<PAGE>
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 Act of 1934
(Fee required)
For the fiscal year ended December 31, 1996
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 33-63806
-------------------------------------------------------
The Raymond Corporation Savings Plan
- ------------------------------------------------------------------------------
(Full title of the plan)
The Raymond Corporation
- ------------------------------------------------------------------------------
(Name of issuer of the securities held pursuant to the plan)
S. Canal Street, Greene, New York 13778
- ------------------------------------------------------------------------------
(Address of principal executive office)
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Page 2
REQUIRED INFORMATION
The Raymond Corporation Savings Plan is subject to the Employee Retirement
Income Security Act of 1974 ("ERISA"). Therefore, in lieu of the requirements of
Items 1-3 of Form 11-K, the financial statements and schedules of the Plan for
the two fiscal years ended December 31, 1996 and 1995, which have been prepared
in accordance with the financial reporting requirements of ERISA, are attached
hereto as Appendix 1 and incorporated herein by this reference.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees have duly caused this annual report to be signed on its
behalf by the undersigned hereunto duly authorized.
The Raymond Corporation Savings Plan
------------------------------------
(Name of Plan)
Date June 27, 1997 /s/ William B. Lynn
------------------------------------
William B. Lynn
Trustee
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Page 3
APPENDIX 1
The Raymond Corporation Savings Plan
FINANCIAL STATEMENTS AS OF AND
FOR THE YEARS ENDED DECEMBER 31, 1996 AND 1995,
SUPPLEMENTAL SCHEDULES AS OF AND FOR THE YEAR ENDED
DECEMBER 31, 1996, AND INDEPENDENT AUDITORS' REPORT
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Page 4
The Raymond Corporation Savings Plan
Index
December 31, 1996
Page
----
I Required Information:
Report of Independent Auditors .................................. 5
Statement of Net Assets Available for Benefits, With Fund
Information - 1996 ............................................. 6
Statement of Net Assets Available for Benefits, With Fund
Information - 1995 ............................................. 7
Statement of Changes in Net Assets Available for Benefits, With
Fund Information - 1996 ........................................ 8
Statement of Changes in Net Assets Available for Benefits, With
Fund Information - 1995 ........................................ 9
Notes to Financial Statements ................................... 10
Schedules
Schedule of Assets Held for Investment Purposes as of
December 31, 1996 .............................................. 16
Schedule of Reportable Transactions ............................. 17
II Exhibit A - Consent of Independent Auditors ..................... 18
<PAGE>
Page 5
Report of Independent Auditors
Trustees of The Raymond
Corporation Savings Plan
We have audited the accompanying statements of net assets available for benefits
of The Raymond Corporation Savings Plan as of December 31, 1996 and 1995, and
the related statements of changes in net assets available for benefits for the
years then ended. These financial statements are the responsibility of the
Plan's Trustees. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide 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 benefits of the Plan at
December 31, 1996 and 1995, and the changes in its net assets available for
benefits for the years then ended, in conformity with generally accepted
accounting principles.
Our audits were performed for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental schedules of assets
held for investment purposes as of December 31, 1996, and reportable
transactions for the year then ended, are presented for purposes of complying
with the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974, and are
not a required part of the financial statements. The Fund Information in the
statement of net assets available for benefits and the statement of changes in
net assets available for benefits is presented for purposes of additional
analysis rather than to present the net assets available for benefits and
changes in net assets available for benefits of each fund. The supplemental
schedules and Fund Information have been subjected to the auditing procedures
applied in our audits of the financial statements and, in our opinion, are
fairly stated in all material respects in relation to the financial statements
taken as a whole.
