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<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
------------------
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One):
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 [NO FEE REQUIRED, EFFECTIVE OCTOBER 7, 1996].
For the fiscal year ended December 31, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 [NO FEE REQUIRED].
For the transition period from _______________ to _______________
Commission file number 0-8591
------
A. Full title of the plan and the address of the plan, if different
from that of the issuer named below: Figgie International Inc. 401(k) Savings
Plan for Salaried Employees.
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office: Figgie International Inc., 4420
Sherwin Road, Willoughby, Ohio 44094.
<PAGE> 2
ARTHUR ANDERSEN LLP
FIGGIE INTERNATIONAL INC.
401(k) SAVINGS PLAN FOR SALARIED EMPLOYEES
FINANCIAL STATEMENTS
AS OF DECEMBER 31, 1997 AND 1996
TOGETHER WITH REPORT OF
INDEPENDENT PUBLIC ACCOUNTANTS
<PAGE> 3
ARTHUR ANDERSEN LLP
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Trustees of the
Figgie International Inc.
401(k) Savings Plan for Salaried Employees:
We have audited the accompanying statements of net assets available for plan
benefits of the Figgie International Inc. 401(k) Savings Plan for Salaried
Employees (the Plan) as of December 31, 1997 and 1996, and the related statement
of changes in net assets available for plan benefits for the year ended December
31, 1997, as listed in the accompanying index. These financial statements and
the schedules referred to below are the responsibility of the Plan's trustees.
Our responsibility is to express an opinion on these financial statements and
schedules 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 the
Plan's trustees, 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 December 31, 1997 and 1996, and the changes in its net assets available for
plan benefits for the year ended December 31, 1997 in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of assets held
for investment purposes (Exhibit 1) as of December 31, 1997 and schedule of
reportable transactions (Exhibit 2) for the year ended December 31, 1997, are
presented for purposes of additional analysis and are not a required part of the
basic financial statements but are supplementary information required by the
Department of Labor Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974. The supplemental schedules have
been subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, are fairly stated, in all material
respects, in relation to the basic financial statements taken as a whole.
/s/ Arthur Andersen LLP
Cleveland, Ohio,
July 28, 1998.
<PAGE> 4
FIGGIE INTERNATIONAL INC.
-------------------------
401(k) SAVINGS PLAN FOR SALARIED EMPLOYEES
------------------------------------------
DECEMBER 31, 1997 AND 1996
--------------------------
INDEX
-----
Statements of Net Assets Available for Plan Benefits as of
December 31, 1997 and 1996
Statement of Changes in Net Assets Available for Plan
Benefits for the Year Ended December 31, 1997
Notes to Financial Statements
Exhibit l - Item 27a--Schedule of Assets Held for Investment
Purposes as of December 31, 1997
Exhibit 2 - Item 27d--Schedule of Reportable Transactions for
the Year Ended December 31, 1997
<PAGE> 5
FIGGIE INTERNATIONAL INC.
