock - - - 6,665,201 - - 6,665,201
Short-term investment fun - - - - - 752,761 752,761
----------------------------------------------------------------------------------------------
Total Investments 45,603,285 31,573,786 579,528 6,665,201 - 752,761 85,174,561
Receivables:
Employee contributions 59,754 62,454 735 8,758 - - 131,701
Employer contributions 4,331 12,190 - 1,313 - - 17,834
Dividend receivable - - - 21,179 - - 21,179
Loans to participants - - - - 4,769,169 - 4,769,169
Interfund accounts 394,259 405,317 4,027 56,994 (107,836) (752,761) -
----------------------------------------------------------------------------------------------
Total Assets $46,061,629 $32,053,747 $584,290 $6,753,445 $4,661,333 $ - $90,114,444
==============================================================================================
LIABILITIES AND PLAN EQUITY
Liability for Insurance
Contribution $ - $ - $ 4,762 $ - $ - $ - $ 4,762
----------------------------------------------------------------------------------------------
Total Liabilities - - 4,762 - - - 4,762
Plan equity 46,061,629 32,053,747 579,528 6,753,445 4,661,333 - 90,109,682
----------------------------------------------------------------------------------------------
Total liabilities and
plan equity $46,061,629 $32,053,747 $584,290 $6,753,445 $4,661,333 $ - $90,114,444
==============================================================================================
</TABLE>
See accompanying notes.
F-3
<PAGE>
<TABLE>
<CAPTION>
THE AMETEK SAVINGS AND INVESTMENT PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
YEAR ENDED DECEMBER 31, 1996
<S> <C> <C> <C> <C> <C> <C>
FIXED COMMON
INCOME EQUITY INSURANCE STOCK LOAN TOTAL
FUND FUND CONTRACTS FUND ACCOUNT
ADDITIONS
Contributions:
Employee $ 3,941,766 $ 4,954,393 $ 55,881 $ 587,983 $ - $ 9,540,023
Employer 853,492 1,253,379 - 162,736 - 2,269,607
Rollovers from other plans 171,114 425,524 - 35,121 - 631,759
-------------------------------------------------------------------------------
Total Contributions 4,966,372 6,633,296 55,881 785,840 - 12,441,389
-------------------------------------------------------------------------------
Investment Income:
Interest and dividends 2,690,795 4,771,630 47,337 84,663 311,449 7,905,874
Net realized and unrealized gain
on investments - 547,232 - 1,269,129 - 1,816,361
-------------------------------------------------------------------------------
Total Investment Income 2,690,795 5,318,862 47,337 1,353,792 311,449 9,722,235
-------------------------------------------------------------------------------
Total Contributions and -------------------------------------------------------------------------------
Investment Income 7,657,167 11,952,158 103,218 2,139,632 311,449 22,163,624
-------------------------------------------------------------------------------
DEDUCTIONS
Withdrawals and terminations (5,026,095) (2,405,627) (28,295) (429,992) (159,123) (8,049,132)
Insurance premiums and commissions
- net - - (55,881) - - (55,881)
Net interfund transfers (303,051) 582,071 (51,294) (490,674) 262,948 -
-------------------------------------------------------------------------------
Total Deductions (5,329,146) (1,823,556) (135,470) (920,666) 103,825 (8,105,013)
-------------------------------------------------------------------------------
Increase (decrease) in plan
equity 2,328,021 10,128,602 (32,252) 1,218,966 415,274 14,058,611
Plan equity at beginning of year 46,061,629 32,053,747 579,528 6,753,445 4,661,333 90,109,682
-------------------------------------------------------------------------------
Plan equity at end of year $48,389,650 $42,182,349 $ 547,276 $7,972,411 $5,076,607 $104,168,293
===============================================================================
See accompanying notes.
