UNITED STATES
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 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: 1-6179
HUCK INTERNATIONAL, INC.
RETIREMENT SAVINGS AND INVESTMENT PLAN
THIOKOL CORPORATION
2475 Washington Blvd., Ogden, Utah 84401-2398
<PAGE>
HUCK INTERNATIONAL, INC.
RETIREMENT SAVINGS AND INVESTMENT PLAN
Audited Financial Statements
December 31, 1996 and 1995
Report of Independent Auditors.........................................1
Statements of Net Assets Available for Benefits........................2
Statements of Changes in Net Assets Available for Benefits.............3
Notes to Financial Statements..........................................4
<PAGE>
Report of Independent Auditors
------------------------------
Compensation Committee
of the board of Directors
Thiokol Corporation
We have audited the accompanying statements of net assets available for
benefits of the Huck International, Inc. Retirement Savings and Investment
Plan as of December 31, 1996 and 1995, and the related statements of
changes in net assets available for benefits for the years then ended.
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 of 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
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 benefits of the Plan
at December 31, 1996 and 1995, and the changes in its net assets available
for benefits for the years then ended, in conformity with generally
accepted accounting principles.
/s/ Ernst & Young LLP
April 11, 1997
<PAGE>
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
- -----------------------------------------------
<TABLE>
<CAPTION>
December 31
1996 1995
----------------- ----------------
<S> <C> <C>
ASSETS
Investments, at fair value - Note C
Fixed Return Fund $12,406,133 $14,355,619
Government Securities Fund 840,973 865,610
Balanced Fund 2,318,053 1,994,955
Equity Index Fund 9,413,690 8,214,892
International Equity Fund 1,391,383 686,710
Aggressive Equity Fund 1,069,255 1,502,986
Thiokol Corporation Stock Fund 5,942,552 4,339,338
----------- -----------
TOTAL INVESTMENTS 33,382,039 31,960,110
Loans to participants 1,367,013 1,599,031
Accrued income receivable 84,461 120,266
----------- -----------
TOTAL ASSETS 34,833,513 33,679,407
LIABILITIES
Withdrawals payable 7,909 34,144
----------- -----------
NET ASSETS AVAILABLE
FOR BENEFITS $34,825,604 $33,645,263
=========== ===========
See notes to Financial Statements.
</TABLE>
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
- ----------------------------------------------------------
<TABLE>
<CAPTION>
Year Ended December 31
1996 1995
-------------- -------------
<S> <C> <C>
Contributions and investment income
Company contributions $ 1,054,706 $ 1,354,540
Participant contributions 2,518,023 3,351,854
Rollover contributions 647,558 2,732,343
Dividend income 359,078 408,972
Interest income 831,073 1,249,038
----------- -----------
TOTAL CONTRIBUTIONS AND
INVESTMENT INCOME 5,410,438 9,096,747
Net gain on sale of plan assets - Note D 1,819,194 1,157,494
Net unrealized appreciation in fair
value of investments - Note C 1,377,316 2,170,570
Participant payments (7,468,978) (13,483,444)
Administrative expenses (48,300) (52,982)
Plan transfers 90,671 (850,164)
----------- -----------
NET INCREASE (DECREASE) 1,180,341 (1,961,779)
Net assets available for benefits at
beginning of year 33,645,263 35,607,042
----------- -----------
NET ASSETS AVAILABLE FOR
BENEFITS AT END OF YEAR $34,825,604 $33,645,263
=========== ===========
See notes to Financial Statements.
</TABLE>
<PAGE>
HUCK INTERNATIONAL, INC.
RETIREMENT SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE A - SIGNIFICANT ACCOUNTING POLICIES
General:
- --------
Prior to 1996 both Huck and Space Services Unit employees participated in
the Retirement Savings and Investment Plan for Space Services Unit
Employees of Thiokol Corporation and Huck International, Inc. With the
transfer of all Space Services Unit employees to Lockheed, only Huck
employees remain in the Plan. As a result the Plan's name has been changed
to the Huck International, Inc. Retirement Savings and Investment Plan (the
Plan).