-------------------------
401(k) SAVINGS PLAN FOR SALARIED EMPLOYEES
------------------------------------------
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
----------------------------------------------------
AS OF DECEMBER 31, 1997 AND 1996
--------------------------------
<TABLE>
<CAPTION>
Participant Directed
----------------------------------------------------------------------------------------------
PBHG
Chase DSI Oppenheimer Growth
Principal Bond Fund FPA Disciplined Quest Fund/
Preservation of America/ Crescent Value Opportunity Equity
Fund Fixed Fund Fund Portfolio Value Fund Fund
------------ ------------ ------------ ------------ ------------ ------------
1997
----
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments at market value $ 1,507,434 $ 2,745,635 $ 7,125,854 $ 6,264,038 $ 7,566,434 $ 3,408,207
Employee contribution
receivable - - - - - -
Employer contribution
receivable - - - - - -
Notes receivable from
participants - - - - - -
Transfer in receivable - - - - - -
Accrued interest income - 18,017 - - - -
------------ ------------ ------------ ------------ ------------ ------------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $ 1,507,434 $ 2,763,652 $ 7,125,854 $ 6,264,038 $ 7,566,434 $ 3,408,207
============ ============ ============ ============ ============ ============
1996
----
ASSETS:
Cash and cash equivalents $ - $ 209,015 $ - $ - $ - $ -
Investments at market value - 24,155,361 - - - 16,265,777
Employee contribution
receivable - 209,204 - - - 92,377
Accrued interest income - 287,603 - - - -
------------ ------------ ------------ ------------ ------------ ------------
Total assets - 24,861,183 - - - 16,358,154
------------ ------------ ------------ ------------ ------------ ------------
LIABILITIES:
Administrative expenses
payable - - - - - -
------------ ------------ ------------ ------------ ------------ ------------
Total liabilities - - - - - -
NET ASSETS (DEFICIT)
AVAILABLE FOR PLAN
BENEFITS $ - $ 24,861,183 $ - $ - $ - $ 16,358,154
============ ============ ============ ============ ============ ============
<CAPTION>
--------------------------------------------------------------------------------------------------
IVY
International
PIC Small Fund/ Figgie Conservative Moderate
Company International Class A Figgie Class Lifestyle Lifestyle
Portfolio Fund Fund B Fund Fund Fund
------------ ------------ ------------ ------------ ------------ ------------
1997
----
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments at market value $ 1,620,228 $ 3,589,335 $ 6,683,205 $ 7,197,962 $ 8,889,572 $ 5,107,470
Employee contribution
receivable - - - - - -
Employer contribution
receivable - - - - - -
Notes receivable from
participants - - - - - -
Transfer in receivable - - - - - -
Accrued interest income - 52,168 - - - -
------------ ------------ ------------ ------------ ------------ ------------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $ 1,620,228 $ 3,641,503 $ 6,683,205 $ 7,197,962 $ 8,889,572 $ 5,107,470
============ ============ ============ ============ ============ ============
1996
----
ASSETS:
Cash and cash equivalents $ - $ - $ - $ - $ - $ -
Investments at market value - 916,124 224,197 205,252 - -
Employee contribution
receivable - 13,958 (208) 2,303 - -
Accrued interest income - - - - - -
------------ ------------ ------------ ------------ ------------ ------------
Total assets - 930,082 223,989 207,555 - -
------------ ------------ ------------ ------------ ------------ ------------
LIABILITIES:
Administrative expenses
payable - 2,920 - - - -
------------ ------------ ------------ ------------ ------------ ------------
Total liabilities - 2,920 - - - -
NET ASSETS (DEFICIT)
AVAILABLE FOR PLAN
BENEFITS $ - $ 927,162 $ 223,989 $ 207,555 $ - $ -
============ ============ ============ ============ ============ ============
<CAPTION>
Aggressive Non-
Lifestyle Participant Participant
Fund Directed Loan Fund Total
------------ ------------ ------------ ------------
1997
----
<S> <C> <C> <C> <C>
ASSETS:
Investments at market value $ 1,143,149 $ 68,539 $ - $ 62,917,062
Employee contribution
receivable - 111,595 - 111,596
Employer contribution
receivable - 25,048 - 25,048
Notes receivable from
participants - - 415,798 415,798
Transfer in receivable - 2,504,576 - 2,504,576
Accrued interest income - 465 - 70,650
------------ ------------ ------------ ------------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $ 1,143,149 $ 2,710,223 $ 415,798 $ 66,044,729
============ ============ ============ ============
1996
----
ASSETS:
Cash and cash equivalents $ - $ (209,015) $ - $ -
Investments at market value - - - 41,766,711
Employee contribution
receivable - - - 317,634
Accrued interest income - - - 287,603
------------ ------------ ------------ ------------
Total assets - (209,015) - 42,371,948
------------ ------------ ------------ ------------
LIABILITIES:
Administrative expenses
payable - 9,867 - 12,787
------------ ------------ ------------ ------------
Total liabilities - 9,867 - 12,787
NET ASSETS (DEFICIT)
AVAILABLE FOR PLAN
BENEFITS $ - $ (218,882) $ - $ 42,359,161
============ ============ ============ ============
</TABLE>
The accompanying notes to financial statements are an
integral part of these statements.
