<PAGE>
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
FORM 11-K
(Mark One)
[ x ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1993
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 1-10028
____________________________________________
THE KETEMA SAVINGS AND INVESTMENT PLAN
(Full title of the plan)
KETEMA, INC.
(Name of issuer)
501 S. Cherry Street, Suite 600
Denver, Colorado 80222
(Address of principal executive offices) (Zip Code)
<PAGE>
The Ketema Savings and
Investment Plan
Report and Financial Statements
- - - - - ------------------------------------------------------------------------------
TABLE OF CONTENTS
-----------------
<TABLE>
<CAPTION>
Page
----
<S> <C>
Financial Statements:
Report of Independent Auditors............................. 1
Statement of Net Assets Available for Plan Benefits
at December 31, 1993 and 1992............................. 2
Statement of Changes in Net Assets Available for Plan
Benefits for the years ended December 31, 1993, 1992,
and 1991................................................... 3
Notes to Financial Statements............................... 4-12
Supplementary Schedules:*
Schedule of Assets Held for Investment
as of December 31, 1993................................... Schedule I
Schedule of Reportable Transactions for the
Year Ended December 31, 1993..............................Schedule II
</TABLE>
* Other schedules required by Section 2520.103-10 of the
Department of Labor Rules and Regulations for Reporting
and Disclosure under ERISA have been omitted because
they are not applicable.
<PAGE>
Report of Independent Auditors
The Administrative Committee
The Ketema Savings and Investment Plan
We have audited the accompanying statements of net assets available for plan
benefits of the Ketema Savings and Investment Plan as of December 31, 1993 and
1992, and the related statements of changes in net assets available for plan
benefits for each of the three years in the period ended December 31, 1993.
These financial statements are the responsibility of the Plan's management. 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 plan benefits of the Ketema
Savings and Investment Plan at December 31, 1993 and 1992, and the changes in
net assets available for plan benefits for each of the three years in the period
ended December 31, 1993, in conformity with generally accepted accounting
principles.
As discussed in Note 6 to the financial statements, in 1992 the Plan changed its
method of accounting for amounts payable to withdrawing participants to comply
with recently issued guidance for accounting and disclosure by employee benefit
plans.
Our audits were made 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, 1993, 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 supplemental schedules
have been subjected to the auditing procedures applied in our audit of the 1993
financial statements and, in our opinion, are fairly stated in all material
respects in relation to the 1993 financial statements taken as a whole.
/s/ Ernst & Young
ERNST & YOUNG
Denver, Colorado
June 22, 1994
<PAGE>
The Ketema Savings and
Investment Plan
Statement of Net Assets Available for Plan Benefits Page 2
- - - - - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
December 31,
------------------------
1993 1992
----------- -----------
ASSETS
- - - - - ------
<S> <C> <C>
Investments, at fair value:
Guaranteed investment contracts $11,610,938 $11,684,904
Windsor fund (cost $3,667,233 and $3,728,038) 3,912,072 3,702,612
Wellington fund (cost $353,913) 351,864 --
Cash value of life insurance 251,100 286,944
Ametek Inc. common stock (cost $77,539 and $134,116) 73,529 169,585
Ketema Inc. common stock (cost $28,525 and $14,360) 27,247 10,912
Short-term investment fund 85,970 29,418
----------- -----------
Total investments 16,312,720 15,884,375
Contributions receivable from participants 186,444 767
Employee loans receivable 1,089,872 1,082,005
Employer contribution receivable 242,497 --
----------- -----------
17,831,533 16,967,147
----------- -----------
LIABILITIES
- - - - - -----------
Due to employer 20,732 63,723
Liability for insurance contribution 2,893 767
----------- -----------
Total liabilities 23,625 64,490
Net assets available for plan benefits $17,807,908 $16,902,657
=========== ===========
</TABLE>
See accompanying notes to financial statements
<PAGE>
The Ketema Savings and
Investment Plan
Statement of Changes in Net Assets Available for Plan Benefits Page 3
- - - - - ---------------------------------------------------------------------------
<TABLE>
<CAPTION>
December 31,
-------------------------------------
1993 1992 1991
----------- ----------- -----------
<S> <C> <C> <C>
Net assets were provided by:
Participant contributions $ 2,172,940 $ 2,281,172 $ 2,261,195
Employer contributions 238,581 255,581 278,194
Interest and dividends 1,281,205 1,294,494 1,377,034
Net realized and unrealized gain on
investments 391,357 349,877 446,792
----------- ----------- -----------
4,084,083 4,181,124 4,363,215
----------- ----------- -----------
Net assets were used for:
Withdrawals and terminations 3,139,584 3,394,166 1,443,057
Insurance premiums 39,248 45,367 59,106
----------- ----------- -----------
3,178,832 3,439,533 1,502,163
----------- ----------- -----------
Net increase in net assets 905,251 741,591 2,861,052
Net assets available for plan benefits:
Beginning of year 16,902,657 16,161,066 13,300,014
----------- ----------- -----------
End of year $17,807,908 $16,902,657 $16,161,066
=========== =========== ===========
</TABLE>
See accompanying notes to financial statements
<PAGE>
The Ketema Savings and
Investment Plan
Notes to Financial Statements Page 4
- - - - - ---------------------------------------------------------------------------
1. Description of the Plan
The following description of the Ketema Savings and Investment Plan (the
"Plan") is provided for general information purposes only. Participants
should refer to the Plan document for more complete information. During
1993 the Plan was amended to provide among other things, participants with
the option of investing in the Wellington Fund and the Ketema Stock Fund.