All investments of the Plan are held in the Thiokol Corporation Master
Savings Trust (the Trust) by The Northern Trust Company (the Trustee). The
Trustee invests the assets of three employee retirement savings and
investment plans of Thiokol Corporation (the Company) pursuant to
instructions provided it by the investment managers The investment managers
are appointed by the Compensation Committee of the Thiokol Board of
Directors.
On January 1, 1995, the Company enhanced the Plan by converting to a daily
valuation system. Under the daily valuation system, a Net Asset Value (NAV)
is computed daily for each fund based on the current fair value of the
fund's assets. The NAV of each fund was established at $10.00. A
participant's fund balance is computed by multiplying the NAV by the number
of units owned.
The Company's and participants' contributions, loans made to participants,
repayments received from participants, and benefit payments or withdrawals
are specifically identified for each plan. Income (loss) is allocated to
the various plans based upon each plan's proportionate share of the fair
value of the Trust's assets related to that income. Asset values in the
Plan reflect the deduction of brokerage commissions, related transaction
costs and other fees assessed by the various investment managers. Costs
incurred by the Plan to administer the daily valuation system are allocated
daily to each investment fund as a reduction of the NAV at an annual rate
of fifteen one hundreths of one percent. All other Plan administrative and
general expenses are paid by the Company.
Investments:
- ------------
There are seven investment options and one employee loan option under the
Plan. Investment options are: the Fixed Return Fund, the Government
Securities Fund, the Balanced Fund, the Equity Index Fund, the International
Equity Fund, the Aggressive Equity Fund, and the Thiokol Corporation Stock
Fund.
<PAGE>
NOTE A - SIGNIFICANT ACCOUNTING POLICIES
Investments in the stock of the Company are recorded at fair market value
as determined by the closing price on the New York Stock Exchange.
The investment managers for the Equity Index, Balanced, International
Equity, and Aggressive Equity Funds provide the composite value of their
respective funds on a daily basis to the Trustee based upon each
investment's closing price from the appropriate exchange or closing bid
prices from investment brokerage firms.
The Fixed Return and Government Securities Funds are valued at contract
value, which represents periodic deposit amounts net of funds used to pay
participants' withdrawals, plus credited interest at the contract rate. The
interest rate for each contract is reviewed and may be adjusted
semi-annually to reflect current interest rates. The stated interest rate
has been adjusted for estimated contract transaction and plan
administration costs.
Funds may be invested on a temporary basis in common trust funds.
Participation units in common trust funds, comprised exclusively of
short-term investments, are valued at par value, which is equal to
redemption value.
Gain or loss on the sale of Plan assets is determined by utilizing an
historical average unit cost of investments. Unrealized appreciation or
depreciation is determined by the change in fair value for the twelve-month
period.
NOTE B - DESCRIPTION OF THE PLAN
The Plan is a defined-contribution 401(k) plan established to provide
eligible employees with an incentive to make systematic savings for
retirement from current income through payroll deductions and to provide an
opportunity to acquire an equity interest in the Company or to invest in
one of the other six investment choices. All Huck International, Inc.
employees except Kingston bargaining employees, are eligible to participate
in the Plan. During 1995 all operations ceased at the Iuka, Mississippi
Nozzle facility and the Space Services Unit of the Company. There are no
longer any active employees from these two locations participating in the
Plan, though some former employees have balances in the Plan.
<PAGE>
NOTE B - DESCRIPTION OF THE PLAN
Participation in the Plan is voluntary. Participants may make contributions
to the Plan for any whole percentage up to a maximum of 17% of base pay
subject to limitations imposed by Federal Tax Regulations. The Company
contributes an amount equal to 50% of the participants' base pay up to 8%,
adjusted for any current forfeitures and reinstatement of prior
forfeitures.
Company contributions are allocated among the investment funds in
accordance with the participants' elections. Participants may transfer
amounts from one investment fund to another subject to certain
restrictions.
Information about the Plan's vesting and benefit provisions is contained in
the booklet entitled Your Employee Benefits and is available from the
Company's human resources department.