<PAGE> 6
FIGGIE INTERNATIONAL INC,
-------------------------
401(k) SAVINGS PLAN FOR SALARIED EMPLOYEES
------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
--------------------------------------------------------------
AS OF DECEMBER 31, 1997
-----------------------
<TABLE>
<CAPTION>
Participant Directed
-------------------------------------------------------------------------------------------------
PBHG
Chase DSI Oppenheimer Growth
Principal Bond Fund FPA Disciplined Quest Fund/
Preservation of America/ Crescent Value Opportunity Equity
Fund Fixed Fund Fund Portfolio Value Fund Fund
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS:
Contributions-
Employee $ 69,661 $ 731,138 $ 408,258 $ 356,168 $ 468,860 $ 845,813
Employer 13,749 30,716 100,327 89,138 110,250 59,388
Transfers from merged
plans 99,990 334,119 432,677 508,477 431,896 273,010
Investment income 1,917 771,850 275,605 982,500 262,546 3,134,439
Rollovers & other 5,872 9,649 9,184 13,595 3,042 2,301
Net unrealized
appreciation of
investments - 11,791 150,513 - 21,362 22,522
------------ ------------ ------------ ------------ ------------ ------------
Total additions 191,189 1,889,263 1,376,564 1,949,878 1,297,956 4,337,473
------------ ------------ ------------ ------------ ------------ ------------
DEDUCTIONS:
Benefits paid to participants 106,346 1,988,559 674,086 310,392 216,693 1,461,037
Miscellaneous disbursements - 453,099 - - - 115,452
Administrative expenses - 116,193 - - - 30,528
Net unrealized depreciation
of investments - - - 834,050 - -
------------ ------------ ------------ ------------ ------------ ------------
Total deductions 106,346 2,557,851 674,086 1,144,442 216,693 1,607,017
------------ ------------ ------------ ------------ ------------ ------------
INTERFUND TRANSFERS,
including participant loan
transactions 1,422,591 (21,428,943) 6,423,376 5,458,602 6,485,171 (15,680,403)
------------ ------------ ------------ ------------ ------------ ------------
Net additions
(deductions) 1,507,434 (22,097,531) 7,125,854 6,264,038 7,566,434 (12,949,947)
NET ASSETS (DEFICIT)
AVAILABLE FOR PLAN
BENEFITS, beginning of year - 24,861,183 - - - 16,358,154
------------ ------------ ------------ ------------ ------------ ------------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS, end
of year $ 1,507,434 $ 2,763,652 $ 7,125,854 $ 6,264,038 57,566,434 $ 3,408,207
============ ============ ============ ============ ========== ============
<CAPTION>
------------------------------------------------------------------------------------------------
IVY
International
PIC Small Fund/ Figgie Conservative Moderate
Company International Class A Figgie Class Lifestyle Lifestyle
Portfolio Fund Fund B Fund Fund Fund
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS:
Contributions-
Employee $ 159,338 $ 402,169 $ 30,902 $ 18,808 $ 51,018 $ 291,699
Employer 33,682 69,034 3,114 1,548 12,496 89,759
Transfers from merged
plans 76,166 228,186 6,613,207 7,111,032 1,603,971 398,534
Investment income (4,684) 153,093 5,051 3,750 321,964 335,043
Rollovers & other 1,030 1,694 36 91 192 2,440
Net unrealized
appreciation of
investments - - 28,508 51,009 - -
------------ ------------ ------------ ------------ ------------ ------------
Total additions 265,532 854,176 6,680,818 7,186,238 1,989,671 1,117,475
------------ ------------ ------------ ------------ ------------ ------------
DEDUCTIONS:
Benefits paid to participants 66,653 265,166 42,871 31,458 903,549 115,704
Miscellaneous disbursements - - - - - -
Administrative expenses - 5,602 220 220 - -
Net unrealized depreciation
of investments 62,316 338,424 - - 40,086 143,349
------------ ------------ ------------ ------------ ------------ ------------
Total deductions 128,969 609,192 43,091 31,678 943,635 259,053
------------ ------------ ------------ ------------ ------------ ------------
