SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended July 2, 1994
or
[_] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to _______
Commission File Number: 0-6645
A. Full title of the plan and address of the plan, if
different from that of the issuer named below:
THE MANITOWOC COMPANY, INC. RSVP PROFIT SHARING PLAN
B. Name of the issuer of securities held pursuant to the
plan and the address of it's principal executive office:
THE MANITOWOC COMPANY, INC.
700 E. Magnolia St., Suite B
Manitowoc, WI 54220
The Exhibit Index is on Page 21 of the sequentially numbered pages.
REQUIRED INFORMATION
The following financial statements and schedules of The Manitowoc
Company, Inc. RSVP Profit Sharing Plan, prepared in accordance with
the financial reporting requirements of the Employee Retirement Income
Securities Act of 1974, as amended, are filed herewith.
THE MANITOWOC COMPANY, INC.
----------------------------
RSVP PROFIT SHARING PLAN--MONEY PURCHASE PENSION
---------------------------------------------------
FINANCIAL STATEMENTS
---------------------
AS OF JULY 2, 1994 AND JULY 3, 1993
------------------------------------
TOGETHER WITH REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
------------------------------------------------------
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Administrative Committee of
The Manitowoc Company, Inc. RSVP Profit Sharing Plan-
Money Purchase Pension:
We have audited the accompanying statements of net assets available
for plan benefits of The Manitowoc Company, Inc. RSVP Profit Sharing
Plan-Money Purchase Pension as of July 2, 1994 and July 3, 1993, and
the related statements of changes in net assets available for plan
benefits for the year ended July 2, 1994. 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 net assets of the Plan as of
July 2, 1994 and July 3, 1993, and the changes in its net assets
available for plan benefits for the year ended July 2, 1994, in
conformity with generally accepted accounting principles.
ARTHUR ANDERSEN LLP
Milwaukee, Wisconsin,
October 3, 1994.
<TABLE>
THE MANITOWOC COMPANY, INC.
---------------------------
RSVP PROFIT SHARING PLAN - MONEY PURCHASE PENSION
---------------------------------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
----------------------------------------------------
AS OF JULY 2, 1994
------------------
<CAPTION>
Capital Company
Preservation Equity Balanced Stock Total
Assets Fund Fund Fund Fund Funds
-------- ----------- -------- --------- -------- ----------
<S> <C> <C> <C> <C> <C>
Investment in The Manitowoc Company, Inc.
Employees' Profit Sharing Trust, at market $2,444,761 $414,367 $700,569 $697,112 $4,256,809
Company contribution receivable 433,170 110,440 167,788 -- 711,398
---------- -------- -------- -------- ----------
Net assets available for benefits $2,877,931 $524,807 $868,357 $697,112 $4,968,207
========== ======== ======== ======== ==========
<FN>
The accompanying notes to financial statements are an integral part of this statement.
</TABLE>
<TABLE>
THE MANITOWOC COMPANY, INC.
---------------------------------
RSVP PROFIT SHARING PLAN - MONEY PURCHASE PENSION
--------------------------------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
------------------------------------------------------
AS OF JULY 3, 1993
--------------------
<CAPTION>
Capital Company
Preservation Equity Balanced Stock Total
Assets Fund Fund Fund Fund Funds
-------- ------------ -------- ---------- -------- ---------
<S> <C> <C> <C> <C> <C>
Investment in The Manitowoc Company, Inc.
Employees' Profit Sharing Trust, at market $1,762,859 $258,340 $343,772 $ -- $2,364,971
Company contribution receivable 461,140 112,224 130,963 -- 704,327
---------- -------- -------- -------- ----------
Net assets available for benefits $2,223,999 $370,564 $474,735 $ -- $3,069,298
========== ======== ======== ======== ==========
<FN>
The accompanying notes to financial statements are an integral part of this statement.
</TABLE>
<TABLE>
THE MANITOWOC COMPANY, INC.