Active participants may obtain loans from the Plan. The maximum loan amount
is subject to certain restrictions and each loan is secured by the
participant's account balance. The interest charged on loans is based upon
rates as determined by the Plan Administration Committee subject to
Department of Labor regulations.
The Company has the right to terminate, amend, modify or suspend the Plan
at any time. In the event the Plan is terminated, the entire value of the
investment funds shall be applied for the exclusive benefit of
participants, and no part of the funds will revert to the Company. Upon
termination of the Plan, the Company will have no obligation to continue
making contributions to the Plan.
<PAGE>
NOTE C - INVESTMENTS
A description of the investment funds follows:
Fixed Return Fund:
- ------------------
This fund is managed by Connecticut General Life Insurance Company (CGLC),
under a group annuity contract issued to the Trustee, which provides for a
fixed rate of return. The stated annual rate of return was 5.50% and 5.75%
for the first and second halves of 1996 respectively, and 5.10% and 5.50%
for the first and second halves of 1995 respectively. The average yield for
the fund was 5.63% and 5.30% for 1996 and 1995 respectively. The majority
of Fund assets consist of intermediate-term investment grade corporate
bonds.
The fund is maintained in a separate account to prevent the assets from
being subject to the claims of the general creditors of CGLC.
Government Securities Fund:
- ---------------------------
This fund is managed by Metropolitan Life Insurance Company (Met) under a
group annuity contract. The fund invests in intermediate-term United States
Government and Government National Mortgage Association fixed income
securities backed by the full faith and credit of the United States
Treasury and in other highly rated short-term securities. The stated annual
rate of return was 5.00% and 5.25% for the first and second halves of 1996
respectively, and 4.60% and 5.00% for the first and second halves of 1995
respectively. The average yield for the fund was 5.13% and 4.80% for 1996
and 1995 respectively.
The fund is maintained in a separate account to prevent the assets from
being subject to the claims of the general creditors of Met.
Balanced Fund:
- --------------
This fund is managed by the investment management firm of Dodge and Cox.
The fund is invested in both common stocks and bonds. The value of
investments can fluctuate due to general stock and bond market conditions
as well as the performance of the individual securities in which the fund
is invested. Investments in any single stock or bond issue, with the
exception of United States government securities, are seldom in excess of
2% of total fund assets.
<PAGE>
NOTE C - INVESTMENTS
Equity Index Fund:
- ------------------
This fund is managed by the Bankers Trust Company. The fund is invested
primarily in common stocks and securities convertible into common stocks
and in other similar types of equity investments which closely mirror the
Standard and Poor's 500 Composite Stock Price Index. The value of
investments can fluctuate due to general stock market conditions and the
performance of the individual securities which comprise the Standard and
Poor's 500 Composite Stock Price Index.
International Equity Fund:
- --------------------------
This fund is managed by the investment management firm of Rowe Price
- -Fleming International. This fund is broadly diversified by investing in
the equity securities of established foreign companies. Generally this fund
is invested in over 300 stocks in more than 25 countries. This fund may
invest in corporate and government debt securities, futures, options and
enter into forward foreign currency exchange contracts. The fund is managed
on a team basis by several portfolio managers that are each responsible for
a geographic region. The portfolio managers are supported by more than 100
financial analysts. The value of this fund fluctuates with world stock and
currency market conditions and the performance of the individual securities
in the fund.
<PAGE>
NOTE C - INVESTMENTS
Aggressive Equity Fund:
- -----------------------
This fund is managed by the investment management firms of Peregrine
Capital Management and Provident Investment Counsel. They began management
of the fund on November 1, 1996, replacing Target Investors, Inc. (Target).
The Company terminated its relationship with Target due to less than
expected investment returns. During November 1996, the funds in Target were
liquidated and transferred to the two new managers. As a result of the
transfer, the fund under Target realized a net loss of $134,182, and the
fund under the new managers recognized a realized gain of $87,101 resulting
in a net realized loss of $47,081 for 1996 (See Note D).
