<PAGE>
<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 JUNE 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 Sectons 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
July 31, 1994 was 6,329,954.
<PAGE>
<PAGE> 2
THE RAYMOND CORPORATION
INDEX to FORM-10Q
PART I. FINANCIAL INFORMATION Page
-----
Item 1 - Financial Statements
Condensed Consolidated Balance Sheets - June 30, 1994
and December 31, 1993 3 - 4
Condensed Consolidated Statements of Income - Quarters
and Six Month Periods ended June 30, 1994 and
June 30, 1993 5
Condensed Consolidated Statements of Cash Flows - Six Month
Periods ended June 30, 1994 and June 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 4 - Submission of Matters to a Vote of Security Holders 15
Item 6 - Exhibits and Reports on Form 8-K 16
Signature 16
<PAGE>
<PAGE> 3
Part I - Financial Information
Item I - Financial Statements
THE RAYMOND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
(unaudited) (note)
ASSETS 6/30/94 12/31/93
- - --------------------------------------------------------------------------------
<S> <C> <C>
Manufacturing Current Assets:
Cash and cash equivalents $ 13,999,250 $ 28,642,434
Accounts receivable, net 26,975,749 26,114,905
Inventories 28,855,647 25,603,622
Recoverable income taxes 0 131,129
Deferred income taxes* 4,369,935 4,019,935
Prepaid Expenses and other current assets 8,031,128 4,812,483
____________ ____________
Total Manufacturing Current Assets 82,231,709 89,324,508
Investments in and advances to unconsolidated
investees, at equity 15,980,356 14,211,982
Property, plant and equipment, net 15,773,958 15,369,221
Other non-current assets 5,144,124 5,502,334
____________ ____________
Total Manufacturing Assets 119,130,147 124,408,045
____________ ____________
Financial Services:
Cash and cash equivalents 10,243 12,054
Investment in leases, net 70,142,901 63,820,909
Rental equipment, net 2,391,532 2,237,327
Other assets 254,002 270,367
____________ ____________
Total Financial Services Assets 72,798,678 66,340,657
____________ ____________
Total Assets $191,928,825 $190,748,702
============ ============
</TABLE>
*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>
<PAGE> 4
THE RAYMOND CORPORATION AND SUBSIDIARIES
<TABLE>
<CAPTION>
(unaudited) (note)
LIABILITIES AND SHAREHOLDERS' EQUITY 6/30/94 12/31/93
- - ---------------------------------------------------------------------------------------
<S> <C> <C>
Manufacturing Current Liabilities:
Accounts payable $ 8,012,421 $ 8,879,845
Accrued liabilities 15,938,441 11,619,488
____________ ____________
Total Manufacturing Current Liabilities 23,950,862 20,499,333
Subordinated convertible debentures 57,500,000 57,500,000
Deferred income taxes* 4,363,861 4,236,268
Other liabilities 2,084,385 1,772,297
____________ ____________
Total Manufacturing Liabilities 87,899,108 84,007,898
____________ ____________
Financial Services:
Income taxes* and accrued expenses 2,092,711 1,571,591
Notes payable - banks 4,062,500 4,687,500
Notes payable - insurance companies 21,715,000 27,429,000
____________ ____________
Total Financial Services Liabilities 27,870,211 33,688,091
____________ ____________
SHAREHOLDERS' EQUITY
Common stock (6,351,006 issued in 1994;
6,048,577 issued in 1993) 9,526,509 9,072,866
Capital surplus 12,614,044 7,699,014
Retained earnings 57,306,955 58,213,804
Cumulative translation adjustments (2,977,807) (1,620,658)
Treasury stock, at cost (310,195) (312,313)
____________ ____________
Total Shareholders' Equity 76,159,506 73,052,713
____________ ____________
Total Liabilities and Shareholders' Equity $191,928,825 $190,748,702
============ ============
</TABLE>
*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>
<PAGE> 5
THE RAYMOND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
<TABLE>
<CAPTION>
3 Month period ended 6 Month period ended
June 30, June 30,
1994 1993 1994 1993
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
REVENUES
Net sales $55,955,850 $37,982,492 $104,142,367 $75,503,172
Rental revenues 380,729 362,696 766,942 626,541
Lease finance revenues 1,625,113 1,665,105 3,254,153 3,387,476
Other income 615,104 637,919 1,620,200 894,479
____________ ____________ ____________ ____________
Total revenues 58,576,796 40,648,212 109,783,662 80,411,668
____________ ____________ ____________ ____________
COSTS AND EXPENSES
Cost of sales 43,483,409 29,888,745 80,584,951 59,277,400
Cost of rentals 449,974 435,173 895,609 832,749
Selling, general and administrative 7,118,873 6,385,023 14,085,804 12,901,834
Interest expense
Lease financing 555,734 773,783 1,238,875 1,558,207
Other 977,374 469,517 1,967,492 830,723
Other expenses 2,008,193 1,065,700 3,603,202 2,076,109
____________ ____________ ____________ ____________
Total costs and expenses 54,593,557 39,017,941 102,375,933 77,477,022
____________ ____________ ____________ ____________
INCOME BEFORE TAXES, AND EQUITY IN NET
EARNINGS OF UNCONSOLIDATED INVESTEES 3,983,239 1,630,271 7,407,729 2,934,646
Income tax expense 1,591,168 700,137 3,040,235 1,269,015
____________ ____________ ____________ ____________
Income before equity in net
earnings of unconsolidated investees 2,392,071 930,134 4,367,494 1,665,631
Equity in net earnings of unconsolidated investees 71,891 100,353 100,259 12,225
____________ ____________ ____________ ____________
NET INCOME $ 2,463,962 $ 1,030,487 $ 4,467,753 $ 1,677,856
============ ============ ============ ============
NET INCOME PER SHARE
Primary $0.39 $0.16* $0.71 $0.27*
============ ============ ============ ============
Fully Diluted $0.32 $0.16* $0.59 $0.26*
============ ============ ============ ============
</TABLE>
* Adjusted for the 1994 5% stock dividend
The accompanying notes are a part of the financial statements.