-----------------------------
RSVP PROFIT SHARING PLAN-MONEY PURCHASE PENSION
-------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
-----------------------------------------------------------------
FOR THE YEAR ENDED JULY 2, 1994
--------------------------------
<CAPTION>
Capital Company
Preservation Equity Balanced Stock Total
Fund Fund Fund Fund Funds
------------ ------ --------- -------- ----------
<S> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Income from The Manitowoc Company Employees'
Profit Sharing Trust $190,018 $ 1,200 $ 2,817 $(139,576) $ 54,459
Company contributions 494,716 128,315 203,968 435,453 1,262,452
-------- -------- -------- -------- ---------
Total additions 684,734 129,515 206,785 295,877 1,316,911
-------- -------- -------- -------- ---------
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Benefits paid to participants 379,746 60,744 75,424 65,093 581,007
-------- -------- -------- -------- -------
Net increase before transfers 304,988 68,771 131,361 230,784 735,904
TRANSFERS:
Between funds (110,161) 10,580 99,581 -- --
From (to) other Manitowoc Company, Inc. plans 459,105 74,892 162,680 466,328 1,163,005
-------- -------- -------- -------- ---------
Net transfers 348,944 85,472 262,261 466,328 1,163,005
Net increase 653,932 154,243 393,622 697,112 1,898,909
-------- -------- -------- -------- ---------
NET ASSETS AVAILABLE FOR PLAN BENEFITS:
Beginning of year 2,223,999 370,564 474,735 -- 3,069,298
--------- -------- -------- -------- ---------
End of year $2,877,931 $524,807 $868,357 $697,112 $4,968,207
========== ======== ======== ======== ==========
<FN>
The accompanying notes to financial statements are an integral part of this statement.
</TABLE>
THE MANITOWOC COMPANY, INC.
---------------------------
RSVP PROFIT SHARING PLAN--MONEY PURCHASE PENSION
--------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
------------------------------
AS OF JULY 2, 1994 AND JULY 3, 1993
---------------------------------------
(1) Description of the Plan-
------------------------
(a) General-
--------
The Manitowoc Company, Inc. RSVP Profit Sharing Plan - Money
Purchase Pension (the "Plan") is a defined contribution plan
covering substantially all salaried and nonunion hourly employees
of the Manitowoc Company, Inc. (the "Company") as defined in the
Plan. The Plan is subject to the provisions of the Employee
Retirement Income Security Act of 1974 ("ERISA").
(b) Contributions-
--------------
Contributions to the Plan are made by the Company in an amount
equal to 3% of the participant's eligible compensation for the
Plan year. In addition, the Company will make a contribution to
the Plan to match participant's contributions made to the Company
's RSVP 401(k) plan. The Company match contribution is 25% of
participant's contributions (up to 5% of eligible compensation)
to all funds except for the Company stock fund in which the
Company match is 100% of participant contributions up to 3% of
the participant's eligible contributions. Employee contributions
are not made to this Plan.
(c) Vesting-
--------
Employees vest in Company contributions at the rate of 20% at the
end of each year of credited service for five years.
Participants who leave the Company because of normal retirement,
disability retirement, or death are considered to be 100% vested.
(d) Distributions-
--------------
Participants may elect to receive the vested portion of their
account balance upon normal retirement at or after age 65; early
retirement at or after age 55 with ten years of service; death or
disability, if earlier; or termination of employment. Withdrawal
elections are a lump sum payment, equal installments over a
period of years, or a single premium nontransferable annuity
contract.
(e) Forfeitures-
------------
If a participant is not 100% vested at termination, the nonvested
portion of his account is forfeited and is used to offset future
contributions by the Company. This is done in the year of
forfeiture and in subsequent years until the forfeiture is fully
applied.
(2) Significant Accounting Policies-
--------------------------------
(a) Basis of accounting-
--------------------
The financial statements of the Plan have been prepared on the
accrual basis of accounting.
(b) Expenses-
---------
Administrative expenses of the Plan are paid from the master
trust assets and netted against income from the master trust.
(c) Reclassifications-
------------------
Certain reclassifications have been made to the 1993 financial
statements to conform to the 1994 presentation.
(3) Funding Policy-
---------------
The annual profit sharing contribution is paid to the Plan when the
final calculations of profit sharing amounts have been made, which
normally is within two months of the Plan's year end. Company
match contributions are made monthly.
(4) Plan Investments-
-----------------
The Plan's investments are commingled with other Company sponsored
plans in a master trust, The Manitowoc Company, Inc. Employees'
Profit Sharing Trust.
There are four investment options in which Plan participants may
elect to invest. The election must be done in multiples of 5%.
