|
|
|
|
|
|
|
|
|
|
|
|
|
<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 Hourly Paid 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 HOURLY PAID 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 Hourly Paid Employees:
We have audited the accompanying statements of net assets available for plan
benefits of the Figgie International Inc. 401(k) Savings Plan for Hourly Paid
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
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 audit provides 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 audit 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 HOURLY PAID 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 HOURLY PAID 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/ PIC Small
Preservation of America/ Crescent Value Opportunity Equity Company
Fund Fixed Fund Fund Portfolio Value Fund Fund Portfolio
----------- ----------- ------- ---------- ------------ ------ ---------
1997
----
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Cash and cash equivalents $ - $ - $ - $ - $ (737) $ - $ -
Investments at market value 19,921 65,803 164,724 95,897 128,808 108,101 45,807
Notes receivable from
participants - - - - - - -
Accrued interest income - 420 - - - - -
---------- ---------- ---------- ---------- ---------- ---------- -------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $ 19,921 $ 66,223 $ 164,724 $ 95,897 $ 128,071 $ 108,101 $45,807
========== ========== ========== ========== ========== ========== =======
1996
----
ASSETS:
Cash and cash equivalents $ - $ - $ - $ - $ - $ - $ -
Investments at market value - 248,982 - - - 62,375
Employee contribution
receivable - - - - - -
---------- ---------- ---------- ---------- ---------- ---------- -------
Total assets - 248,982 - - - 62,375 -
LIABILITIES:
Accrued administrative
expenses - - - - - - -
---------- ---------- ---------- ---------- ---------- ---------- -------
Total liabilities - - - - - - -
---------- ---------- ---------- ---------- ---------- ---------- -------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $ - $ 248,982 $ - $ - $ - $ 62,375 $ -
========== ========== ========== ========== ========== ========== =======
<CAPTION>
Participant Directed
---------------------------------------------------------------------------------
IVY
International
Fund/ Figgie Figgie Conservative Moderate Aggressive Non-
International Class A Class B Lifestyle Lifestyle Lifestyle Participant
Fund Fund Fund Fund Fund Fund Directed
------------- ------ -------- ----------- -------- --------- -----------
1997
----
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Cash and cash equivalents $ - $ 324 $ 185 $ 359 $ 140 $ 157 $ -
Investments at market value 86,157 32,678 633,179 70,373 227,537 105,047 -
Notes receivable from
participants - - - - - - -
Accrued interest income 1,243 - - - - - -
--------- --------- --------- --------- --------- --------- ----------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $ 87,400 $ 33,002 $ 633,364 $ 70,732 $ 227,677 $ 105,204 $ -
========= ========= ========= ========= ========= ========= ==========
1996
----
ASSETS:
Cash and cash equivalents $ - $ - $ - $ - $ - $ - $ 62
Investments at market value - 6,330 8,040 5,160 - - -
Employee contribution
receivable - - - - - 37,928
--------- --------- --------- --------- --------- --------- ----------
Total assets 6,330 8,040 5,160 - - - 37,990
LIABILITIES:
Accrued administrative
expenses - - - - - - 430
--------- --------- --------- --------- --------- --------- ----------
Total liabilities - - - - - - 430
--------- --------- --------- --------- --------- --------- ----------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $ 6,330 $ 8,040 $ 5,160 $ - $ - $ - $ 37,560
========= ========= ========= ========= ========= ========= ==========
<CAPTION>
Participants
Loan
Fund Total
---- -----
1997
----
<S> <C> <C>
ASSETS:
Cash and cash equivalents $ - $ 428
Investments at market value - 1,784,032
Notes receivable from
participants 3,000 3,000
Accrued interest income - 1,663
---------- ----------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $ 3,000 $1,789,123
========== ==========
1996
----
ASSETS:
Cash and cash equivalents $ - $ 62
Investments at market value - 330,887
Employee contribution
receivable - 37,928
---------- ----------
Total assets - 368,877
LIABILITIES:
Accrued administrative
expenses - 430
---------- ----------
Total liabilities - 430
---------- ----------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $ - $ 368,447
========== ==========
</TABLE>
The accompanying notes to financial statements are an
integral part of these statements.