<PAGE>
<PAGE> 6
THE RAYMOND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
6 Month period ended June 30, 1994 1993
____________ ____________
CASH FLOWS FROM OPERATING ACTIVITIES
____________________________________
<S> <C> <C>
Net income $ 4,467,753 $ 1,677,856
Adjustments to reconcile net income to net cash
used for operating activities:
Depreciation and amortization 2,054,370 2,017,257
Provision for losses on accounts receivable
and investment in leases 405,000 258,968
Earnings of unconsolidated investees,
net of dividends (100,259) (12,225)
Foreign currency transaction gains (621,208) (230,081)
Acquisition of rental equipment (1,062,685) (1,027,132)
Gains on dispositions of rental equipment (233,476) (253,873)
Proceeds from rental fleet sales 723,550 578,129
Gains on sale of property, plant and equipment (4,363) (4,643)
Other items, net 334,405 (332,414)
Changes in operating assets and liabilities:
Increase in accounts receivable (1,122,998) (2,852,313)
(Increase)/Decrease in investment in leases (6,516,992) 845,509
Increase in inventories, prepaid expenses
and other current assets (6,706,744) (282,285)
Increase/(Decrease) in accounts payable
and accrued expenses 4,181,942 (1,350,437)
____________ ____________
Net cash used for operating activities (4,201,705) (967,684)
____________ ____________
CASH FLOWS FROM INVESTING ACTIVITIES
____________________________________
Additions to property, plant and equipment (1,992,076) (2,746,131)
Proceeds received from sales of property,
plant and equipment 7,500 59,002
Investment in, and advances to, unconsolidated
investees (1,925,672) (1,409,713)
____________ ____________
Net cash used for investing activities (3,910,248) (4,096,842)
____________ ____________
</TABLE>
The accompanying notes are a part of the financial statements.
<PAGE>
<PAGE> 7
THE RAYMOND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
6 Month period ended June 30, 1994 1993
____________ ____________
<S> <C> <C>
CASH FLOWS FROM FINANCING ACTIVITIES
____________________________________
Net additional borrowings under
lines of credit 0 3,000,000
Repayment of long term debt (6,339,000) (4,993,116)
Capital stock transactions, net 2,676 (213,238)
Proceeds from long term debt 0 5,000,000
____________ ____________
Net cash (used for) provided by financing
activities (6,336,324) 2,793,646
Effect of foreign currency rate fluctuations on
cash and cash equivalents (196,718) (65,890)
------------ ------------
Decrease in cash and cash equivalents (14,644,995) (2,336,770)
Cash and cash equivalents at January 1, 28,654,488 4,965,745
------------ ------------
Cash and cash equivalents at June 30, $14,009,493 $ 2,628,975
============ ============
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
________________________________________________
Cash paid during the year for:
Income taxes $ 2,617,431 $ 2,587,759
Interest $ 3,252,433 $ 2,258,144
</TABLE>
The accompanying notes are a part of the financial statements.
<PAGE>
<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
accompanying financial statements have not been examined by independant
accountants, but in the opinion of management such financial statements
include all adjustments, consisting of only normal recurring adjustments,
necessary to summarize fairly the Company's financial position at June 30,
1994 and results of operations for the three and six month periods then
ended.
The results of operations for the interim periods presented may not be
indicative of the results that may be expected for the year.