INTERFUND TRANSFERS,
including participant loan
transactions 1,483,665 2,469,357 (178,511) (164,153) 7,843,536 4,249,048
------------ ------------ ------------ ------------ ------------ ------------
Net additions
(deductions) 1,620,228 2,714,341 6,459,216 6,990,407 8,889,572 5,107,470
NET ASSETS (DEFICIT)
AVAILABLE FOR PLAN
BENEFITS, beginning of year - 927,162 223,989 207,555 - -
------------ ------------ ------------ ------------ ------------ ------------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS, end
of year $ 1,620,228 $ 3,641,503 $ 6,683,205 $ 7,197,962 $ 8,889,572 $ 5,107,470
============ ============ ============ ============ ============ ============
<CAPTION>
-----------------------------------------------------------------
Aggressive Non-
Lifestyle Participant Participant
Fund Directed Loan Fund Total
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
ADDITIONS:
Contributions-
Employee $ 137,294 $ 111,595 $ - $ 4,082,721
Employer 33,800 97,272 - 744,273
Transfers from merged
plans 26,715 2,504,576 - 20,642,556
Investment income 47,635 25,468 6,410 6,322,617
Rollovers & other - - - 49,126
Net unrealized
appreciation of
investments - - - 285,705
------------ ------------ ------------ ------------
Total additions 245,444 2,738,911 6,410 32,126,998
------------ ------------ ------------ ------------
DEDUCTIONS:
Benefits paid to participants 3,795 28,688 - 6,214,997
Miscellaneous disbursements - - - 568,551
Administrative expenses - 13,917 - 166,680
Net unrealized depreciation
of investments 72,977 - - 1,491,202
------------ ------------ ------------ ------------
Total deductions 76,772 42,605 - 8,441,430
------------ ------------ ------------ ------------
INTERFUND TRANSFERS,
including participant loan
transactions 1,143,149 232,799 409,388 -
------------ ------------ ------------ ------------
Net additions
(deductions) 1,143,149 2,929,105 415,798 23,685,568
NET ASSETS (DEFICIT)
AVAILABLE FOR PLAN
BENEFITS, beginning of year - (218,882) - 42,359,161
------------ ------------ ------------ ------------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS, end
of year $ 1,143,149 $ 2,710,223 $ 415,798 $ 66,044,729
============ ============ ============ ============
</TABLE>
The accompanying notes to financial statements are an
integral part of these statements.
<PAGE> 7
FIGGIE INTERNATIONAL INC.
-------------------------
SUPPLEMENTARY RETIREMENT SAVINGS PLAN
-------------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
DECEMBER 31, 1997 AND 1996
--------------------------
1. SUMMARY OF THE PLAN:
--------------------
The Figgie International Inc. 401(k) Savings Plan for Salaried Employees (the
Plan) was established on January 1, 1985 to provide retirement benefits to
employees (and their beneficiaries) hired after December 31, 1984, of certain
participating divisions and subsidiaries of Figgie International Inc. (the
Company). The Plan was amended and restated in 1997 to allow for an increase in
employee contribution percentage, employer matching contributions and new
investment options. The Plan is a defined contribution pension plan.
The Plan provides that the Company shall have the right to amend or terminate
the Plan at any time. Upon termination of the Plan, the assets then remaining in
the Plan shall be allocated and distributed to participants in accordance with
the terms and provisions of Section 4044 of ERISA, as amended. The Plan provides
that any excess assets will be returned to the Company once all the liabilities
have been satisfied.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
-------------------------------------------
Basis of Accounting
- -------------------
The accompanying statements of net assets available for plan benefits and
statement of changes in net assets available for plan benefits are prepared on
the accrual basis of accounting.