The elections are as follows:
- Capital Preservation Fund--invests mainly in guaranteed
insurance contracts in order to provide market stability and
consistent interest return.
- Equity Fund--invests in a medium size company capital growth
fund, managed by the Nicholas Fund, Inc., to provide increased
growth through market appreciation.
- Balanced Fund--invests in a mutual fund managed by the
Brinson Trust Company, which invests in a balanced mix of equity
and fixed income securities.
- Company Stock Fund--invests in The Manitowoc Company, Inc.,
common stock.
<TABLE>
<CAPTION>
The trustee is The Associated Bank Lakeshore, N.A. in Manitowoc,
Wisconsin. A summary of the assets of the Trust at July 2, 1994
and July 3, 1993 is as follows (at fair value):
July 2, 1994
------------------------------------------------------------
Capital Company
Preservation Equity Balanced Stock
Fund Fund Fund Fund
-------------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Cash and cash equivalents $ 14,385,375 $ 36,380 $ 37,296 $ 58,094
Deposits with insurance
companies 134,752,935 -- -- --
Mutual funds -- 4,469,670 9,473,049 --
Investment in The Manitowoc
Company, Inc. common stock -- -- -- 1,489,360
Accrued income 762,225 -- -- --
------------ ---------- ---------- ----------
Net Assets $149,900,535 $4,506,050 $9,510,345 $1,547,454
============ ========== ========== ==========
<CAPTION>
July 3, 1993
-------------------------------------------------------------
Capital Company
Preservation Equity Balanced Stock
Fund Fund Fund Fund
------------ ---------- ---------- ----------
<S> <C> <C> <C> <C>
Cash and cash equivalents $ 3,308,756 $ 23,021 $1,355,792 $ 92,826
Deposits with insurance
companies 142,600,265 -- -- --
Mutual funds -- 3,455,512 4,906,053 --
Investment in The Manitowoc
Company, Inc. common stock -- -- -- 1,081,536
Accrued income 952,053 -- -- --
------------ ---------- ---------- ----------
Net Assets $146,861,074 $3,478,533 $6,261,845 $1,174,362
============ ========== ========== ==========
</TABLE>
The Company has determined that the percentage of the Plan's assets
to the total assets of the Trust is 3% and 1% as of July 2, 1994
and July 3, 1993, respectively.
The amounts on deposit with insurance companies consist of
annuities or contracts with various U.S. insurance companies.
Rates of return on their investments range from 5.23% to 12.26%.
As these investments are not readily marketable they are recorded
at their historical cost.
(5) Benefit Paid to Participants-
-----------------------------
Benefits paid to participants represent the amount paid to
participants as determined by their vesting status at the time of
termination. At July 2, 1994 and July 3, 1993, $45,243 and
$85,932, respectively, included in participants' equity is payable
to terminated employees who have withdrawn from the Plan.
(6) Income Tax Status-
------------------
The Plan Administrator has determined that the Plan qualifies under
Section 401(k) of the Income Tax Regulations as amended by ERISA
and meets the requirements for exemption from Federal income taxes
under the Internal Revenue Code. A favorable determination letter
from the Internal Revenue Service affirming such exempt status has
not yet been received. However, the Company and Plan Administrator
are not aware of any provisions in the Plan which would cause the
Plan to lose its tax-exempt status.
(7) Plan Termination-
-----------------
While the Company has not expressed any intent to terminate the
Plan, it may elect to do so at any time. In the event of
termination, each participant becomes fully vested in his entire
participant account balance.
(8) Change in Plan Year End-
------------------------
The Plan agreement specifies that the Plan year correspond with the
fiscal year of the Company. The Company has announced that it will
change to a calendar year end; as such, the Plan will also change
to a calendar year end effective December 31, 1994.
THE MANITOWOC COMPANY, INC.
---------------------------------
RSVP PROFIT SHARING 401(k) PLAN
---------------------------------
FINANCIAL STATEMENTS
---------------------
AS OF JULY 2, 1994, AND JULY 3, 1993
---------------------------------------
TOGETHER WITH REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
---------------------------------------------------------
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Administrative Committee of
The Manitowoc Company, Inc. RSVP Profit Sharing 401(k) Plan:
We have audited the accompanying statements of net assets available
for plan benefits of The Manitowoc Company, Inc. RSVP Profit Sharing
401(k) Plan as of July 2, 1994 and July 3, 1993, and the related
statements of changes in net assets available for plan benefits for
the year ended July 2, 1994. 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 net assets available for plan
benefits of the Plan as of July 2, 1994 and July 3, 1993, and the
changes in its net assets available for plan benefits for the year
ended July 2, 1994, in conformity with generally accepted accounting
principles.