This fund is invested in the common stocks of small, rapidly growing
companies. A small growth company is one which is still in the early state
of its life cycle, yet has demonstrated, or is expected to achieve,
long-term earnings growth. Investments in any single stock rarely exceed 4%
of total fund assets. The value of investments can fluctuate due to general
stock market conditions and the performance of the individual securities in
the fund.
Thiokol Corporation Stock Fund:
- -------------------------------
This fund is invested primarily in Thiokol Corporation common stock. Its
performance depends primarily upon the performance of the Company's stock.
As with other stocks, the market value of this stock can fluctuate, and
participants' investments in this fund can increase or decrease in value.
Prior to the Plan being on a daily valuation system, the unit value used to
determine a participant's account balance was shares of Company stock. With
the conversion to a daily valuation system, the NAV is the unit used to
determine a participant's account balance.
<PAGE>
NOTE C - INVESTMENTS
During 1996 and 1995, the unrealized appreciation (depreciation) of the
Plan's investments was as follows:
<TABLE>
<CAPTION>
Appreciation
(Depreciation)
in Fair Value
During the Period Fair Value Cost
------------------- ------------ ------
<S> <C> <C> <C>
December 31, 1996:
Fair value as determined by
redemption or contract value:
Fixed Return Fund $12,406,133 $12,406,133
Government Securities Fund 840,973 840,973
Fair value as determined by
quoted market prices:
Balanced Fund $ 134,286 2,318,053 2,069,012
Equity Index Fund 971,010 9,413,690 6,962,809
International Equity Fund 69,168 1,391,383 1,260,705
Aggressive Equity Fund (44,311) 1,069,255 1,098,941
Thiokol Corporation Stock Fund 247,163 5,942,552 3,900,055
---------- ----------- -----------
$1,377,316 $33,382,039 $28,538,628
========== =========== ===========
December 31, 1995:
Fair value as determined by
redemption or contract value:
Fixed Return Fund $14,355,619 $14,355,619
Government Securities Fund 865,610 865,610
Fair value as determined by
quoted market prices:
Balanced Fund $ 131,743 1,994,955 1,863,212
Equity Index Fund 1,745,494 8,214,892 6,555,841
International Equity Fund 42,269 686,710 644,441
Aggressive Equity Fund (96,364) 1,502,986 1,599,350
Thiokol Corporation Stock Fund 347,428 4,339,338 2,568,537
---------- ---------- ----------
$2,170,570 $31,960,110 $28,452,610
========== =========== ===========
</TABLE>
<PAGE>
NOTE D - CHANGE IN NET ASSETS AVAILABLE FOR BENEFITS BY
INVESTMENT FUND
<TABLE>
<CAPTION>
Year Ended December 31, 1996
-------------------------------------------------------------
Fixed Gov't
Return Sec. Balanced
Fund Fund Fund
-------------------- ---------------- -------------------
<S> <C> <C> <C>
Contributions and investment
income:
Company contributions $ 320,261 $ 46,502 $ 67,589
Participant contributions 741,864 110,155 181,377
Rollover contributions 261,291 73,389 35,635
Dividend income 70,328
Interest income 722,727 37,602 5,109
----------- -------- ----------
TOTAL CONTRIBUTIONS AND
INVESTMENT INCOME 2,046,143 267,648 360,038
Net gain (loss) on sale of plan assets 70,118
Net unrealized appreciation
(depreciation) in fair value of
investments 134,286
Participant payments (3,651,984) (300,546) (825,860)
Administrative expenses (18,607) (1,057) (3,018)
Plan transfers 94,658 - (327)
Participant transfers (834,199) 29,035 604,426
----------- -------- ----------
NET (DECREASE) INCREASE (2,363,989) (4,920) 339,663
Net assets available for benefits
at beginning of year 15,265,892 878,360 2,043,638
----------- -------- ----------