F-4
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE AMETEK SAVINGS AND INVESTMENT PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
YEAR ENDED DECEMBER 31, 1995
FIXED COMMON
INCOME EQUITY INSURANCE STOCK LOAN TOTAL
FUND FUND CONTRACTS FUND ACCOUNT
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS
Contributions:
Employee $ 4,530,601 $ 4,518,701 $ 68,056 $ 702,042 $ - $ 9,819,400
Employer 759,082 886,251 - 142,752 - 1,788,085
Rollovers from other plans 882,570 1,150,605 - 67,711 - 2,100,886
---------------------------------------------------------------------------------
Total Contributions 6,172,253 6,555,557 68,056 912,505 - 13,708,371
---------------------------------------------------------------------------------
Investment Income:
Interest and dividends 2,830,518 5,418,190 36,968 58,020 305,950 8,649,646
Net realized and unrealized
gain on investments - 187,479 - 667,943 - 855,422
---------------------------------------------------------------------------------
Total Investment Income 2,830,518 5,605,669 36,968 725,963 305,950 9,505,068
---------------------------------------------------------------------------------
Total Contributions and
Investment Income 9,002,771 12,161,226 105,024 1,638,468 305,950 23,213,439
---------------------------------------------------------------------------------
DEDUCTIONS
Withdrawals and terminations (8,500,344) (2,833,829) (105,176) (513,479) (575,662) (12,528,490)
Insurance premiums and
commissions - net - - (68,056) - - (68,056)
Net interfund transfers 315,079 (95,683) - (678,963) 459,567 -
---------------------------------------------------------------------------------
Total Deductions (8,185,265) (2,929,512) (173,232) (1,192,442) (116,095) (12,596,546)
---------------------------------------------------------------------------------
Increase (decrease) in plan equity 817,506 9,231,714 (68,208) 446,026 189,855 10,616,893
Plan equity at beginning of year 45,244,123 22,822,033 647,736 6,307,419 4,471,478 79,492,789
---------------------------------------------------------------------------------
Plan equity at end of year $46,061,629 $32,053,747 $579,528 $6,753,445 $4,661,333 $90,109,682
=================================================================================
</TABLE>
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 31,1994
FIXED COMMON
INCOME EQUITY INSURANCE STOCK LOAN TOTAL
FUND FUND CONTRACTS FUND ACCOUNT
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS
Contributions:
Employee $ 4,277,418 $ 4,319,769 $ 80,865 $ 647,662 $ - $ 9,325,714
Employer 903,086 852,964 - 142,969 - 1,899,019
Rollovers from other plans 416,953 110,845 - 17,698 - 545,496
--------------------------------------------------------------------------------
Total Contributions 5,597,457 5,283,578 80,865 808,329 - 11,770,229
--------------------------------------------------------------------------------
Investment Income (Loss):
Interest and dividends 2,890,888 1,056,646 71,140 109,298 201,296 4,329,268
Net realized loss and
unrealized gain
(loss) on investments - (2,144,638) - 1,450,577 - (694,061)
--------------------------------------------------------------------------------
Total Investment Income (Loss) 2,890,888 (1,087,992) 71,140 1,559,875 201,296 3,635,207
--------------------------------------------------------------------------------
Total Contributions and
Investment Income (Loss) 8,488,345 4,195,586 152,005 2,368,204 201,296 15,405,436
--------------------------------------------------------------------------------
DEDUCTIONS
Withdrawals and terminations (6,281,809) (1,966,806) (53,950) (453,955) (159,502) (8,916,022)
Insurance premiums and
commissions - net - - (80,865) - - (80,865)
Net interfund transfers (518,926) (175,001) - 85,143 608,784 -
--------------------------------------------------------------------------------
Total Deductions (6,800,735) (2,141,807) (134,815) (368,812) 449,282 (8,996,887)
--------------------------------------------------------------------------------
Increase in plan equity 1,687,610 2,053,779 17,190 1,999,392 650,578 6,408,549
Plan equity at beginning of year 43,556,513 20,768,254 630,546 4,308,027 3,820,900 73,084,240
--------------------------------------------------------------------------------
Plan equity at end of year $45,244,123 $22,822,033 $647,736 $6,307,419 $4,471,478 $79,492,789
================================================================================
</TABLE>
See accompanying notes.
F-6
<PAGE>
THE AMETEK SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31,1996
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, or upon
death, attainment of age 65 or early, normal or disability retirement.
Forfeited Company contributions, which are insignificant in amount, 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 distributions 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 a specified portion 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 receivable until
repaid by the participant (see Note 4).
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. Effective January 1, 1995, matching Company
contributions are credited to participants' accounts at the same time their
contributed compensation is invested. Previously, such Company contributions
were temporarily invested in the Fixed Income Fund and credited to participants'
accounts annually.