ARTHUR ANDERSEN LLP
Milwaukee, Wisconsin,
October 3, 1994.
<TABLE>
THE MANITOWOC COMPANY, INC.
-----------------------------------
RSVP PROFIT SHARING 401(k) PLAN
--------------------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
-----------------------------------------------------
AS OF JULY 2, 1994
----------------------
<CAPTION>
Capital Company
Preservation Equity Balanced Stock Loan Total
Assets Fund Fund Fund Fund Fund Fund
-------- ------------ ------ --------- -------- ------ --------
<S> <C> <C> <C> <C> <C> <C>
Investment in The Manitowoc Company, Inc.
Employees' Profit Sharing Trust, at market $75,488,358 $1,823,779 $5,802,969 $844,116 $139,810 $84,099,032
Company contribution receivable 722,196 141,464 239,493 -- -- 1,103,153
---------- ---------- ---------- -------- -------- -----------
Net assets available for benefits $76,210,554 $1,965,243 $6,042,462 $844,116 $139,810 $85,202,185
========== ========== ========== ======== ======== ===========
<FN>
The accompanying notes to financial statements are an integral part of this statement.
</TABLE>
<TABLE>
THE MANITOWOC COMPANY, INC.
--------------------------------------
RSVP PROFIT SHARING 401(k) PLAN
-----------------------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
---------------------------------------------------------
AS OF JULY 3, 1993
------------------------
<CAPTION>
Capital Company
Preservation Equity Balanced Stock Loan Total
Fund Fund Fund Fund Fund Funds
Assets ------------ ------ --------- -------- ------ --------
------
<S> <C> <C> <C> <C> <C> <C>
Investment in The Manitowoc Company, Inc.
Employees' Profit Sharing Trust $74,737,315 $1,666,553 $4,384,946 $1,154,469 $114,359 $82,057,642
Company contribution receivable 735,730 88,285 150,391 -- -- 974,406
----------- ---------- ---------- ---------- -------- -----------
Net assets available for benefits $75,473,045 $1,754,838 $4,535,337 $1,154,469 $114,359 $83,032,048
=========== ========== ========== ========== ======== ===========
<FN>
The accompanying notes to financial statements are an integral part of this statement.
</TABLE>
<TABLE>
THE MANITOWOC COMPANY, INC.
--------------------------------------
RSVP PROFIT SHARING 401(k) PLAN
---------------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
------------------------------------------------------------------
FOR THE YEAR ENDED JULY 2, 1994
-----------------------------------
<CAPTION>
Capital Company
Preservation Equity Balanced Stock Loan Total
Fund Fund Fund Fund Fund Funds
------------ ------ -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Income from The Manitowoc Company Employees'
Profit Sharing Trust $5,865,727 $ (7,687) $ 8,244 $ (172,617) $ 2,417 $ 5,696,084
Contributions--
Employer 752,009 141,464 239,493 -- -- 1,132,966
Participants 327,106 97,070 208,791 475,475 -- 1,108,442
Participant rollover 2,178,744 516 11,660 -- -- 2,190,920
---------- ---------- --------- ---------- --------- -----------
3,257,859 239,050 459,944 475,475 -- 4,432,328
---------- ---------- ---------- ---------- --------- -----------
Total additions 9,123,586 231,363 468,188 302,858 2,417 10,128,412
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Benefits paid to participants 6,604,880 153,981 300,248 125,095 2,438 7,186,642
-------- -------- -------- -------- -------- ----------
Net increase before transfers 2,518,706 77,382 167,940 177,763 (21) 2,941,770
TRANSFERS:
Between funds (1,687,992) 207,915 1,501,865 (21,788) -- --
From (to) other Manitowoc Company, Inc. plans (63,775) (71,626) (170,413) (466,322) 503 (771,633)
-------- -------- -------- -------- --------- ---------
(1,751,767) 136,289 1,331,452 (488,110) 503 (771,633)
LOANS TO AND LOAN PAYMENTS FROM PARTICIPANTS (29,430) (3,266) 7,733 (6) 24,969 --
-------- -------- -------- -------- --------- -----------
NET INCREASE 737,509 210,405 1,507,125 (310,353) 25,451 2,170,137
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 75,473,045 1,754,838 4,535,337 1,154,469 114,359 83,032,048
----------- ---------- --------- --------- --------- -----------
End of year $76,210,554 $1,965,243 $6,042,462 $ 844,116 $139,810 $85,202,185
=========== ========== ========== ========== ======== ===========
<FN>
The accompanying notes to financial statements are an integral part of this statement.