The Plan is a tax-deferred savings plan which provides eligible employees
of Ketema, Inc. (the "Company") an opportunity to invest a portion of
their compensation in one or a combination of investment options
(described in Note 3). Participants may contribute from a minimum of 1% of
compensation, as defined, to a maximum of 14% of compensation subject to
limitations under the Internal Revenue Code (the "Code"). Participants are
fully vested at all times in their contributions to the Plan.
The Company makes annual contributions on behalf of participating
employees equal to $50, if the employee is a contributing participant
during the last month of the year, plus 20% of contributions not to exceed
5% of gross compensation and limited to a maximum of $700. Three years of
service are required to be fully vested in Company contributions.
Forfeitures are utilized as a reduction of future Company contributions.
If a participant terminates employment with the Company, for any reason,
he or she may receive an immediate lump-sum distribution or may elect to
commence distribution at or after age 65, but no later than age 70-1/2.
When a participant attains age 59-1/2, or upon demonstrated financial
hardship while still an employee, he or she can elect to withdraw an
amount equal to the value of his/her non-forfeitable accounts. The Plan
allows participants to borrow funds from their accounts, subject to
certain limitations.
While the Company has not expressed any intent to terminate the Plan, it
is free to do so at any time. In the event of termination, each
participant will receive the value of his/her separate accounts.
Participants' collective accounts are represented by the Plan's net assets
available for plan benefits as shown in the accompanying financial
statements.
2. Summary of significant accounting policies
Basis of financial statements
-----------------------------
The accompanying financial statements have been prepared on the accrual
basis of accounting. Purchases and sales of investments are reflected on
trade dates. Gains and losses on sales of investments are based on the
average cost of the investments. Dividend income is recorded on the ex-
dividend date. Income from other investments is recorded as earned.
<PAGE>
The Ketema Savings and
Investment Plan
Notes to Financial Statements Page 5
- - - - - --------------------------------------------------------------------------------
2. Summary of significant accounting policies (continued):
Investment valuation:
---------------------
Investments in the Equity Fund, the Balanced fund, the Ametek and the
Ketema Common Stock Funds are stated at market value based upon closing
market quotes on the last business day of the Plan year. The Fixed Income
Fund and the short-term investment fund (the "Unallocated Fund") are stated
at cost plus accrued interest. The Life Insurance Contracts are carried at
the cash value of such policies at year-end.
3. Investment programs
Chemical Bank serves as Trustee for the Plan. Each Participant may elect to
have his account invested (up to certain specified limits) in one or a
combination of the following investment options:
The Fixed Income Fund:
---------------------
The assets of the Fixed Income Fund are presently invested in a trust which
holds guaranteed investment contracts ("GIC's"). Interest is credited to
the participants' accounts at the negotiated contract rates which range
from 5.11% to 9.31%. No direct commissions, fees or other charges are
assessed against the accounts invested in this Fund.
Contracts held at December 31, 1993 and 1992 are as follows:
<TABLE>
<CAPTION>
1993 1992
----------- -----------
<S> <C> <C>
Bankers Trust Company $ 1,122,443 $ 2,458,317
Metropolitan Life Insurance Company 2,524,812 3,320,896
Prudential Insurance Company 5,036,472 4,721,356
Connecticut Mutual Life Insurance Company "A" 537,123 1,184,335
Provident National Assurance Company 2,390,088 --
----------- -----------
$11,610,938 $11,684,904
=========== ===========
</TABLE>
The Equity Fund:
---------------
The assets of the Equity Fund are presently invested in shares of the
Vanguard Windsor Fund ("Windsor Fund") , an open-end mutual fund investing
primarily in common stocks. Shares in this fund are purchased at the net
asset value of the fund. No direct commissions, fees or other charges are
assessed against the account invested in this fund. There is no known
concentrations by activity, region or economic characteristic within this
investment account.