Syracuse, New York /s/ Ernst & Young LLP
June 11, 1997,
except for Note 8, as to which
the date is June 16, 1997
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Page 6
The Raymond Corporation Savings Plan
Statement of Net Assets Available for Benefits, With Fund Information
December 31, 1996
<TABLE>
<CAPTION>
Fund Information
----------------------------------------------------------------------------------------------
Merrill Lynch Trust Company
----------------------------------------------------------------------------------------------
Corporate Basic International Retirement
Bond Value Capital Equity Raymond Reserves Loan
Fund Fund Fund Fund Stock Fund Money Fund Fund Total
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Assets
Investments, at fair value $1,250,220 $3,649,195 $3,154,801 $1,260,164 $1,934,990 $ 535,309 $11,784,679
Participant loans receivable $ 478,591 478,591
----------------------------------------------------------------------------------------------
Total investments 1,250,220 3,649,195 3,154,801 1,260,164 1,934,990 535,309 478,591 12,263,270
Receivables:
Employee contributions 6,247 15,614 15,530 7,632 6,582 3,042 54,647
----------------------------------------------------------------------------------------------
Total receivables 6,247 15,614 15,530 7,632 6,582 3,042 - 54,647
Cash 348 1,002 3,818 1,212 1,319 153 7,852
----------------------------------------------------------------------------------------------
Total assets 1,256,815 3,665,811 3,174,149 1,269,008 1,942,891 538,504 478,591 12,325,769
----------------------------------------------------------------------------------------------
Net assets available for benefits $1,256,815 $3,665,811 $3,174,149 $1,269,008 $1,942,891 $ 538,504 $ 478,591 $12,325,769
==============================================================================================
</TABLE>
See notes to financial statements.
<PAGE>
Page7
The Raymond Corporation Savings Plan
Statement of Net Assets Available for Benefits, With Fund Information
December 31, 1995
<TABLE>
<CAPTION>
Fund Information
-------------------------------------------------------------------------------------------------
Merrill Lynch Trust Company
-------------------------------------------------------------------------------------------------
Corporate Basic International Retirement
Bond Value Capital Equity Raymond Reserves Loan
Fund Fund Fund Fund Stock Fund Money Fund Fund Total
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Assets
Investments, at fair value $1,162,708 $2,657,173 $2,327,348 $1,011,423 $2,109,411 $481,770 $ 9,749,833
Participant loans receivable $490,692 490,692
-------------------------------------------------------------------------------------------------
Total investments 1,162,708 2,657,173 2,327,348 1,011,423 2,109,411 481,770 490,692 10,240,525
Receivables:
Employee contributions 1,377 3,127 3,047 1,528 2,870 682 12,631
Interest and dividends 2,126 2,126
-------------------------------------------------------------------------------------------------
Total receivables 1,377 3,127 3,047 1,528 2,870 2,808 - 14,757
Cash 18,180 42,653 39,881 19,201 15,137 135,052
-------------------------------------------------------------------------------------------------
Total assets 1,182,265 2,702,953 2,370,276 1,032,152 2,127,418 484,578 490,692 10,390,334
-------------------------------------------------------------------------------------------------
Net assets available for benefits $1,182,265 $2,702,953 $2,370,276 $1,032,152 $2,127,418 $484,578 $490,692 $10,390,334
=================================================================================================
</TABLE>
See notes to financial statements.
<PAGE>
Page 8
The Raymond Corporation Savings Plan
Statement of Changes in Net Assets Available for Benefits, With Fund Information
Year ended December 31, 1996
<TABLE>
<CAPTION>
Fund Information
------------------------------------------------------------------------------------------------
Merrill Lynch Trust Company
------------------------------------------------------------------------------------------------
Retirement
Corporate Basic Capital International Raymond Reserves
Bond Fund Value Fund Fund Equity Fund Stock Fund Money Fund Loan Fund Total
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ (37,411) $ 270,753 $ 63,042 $ 11,744 $ (415,263) $ (107,135)
Interest and dividends 74,623 232,986 281,907 57,876 7,497 $ 23,739 $ 29,225 707,853
------------------------------------------------------------------------------------------------
37,212 503,739 344,949 69,620 (407,766) 23,739 29,225 600,718
Employee contributions 224,302 610,449 549,923 267,533 224,927 128,305 2,005,439
------------------------------------------------------------------------------------------------
Total additions (subtractions) 261,514 1,114,188 894,872 337,153 (182,839) 152,044 29,225 2,606,157
Deductions from net assets
attributed to:
Benefits paid to participants 104,670 244,312 123,473 89,333 50,307 58,627 670,722
------------------------------------------------------------------------------------------------
Net increase (decrease) prior to
transfers 156,844 869,876 771,399 247,820 (233,146) 93,417 29,225 1,935,435
Interfund transfers, net (82,294) 92,982 32,474 (10,964) 48,619 (39,491) (41,326) -
------------------------------------------------------------------------------------------------
Net increase (decrease) 74,550 962,858 803,873 236,856 (184,527) 53,926 (12,101) 1,935,435
Net assets available for benefits:
Beginning of year 1,182,265 2,702,953 2,370,276 1,032,152 2,127,418 484,578 490,692 10,390,334
------------------------------------------------------------------------------------------------
End of year $1,256,815 $3,665,811 $3,174,149 $1,269,008 $1,942,891 $538,504 $478,591 $12,325,769
================================================================================================
</TABLE>
See notes to financial statements.
