<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________
FORM-10Q
(MARK ONE)
X - QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE
QUARTERLY PERIOD ENDED SEPTEMBER 30, 1994 OR
- TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE
TRANSITION PERIOD FROM ________ TO _________
Commission File Number 0-2129
__________________________________
THE RAYMOND CORPORATION
(Exact name of registrant as specified in its charter)
SOUTH CANAL STREET, GREENE, NEW YORK 13778
(Address of registrants's principal executive office)
(607) 656-2311
(Registrant's telephone number)
New York 15-0372290
(State of Incorporation) (I.R.S. Employer
Identification Number)
__________________________________
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Sections 13 or 15(d) of the Securites
Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes_X___ No____
The number of shares of common stock outstanding as of
October 31, 1994 was 6,343,169.
<PAGE> 2
THE RAYMOND CORPORATION
INDEX to FORM-10Q
PART I. FINANCIAL INFORMATION Page
------
Item 1 - Financial Statements
Condensed Consolidated Balance Sheets - September 30, 1994
and December 31, 1993 3 - 4
Condensed Consolidated Statements of Income - Quarters
and Nine Month Periods ended September 30, 1994 and
September 30, 1993 5
Condensed Consolidated Statements of Cash Flows - Nine Month
Periods ended September 30, 1994 and September 30, 1993. 6 - 7
Notes to Condensed Consolidated Financial Statements 8
Item 2 - Management's Discussion and Analysis of Financial
Condition and Results of Operations 9 - 13
Exhibit 11 - Earnings per share computation 14
PART II. OTHER INFORMATION
Item 6 - Exhibits and Reports on Form 8-K 15
Signature 15
<PAGE> 3
Part I - Financial Information
Item I - Financial Statements
THE RAYMOND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited) (note)
ASSETS 9/30/94 12/31/93
____________________________________________________________________________
Manufacturing Current Assets:
Cash and cash equivalents $11,584,697 $28,642,434
Accounts receivable, net 30,791,001 26,114,905
Inventories 30,325,318 25,603,622
Recoverable income taxes --- 131,129
Deferred income taxes* 4,369,935 4,019,935
Prepaid expenses and other current assets 7,832,677 4,812,483
____________ ____________
Total Manufacturing Current Assets 84,903,628 89,324,508
Investments in and advances to unconsolidated
investees, at equity 16,563,369 14,211,982
Property, plant and equipment, net 16,091,033 15,369,221
Other non-current assets 4,882,870 5,502,334
____________ ____________
Total Manufacturing Assets 122,440,900 124,408,045
____________ ____________
Financial Services:
Cash and cash equivalents 8,940 12,054
Investment in leases, net 75,646,364 63,820,909
Rental equipment, net 2,511,226 2,237,327
Other assets 280,252 270,367
____________ ____________
Total Financial Services Assets 78,446,782 66,340,657
____________ ____________
Total Assets $200,887,682 $190,748,702
============ ============
*Includes both manufacturing and financial services.
Note: The December 31, 1993 balance sheet has been derived from
audited financial statements
The accompanying notes are a part of the financial statements.
<PAGE> 4
THE RAYMOND CORPORATION AND SUBSIDIARIES
(unaudited) (note)
LIABILITIES AND SHAREHOLDERS' EQUITY 9/30/94 12/31/93
____________________________________________________________________________
Manufacturing Current Liabilities:
Accounts payable $10,033,103 $8,879,845
Accrued liabilities 18,273,193 11,619,488
____________ ____________
Total Manufacturing Current Liabilities 28,306,296 20,499,333
Subordinated convertible debentures 57,500,000 57,500,000
Deferred income taxes* 4,529,051 4,236,268
Other liabilities 2,163,025 1,772,297
____________ ____________
Total Manufacturing Liabilities 92,498,372 84,007,898
____________ ____________
Financial Services:
Income taxes* and accrued expenses 3,496,599 1,571,591
Notes payable - banks 3,750,000 4,687,500
Notes payable - insurance companies 21,715,000 27,429,000
____________ ____________
Total Financial Services Liabilities 28,961,599 33,688,091
____________ ____________
SHAREHOLDERS' EQUITY
Common stock (6,364,221 issued in 1994;
6,048,577 issued in 1993) 9,546,332 9,072,866
Capital surplus 12,712,716 7,699,014
Retained earnings 59,460,381 58,213,804
Cumulative translation adjustments (1,981,523) (1,620,658)
Treasury stock, at cost (310,195) (312,313)
____________ ____________
Total Shareholders' Equity 79,427,711 73,052,713
____________ ____________
Total Liabilities and Shareholders' Equity $200,887,682 $190,748,702
============ ============
*Includes both manufacturing and financial services.