<PAGE> 6
FIGGIE INTERNATIONAL INC.
-------------------------
401(k) SAVINGS PLAN FOR HOURLY PAID EMPLOYEES
---------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
--------------------------------------------------------------
FOR THE YEAR ENDED 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 $ 11,939 $ 181,877 $ 60,248 $ 38,942 $ 51,782 $ 82,209
Employer 4,071 8,312 17,754 12,055 14,945 13,228
Transfers in from merged Plan - - - - - -
Investment income - 2,471 5,478 14,819 4,233 1,973
Net unrealized appreciation of
investments - 6,059 979 - - 12,548
---------- ---------- ---------- ---------- ---------- ----------
Total additions 16,010 198,419 84,459 65,816 70,960 109,958
---------- ---------- ---------- ---------- ---------- ----------
DEDUCTIONS:
Benefits paid to participants 4,251 15,701 4,631 4,051 7,641 8,416
Administrative expenses - - - - - -
Net unrealized depreciation of
investments - - - 14,227 2,109 -
---------- ---------- ---------- ---------- ---------- ----------
Total deductions 4,251 15,701 4,631 18,278 9,750 8,416
---------- ---------- ---------- ---------- ---------- ----------
INTERFUND TRANSFERS,
Including participant loan
transactions 8,162 (365,477) 84,896 48,359 66,861 (55,816)
---------- ---------- ---------- ---------- ---------- ----------
Net additions/
(deductions) 19,921 (182,759) 164,724 95,897 128,071 45,726
NET ASSETS AVAILABLE
FOR PLAN BENEFITS,
beginning of year - 248,982 - - - 62,375
---------- ---------- ---------- ---------- ---------- ----------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS,
end of year $ 19,921 $ 66,223 $ 164,724 $ 95,897 $ 128,071 $ 108,101
========== ========== ========== ========== ========== ==========
<CAPTION>
--------------------------------------------------------------------------------------
IVY
International
PIC Small Fund/ Figgie Figgie Conservative Moderate
Company International Class A Class B Lifestyle Lifestyle
Portfolio Fund Fund Fund Fund Fund
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS:
Contributions-
Employee $ 21,766 $ 44,652 $ 9,686 $ 7,133 $ 32,302 $ 109,346
Employer 6,063 12,399 924 903 7,187 35,669
Transfers in from merged Plan - - 24,921 627,249 - -
Investment income (18) 1,167 7 - 5,397 14,634
Net unrealized appreciation of
investments - - 1,867 1,833 - -
---------- ---------- ---------- ---------- ---------- ----------
Total additions 27,811 58,218 37,405 637,118 44,886 159,649
---------- ---------- ---------- ---------- ---------- ----------
DEDUCTIONS:
Benefits paid to participants 1,688 5,169 126 623 7,425 7,511
Administrative expenses - - - - - -
Net unrealized depreciation of
investments 2,457 4,319 - - 408 10,147
---------- ---------- ---------- ---------- ---------- ----------
Total deductions 4,145 9,488 126 623 7,833 17,658
---------- ---------- ---------- ---------- ---------- ----------
INTERFUND TRANSFERS,
Including participant loan
transactions 22,141 32,340 (12,317) (8,291) 33,679 85,686
---------- ---------- ---------- ---------- ---------- ----------
Net additions/
(deductions) 45,807 81,070 24,962 628,204 70,732 227,677
NET ASSETS AVAILABLE
FOR PLAN BENEFITS,
beginning of year - 6,330 8,040 5,160 - -
---------- ---------- ---------- ---------- ---------- ----------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS,
end of year $ 45,807 $ 87,400 $ 33,002 $ 633,364 $ 70,732 $ 227,677
========== ========== ========== ========== ========== ==========
<CAPTION>
------------------------------------------------------
Aggressive Non- Participant
Lifestyle Participant Loan
Fund Directed Fund Total
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
ADDITIONS:
Contributions-
Employee $ 51,084 $ (36,480) $ - $ 666,186
Employer 14,840 - - 148,350
Transfers in from merged Plan - - - 652,170
Investment income 482 - 35 50,678
Net unrealized appreciation of
investments - - - 23,286
---------- ---------- ---------- ----------
Total additions 66,406 (36,480) 35 1,540,670
---------- ---------- ---------- ----------
DEDUCTIONS:
Benefits paid to participants 9,433 - - 76,666
Administrative expenses - 1,080 - 1,080
Net unrealized depreciation of
investments 8,581 - - 42,248
---------- ---------- ---------- ----------
Total deductions 18,014 1,080 - 119,994
---------- ---------- ---------- ----------
INTERFUND TRANSFERS,
Including participant loan
transactions 56,812 - 2,965 -
---------- ---------- ---------- ----------
Net additions/
(deductions) 105,204 (37,560) 3,000 1,420,676
NET ASSETS AVAILABLE
FOR PLAN BENEFITS,
beginning of year - 37,560 - 368,447
---------- ---------- ---------- ----------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS,
end of year $ 105,204 $ - $ 3,000 $1,789,123
========== ========== ========== ==========
</TABLE>
The accompanying notes to financial statements are an
integral part of this statement.