2. Inventories
- - --- -----------
The composition of inventories were:
6/30/94 12/31/93
--------------------------
Raw materials $11,941,825 $ 9,197,663
Work in process 15,986,778 15,617,577
Finished goods 927,044 788,382
--------------------------
$28,855,647 $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>
<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)
<TABLE>
<CAPTION>
Changes from Changes from
3 Month period ended 6 Month period ended
June 30, 1993 to June 30, 1993 to
3 Month period ended 6 Month period ended
June 30, 1994 June 30, 1994
AMOUNT % AMOUNT %
_______ _______ _______ _______
<S> <C> <C> <C> <C>
TOTAL REVENUES $17,929 44% $29,372 37%
_______ _______ _______ _______
COSTS AND EXPENSES:
Cost of sales 13,609 45% 21,370 36%
Selling, general and administrative 734 11% 1,184 9%
Interest expense 290 23% 818 34%
Other expenses, net 943 88% 1,527 74%
_______ _______ _______ _______
TOTAL COSTS AND EXPENSES 15,576 40% 24,899 32%
_______ _______ _______ _______
INCOME BEFORE PROVISION FOR TAXES 2,353 144% 4,473 152%
PROVISION FOR INCOME TAXES 891 127% 1,771 140%
_______ _______ _______ _______
INCOME BEFORE EQUITY IN EARNINGS
OF UNCONSOLIDATED INVESTEES 1,462 157% 2,702 162%
EARNINGS OF UNCONSOLIDATED INVESTEES (28) -28% 88 720%
_______ _______ _______ _______
NET INCOME $ 1,434 139% $ 2,790 166%
======= ======= ======= =======
</TABLE>
<PAGE>
<PAGE> 10
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
THE RAYMOND CORPORATION AND SUBSIDIARIES
Three Months and Six Months ended June 30, 1994 compared
--------------------------------------------------------
to Three Months and Six Months ended June 30, 1993.
---------------------------------------------------
Revenues
Total revenues for the three months ended June 30, 1994
increased by approximately $18.0 million, or 44% to $58.6 million
from $40.6 million for the three months ended June 30, 1993.
Total revenues were $109.8 million for the first six months
of 1994, up $29.4 million or 37% from the $80.4 million
reported for the first six 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 marketshare attained through continued customer
acceptance of the Company's innovative products and ongoing sales
efforts through D.A.R.T. (the Dealer Alliance for Recruiting and
Training), the Company's program to improve and expand the
sales force at the Dealership level. Expanded sales through
Material Handling Associates, Inc., our 50% owned joint venture
company with Mitsubishi Caterpillar Forklift America, Inc., and O.E.M.
agreements have contributed to the growth in revenues. Additionally,
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.
Cost of Sales
For the second quarter of 1994, cost of sales as a
percentage of net sales was 77.7% as compared to 78.7% for the second
quarter of 1993.
Cost of sales as a percentage of net sales improved to
77.4% in the first six months of 1994 from 78.5% in the comparable
1993 period.
The decrease in cost of sales as a percentage of net sales
in the first six 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 improvements in the cost
of sales percentage for the first six months of 1994.
<PAGE>
<PAGE> 11
Selling, General and Administrative Expenses
Selling, general and administrative expenses during the
quarter ended June 30, 1994 increased by approximately $.7 million
to $7.1 million from $6.4 million in the quarter ended June 30,
1993. These expenses represented 12% of total revenues in the
1994 period as compared with 16% in the 1993 period.
Selling, general and administrative expenses during the
first six months of 1994 increased by approximately $1.2 million to
$14.1 million from $12.9 million in the first six months of 1993.
These expenses represented 13% of total revenues in the 1994
period as compared with 16% in the 1993 period.
These dollar level increases resulted primarily from higher
research and development costs associated with Raymond's continued
product development and increased compensation and 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 June 30, 1994 as compared with
approximately $0.8 million in the comparable quarter in 1993.
Lease financing interest expense was $1.2 million in the
first six months of 1994 as compared with the $1.6 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 $0.5 million to $1.0 million in
the quarter ended June 30, 1994 as compared to the same quarter
in 1993. Other interest expense increased by approximately
$1.2 million to $2.0 million in the first six months of 1994
from the $0.8 million reported in the first six 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>
<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 $0.9 million to $2.0 million in
the quarter ended June 30, 1994 from $1.1 million for the same
period in 1993.
Other expenses of approximately $3.6 million in the first
six months of 1994 increased by approximately $1.5 million from
the $2.1 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 second quarter and
first six 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 June 30, 1994 and June 30,
1993. Earnings of unconsolidated investees were $0.1 million for
the six month period ending June 30, 1994 compared to a break
even level for the six month period ended June 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 second quarter and first six
months of 1994 were the best of any quarter and six months in the
Company's history, a record setting $56.2 million and $109.7
million, respectively. This compares with orders of $45.2 million
and $87.1 million for the same periods in 1993.