NET ASSETS AVAILABLE FOR
BENEFITS AT END OF YEAR $12,901,903 $873,440 $2,383,301
=========== ======== ==========
</TABLE>
<PAGE>
NOTE D - CHANGE IN NET ASSETS AVAILABLE FOR BENEFITS BY
INVESTMENT FUND
<TABLE>
<CAPTION>
Year Ended December 31, 1996
----------------------------------------------------------------------------------
Equity Int'l Aggressive Company
Index Equity Equity Stock
Fund Fund Fund Fund Total
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Contributions and investment
income:
Company contributions $ 283,643 $ 47,935 $ 58,772 $ 230,004 $ 1,054,706
Participant contributions 674,924 122,203 147,458 540,042 2,518,023
Rollover contributions 164,301 24,644 22,480 65,818 647,558
Dividend income 163,894 25,795 10,057 89,004 359,078
Interest income 26,724 4,201 4,565 30,145 831,073
---------- ---------- ---------- ----------- -----------
TOTAL CONTRIBUTIONS AND
INVESTMENT INCOME 1,313,486 224,778 243,332 955,013 5,410,438
Net gain (loss) on sale of plan assets 672,672 55,853 (47,081) 1,067,632 1,819,194
Net unrealized appreciation
(depreciation) in fair value of
investments 971,010 69,168 (44,311) 247,163 1,377,316
Participant payments (1,615,836) (261,895) (268,050) (544,807) (7,468,978)
Administrative expenses (13,484) (1,596) (2,376) (8,162) (48,300)
Plan transfers (1,864) (1,290) 183 (689) 90,671
Participant transfers (123,088) 602,182 (324,002) 45,646 -
---------- ---------- ---------- ----------- -----------
NET (DECREASE) INCREASE 1,202,896 687,200 (442,305) 1,761,796 1,180,341
Net assets available for benefits
at beginning of year 8,608,193 780,893 1,575,731 4,492,556 33,645,263
---------- ---------- ---------- ----------- -----------
NET ASSETS AVAILABLE FOR
BENEFITS AT END OF YEAR $9,811,089 $1,468,093 $1,133,426 $6,254,352 $34,825,604
========== ========== ========== ========== ===========
</TABLE>
<PAGE>
NOTE D - CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY
INVESTMENT FUND
<TABLE>
<CAPTION>
Year Ended December 31, 1995
---------------------------------------------------------
Fixed Gov't
Return Sec. Balanced
Fund Fund Fund
----------------- ---------------- ---------------
<S> <C> <C> <C>
Contributions and investment
income:
Company contributions $ 605,300 $ 43,248 $ 46,719
Participant contributions 1,506,692 100,358 116,219
Rollover contributions 1,262,169 76,154 362,968
Dividend income 49,030
Interest income 1,131,270 45,155 2,591
----------- -------- ----------
TOTAL CONTRIBUTIONS AND
INVESTMENT INCOME 4,505,431 264,915 577,527
Net gain on sale of plan assets 33,876
Net unrealized appreciation
(depreciation) in fair value of
investments 131,743
Participant payments (9,077,480) (351,198) (302,818)
Administrative expenses (28,727) (1,317) (1,432)
Plan transfers (618,735) (9,030) (3,481)
Participant transfers (2,638,631) 125,025 1,608,223
----------- -------- ----------
NET (DECREASE) INCREASE (7,858,142) 28,395 2,043,638
Net assets available for benefits
at beginning of year 23,124,034 849,965 -
----------- -------- ----------
NET ASSETS AVAILABLE FOR
BENEFITS AT END OF YEAR $15,265,892 $878,360 $2,043,638
=========== ======== ==========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Year Ended December 31, 1996
----------------------------------------------------------------------------------
Equity Int'l Aggressive Company
Index Equity Equity Stock
Fund Fund Fund Fund Total
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Contributions and investment
income:
Company contributions $ 329,809 $ 47,423 $ 52,790 $ 229,251 $ 1,354,540
Participant contributions 830,560 121,409 136,309 540,307 3,351,854
Rollover contributions 453,223 138,577 342,253 96,999 2,732,343