Effective January 1, 1997, the Plan was amended and restated to incorporate a
retirement feature into the Plan to benefit eligible salaried and hourly
employees hired by AMETEK after December 31, 1996. Commencing with the effective
date, AMETEK will make contributions to the Plan on behalf of such employees
equal to a specified percentage of their compensation earned based upon each
participant's age and years of service, up to predetermined limits. Investment
programs and transfer and exchange privileges available under the retirement
feature are the same for all participants in the Plan (see Note 3). However, a
retirement participant becomes fully vested in his or her retirement account
after five years of service, and loans and other withdrawals are generally not
permitted.
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. 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, except for the non-accrual of a liability for amounts owed to former
participants, which are reflected in plan equity in accordance with generally
accepted accounting principles (see Note 8). 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.
Use of estimates
- ----------------
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect amounts reported in the financial statements and accompanying notes.
Actual results could differ from those estimates.
Investment valuation
- --------------------
Investments in equity securities are carried at market value based upon closing
market quotes on the last business day of the Plan year. Money market and
short-term investments are carried at the fair value established by the issuer
and/or the trustee. 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 31,1996
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
------------------------------------------------------
Investments in Guaranteed Income Contracts (GICs), all of which are considered
benefit-responsive, are reported at contract value, which approximates fair
value, in accordance with new accounting rules effective January 1, 1995. Fully
benefit-responsive investment contracts are contracts that transfer financial
risk of principal and interest to a responsible third party, and provide for
participant-initiated transactions without conditions, limitations or
restrictions. All other investment contracts are to be reported at fair value.
3. INVESTMENT PROGRAMS
-------------------
Mellon Trust Company, parent company of The Dreyfus Trust Company, became
Trustee of the Plan effective January 1, 1996. Each participant may have his or
her accounts (up to certain specified limits) in one or a combination of the
following investment programs:
(a) The Fixed Income Fund:
----------------------
Following is a listing of the investments of the Fixed Income Fund which are
presently invested primarily in GICs, all of which are fully benefit-
responsive, and are carried at contract value. The contract value of the
benefit-responsive contracts approximates fair value. The issuers of the
GICs, together with the other investments of the Fixed Income Fund, are shown
in the table below:
<TABLE>
<CAPTION>
Guaranteed Income Contracts
- ---------------------------
Balance
at December 31,
------------------------
1996 1995
----------- -----------
<S> <C> <C>
Dreyfus Capital Preservation Fund $ - $13,149,200
Deutsche Bank AG (1) 8,457,732 4,029,786
John Hancock Mutual Life 2,019,348 4,109,426
Metropolitan Life 3,009,796 3,119,335
National Westminster Bank (1) 6,233,996 -
New York Life 4,709,269 4,611,154
Principal Mutual Life 4,039,015 4,110,029
State Street Bank & Trust (1) 7,351,945 -
United Bank of Switzerland (1) 6,424,102 6,053,344
Other (2) 2,899,092 4,640,753
----------- -----------
Total GIC contracts 45,144,295 43,823,027
Dreyfus Money Market mutual fund (at fair value) 2,506,686 1,780,258
----------- -----------
Total Fixed Income Fund investments $47,650,981 $45,603,285
=========== ===========
</TABLE>
(1) Synthetic investment contracts in which a financially responsible third
party pays a contract rate of interest on the underlying investments,
and provides for full payment of principal upon participant-directed
withdrawals from the Trust.
(2) Short-term investment account utilized for withdrawals, transfers, and
future GIC purchases.
F-8
<PAGE>
THE AMETEK SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31,1996
3. INVESTMENT PROGRAMS (CONTINUED)
-------------------------------
The weighted average crediting interest rate for the benefit-responsive
contracts at December 31, 1996 was 6.0% (5.9% at December 31, 1995). For
benefit-responsive synthetic investment contracts, the interest rate is
reset quarterly, but will not fall below zero. All other benefit-responsive
contracts have fixed rates of interest to the maturity of the contracts
ranging from 5.9% to 6.2%. The average yield for all benefit-responsive
contracts was 5.8% for the Plan years ended December 31, 1996 and 1995,
respectively.
Investment management fees, which are not significant in amount, are
assessed against the investment income earned by the accounts invested in
this Fund. Prior to January 1, 1995, annual matching Company contributions
were temporarily invested in this Fund and allocated, together with
earnings thereon, to the individual investment fund options (see Note 1).
