Registration No.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 11-K
(Mark One)
[X] Annual Report pursuant to Section 15(3) of the Securities Exchange
Act of 1934
For the fiscal year ended December 31, 1997
OR
[__] Transition report pursuant to Section 15(d) of the Securities Exchange
Act of 1934
For the transition period from ____________ to ________________
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
Mestek, Inc.
Savings & Retirement
Plan
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executed office:
Mestek, Inc.
260 North Elm Street
Westfield, Massachusetts 01085
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Audited Financial Statements
and Supplemental Schedules
Mestek, Inc.
Savings & Retirement Plan
Year ended December 31, 1997
with Report of Independent Auditors
Beginning End
of Year Of Year
Assets
Total noninterest-bearing cash:
Receivables:
Employer contributions 55,901 27,419
Participant contributions 296,365 146,063
Income
Other-Rollover 190,749 0
Less allowance for doubtful accounts
Total 543,015 173,482
General Investments:
Interest-bearing cash
Certificates of deposit
US Government securities
Corporate Debt instruments:
Preferred
All other
Corporate Stocks:
Preferred
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Common
Partnership/joint venture interests
Real Estate:
income-producing
nonincome
Loans:
Residential
Commercial
Loans to Participants:
Mortgages
Other 766,827 794,555
Other Loans
Value of interest in trusts
Value of interest in pooled
separate accounts 6,626,488 9,907,008
Value of interest in master
trusts
Value of interest in 103-12
investments
Value of interest in registered
investment companies
Value of funds in ins. Co.
gen. acct. 8,028,107 9,218,973
Other
Total 15,421,422 19,920,536
Employer-related investments:
Employer securities
Employer real prop.
Buildings
Total Assets: 15,964,437 20,094,018
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Liabilities
Benefit claims payable
Operating payables
Acquisition indebtedness
Other liabilities
Total Liabilities 0 0
Net Assets 15,964,437 20,093,966
Income Amount Total
Contributions:
Received from:
Employers 402,153
Participants 2,272,119
Rollovers 175,574
Noncash contributions
Total contributions 2,849,846
Earnings on Investments:
Interest:
Interest-bearing cash
Cert. Of deposit
US Govt. securities
Corp. debt
Mortgage loans
Employee loans 66,433
Other interest 568,117
Total interest: 634,550
Dividends:
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Preferred stock
Common stock
Total dividends
Rents:
Net gain(loss) on sale of assets
Aggregate proceeds
Aggregate carry amt.
Subtract carry from proceeds
Unrealized appreciation (depr.) of assets
Net investment gain(loss)
from collective trusts
Net investment gain(loss)
from pooled accts 1,954,190
Net investment gain(loss)
from master trusts
Net investment gain(loss)
from 103-12 investment
Net investment gain(loss)
from registered inv. co.
Other income
Total income 5,438,586
Expenses
Benefit payments:
Directly to participants 1,302,699
To insurance carriers
Other
Total payments 1,302,699
Interest expense:
Admin exp.:
Salaries and allowances
Accounting fees
<PAGE>
Actuarial fees
Contract admin. Fees
Invst. Advisory & mgmt.
Legal
Valuation/appraisal
Trustee fees/expenses
Other 6,306
Total admin. Expenses 6,306
Total Expenses 1,309,005
Net income (loss) 4,129,581
Transfers to (from) the plan
Net assets at beginning of year 15,964,437
Net assets at end of year 20,094,018
<PAGE>
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act
of 1934, the trustees (or other persons who administer the employee benefit
plan) have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
MESTEK, INC.
SAVINGS & RETIREMENT PLAN
Date: June 30, 1999 /s/
-----------------------------------
Name: Jack E. Nelson
Title: Vice President-Human Resources
[NYC] 308136.3
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Consent of Grant Thornton LLP, Independent Auditors
We consent to the inclusion of our report with respect to the financial
statements and schedules of the Mestek, Inc. Savings & Retirement Plan included
in this Annual Report (Form 11-K) for the year ended December 31, 1997.
Boston, Massachusetts
June 30, 1999