Note: The December 31, 1993 balance sheet has been derived from
audited financial statements
The accompanying notes are a part of the financial statements.
<PAGE> 5
THE RAYMOND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
<TABLE>
<CAPTION>
3 Month period ended 9 Month period ended
September 30, September 30,
1994 1993 1994 1993
____________ ____________ ____________ ____________
REVENUES
<S> <C> <C> <C> <C>
Net sales $51,412,533 $40,052,998 $155,554,900 $115,556,170
Rental revenues 539,172 475,084 1,306,114 1,101,625
Lease finance revenues 1,814,653 1,615,602 5,068,806 5,003,078
Other income 114,302 693,944 1,734,502 1,588,423
____________ ____________ ____________ ____________
Total Revenues 53,880,660 42,837,628 163,664,322 123,249,296
____________ ____________ ____________ ____________
COSTS AND EXPENSES
Cost of sales 40,612,545 31,547,736 121,197,496 90,825,136
Cost of rentals 503,479 463,858 1,399,088 1,296,607
Selling, general and administrative 6,043,416 6,256,673 20,129,220 19,158,507
Interest expense
Lease financing 598,223 744,206 1,837,098 2,302,413
Other 991,761 417,425 2,959,253 1,248,148
Other expenses 1,690,220 1,023,980 5,293,422 3,100,089
____________ ____________ ____________ ____________
Total Costs and Expenses 50,439,644 40,453,878 152,815,577 117,930,900
____________ ____________ ____________ ____________
INCOME BEFORE TAXES, AND EQUITY IN NET
EARNINGS OF UNCONSOLIDATED INVESTEES 3,441,016 2,383,750 10,848,745 5,318,396
Income tax expense 1,381,413 1,055,338 4,421,648 2,324,353
____________ ____________ ____________ ____________
Income before equity in net
earnings of unconsolidated investments 2,059,603 1,328,412 6,427,097 2,994,043
Equity in net earnings of unconsolidated investments 93,823 105,299 194,082 117,524
____________ ____________ ____________ ____________
NET INCOME $2,153,426 $1,433,711 $6,621,179 $3,111,567
============ ============ ============ ============
NET INCOME PER SHARE
Primary $0.34 $0.23* $1.05 $0.49*
============ ============ ============ ============
Fully Diluted $0.29 $0.22* $0.88 $0.49*
============ ============ ============ ============
*Adjusted for the 1994 5% stock dividend.
</TABLE>
The accompanying notes are a part of the financial statements.
<PAGE> 6
THE RAYMOND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
9 Month period ended September 30, 1994 1993
____________ ____________
CASH FLOWS FROM OPERATING ACTIVITIES
____________________________________
Net income $6,621,179 $3,111,567
Adjustments to reconcile net income to net cash
used for operating activities:
Depreciation and amortization 3,060,522 2,970,880
Provision for losses on accounts receivable
and investment in leases 600,000 423,985
Earnings of unconsolidated investees,
net of dividends (194,082) (117,524)
Foreign currency transaction gains (188,434) (678,835)
Acquisition of rental equipment (1,575,155) (1,356,345)
Gains on dispositions of rental
equipment (460,917) (382,384)
Proceeds from rental fleet sales 1,145,205 947,366
(Gains)losses on sale of property, plant and
equipment (4,089) 7,696
Other items, net 641,692 (1,991,086)
Changes in operating assets and liabilities:
Increase in accounts receivable (4,900,296) (6,029,276)
(Increase)decrease in investment in leases (12,110,456) 69,163
(Increase)decrease in inventories and
prepaid expenses (7,744,895) 1,203,567
Increase in accounts payable and
accrued expenses 9,791,873 2,346,147
____________ ____________
Net cash (used for) provided by
operating activities (5,317,853) 524,921
____________ ____________
CASH FLOWS FROM INVESTING ACTIVITIES
____________________________________
Additions to property, plant and equipment (2,909,390) (2,886,736)
Proceeds received from sales of property,
plant and equipment 7,500 3,096,168
Investment in, and advances to, unconsolidated
investees (2,211,650) (1,992,319)
____________ ____________
Net cash used for
investing activities (5,113,540) (1,782,887)
____________ ____________
The accompanying notes are a part of the financial statements.