<PAGE>
The Ketema Savings and
Investment Plan
Notes to Financial Statements Page 6
- - - - - --------------------------------------------------------------------------------
3. Investment programs (continued):
The Balanced Fund:
------------------
The assets of the Balanced Fund are presently invested in shares of the
Vanguard Wellington Fund ("Wellington Fund"), an open-end mutual fund
investing 60%-70% of its assets in common stocks and the remainder in
corporate and government bonds. Shares in this Fund are purchased at the
net asset value of the Fund. No direct commissions, fees or other charges
are assessed against the account invested in this Fund. There is no known
concentrations by activity, region or economic characteristic within this
investment account.
Life Insurance Contracts:
------------------------
Insurance contributions are presently used to purchase life insurance
policies underwritten by First Colony Life Insurance Company of Lynchburg,
Virginia. Commissions paid on the policies are charged directly against
each participant's insurance account. In accordance with the Plan, a
participant may not make an initial investment election to this Fund. Only
participants with rollover accounts from Ametek, Inc. (The former owner of
certain businesses which were transferred to Ketema, Inc.) were permitted
in the Fund.
Ametek Common Stock Fund:
------------------------
The assets of the Ametek Common Stock Fund are invested in shares of
Ametek's common stock which were transferred to the Plan from The Ametek
Savings and Investment Plan on March 1, 1989. Cash dividends paid on the
common stock are reinvested in additional shares of common stock. Brokerage
commissions paid are charged against accounts invested in this Fund. In
accordance with the Plan, a participant may not make an initial investment
election to the Ametek fund. Only participants with rollover accounts from
Ametek, Inc. were permitted in this fund. No additional purchases of this
stock is permitted other than the initial rollover described above. Once
stock has been sold or transferred to another fund, there can be no
subsequent purchases or transfers into this fund.
Ketema, Inc. Common Stock Fund:
------------------------------
The assets of the Ketema Common Stock Fund are invested in shares of the
Company's common stock. Cash dividends paid on the common stock are
reinvested in additional shares of common stock. Brokerage commissions paid
are charged against accounts invested in this Fund.
Other Comments:
--------------
A participant may change his or her investment allocations at the beginning
of each calender quarter. In addition, the Plan, as amended, permits a
participant, at any time, to completely discontinue contributions on a
prospective basis.
<PAGE>
The Ketema Savings and
Investment Plan
Notes to Financial Statements Page 7
- - - - - --------------------------------------------------------------------------------
3. Investment programs (continued):
The Trustee invests, on a temporary basis, in money market investments, the
portion of employer and employee contributions awaiting allocation to the
investment options chosen by participants in the Unallocated Fund.
The approximate number of participants in each fund at December 31, 1993 and
1992 were as follows:
<TABLE>
<CAPTION>
1993 1992
---- ----
<S> <C> <C>
Fixed Income Fund 795 839
Windsor Fund 419 405
Wellington Fund 121 --
Life Insurance Contracts 120 99
Ametek Common Stock Fund 69 105
Ketema Common Stock Fund 127 116
</TABLE>
Fund participant totals include participants electing investment in more
than one fund.
4. Federal income tax status
The Internal Revenue Service ("IRS") informed the Administrator on February
2, 1994, that the Plan, as restated effective July 1, 1993, qualifies under
Section 401(a) of the Code and the Plan is therefore exempt from federal
income taxes. Subsequent amendments to the Plan have not been submitted to
the IRS for determination as to qualification; however, the administrator
believes the Plan, as amended, continues to be qualified under Section
401(a) of the Code and is exempt from federal income tax.
5. Expenses
The expenses of administering the Plan are payable from the trust funds
unless Ketema, Inc. elects to pay such expenses. For the years ended
December 31, 1993, 1992 and 1991, Ketema, Inc. elected to pay such expenses
directly.
<PAGE>
The Ketema Savings and
Investment Plan
Notes to Financial Statements Page 8
- - - - - -------------------------------------------------------------------------------
6. Change in accounting method
In 1992, the Plan changed its method of accounting for amounts due to
former employees to comply with recently issued guidance for accounting and
disclosure by employee benefit plans. The new method was applied
retroactively, and accordingly, the statement of changes in net assets
available for plan benefits for the year ended December 31, 1991 has been
restated. As a result of the change, net assets available for plan benefits
are increased $692,454, $293,911 and $226,403 at December 31, 1993, 1992
and 1991, respectively. The following represent amounts which would
previously have been reported as amounts owed to former employees.