(b) The Equity Fund:
----------------
At December 31, 1996 and 1995, the investments of the Equity Fund consisted
of the following:
<TABLE>
<CAPTION>
1996 1995
-----------------------------------------------------------------------
Number Market Number Market
of Shares Cost Value of Shares Cost Value
-----------------------------------------------------------------------
Dreyfus Group of Equity Funds:
<S> <C> <C> <C> <C> <C> <C>
The Dreyfus Fund Incorporated 1,489,993 $18,056,303 $16,307,762 1,346,337 $16,550,342 $14,028,835
Dreyfus Premier Value Fund 224,780 4,800,490 4,723,611 175,743 3,690,369 3,644,903
Dreyfus New Leaders Fund, Inc. 171,333 6,485,525 7,056,793 133,432 4,660,278 4,989,033
Dreyfus Premier
Global Investing, Inc. 264,149 4,198,636 3,982,172 185,491 2,864,219 2,878,824
----------- ----------- ----------- -----------
Total Dreyfus Funds 33,540,954 32,070,338 27,765,208 25,541,595
----------- ----------- ----------- -----------
Fidelity Group of Equity Funds:
The Magellan Fund 60,287 5,373,768 5,394,412 42,744 3,515,057 3,693,776
The Puritan Fund 217,111 3,731,145 3,903,122 137,473 2,176,489 2,338,415
----------- ----------- ----------- -----------
Total Fidelity Funds 9,104,913 9,297,534 5,691,546 6,032,191
----------- ----------- ----------- -----------
Total Equity Funds $42,645,867 $41,367,872 $33,456,754 $31,573,786
=========== =========== =========== ===========
</TABLE>
The Dreyfus group of equity funds are mutual funds that consists of small and
medium growth stocks, both domestic and foreign. The Fidelity group of equity
funds are also mutual funds which were added effective January 1, 1995, and
consist of broad, diversified mutual funds investing in wide ranges of
worldwide stocks, bonds, and other investments. The funds may also use various
investment techniques, including foreign exchange and derivatives transactions.
Participants should refer to the respective Dreyfus and Fidelity mutual fund
prospectuses 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.
F-9
<PAGE>
THE AMETEK SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31,1996
3. INVESTMENT PROGRAMS (CONTINUED)
-------------------------------
(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. Commissions paid on Insurance Contracts are
charged directly against the participants' insurance accounts. This fund
has been closed to new participants since 1987.
(d) The Common Stock Fund:
----------------------
At December 31, 1996 and 1995, the assets of the Common Stock Fund
consisted of 350,531 shares (cost $5,401,950) and 354,705 shares (cost
$5,113,365) respectively, of AMETEK, Inc. common stock. Shares of AMETEK,
Inc. common stock may be purchased by the Trustee on the open market,
directly from AMETEK, or from other stockholders. Brokerage commissions
paid are charged against the accounts invested in this Fund.
In February 1997, AMETEK announced its intention to merge its water
filtration business with Culligan Water Technologies, Inc. ("Culligan").
Upon completion of the transaction, which is expected by the end of July
1997, the Common Stock Fund will receive shares of Culligan common stock on
behalf of the Fund's participants, based upon the number of shares of
AMETEK common stock outstanding on the closing date. It is intended that
the Culligan common stock to be received will be sold as soon as
practicable, with the proceeds reinvested in additional shares of AMETEK
common stock. In addition, the 25% limitation on investment allocations to
this fund will be waived for any affects of the transaction on participant
balances in this fund.
A participant may change his or her contribution percentage election as the
first day of each calendar quarter. In addition, the plan provides for
participant-directed investing, whereby participants may change their investment
selection within or between investment programs or specific 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 temporarily invests the portion of employee and employer
contributions awaiting allocation to the investment options chosen by
participants in short-term investments.
There were approximately 5,000 participants in the Plan at December 31, 1996.