<PAGE> 7
THE RAYMOND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
9 Month period ended September 30, 1994 1993
____________ ____________
CASH FLOWS FROM FINANCING ACTIVITIES
____________________________________
Repayment of long term debt (6,651,500) (24,580,318)
Proceeds from long term debt 0 26,000,000
Capital stock transactions, net 121,171 (213,238)
____________ ____________
Net cash (used for) provided by financing
activities (6,530,329) 1,206,444
------------ ------------
Effect of foreign currency rate fluctuations
on cash and cash equivalents (99,129) (288,731)
------------ ------------
Decrease in cash and cash equivalents (17,060,851) (340,253)
Cash and cash equivalents at January 1, 28,654,488 4,965,745
------------ ------------
Cash and cash equivalents at September 30, $11,593,637 $4,625,492
============ ============
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
________________________________________________
Cash paid during the year for:
Income taxes, net of refunds $3,477,268 $3,483,671
Interest $3,583,200 $3,253,597
The accompanying notes are a part of the financial statements.
<PAGE> 8
THE RAYMOND CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. Basis of Presentation
- --- ---------------------
The unaudited financial statements presented herein have been prepared
in accordance with the instructions to Form 10-Q and do not include all
of the information and note disclosures required by generally accepted
accounting principles. These statements should be read in conjunction
with the Company's financial statements and notes thereto in its 1993
Annual Report to Shareholders which is incorporated by reference in its
Annual Report on Form 10-K for the year ended December 31, 1993. The ac-
companying financial statements have not been examined by independent
accountants, but in the opinion of management such financial statements
include all adjustments, consisting only of normal recurring adjustments,
necessary to summarize fairly the Company's financial position at Sept-
ember 30, 1994 and results of operations for the three and nine month
periods then ended.
The results of operations for the interim periods presented may not be in-
dicative of the results that may be expected for the year.
2. Inventories
- --- -----------
The composition of inventories were:
9/30/94 12/31/93
__________________________
Raw materials $10,229,557 $9,197,663
Work in process 18,982,562 15,617,577
Finished goods 1,113,199 788,382
__________________________
$30,325,318 $25,603,622
==========================
3. Stock Dividend
- --- --------------
On March 5, 1994, the Board of Directors declared a five percent stock
dividend on the Company's outstanding common stock. On April 14, 1994,
shareholders of record as of March 31, 1994 received one additional
share of stock for each twenty shares held. 1993 earnings per share
and weighted average shares outstanding have been restated to reflect
the five percent stock dividend.
<PAGE> 9
Part I - Financial Information
Item 2 - Management Discussion and Analysis of Financial
Condition and Results of Operations
A summary of the period changes in the principal items included in the
consolidated statements of income is shown below:
(In thousands, except per share amounts)
<TABLE>
<CAPTION>
Changes from Changes from
3 Month period ended 9 Month period ended
September 30, 1993 to September 30, 1993 to
3 Month period ended 9 Month period ended
September 30, 1994 September 30, 1994
AMOUNT % AMOUNT %
_______ _______ _______ _______
<S> <C> <C> <C> <C>
TOTAL REVENUES $11,043 26% $40,415 33%
_______ _______ _______ _______
COSTS AND EXPENSES:
Cost of sales 9,104 28% 30,475 33%
Selling, general and administrative (213) -3% 971 5%
Interest expense 428 37% 1,246 35%
Other expenses, net 666 65% 2,193 71%
_______ _______ _______ _______
9,985 25% 34,885 30%
_______ _______ _______ _______
INCOME BEFORE PROVISION FOR TAXES 1,058 44% 5,530 104%
INCOME TAX EXPENSE 326 31% 2,097 90%
_______ _______ _______ _______
732 55% 3,433 115%
EARNINGS OF UNCONSOLIDATED INVESTEES (11) -10% 77 66%
_______ _______ _______ _______
NET INCOME $721 50% $3,510 113%
======= ======= ======= =======
</TABLE>
<PAGE> 10
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
THE RAYMOND CORPORATION AND SUBSIDIARIES
Three Months and Nine Months ended September 30, 1994
- -----------------------------------------------------
compared to Three Months and Nine Months ended September 30, 1993.