Dividend income 241,419 26,672 - 91,851 408,972
Interest income 34,086 4,790 5,095 26,051 1,249,038
---------- -------- ---------- ---------- -----------
TOTAL CONTRIBUTIONS AND
INVESTMENT INCOME 1,889,097 338,871 536,447 984,459 9,096,747
Net gain on sale of plan assets 550,957 52,522 92,150 427,989 1,157,494
Net unrealized appreciation
(depreciation in fair value of
investments 1,745,494 42,269 (96,364) 347,428 2,170,570
Participant payments (2,566,910) (409,326) (289,249) (486,463) (13,483,444)
Administrative expenses (12,048) (1,236) (1,844) (6,378) (52,982)
Plan transfers (162,513) (1,210) (2,592) (52,603) (850,164)
Participant transfers (463,540) 759,003 1,337,183 (727,263) -
---------- -------- ---------- ---------- -----------
NET (DECREASE) INCREASE 980,537 780,893 1,575,731 487,169 (1,961,779)
Net assets available for benefits
at beginning of year 7,627,656 - - 4,005,387 35,607,042
---------- -------- ---------- ---------- -----------
NET ASSETS AVAILABLE FOR
BENEFITS AT END OF YEAR $8,608,193 $780,893 $1,575,731 $4,492,556 $33,645,263
========== ======== ========== ========== ===========
</TABLE>
<PAGE>
NOTE E - INCOME TAX STATUS
The Company has received a favorable letter of determination from the
Internal Revenue Service stating that the Plan qualifies under section 401
and the Trust is exempt from tax under section 501(a) of the Internal
Revenue Code (IRC). The Plan is required to operate in conformity with the
IRC to maintain its qualification. The Company is not aware of any course
of action or series of events that have occurred that would adversely
affect the Plan's qualified status. Participants are not subject to income
tax on Company contributions or income credited to their accounts until
such time as these amounts are distributed.
NOTE F - QUARTERLY NET ASSET VALUE INFORMATION
The investment fund NAV at the end of each quarter for 1996 and 1995 was as
follows:
<TABLE>
<CAPTION>
March 31 June 30 Sept 30 Dec 31
-------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
Calendar Year 1996
Fixed Return Fund 10.6708 10.8135 10.9622 11.1209
Government Securities Fund 10.6097 10.7396 10.8787 11.0196
Balanced Fund 13.1734 13.4550 13.7435 14.6521
Equity Index Fund 14.4606 15.0990 15.5518 16.8403
International Equity Fund 11.8484 12.3096 12.3838 12.9706
Aggressive Equity Fund 10.4971 10.8888 10.4508 10.5032
Thiokol Corporation Stock Fund 15.5724 14.0127 16.5682 15.7884
Calendar Year 1995
Fixed Return Fund 10.1762 10.3031 10.4429 10.5299
Government Securities Fund 10.1619 10.2773 10.4047 10.4827
Balanced Fund 10.7836 11.6447 12.2787 12.7871
Equity Index Fund 11.1327 12.1974 13.1570 13.7356
International Equity Fund 9.9686 10.4582 10.9479 11.2173
Aggressive Equity Fund 10.5847 11.6723 13.0732 11.1457
Thiokol Corporation Stock Fund 10.6422 11.3253 13.3508 12.0976
</TABLE>
<PAGE>
Exhibit
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration Statement
(Form S-8 No. 33-10316) pertaining to certain Retirement Savings and
Investment Plans of Thiokol Corporation of our report dated April 11,1997,
with respect to the financial statements of the Huck International, Inc.
Retirement Savings and Investment Plan included in this Annual Report (Form
11-K) for the year ended December 31, 1996.
/s/ Ernst & Young LLP
Salt Lake City, Utah
June 20, 1997
<PAGE>
SIGNATURES
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 thereunto duly authorized.
HUCK INTERNATIONAL, INC. RETIREMENT SAVINGS
AND INVESTMENT PLAN
/s/ Richard L. Corbin
Date: June 20, 1997 -----------------------------------
Richard L. Corbin, Senior Vice
President and Chief Financial
Officer for the Plan Administrative
Committee