Net appreciation (depreciation) in fair value and net realized gains (losses) on
sale of investments for 1997 were calculated based on the fair value of the
investments at the beginning of the year or purchase price, if acquired in the
current year.
Accounting Estimates
- --------------------
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
Reportable Transactions
- -----------------------
The Department of Labor defines reportable transactions as those transactions or
series of transactions, which exceed 5% of beginning net assets. All
transactions, which exceed the threshold, are included in Exhibit 2.
<PAGE> 8
-2-
Contributions
- -------------
The Plan provides that participants may elect to defer up to 15% of their annual
compensation paid to them by the Company as a contribution. Such elected
contributions are limited in any calendar year to a maximum as shall be
prescribed by the Secretary of the Treasury. The Company matches 100% of the
first 1% of each participant's elective contribution and then 50% of the next 4%
of participant contribution. In addition, the Plan provides for transfer
contributions to the Plan which constitute a rollover from another qualified
plan on behalf of an eligible employee.
Participant Directed Investments
- --------------------------------
Participants direct their contributions in 5% increments between the eight funds
and two Company stock funds. However, a participant investment in Company stock
funds may not exceed, in aggregate, 25% of the participant total contribution
percentage.
Participants may also choose one of three Lifestyle options in which allocations
are automatically selected for the participants. The conservative Lifestyle
option automatically becomes the investment choice for any plan participant who
does not submit an enrollment form which includes a valid investment direction.
The Plan offers a telephone voice response system which allows participants to
change allocations and contribution percentages on a daily basis.
Investment Income
- -----------------
Investment income includes dividend and interest income earned during the year,
as well as net gains and losses realized by dispositions of investments.
Vesting Requirements
- --------------------
Participant contributions and transfer contributions are fully vested when
deposited into the Plan. Employer matching contributions vest to participants
according to the following:
<TABLE>
<CAPTION>
Years of Vesting
Service Percentage
------- ----------
<S> <C>
Less than 1 0%
1 20%
2 40%
3 60%
4 80%
5 100%
</TABLE>
Employer discretionary contributions are fully vested at five years of service.
For vesting purposes, the Plan provides that an employee shall be credited with
one year of service for each plan year during which they have met the criteria
of continuous service, as defined in the Plan document.
<PAGE> 9
-3-
Distributions and Forfeitures
- -----------------------------
Upon termination from the Plan, a participant, or in the case of death, a
participant's beneficiary will be entitled to receive the vested portion of the
participant's account as a single lump-sum payment. For participants who are
terminated, the nonvested account balance is forfeited, and the forfeitures are
used to offset plan expenses and the employer matching contribution. If a
participant retires, becomes disabled for dies while still employed, the entire
balance in his or her account will be fully vested.
The Plan also allows for hardship withdrawals. Under certain hardship
circumstances, as defined in the Plan document, a participant may withdraw up to
100% of the participant's before tax contributions.
Retirement
- ----------
The Plan provides that the accrued benefit of a participant is nonforfeitable if
such participant is employed by the Company on or after the normal retirement
date. Each participant who ceases to be employed by the Company for any reason,
other than death, on or after the normal retirement date shall be entitled to
receive a normal retirement benefit. The normal retirement benefit is equal to
the participant's accrued benefit as of the date of the distribution.
Participant Loans
- -----------------
The Plan allows participants to take loans from their account balance. A
participant can borrow up to the lesser of 50% of their vested account balance
or $50,000. The minimum loan requested amount is $1,000. Participants can have
one outstanding loan at a time and loans can be requested for any reason. The
interest rate is prime rate plus one percentage point.