- -----------------------------------------------------------------
Revenues
- --------
Total revenues for the three months ended September 30, 1994 increased by
approximately $11.1 million, or 26% to $53.9 million from $42.8 million for the
three months ended September 30, 1993.
Total revenues were $163.7 million for the first nine months of 1994, up $40.5
million or 33% from the $123.2 million reported for the first nine months of
1993.
The substantial growth in revenues reflects the overall growth in the North
American lift truck market as well as the Company's increased efforts to expand
distribution into different markets. Increased revenues have been realized
through the National Accounts Program which, working in cooperation with the
Dealer Network, offers selected large customers single source coordination of
their materials handling equipment and service needs. Expanded sales through
Material Handling Associates, Inc., our 50% owned joint venture company
with Mitsubishi Caterpillar Forklift America, Inc., and O.E.M. (Original
Equipment Manufacturer) agreements for products to be distributed both in the
U.S. and Europe have also contributed to the growth in revenues.
The $0.6 million decline in the other income component of revenues in the third
quarter of 1994 compared to the third quarter of 1993 reflects the net exchange
gains and losses incurred by the Company's Canadian subsidiary. Foreign exchange
exposure on international operations is limited primarily to the Canadian
dollar and is minimized through the purchase of foreign currency exchange
contracts.
Cost of Sales
- -------------
For the third quarter of 1994, cost of sales as a percentage of net sales was
79.0% as compared to 78.8% for the third quarter of 1993.
Cost of sales as a percentage of net sales improved to 77.9% in the first nine
months of 1994 from 78.6% in the comparable 1993 period.
The third quarter 1994 cost of sales percentage was impacted as anticipated by
the planned two week production shutdown for scheduled maintenance of
machinery, rearrangement of work cells to further improve production flow
and for predictable scheduling of employee vacations. Also, the percentage
was impacted by a higher mix of lower margin products.
The decrease in cost of sales as a percentage of net sales in the first nine
months of 1994 resulted primarily from lower manufacturing and warranty costs
for the Company's products achieved through continuing research and development
efforts and improved manufacturing processes. In addition, increased shipment
levels that permitted fixed overhead costs to be allocated over a larger
shipment base contributed to the improvement in the cost of sales percentage
for the first nine months of 1994.
<PAGE> 11
Selling, General and Administrative Expenses
- --------------------------------------------
Selling, general and administrative expenses of $6.0 million for the quarter
ending September 30, 1994 were comparable to the $6.3 million reported in the
quarter ended September 30, 1993. These expenses represented 11% of total
revenues in the 1994 period as compared with 15% in the 1993 period.
Selling, general and administrative expenses during the first nine months of
1994 increased by approximately $0.9 million to $20.1 million from $19.2
million in the first nine months of 1993. These expenses represented 12% of
total revenues in the 1994 period as compared with 16% in the 1993 period.
The dollar level increase for the nine months resulted primarily from increased
shipment levels, higher marketing and research and development costs associated
with Raymond's continued product development and increased benefit accruals
including costs associated with stock appreciation rights. However, the
Company's continued efforts to contain costs and focus its resources have
enabled it to reduce selling, general and administrative costs as a percentage
of total revenues.
Interest Expense
- ----------------
Lease financing operations are conducted through Raymond Leasing Corporation, a
wholly-owned subsidiary of the Company.