<PAGE>
Page 9
The Raymond Corporation Savings Plan
Statement of Changes in Net Assets Available for Benefits, With Fund Information
Year ended December 31, 1995
<TABLE>
<CAPTION>
Fund Information
---------------------------------------------------------------------------------------------
PaineWebber Merrill Lynch Trust Company
--------------------------------------------- ---------------------------------------------
Money
Equity Market Conversion Corporate Basic
Bond Fund Fund Fund Fund Bond Fund Value Fund
--------------------------------------------- ----------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Additions to net assets attributed
to:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ 152,970 $ 541,842 $ 28,192 $ 71,658
Interest and dividends 59,361 28,694 $ 25,924 $ 67,657 19,101 67,783
--------------------------------------------- ----------------------------------------------
212,331 570,536 25,924 67,657 47,293 139,441
Employee contributions 167,299 301,848 144,654 55,415 120,548 305,613
Other additions 70,889
--------------------------------------------- ----------------------------------------------
Total additions 379,630 872,384 170,578 193,961 167,841 445,054
Deductions from net assets
attributed to:
Benefits paid to participants 165,585 159,649 129,622 - 10,007 53,083
--------------------------------------------- ----------------------------------------------
Net increase (decrease) prior to
transfers 214,045 712,735 40,956 193,961 157,834 391,971
Transfer (from) PaineWebber to
Merrill Lynch (2,387,612) (3,597,271) (949,460) 6,934,343
Interfund transfers, net (5,708) (121,735) 39,097 (7,128,304) 1,024,431 2,310,982
--------------------------------------------- ----------------------------------------------
Net increase (decrease) (2,179,275) (3,006,271) (869,407) - 1,182,265 2,702,953
Net assets available for benefits:
Beginning of year 2,179,275 3,006,271 869,407 - - -
--------------------------------------------- ----------------------------------------------
End of year $ - $ - $ - $ - $ 1,182,265 $ 2,702,953
============================================= ==============================================
</TABLE>
<PAGE>
[RESTUBBED FROM TABLE ABOVE]
<TABLE>
<CAPTION>
Fund Information
---------------------------------------------------------------------------------------------
Merrill Lynch Trust Company
---------------------------------------------------------------------------------------------
Retirement
Capital International Raymond Reserves
Fund Equity Fund Stock Fund Money Fund Loan Fund Total
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Additions to net assets attributed
to:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ (33,973) $ 14,527 $ 310,141 $ 1,085,357
Interest and dividends 181,972 1,433 956 $ 10,529 $ 26,008 489,418
---------------------------------------------------------------------------------------------
147,999 15,960 311,097 10,529 26,008 1,574,775
Employee contributions 292,278 128,924 275,964 60,468 1,853,011
Other additions 70,889
---------------------------------------------------------------------------------------------
Total additions 440,277 144,884 587,061 70,997 26,008 3,498,675
Deductions from net assets
attributed to:
Benefits paid to participants 13,420 11,566 81,736 181,834 - 806,502
---------------------------------------------------------------------------------------------
Net increase (decrease) prior to
transfers 426,857 133,318 505,325 (110,837) 26,008 2,692,173
Transfer (from) PaineWebber to
Merrill Lynch -
Interfund transfers, net 1,943,419 898,834 347,329 595,415 96,240 -
---------------------------------------------------------------------------------------------
Net increase (decrease) 2,370,276 1,032,152 852,654 484,578 122,248 2,692,173
Net assets available for benefits:
Beginning of year - - 1,274,764 - 368,444 7,698,161
---------------------------------------------------------------------------------------------
End of year $ 2,370,276 $ 1,032,152 $ 2,127,418 $ 484,578 $ 490,692 $ 10,390,334
=============================================================================================
</TABLE>
See notes to financial statements.