<PAGE> 7
FIGGIE INTERNATIONAL INC.
-------------------------
401(k) SAVINGS PLAN FOR HOURLY PAID EMPLOYEES
---------------------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
DECEMBER 31, 1997 AND 1996
--------------------------
1. SUMMARY OF THE PLAN:
--------------------
The Figgie International Inc. 401(k) Savings Plan for Hourly Paid Employees (the
Plan) was established on January 1, 1996, to provide retirement benefits to
hourly paid 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.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
-------------------------------------------
Basis of Accounting
- -------------------
The accompanying statements of net assets available for plan benefits and
statements 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's investment in Company
stock funds may not exceed, in aggregate, 25% of the participant's 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 or 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 $3,756 at December 31, 1997
and 1996, respectively.
4. FEDERAL INCOME TAXES:
---------------------
In the opinion of the Plan's Administrator, the Plan, as amended and restated,
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.
5. PLAN ASSET TRANSFER:
--------------------
Effective December 31, 1997, certain assets of the Figgie International Stock
Ownership Trust and Plan (ESOP A) were transferred into the Plan. Benefits
related to these participants continued to be paid from the ESOP A until
December 31, 1997, at which time the assets were transferred from their related
trust into the Plan's Trust.
<PAGE> 10
-4-
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 HOURLY PAID EMPLOYEES
---------------------------------------------
ITEM 27a--SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
---------------------------------------------------------
AS OF DECEMBER 31, 1997
-----------------------
EMPLOYER IDENTIFICATION NUMBER: 52-1297376
------------------------------------------
PLAN NUMBER: 023
----------------
<TABLE>
<CAPTION>
Fair
Identity of Issue and Description Cost Value
- ------------------------------------------------ ----------- -----------
<S> <C> <C>
Chase Principal Preservation Fund $ 19,921 $ 19,921
Bond Fund of America 65,633 65,803
FPA Crescent Fund 163,772 164,724
DSI Disciplined Value Portfolio 109,953 95,897
Oppenheimer Quest Opportunity Value Fund 130,922 128,808
PBHG Growth Fund 109,976 108,101
PIC Small Company Portfolio 48,236 45,807
IVY International Fund 91,781 86,157
Figgie Class A Fund 53,627 32,678
Figgie Class B Fund 1,370,354 633,179
Conservative Lifestyle Fund:
Chase Principal Preservation Fund 26,462 26,462
FPA Crescent Fund 14,242 14,466
DSI Disciplined Value Portfolio 8,160 7,201
BHM&S Bond Portfolio 22,093 22,244
Moderate Lifestyle Fund:
FPA Crescent Fund 92,345 92,442
DSI Disciplined Value Portfolio 77,113 67,155
PBHG Growth Fund 22,282 21,854
BHM&S Bond Portfolio 45,886 46,086
Aggressive Lifestyle Fund:
DSI Disciplined Value Portfolio 22,597 19,157
PBHG Growth Fund 28,134 27,521
PlC Small Company Portfolio 33,737 31,871
MJI International Equity Portfolio 29,090 26,498
---------- ----------
$2,586,316 $1,784,032
========== ==========
</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 HOURLY PAID EMPLOYEES