3. DISTRIBUTIONS TO PARTICIPANTS:
------------------------------
Distributions due to participants who have reached retirement age, withdrawn, or
otherwise separated from the Plan amounted to $0 and $1,798,949 at December 31,
1997 and 1996, respectively.
4. FEDERAL INCOME TAXES:
---------------------
In the opinion of the Plan's Administrator, the Plan, as amended, qualifies
under Section 401(a) of the Internal Revenue Code and is, therefore, not subject
to tax under present income tax laws. Accordingly, income taxes have not been
provided for in the accompanying financial statements. A favorable determination
as to the Plan's tax-exempt status has not yet been received for the amended and
restated Plan.
<PAGE> 10
-4-
5. PLAN MERGERS:
-------------
Effective December 31, 1997, the Figgie International Inc. Stock Ownership Trust
and Plan (ESOP A) merged into the Plan. Benefits continued to be paid from the
ESOP A until December 31, 1997, at which time the assets of the ESOP A Plan were
transferred from their related trusts into the Plan's trust.
Effective July 1, 1997, the Figgie International Inc. Segregated Investment Fund
Trust and Plan (SIFT) merged into the Plan. Benefits continued to be paid from
the SIFT until July 1, 1997, at which time the assets of the SIFT were
transferred from their related trusts into the Plan's trust.
Effective January 1, 1997, the Figgie Security Inc. Supplementary Retirement
Savings Plan (Security SRSP) merged into the Plan Benefits continued to be paid
from the Security SRSP until January 1, 1997 at which time the assets of the
Security SRSP were transferred from their related trusts into the Plan's trust.
6. SUBSEQUENT EVENT:
-----------------
Subsequent to December 31, 1997, the Company changed its name from Figgie
International Inc. to Scott Technologies Inc. The name change does not affect
the aspects of the Plan.
<PAGE> 11
EXHIBIT 1
FIGGIE INTERNATIONAL INC.
-------------------------
401(k) SAVINGS PLAN FOR SALARIED EMPLOYEES
------------------------------------------
ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
----------------------------------------------------------
AS OF DECEMBER 31, 1997
-----------------------
EMPLOYER IDENTIFICATION NUMBER: 52-1297376
------------------------------------------
PLAN NUMBER: 002
----------------
<TABLE>
<CAPTION>
Identity of Issue and Description Cost Fair Value
- --------------------------------------------------- ------------ --------------
<S> <C> <C>
Employee Benefit Short-Term Money Market Fund $ 68,539 $ 68,539
Chase Principal Preservation Fund 1,507,434 1,507,434
Bond Fund of America 2,738,871 2,745,635
FPA Crescent Fund 6,974,137 7,125,854
DSI Disciplined Value Portfolio 7,090,344 6,264,038
Oppenheimer Quest Opportunity Value Fund 7,544,281 7,566,434
PBHG Growth Fund 3,385,004 3,408,207
PIC Small Company Portfolio 1,682,418 1,620,228
IVY International Fund 3,926,708 3,589,335
Figgie Class A Fund 12,227,650 6,683,205
Figgie Class B Fund 15,575,081 7,197,962
Conservative Lifestyle Fund:
Chase Principal Preservation Fund 3,447,207 3,447,207
FPA Crescent Fund 1,818,670 1,869,488
DSI Disciplined Value Portfolio 1,017,089 902,189
BHM&S Bond Portfolio 2,642,333 2,670,688
Moderate Lifestyle Fund:
FPA Crescent Fund 2,039,938 2,084,643
DSI Disciplined Value Portfolio 1,712,419 1,513,187
PBHG Growth Fund 492,208 495,957
BHM&S Bond Portfolio 1,004,090 1,013,683
Aggressive Lifestyle Fund:
DSI Disciplined Value Portfolio 270,826 238,763
PBHG Growth Fund 292,190 293,506
PIC Small Company Portfolio 350,611 342,185
MJI International Equity Portfolio 302,049 268,695
----------- -----------
$78,110,097 $62,917,062
=========== ===========
</TABLE>
The accompanying notes to financial statements
are an integral part of this exhibit.