</TABLE>
THE MANITOWOC COMPANY, INC.
-----------------------------
RSVP PROFIT SHARING 401(k) PLAN
-----------------------------------
NOTES TO FINANCIAL STATEMENTS
-------------------------------------
AS OF JULY 2, 1994 AND JULY 3, 1993
-------------------------------------
(1) Description of the Plan-
----------------------------
(a) General-
-----------
The Manitowoc Company, Inc. RSVP Profit Sharing 401(k) Plan ("The
Plan") is a defined contribution plan covering substantially all
salaried and nonunion hourly employees of The Manitowoc Company,
Inc. (the "Company") as defined in the Plan. The Plan is subject
to the provisions of the Employee Retirement Income Security Act
of 1974 ("ERISA").
(b) Contributions-
--------------------
Contributions to the Plan are made both by the participants and
by the Company. Participants may make contributions to the Plan
under the provisions of Section 401(k) of the Internal Revenue
Code, but employee contributions are not required. The Company
also makes a profit sharing contribution to the Plan equal to a
percentage of earnings of each participating subsidiary of the
Company as defined in the Plan document.
Annual contributions to a participant's account are limited to
the lesser of $30,000, or 25% of the participant's compensation
for the year.
(c) Vesting-
-----------
Employees vest 100% in their own contributions and vest in
Company contributions at the rate of 20% at the end of each year
of credited service for five years. Participants who leave the
Company because of normal retirement, disability retirement, or
death are considered to be 100% vested.
(d) Participant loans-
------------------------
Participants may receive a loan from the Plan in an amount up to
50% of the participant's vested account balance. The interest
rate on the loan is the prime rate plus 1%. Loans are repaid
from payroll deductions over a period not to exceed five years.
In the event of default on the loan, the participant's account
balance is reduced by the amount of the outstanding loan balance.
(e) Distributions-
-------------------
Participants may elect to receive the vested portion of their
account balance upon normal retirement at or after age 65; early
retirement at or after age 55 with ten years of service; death or
disability, if earlier; or termination of employment. Withdrawal
elections are a lump sum payment, equal installments over a
period of years, or a single premium nontransferable annuity
contract.
(f) Forfeitures-
----------------
If a participant is not 100% vested at termination, the nonvested
portion of his account is forfeited. Forfeited amounts related
to profit sharing contributions are allocated to remaining
participants, while forfeitures related to matching contributions
are used to offset future Company contributions. This reduction
is done in the year of forfeiture and subsequent years until the
forfeitures have been fully applied.
(2) Significant Accounting Policies-
-------------------------------------------
(a) Basis of accounting-
---------------------------
The financial statements of the Plan have been prepared on the
accrual basis of accounting.
(b) Expenses-
--------------
Administrative expenses of the Plan are paid from the Plan's
assets.
(c) Reclassifications-
-----------------------
Certain reclassifications have been made to the 1993 financial
statements to conform to the 1994 presentation.
(3) Funding Policy-
----------------------
The Company makes weekly payments to the Plan for employee
contributions and employer matching contributions. Profit sharing
contributions are made when the final calculations of contribution
amounts have been determined, which normally is within two months
of the Plan's year end.
(4) Plan Investments-
-------------------------
The Plan's investments are commingled with other Company sponsored
plans in a master trust, the Manitowoc Company, Inc. Employees'
Profit Sharing Trust.
There are four investment options in which Plan participants may
elect to invest. The election must be done in multiples of 5%.
The elections are as follows:
- Capital Preservation Fund--invests mainly in guaranteed
insurance contracts in order to provide market stability and
consistent interest return.