<PAGE>
Page 10
The Raymond Corporation Savings Plan
Notes to Financial Statements
December 31, 1996 and 1995
1. Significant Accounting Policies
The accounting records of The Raymond Corporation Savings Plan (the "Plan") are
maintained on the accrual basis.
Investments are stated at fair value. Securities which are traded on a national
securities exchange are valued at the last reported sales price on the last
business day of the year; securities traded in the over-the-counter market and
listed securities, for which no sale was reported on that date, are valued at
the average of the last reported bid and ask prices.
Participant loans are stated at their unpaid balances which approximate fair
value in the aggregate.
The net appreciation (depreciation) in the fair value of investments, which
consists of the realized gains or losses and the unrealized appreciation
(depreciation) on those investments, is presented in the statement of changes in
net assets.
Purchases and sales of securities are reflected on a trade-date basis. Gains or
losses on sale of securities are based on the specific cost of investments sold.
Dividend income is recorded on the ex-dividend date. Income from other
investments is recorded as earned on an accrual basis.
Benefit payments are recorded when paid.
2. Description of the Plan
General
The Plan is a defined contribution 401(k) salary reduction plan. Substantially
all employees of The Raymond Corporation (the "Company") are eligible to
participate in the Plan. Employees become eligible subsequent to completion of
one year of service and their twenty-first birthday. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
<PAGE>
Page 11
The Raymond Corporation Savings Plan
Notes to Financial Statements (Continued)
2. Description of the Plan (Continued)
affect the amounts reported in the financial statements and accompanying notes.
Actual results could differ from those estimates.
Contributions
The Plan is funded entirely by employee contributions, which immediately become
100% vested. Participants elect to make pre-tax contributions between 1% and 15%
of their compensation (between 1% and 20% through June 30, 1995) to the Plan
through direct payroll withholdings subject to a maximum contribution of
$9,500 for 1996 and $9,240 for 1995. The employee contribution can be changed
quarterly. Individual participant accounts are credited for the respective
gains or losses of the funds selected.
The Plan accepts rollover contributions or transfers from other qualified plans.
Investment Options
Since July 1, 1995, investments are held by Merrill Lynch Trust Company (the
trustee). Upon enrollment in the Plan, participants have a choice of allocating
their contributions in 1% increments to six funds. Investment elections can be
changed daily through Interactive Voice Response. A brief description of these
investment options follows:
Raymond Stock Fund
The Raymond Stock Fund invests in common stock of The Raymond Corporation.
During 1996, the stock's market price ranged from a high of $22.62 to a low
of $16.00. At December 31, 1996 and June 11, 1997 the market price was
$17.375 and $34.00, respectively.
Corporate Bond Fund
The Corporate Bond Fund invests primarily in corporate fixed-income
securities, such as corporate bonds and notes, convertible securities and
preferred stocks.
Basic Value Fund
The Basic Value Fund seeks capital appreciation and income by investing in
securities, primarily equities, that management of the fund believes are
undervalued compared to their historical valuation.
<PAGE>
Page 12
The Raymond Corporation Savings Plan
Notes to Financial Statements (Continued)
2. Description of the Plan (Continued)
Capital Fund
The Capital Fund seeks to achieve the highest total investment return
consistent with prudent risk utilizing equity, debt, and convertible
securities.