---------------------------------------------
ITEM 27d--SCHEDULE OF REPORTABLE TRANSACTIONS
---------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1997
------------------------------------
EMPLOYER IDENTIFICATION NUMBER: 52-1297376
------------------------------------------
PLAN NUMBER: 023
----------------
<TABLE>
<CAPTION>
Current Value of Net
Purchase Selling Cost of Asset on Gain
Identity of Party Involved Price Price Asset Transaction Date or (Loss)
-------------------------- --------- -------- -------- ------------------ -----------
<S> <C> <C> <C> <C> <C>
Equity Fund (6 transactions) $ 40,399 $ - $ 40,399 $ 40,399 $ -
International Fund (6 transactions) 155,452 - 155,452 155,452 -
Employee Benefit Short-term Money
Market Fund (55 transactions) 872,528 - 872,528 872,528 -
Chase Principal Preservation Fund
(53 transactions) 58,235 - 58,235 58,235 -
Bond Fund of America (36 transactions) 73,250 - 73,250 73,250 -
FPA Crescent Fund (104 transactions) 334,035 - 334,035 334,035 -
DSI Disciplined Value Portfolio
(143 transactions) 257,744 - 257,744 257,744 -
Oppenheimer Quest Opportunity Value
Fund (35 transactions) 137,989 - 137,989 137,989 -
PBHG Growth Fund (97 transactions) 167,279 - 167,279 167,279 -
PIC Small Company
Portfolio (46 transactions) 85,995 - 85,995 85,995 -
IVY International Fund (34 transactions) 98,469 - 98,469 98,469 -
BHM&S Bond Portfolio (69 transactions) 154,046 - 154,046 154,046 -
</TABLE>
<PAGE> 13
-2-
<TABLE>
<CAPTION>
Current Value of Net
Purchase Selling Cost of Asset on Gain
Identity of Party Involved Price Price Asset Transaction Date or (Loss)
-------------------------- -------- ------- -------- ---------------- ---------
<S> <C> <C> <C> <C> <C>
MJI International Equity
Portfolio (37 transactions) $ 31,295 $ - $ 31,295 $ 31,295 $ -
Equity Fund (5 transactions) - 13,266 10,625 13,266 2,641
International Fund (7 transactions) - 74,259 71,480 74,259 2,779
Employee Benefit Short-term Money
Market Fund (44 transactions) - 871,479 871,479 871,479 -
Chase Principal Preservation
Fund (32 transactions) - 12,259 12,259 12,259 -
Bond Fund of America (6 transactions) - 7,639 7,616 7,639 23
FPA Crescent Fund (19 transactions) - 64,270 63,675 64,270 595
DSI Disciplined Value
Portfolio (26 transactions) - 39,829 39,922 39,829 (93)
Oppenheimer Quest Opportunity Value
Fund (7 transactions) - 7,044 7,067 7,044 (23)
PBHG Growth Fund (20 transactions) - 7,781 7,844 7,781 (63)
PIC Small Company
Portfolio (7 transactions) - 3,890 4,021 3,890 (131)
IVY International Fund (7 transactions) - 6,396 6,688 6,396 (292)
BHM&S Bond Portfolio (14 transactions) - 86,277 86,068 86,277 209
MJI International Equity
Portfolio (3 transactions) - 2,042 2,205 2,042 (163)
</TABLE>
The accompanying notes to financial statements
are an integral part of this exhibit.
<PAGE> 14
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 HOURLY PAID
EMPLOYEES
By: Wilmington Trust Company, Trustee
/s/ Linda Bailey
Date: 8/14/98 -----------------------------------------------
----------------- Linda Bailey, Senior Financial Services Officer
<PAGE> 15
EXHIBIT INDEX
-------------
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. 333-12138.
ARTHUR ANDERSEN LLP
Cleveland, Ohio
August 12, 1998.
|
|