<PAGE> 12
EXHIBIT 2
FIGGIE INTERNATIONAL INC.
-------------------------
401(k) SAVINGS PLAN FOR SALARIED EMPLOYEES
------------------------------------------
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
----------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1997
------------------------------------
EMPLOYER IDENTIFICATION NUMBER: 52-1297376
------------------------------------------
PLAN NUMBER: 002
----------------
<TABLE>
<CAPTION>
Current Value
of Asset on
Purchase Selling Cost of Transaction Net Gain
Identity of Party Involved Price Price Asset Date (Loss)
-------------------------- ----- ----- ----- ---- ------
<S> <C> <C> <C> <C> <C>
Equity fund (9 transactions) $ 2,552,816 $ - $ 2,552,816 $ 2,552,816 $ -
Fixed Fund (6 transactions) 750,086 - 750,086 750,086 -
Employee Benefit Short-term Money
Market Fund (74 transactions) 48,937,311 - 48,937,311 48,937,311 -
Chase Principal Preservation Fund
(60 transactions) 6,572,934 - 6,572,934 6,572,934 -
Bond Fund of America (41 transactions) 3,136,202 - 3,136,202 3,136,202 -
FPA Crescent Fund (112 transactions) 12,379,890 - 12,379,890 12,379,890 -
DSI Disciplined Value Portfolio
(154 Transactions) 10,855,277 - 10,855,277 10,855,277 -
Oppenheimer Quest Opportunity Value
Fund (48 transactions) 8,027,272 - 8,027,272 8,027,272 -
PBHG Growth fund (111 transactions) 4,443,931 - 4,443,931 4,443,931 -
PIC Small Company Portfolio
(84 transactions) 2,413,186 - 2,413,186 2,413,186 -
IVY International Fund
(37 transactions) 4,327,576 - 4,327,576 4,327,576 -
BHM&S Bond Portfolio (66 transactions) 4,860,286 - 4,860,286 4,860,286 -
Equity Fund (5 transactions) - 3,333,957 1,538,324 3,333,957 1,795,633
Fixed Fund (9 transactions) - 7,715,988 6,651,912 7,715,988 1,064,076
Employee Benefit Short-term Money
Market fund (56 transactions) - 48,868,772 48,868,772 48,868,772 -
Chase Principal Preservation Fund
(39 transactions) - 1,565,304 1,565,304 1,565,304 -
Bond Fund of America (14 transactions) - 400,145 397,307 400,145 2,838
FPA Crescent Fund (55 transactions) - 1,626,885 1,545,569 1,626,885 81,316
DSI Disciplined Value Portfolio
(55 transactions) - 811,799 785,137 811,799 26,662
Oppenheimer Quest Opportunity Value
Fund (19 transactions) - 498,393 482,981 498,393 15,412
PBHG Growth Fund (24 transactions) - 276,908 276,775 276,908 133
PIC Small Company Portfolio
(12 transactions) - 385,088 380,155 385,088 4,933
IVY International Fund (22 transactions) - 370,129 400,867 370,129 (30,738)
BHM&S Bond Portfolio
(34 transactions) - 1,222,228 1,211,327 1,222,228 10,901
</TABLE>
The accompanying notes to financial statements
are an integral part of this exhibit.
<PAGE> 13
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.
FIGGIE INTERNATIONAL INC. 401(k)
SAVINGS PLAN FOR SALARIED EMPLOYEES
By: Wilmington Trust Company, Trustee
/s/ Linda M. Bailey
Date: 8/14/98 ---------------------------------------------
------------- Linda Bailey, Senior Financial Services Officer
<PAGE> 14
EXHIBIT INDEX
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23.1 Consent of Arthur Andersen LLP
<PAGE> 1
Exhibit 23.1
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 Statements File No. 333-33 177.
ARTHUR ANDERSEN LLP
Cleveland, Ohio
August 12, 1998.
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