International Equity Fund
The International Equity Fund seeks capital appreciation and income by
investing in equity securities of issuers located in countries other than
the United States.
Retirement Reserves Money Fund
The Retirement Reserves Money Fund seeks current income, the preservation of
capital and liquidity, available from investing in a diversified portfolio
of short-term money market securities.
Participant Loans Receivable
Participants may borrow from their fund accounts a minimum of $1,000 up to a
maximum equal to the lesser of $50,000 or 50% of their account balance. Loan
terms range from 1-5 years or up to 25 years for the purchase of a primary
residence. The loans are secured by the balance in the participant's account and
bear interest at a rate commensurate with local prevailing rates as determined
yearly by the Administrative Committee. Interest rates range from 6% to 9%.
Principal and interest is paid ratably through payroll deductions.
PaineWebber Bond Fund
The PaineWebber Bond Fund invested mainly in fixed-income obligations,
including government and private bonds, debentures, notes and certificates
of deposit.
<PAGE>
Page 13
The Raymond Corporation Savings Plan
Notes to Financial Statements (Continued)
2. Description of the Plan (Continued)
PaineWebber Equity Fund
The PaineWebber Equity Fund invested primarily in capital stock of
businesses other than the Company, bonds or other securities convertible
into capital stock and shares of mutual funds.
PaineWebber Money Market Fund
PaineWebber Money Market Fund invested in short-term government obligations,
bank certificates of deposit, commercial paper, banker's acceptances and
shares of money market mutual funds.
For 1995, the conversion fund represented a temporary investment conduit
account which was utilized for the transfer of assets from PaineWebber to
Merrill Lynch.
Payment of Benefits
Participants may borrow up to 50% of their accounts within certain specific
limitations. Hardship withdrawals of up to 100% of employee contributions are
available if Internal Revenue Service guidelines are met. Distributions, without
penalty, may be made upon the attainment of age 59-1/2. Distributions resulting
from retirement, death, or termination are made in the form of lump sum payments
representing the entire amount of the participant's account at the valuation
date.
Other
Detailed information about the plan agreement, the vesting and benefit
provisions, and the allocation and investment provisions is provided in the
Summary Plan Description which is available from the Trustees of the Plan.
3. Differences Between Financial Statements and Form 5500
A liability for amounts allocated to persons that have withdrawn from the Plan
but not paid at year end does not require accrual in Plan financial statements
but is required to be reported as a liability in the Plan's Form 5500 (Annual
Return/Report of Employee Benefit Plans). Accordingly, benefits payable, which
amount to $2,260 and $4,793 at December 31, 1996 and 1995, respectively, are
reconciling items between the Plan financial statements and Form 5500.
<PAGE>
Page 14
The Raymond Corporation Savings Plan
Notes to Financial Statements (Continued)
4. Investments
The fair value of individual investments that represent 5% or more of the Plan's
net assets as of December 31, 1996 and 1995 is as follows:
<TABLE>
<CAPTION>
1996 1995
-----------------------------------
<S> <C> <C>
Common Stock:
The Raymond Corporation $ 1,934,990 $ 1,901,991
Mutual Funds:
Merrill Lynch Trust Company Basic Value Fund 3,649,195 2,657,173
Merrill Lynch Trust Company Capital Fund 3,154,801 2,327,348
Merrill Lynch Trust Company Corporate Bond Fund 1,250,220 1,162,708
Merrill Lynch Trust Company International Equity Fund 1,260,164 1,011,423
</TABLE>
5. Income Tax Status
The Internal Revenue Service has determined and informed the Company by a letter
dated April 22, 1996 that the Plan is designed in accordance with applicable
sections of the Internal Revenue Code (IRC). The plan administrator (The Raymond
Corporation) believes that the Plan is designed and is currently being operated
in compliance with the applicable requirements of the IRC and, therefore, the
Plan is not subject to tax under present income tax law.
6. Plan Termination
Although it has not expressed any intent to do so, the Company has the right
under the Plan, at any time, to terminate the Plan subject to the provisions of
ERISA. In the event of plan termination, each participant would continue to be
fully vested in the value of his or her account. At termination, the net assets
of the Plan would be distributed to each participant based upon his or her
account balance as of the distribution date.