The approximate number of participants in each fund at December 31, 1996 was as
follows:
<TABLE>
<CAPTION>
Fixed Income Fund:
<S> <C>
Guaranteed Income Contracts 3,500
Government Series Money Market 900
Equity Fund:
The Dreyfus Fund Incorporated 2,100
Dreyfus Premier Value Fund 1,200
Dreyfus New Leaders Fund, Inc. 1,500
Dreyfus Premier Global Investing, Inc. 1,100
The Fidelity Magellan Fund 1,000
The Fidelity Puritan Fund 700
Common Stock Fund 2,000
Insurance Contracts 200
</TABLE>
The total number of participants in all funds does not agree with total Plan
participants due to individuals participating in more than one fund.
F-10
<PAGE>
THE AMETEK SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31,1996
4. LOAN ACCOUNTS RECEIVABLE
------------------------
Participants may borrow from their fund accounts a minimum of $1,000 up to a
maximum equal to the lesser of $50,000 or 50% of their vested account balance.
Participants may have up to two outstanding loans at any time, the sum of which
may not exceed the maximum. Repayment terms of the loan are generally limited
to no longer than 60 months from inception. The loans are secured by the
balance in the participant's account, and bear interest at rates established by
the Plan's administrative committee, which approximate rates charged by
commercial lending institutions for comparable loans. Interest rates on loans
outstanding at December 31, 1996 ranged between 7% and 10%.
5. NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
------------------------------------------------------
The components of the net realized gains and losses and the change in the net
unrealized gain and loss on equity investments, and included in investment
income, are as follows:
<TABLE>
<CAPTION>
Year Ended December 31,
-------------------------------------
1996 1995 1994
-------------------------------------
<S> <C> <C> <C>
Equity Fund
-----------
Realized gains (losses) (a) $ (57,741) $214,409 ($120,426)
Change in net unrealized gain and
loss 604,973 (26,930) (2,024,212)
---------- -------- -----------
Total Equity Fund 547,232 187,479 (2,144,638)
---------- -------- -----------
Common Stock Fund
-----------------
Realized gain 353,068 318,010 67,011
Change in net unrealized gain 916,061 349,933 1,383,566
---------- -------- -----------
Total Common Stock Fund 1,269,129 667,943 1,450,577
---------- -------- -----------
Total net realized and unrealized
gain (loss) included in
investment income $1,816,361 $855,422 $ (694,061)
========== ======== ===========
</TABLE>
(a) The Equity Fund also made capital gain distributions, which are reported as
dividend income, and which amounted to $4.2 million, $4.9 million, and $.7
million in 1996, 1995, and 1994 respectively. Such distributions were
immediately reinvested in additional Fund shares.
F-11
<PAGE>
THE AMETEK SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31,1996
5. NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (CONTINUED)
------------------------------------------------------
The net unrealized gain (loss) on investments included in the Plan's equity is
as follows:
<TABLE>
<CAPTION>
Common Stock
Equity Fund Total
Fund
- -------------------------------------------------------------------------
<S> <C> <C> <C>
Balance December 31, 1993 $ 168,174 $ (181,663) $ (13,489)
Change for the year 1994 (2,024,212) 1,383,566 (640,646)
----------- ---------- ----------
Balance December 31, 1994 (1,856,038) 1,201,903 (654,135)
Change for the year 1995 (26,930) 349,933 323,003
----------- ---------- ----------
Balance December 31, 1995 (1,882,968) 1,551,836 (331,132)
Change for the year 1996 604,973 916,061 1,521,034
----------- ---------- ----------
Balance December 31, 1996 $(1,277,995) $2,467,897 $1,189,902
=========== ========== ==========
</TABLE>
6. FEDERAL INCOME TAX STATUS
-------------------------
The Company has received a determination letter 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. Continued qualification of
the Plan is subject to the maintenance of its present form, or a new Internal
Revenue Service determination.
Under the Plan, contributions will not be taxed to the employee until a
distribution from the Plan is made. However, participants who have invested in
insurance contracts are subject to ordinary income tax annually on the premiums
paid for the life insurance coverage.
7. 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,
1996, 1995 and 1994, the Company elected to pay such expenses directly.
F-12
<PAGE>
THE AMETEK SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31,1996
8. DIFFERENCES BETWEEN FINANCIAL STATEMENTS AND FORM 5500
The following is a reconciliation of Plan equity at December 31, 1996 and 1995,
presented in the financial statements in accordance with generally accepted
accounting principles, and the deduction for amounts owed to former participants
upon withdrawals and terminations from the Plan for the years ended December 31,
1996, 1995 and 1994 compared to the amounts reported on Form 5500. Amounts owed
to former participants are reported 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.