Lease financing interest expense was approximately $0.6 million in the quarter
ended September 30, 1994 as compared with approximately $0.7 million in the
comparable quarter in 1993.
Lease financing interest expense was $1.8 million in the first nine months of
1994 as compared with the $2.3 million reported for the comparable period in
1993.
The decline in this category of interest expense in 1994 reflects the decline in
average external borrowings for financial services.
Other interest expense incurred by the manufacturing divisions increased by
approximately $0.6 million to $1.0 million in the quarter ended September 30,
1994 as compared to the same quarter in 1993. Other interest expense increased
by approximately $1.8 million to $3.0 million in the first nine months of 1994
from the $1.2 million reported in the first nine months in 1993. The increase in
both periods of 1994 reflects the increased average borrowings attributable to
the issuance of $57.5 million of 6.5% convertible debentures in December 1993.
The effect of the increased interest expense was minimized by increased
investment income earned on the remaining proceeds of the debentures and
reported in other income.
<PAGE> 12
Other Expenses
- --------------
Other expenses, which consist primarily of cash discounts allowed dealers for
the timely payment of invoices and profit sharing, increased by approximately
$0.7 million to $1.7 million in the quarter ended September 30, 1994 from $1.0
million for the same period in 1993.
Other expenses of approximately $5.3 million in the first nine months of 1994
increased by approximately $2.2 million from the $3.1 million reported for the
same period in 1993.
The increase is primarily due to additional profit sharing accruals and cash
discounts allowed as a result of the increased profitability and sales volume
achieved in the third quarter and first nine months of 1994.
Income Tax Expense
- ------------------
During all periods reported, U.S. and foreign income tax provisions were
computed using the respective expected annual effective tax rates.
Earnings of Unconsolidated Investees
- ------------------------------------
The Company's primary unconsolidated investee is G.N. Johnston Equipment Co.
Ltd. ("Johnston"), which is 45% owned by R.H.E. Ltd., a wholly-owned subsidiary
of the Company. Johnston is the exclusive Canadian distributor for all of the
Company's products with sales and service outlets in the principal business
regions of the Dominion of Canada. Other unconsolidated investees include
several Dealerships located throughout the United States.
Earnings of unconsolidated investees were approximately $0.1 million for the
quarters ending September 30, 1994 and 1993 respectively. Earnings of
unconsolidated investees were $0.2 million for the nine month period ending
September 30, 1994 compared to $0.1 million for the nine month period ended
September 30, 1993. Costs incurred in the first quarter of 1993 relating to
certain Dealership transitions were not incurred in 1994.
Order Backlog
- -------------
New equipment orders for the third quarter and first nine months of 1994 were
the best of any quarter and nine months in the Company's history, a record
setting $69.3 million and $179.0 million, respectively. This compares with
orders of $43.9 million and $131.0 million for the same periods in 1993.
The backlog (unfilled new equipment orders) was a record $75.7 million at
September 30, 1994, up 60% from the $47.3 million backlog reported for the same
period last year and up $23.4 million from the backlog reported on December 31,
1993.
<PAGE> 13
Liquidity and Sources of Capital
- --------------------------------
At September 30, 1994, the Company's manufacturing working capital was $56.6
million and its ratio of manufacturing current assets to manufacturing current
liabilities was 3.0 to 1.0. At September 30, 1994, the Company and Raymond
Leasing Corporation, a wholly-owned leasing subsidiary, had cash and cash
equivalents of $11.6 million and unused lines of credit aggregating $25.0
million, of which $11.3 million was available solely to Raymond Leasing
Corporation.
For the nine months ended September 30, 1994, $5.3 million was used to fund
operating activities compared to the $0.5 million provided by operating
activities for the comparable 1993 period. The change is primarily attributable
to the increase in cash used to fund the growth of the lease portfolio,
inventory and other working capital components.
Net cash used for investing activities increased $3.3 million for the first nine
months of 1994 compared to the first nine months of 1993. This increase reflects
the $3.1 million of proceeds from the sale of property, plant and equipment
included in the 1993 period. Net cash used for financing activities of $6.5
million for the first nine months of 1994 reflects the accelerated repayment of
higher interest rate financial services debt from the proceeds of the
convertible debentures.