The backlog (unfilled new equipment orders) was a record
$57.9 million at June 30, 1994, up 33% from the $43.5 million
backlog reported for the same period last year and up $5.6 million
from the backlog reported on December 31, 1993.
<PAGE>
<PAGE> 13
Liquidity and Sources of Capital
At June 30, 1994, the Company's manufacturing working
capital was $58.3 million and its ratio of manufacturing current
assets to manufacturing current liabilities was 3.4 to 1.0.
At June 30, 1994, the Company and Raymond Leasing Corporation, a
wholly-owned leasing subsidiary, had cash and cash equivalents of
$14.0 million and unused lines of credit aggregating $24.6 million,
of which $10.9 million was available solely to Raymond Leasing
Corporation.
For the six months ended June 30, 1994, $4.2 million was
used to fund operating activities compared to the $1.0 million used
to fund operating activities for the comparable 1993 period.
The increase 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 decreased $0.2
million for the first six months of 1994 compared to the first six
months of 1993. The decrease reflects a decline in property, plant
and equipment expenditures in 1994 which was partially offset
by increases in investments in and financing provided to
Dealerships to enable them to invest in the salespeople and other
resources necessary to increase their market share and profitability.
Net cash used for financing activities of $6.3 million for the
first six months of 1994 reflects the accelerated repayment of
higher interest rate financial services debt from the proceeds of
the convertible debentures.
At June 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.
1993 earnings per share and weighted average shares outstanding have
been restated to reflect the 5% stock dividend.
Other Matters
As planned, both of the Company's manufacturing plants will
have a two week shutdown during the upcoming quarter. This will
permit efficient scheduled maintenance of machinery, a time window for
the rearrangement of work cells to further improve production flow
and predictable scheduling of employee vacations. This planned
shutdown will reduce third quarter shipments.
<PAGE>
<PAGE> 14
THE RAYMOND CORPORATION
EXHIBIT 11
Computation of Earnings per Share
(In thousands except per share data)
<TABLE>
<CAPTION>
3 Month period ended 6 Month period ended
June 30, June 30,
1994 1993 1994 1993
PRIMARY ____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Average shares outstanding 6,330 6,325(1) 6,330 6,320(1)
Net effect of dilutive stock options -
based on the treasury method
using average market price 69 58 63 53
___________ ___________ ___________ ___________
Total 6,399 6,383 6,393 6,373
=========== =========== =========== ===========
Net income $2,464 $1,030 $4,468 $1,678
=========== =========== =========== ===========
Per share amount $0.39 $0.16(1) $0.70 $0.26(1)
====== ====== ====== ======
(2) (2)
FULLY DILUTED
Average shares outstanding 6,330 6,325(1) 6,330 6,320(1)
Net effect of dilutive stock options -
based on the treasury method using
the period end market price, if higher
than average market price 75 66 65 63
Assumed conversion of 6.50% convertible
subordinated debentures 3,246 N/A 3,246 N/A
___________ ___________ ___________ ___________
Total 9,651 6,391 9,641 6,383
=========== =========== =========== ===========
Net income $2,464 $1,030 $4,468 $1,678
Add 6.50% convertible subordinated
debentures interest, net of federal
income tax effect 617 N/A 1,233 N/A
___________ ___________ ___________ ___________
Total $3,081 $1,030 $5,701 $1,678
=========== =========== =========== ===========
Per share amount $0.32 $0.16 $0.59 $0.26
====== ====== ====== ======
</TABLE>
(1) Adjusted for the 1994 five percent stock dividend.
(2) Per share amounts reported in the year to date consolidated financial
statements of $0.71 in 1994 and $0.27 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>
<PAGE> 15
Part II - Other Information
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
____________________________________________________________
A) An Annual Meeting of Shareholders of the Raymond Corporation was held
on Saturday, April 30, 1994.
C) In the case of each individual nominee named below, authority to vote
was withheld with respect to the number of shares shown opposite
their name in Column 1, and each nominee received the number of
votes set opposite their name in Column 2 for election as director
of the Corporation.
Column 1 Column 2
Name of Nominee Authority Withheld Number of Votes for
- - --------------- ------------------ -------------------
James F. Matthews 21,451 5,690,421
John E. Mott 18,615 5,693,257
Arthur M. Richardson 21,026 5,690,846
The resolution to approve the appointment of Ernst & Young as
auditors for the year 1994 was approved by the following vote:
FOR - 5,696,871
AGAINST - 7,218
ABSTAIN - 7,784
<PAGE>
<PAGE> 16
Part II - Other Information (continued)
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
June 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: August 11, 1994 by: /s/ William B. Lynn
----------------- ------------------------------
William B. Lynn
Executive Vice President
(Principal Financial Officer)
<PAGE>