- Equity Fund-- invests in a medium size company capital
growth fund managed by the Nicholas Fund, Inc. to provide
increased growth through market appreciation.
- Balanced Fund--invests in a mutual fund managed by the
Brinson Trust Company which invests in a balanced mix of equity
and fixed income securities.
- Company Stock Fund--invests in The Manitowoc Company, Inc.
common stock.
Included in the Plan and Trust are amounts related to retirees who
were formerly active participants in the Plan and other Company
plans and have elected to keep their account balances in the Trust.
Net assets attributable to former participants, which are invested
entirely in the Capital Preservation funds, were $48,808,219 and
$46,759,416 as of July 2, 1994 and July 3, 1993, respectively.
<TABLE>
<CAPTION>
The trustee is The Associated Bank Lakeshore, N.A. in Manitowoc,
Wisconsin. A summary of the assets of the Trust at July 2, 1994
and July 3, 1993 is as follows (at fair value):
1994 1993
---- ----
<S> <C> <C>
Cash and cash equivalents $ 14,517,145 $ 4,780,395
Deposits with insurance companies 134,752,935 142,602,265
Mutual funds 13,942,719 8,361,565
Accrued income 762,225 952,053
Investment in The Manitowoc
Company, Inc. common stock 1,489,360 1,081,536
Loans receivable 149,776 114,358
------------ ------------
Net assets $165,614,160 $157,892,172
============ ============
</TABLE>
The Company has determined that the percentage of the Plan's assets
to the total assets of the Trust is 52% as of July 2, 1994 and July
3, 1993, respectively.
The amounts on deposit with insurance companies consist of
annuities or contracts with various U.S. insurance companies.
Rates of return on their investments range from 5.23% to 12.26%.
As these investments are not readily marketable they are recorded
at their historical cost. Mutual funds and The Manitowoc Company,
Inc. common stock are valued at quoted market prices.
(5) Benefits Paid to Participants-
---------------------------------
Benefits paid to participants represent the amount paid to
participants as determined by their vesting status at the time of
termination. At July 2, 1994 and July 3, 1993, $420,301 and
$501,538, respectively, included in participants' equity is payable
to terminated employees who have withdrawn from the Plan.
(6) Income Tax Status-
---------------------
The Plan has obtained a determination letter from the Internal
Revenue Service dated December 18, 1985, approving the Plan as
qualified for tax-exempt status. Plan amendments adopted since the
last tax determination letter will be included in the Company's
next filing. In the opinion of the Plan's management, the Plan, as
currently amended, remains tax-exempt.
(7) Plan Termination-
--------------------
While the Company has not expressed any intent to terminate the
Plan, it may elect to do so at any time. In the event of
termination, each participant becomes fully vested in his entire
participant account balance.
(8) Change in Year End-
----------------------
The Plan agreement specifies that the Plan year correspond with the
fiscal year of the Company. The Company has announced that it will
change to a calendar year end; as such, the Plan will also change
to a calendar year end effective December 31, 1994.
SIGNATURES
------------
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Administrative Committee, which administers the Plan, has duly
caused this Annual Report to be signed on its behalf be the
undersigned, thereunto duly authorized, in the City of Manitowoc, and
State of Wisconsin, on this 30th day of November, 1994.
THE MANITOWOC COMPANY, INC.
RSVP PROFIT SHARING PLAN
/s/ Fred M. Butler
----------------------
Fred M. Butler
/s/ Robert R. Friedl
-----------------------
Robert R. Friedl
/s/ Philip Keener
-----------------------
Philip Keener
/s/ Robert K. Silva
-----------------------
Robert K. Silva
Exhibit Index
THE MANITOWOC COMPANY, INC. RSVP PROFIT SHARING PLAN
FORM 11-K
Page Number in Sequentially
Exhibit No. Exhibit Numbered Form 11-K
- - ----------- -------- ----------------------------
23 Consent of Arthur
Andersen LLP 22
Exhibit 1
Consent of Independent Public Accountants
As independent public accountants, we hereby consent to the
incorporation of our reports included in this Form 11-K, into the
Company's previously filed Registration Statement on Form S-8 (File
No. 33-48665).
Arthur Andersen LLP
ARTHUR ANDERSEN LLP
Milwaukee, Wisconsin
November 30, 1994