At September 30, 1994, the Company had no material capital expenditure
commitments. As discussed in Note E to the Consolidated Financial Statements in
the 1993 Annual report to Shareholders, Raymond Leasing Corporation is subject
to certain debt agreements that limit distributions to the Company. These
restrictions are not expected to affect the Company's ability to meet its cash
requirements. The Company anticipates no changes in circumstances which would
result in any material decrease or deficiency in the Company's liquidity or
sources of capital.
Stock Dividend
- --------------
On March 5, 1994, the Board of Directors declared a 5% stock dividend on the
Company's outstanding common stock. On April 14, 1994, shareholders of record as
of March 31, 1994 received one additional share of stock for each twenty shares
held. Earnings per share and weighted average shares outstanding for 1993 have
been restated to reflect the 5% stock dividend.
<PAGE> 14
THE RAYMOND CORPORATION
EXHIBIT 11
Computation of Earnings per Share
(In thousands except per share data)
<TABLE>
<CAPTION>
3 Month period ended 9 Month period ended
September 30, September 30,
1994 1993 1994 1993
PRIMARY ____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Average shares outstanding 6,337 6,330 (1) 6,333 6,323 (1)
Net effect of dilutive stock options -
based on the treasury method
using average market price 75 61 67 56
___________ ___________ ___________ ___________
Total 6,412 6,391 6,400 6,379
=========== =========== =========== ===========
Net income $2,153 $1,434 $6,621 $3,112
=========== =========== =========== ===========
Per share amount $0.34 $0.22 (1) $1.03 $0.49 (1)
====== ====== ====== ======
(2) (2)
FULLY DILUTED
Average shares outstanding 6,337 6,330 (1) 6,333 6,323 (1)
Net effect of dilutive stock options -
based on the treasury method using
the period end market price, if higher
than average market price 82 61 78 62
Assumed conversion of 6.50% convertible
subordinated debentures 3,246 N/A 3,246 N/A
___________ ___________ ___________ ___________
Total 9,665 6,391 9,657 6,385
=========== =========== =========== ===========
Net income $2,153 $1,434 $6,621 $3,112
Add 6.50% convertible subordinated
debentures interest, net of federal
income tax effect 617 N/A 1,850 N/A
___________ ___________ ___________ ___________
Total $2,770 $1,434 $8,471 $3,112
=========== =========== =========== ===========
Per share amount $0.29 $0.22 $0.88 $0.49
====== ====== ====== ======
</TABLE>
(1) Adjusted for the 1994 five percent stock dividend.
(2) Per share amounts reported in the year to date consolidated financial
statements of $1.05 in 1994 and the quarter to date consolidated financial
statements of $0.23 in 1993 excluded the net effect of dilutive stock
options as the aggregate dilution from these securities was immaterial
(less than three percent of earnings per common share outstanding).
<PAGE> 15
Part II - Other Information
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K
_________________________________________
B) Reports on Form 8-K.
There were no reports on Form 8-K filed for the three months ended
September 30, 1994.
Signature
__________
Pursuant to requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
THE RAYMOND CORPORATION
Date: November 11, 1994 by: /s/ William B. Lynn
_________________ ______________________________
William B. Lynn
Executive Vice President
(Principal Financial Officer)
<PAGE> 16
The Raymond Corporation Telephone 607-656-2311
Corporate Headquarters Fax 607-656-9005
Greene, New York 13778
SEC Operations Center
Attn: Filer Support
Mail Stop 0-12
Room 1414
6432 General Green Way
Alexandria, VA 22312
November 11, 1994
Re: The Raymond Corporation
September 30, 1994 Form 10-Q
Dear Sir or Madam:
I hereby transmit a definitive copy of Form 10-Q for the quarter ended
September 30, 1994 for The Raymond Corporation.
If you have any questions, please feel free to contact me at (607) 656-2264.
Very truly yours,
/s/ John Everts
- ------------------------------
John Everts
Corporate Controller