7. Transactions With Parties-in-Interest
The Raymond Corporation pays all legal, accounting and other administrative fees
of the Plan. Each participant pays their allocated portion of investment
transaction fees. The Plan has had no other agreements or transactions with
parties-in-interest.
<PAGE>
Page 15
The Raymond Corporation Savings Plan
Notes to Financial Statements (Continued)
8. Subsequent Event
On June 16, 1997, The Raymond Corporation (the "Company") and BT Industries AB
("BT") announced that they have entered into a definitive merger agreement,
pursuant to which BT will acquire all of the outstanding capital stock of the
Company for $33.00 per share in cash. The agreement, which was unanimously
approved by the Board of Directors of the Company, provides for a tender offer
for the Company's outstanding shares to be launched by Lift Acquisition Company,
Inc., a wholly owned subsidiary of BT. The merger is contingent upon certain
conditions as defined in the definitive merger agreement, including approval by
the Company's shareholders and certain U.S. regulatory authorities.
<PAGE>
Page 16
The Raymond Corporation Savings Plan
Schedule of Assets Held for Investment Purposes as of December 31, 1996
<TABLE>
<CAPTION>
Identity of Issue, Borrower, Description of Current
Lessor, or Similar Party Investment Cost Value
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Raymond Stock Fund 111,366 shares $ 1,796,204 $ 1,934,990
=================================
Merrill Lynch Mutual Funds
Merrill Lynch Trust Company Basic Value Fund 117,868 shares $ 3,310,224 $ 3,649,195
Merrill Lynch Trust Company Capital Fund 101,702 shares 3,125,187 3,154,801
Merrill Lynch Trust Company Corporate Bond
Fund 109,765 shares 1,260,809 1,250,220
Merrill Lynch Trust Company International Equity
Fund 111,028 shares 1,230,174 1,260,164
---------------------------------
Total Mutual Funds $ 8,926,394 $ 9,314,380
=================================
Merrill Lynch Money Fund
Merrill Lynch Trust Company Retirement Reserves 535,309 shares $ 535,309 $ 535,309
=================================
Loan Fund
Participant loans 6.00% to 9.00% $ - $ 478,591
=================================
Total investments $ 11,257,907 $ 12,263,270
=================================
</TABLE>
<PAGE>
Page 17
The Raymond Corporation Savings Plan
Schedule of Reportable Transactions
Year ended December 31, 1996
<TABLE>
<CAPTION>
Current
Number of Number Cost or Value or Net Gain
Description Purchases of Sales Proceeds Cost (Loss)
- -----------------------------------------------------------------------------------------------------------------------
Category (i) - A Single Transaction in Excess of 5% of Plan Assets
Not applicable.
Category (iii) - A Series of Transactions in Excess of 5% of Plan Assets
<S> <C> <C> <C>
CMA Government Securities Fund 59 $ 1,642,277 $ 1,642,277
67 1,642,277 1,642,277
Merrill Lynch International Equity Fund 91 416,920 416,920
71 188,225 182,186 $ 6,039
Merrill Lynch Basic Value Fund 127 1,073,466 1,073,466
74 364,626 348,732 15,894
Merrill Lynch Capital Fund 108 1,128,420 1,128,420
78 362,599 362,634 (35)
Merrill Lynch Corporate Bond Fund 89 349,369 349,369
59 225,300 226,093 (793)
Raymond Stock Fund 107 678,048 678,048
89 224,986 185,361 39,625
</TABLE>
<PAGE>
Page 18
II. Exhibit A
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration Statement (Form
S-8 No. 33-63806) pertaining to The Raymond Corporation Savings Plan of our
report dated June 11, 1997 (except Note 8, as to which the date is June 16,
1997), with respect to the financial statements and schedules of The Raymond
Corporation Savings Plan included in this Annual Report (Form 11-K) for the
year ended December 31, 1996.
/S/ Ernst & Young LLP
Syracuse, New York
June 26, 1997