<TABLE>
<CAPTION>
Fixed Common
Income Equity Insurance Stock Loan
Fund Fund Contracts Fund Account Total
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Plan Equity
- -----------
December 31, 1996:
Plan equity reported in the
financial statements $48,389,650 $42,182,349 $547,276 $7,972,411 $5,076,607 $104,168,293
Amounts owed to former
participants (1,160,916) (761,203) (737) (158,150) (29,651) (2,110,657)
----------- ----------- -------- ---------- ---------- ------------
Plan equity (net assets)
reported on the Form 5500 $47,228,734 $41,421,146 $546,539 $7,814,261 $5,046,956 $102,057,636
=========== =========== ======== ========== ========== ============
Plan Equity
- -----------
December 31, 1995:
Plan equity reported in the
financial statements $46,061,629 $32,053,747 $579,528 $6,753,445 $4,661,333 $ 90,109,682
Amounts owed to former
participants (930,186) (321,064) - (21,546) (12,368) (1,285,164)
----------- ----------- -------- ---------- ---------- ------------
Plan equity (net assets)
reported on the Form 5500 $45,131,443 $31,732,683 $579,528 $6,731,899 $4,648,965 $ 88,824,518
=========== =========== ======== ========== ========== ============
Deductions for Withdrawals and
Terminations
- ------------------------------
Year ended December 31, 1996:
Withdrawals and
terminations reported in the
financial statements $ 5,026,095 $ 2,405,627 $ 28,295 $ 429,992 $ 159,123 $ 8,049,132
Add: Amounts owed to
former participants at
December 31, 1996 1,160,916 761,203 737 158,150 29,651 2,110,657
Less: Amounts owed to
former participants at
December 31, 1995 (930,186) (321,064) - (21,546) (12,368) (1,285,164)
----------- ----------- -------- ---------- ---------- ------------
Payments to provide benefits
reported on Form 5500 $ 5,256,825 $ 2,845,766 $ 29,032 $ 566,596 $ 176,406 $ 8,874,625
=========== =========== ======== ========== ========== ============
</TABLE>
F-13
<PAGE>
THE AMETEK SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31,1996
8. DIFFERENCES BETWEEN FINANCIAL STATEMENTS AND FORM 5500 (CONTINUED)
------------------------------------------------------------------
<TABLE>
<CAPTION>
Fixed Common
Income Equity Insurance Stock Loan Total
Fund Fund Contracts Fund Account
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Year ended December 31, 1995:
Withdrawals and
terminations reported in the
financial statements $ 8,500,344 $2,833,829 $105,176 $ 513,479 $575,662 $12,528,490
Add: Amounts owed to
former participants at
December 31, 1995 930,186 321,064 - 21,546 12,368 1,285,164
Less: Amount owed to
former participants at
December 31, 1994 (338,205) (224,693) - (53,120) (58,445) (674,463)
----------- ---------- --------- --------- -------- -----------
Payments to provide
benefits reported on
Form 5500 $ 9,092,325 $2,930,200 $105,176 $ 481,905 $529,585 $13,139,191
=========== ========== ========= ========= ======== ===========
Year ended December 31, 1994:
Withdrawals and
terminations reported in the
financial statements $ 6,281,809 $1,966,806 $ 53,950 $ 453,955 $159,502 $ 8,916,022
Add: Amounts owed to
former participants at
December 31, 1994 338,205 224,693 - 53,120 58,445 674,463
Less: Amounts owed to
former participants at
December 31, 1993 (1,428,444) (391,729) - (103,384) (26,526) (1,950,083)
----------- ---------- --------- --------- -------- -----------
Payments to provide
benefits reported on
Form 5500 $ 5,191,570 $1,799,770 $ 53,950 $ 403,691 $191,421 $ 7,640,402
=========== ========== ========= ========= ======== ===========
</TABLE>
F-14
<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 on its behalf by the undersigned hereunto duly authorized.
THE AMETEK SAVINGS
AND INVESTMENT PLAN
---------------------------
(Name of Plan)
Dated: June 30, 1997 By: /s/ John J. Molinelli
-------------------------------
John J. Molinelli, Member,
Administrative Committee
F-15