<TABLE>
<CAPTION>
The increase by fund is as follows: December 31,
----------------------------
1993 1992 1991
-------- -------- --------
<S> <C> <C> <C>
Fixed Income Fund $395,701 $230,074 $181,704
Windsor Fund 239,052 59,712 31,524
Wellington Fund 54,110 -- --
Life Insurance Contracts -- -- --
Ametek Common Stock Fund 3,078 3,910 12,466
Ketema Common Stock Fund 513 215 709
-------- -------- --------
Total $692,454 $293,911 $226,403
======== ======== ========
</TABLE>
Amounts owed to former employees are reflected as liabilities in the Plan's
Form 5500.
7. Differences Between Financial Statements and Form 5500
The following is a reconciliation of net assets available for benefits per
the financial statements to the Form 5500:
<TABLE>
<CAPTION>
December 31,
-------------------------
1993 1992
----------- -----------
<S> <C> <C>
Net assets available for benefits
per the financial statements $17,807,908 $16,902,657
Amounts allocated to withdrawn
participants (692,454) (293,911)
----------- -----------
Net assets available for benefits per
the Form 5500 $17,115,454 $16,608,746
=========== ===========
</TABLE>
<PAGE>
The Ketema Savings and
Investment Plan
Notes to Financial Statements Page 9
- - - - - --------------------------------------------------------------------------------
7. Differences Between Financial Statements and Form 5500 (continued):
The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500:
<TABLE>
<CAPTION>
Year Ended
December 31,
1993
------------
<S> <C>
Benefits paid to participants per the
financial statements $3,139,584
Add: Amounts allocated to withdrawn
participants at December 31, 1993 692,454
----------
Benefits paid to participants per the
Form 5500 $3,832,038
==========
</TABLE>
Amounts allocated to withdrawn participants are recorded on the Form 5500 for
benefit claims that have been processed and approved for payment prior to
year-end but not yet paid.
8. Summary of Financial Data
The following are summaries of Plan financial data, along with other Plan
investment information maintained by the Plan Administrator:
<PAGE>
The Ketema Savings and
Investment Plan
Notes to Financial Statements Page 10
- - - - - --------------------------------------------------------------------------------
Statement of Net Assets Available for Plan Assets by Fund
At December 31, 1993:
<TABLE>
<CAPTION>
Ametek Ketema
Fixed Equity/ Balanced/ Life Common Common
Income Windsor Wellington Insurance Stock Stock
ASSETS Fund Fund Fund Contracts Fund Fund Unallocated Total
- - - - - ------ ----------- ---------- ---------- ---------- -------- -------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Investments, at fair value:
Guaranteed investment contracts $11,610,938 -- -- -- -- -- -- $11,610,938
Windsor fund -- $3,912,072 -- -- -- -- -- 3,912,072
Wellington fund -- -- $351,864 -- -- -- -- 351,864
Cash value of life insurance -- -- -- $251,100 -- -- -- 251,100
Ametek Inc. common stock -- -- -- -- $ 73,529 -- -- 73,529
Ketema, Inc. common stock -- -- -- -- -- $ 27,247 -- 27,247
Short-term investment fund -- -- -- -- -- 6,670 $ 79,300 85,970
----------- ---------- -------- -------- -------- -------- ----------- -----------
Total investments 11,610,938 3,912,072 351,864 251,100 73,529 33,917 79,300 16,312,720
Contributions receivable from
participants 113,437 52,936 12,418 2,893 -- 4,760 -- 186,444
Employee loans receivable 828,302 217,975 43,595 -- -- -- -- 1,089,872
Employer contribution receivable 161,265 61,324 13,827 -- -- 6,081 -- 242,497
Interfund accounts (146,452) 217,512 3,376 -- 5,077 (213) (79,300) --
----------- ---------- -------- -------- -------- -------- ----------- -----------
Total assets 12,567,490 4,461,819 425,080 253,993 78,606 44,545 -- 17,831,533
----------- ---------- -------- -------- -------- -------- ----------- -----------
LIABILITIES
- - - - - -----------
Due to employer 15,062 5,075 456 -- 95 44 -- 20,732
Liability for insurance
contribution -- -- -- 2,893 -- -- -- 2,893
----------- ---------- -------- -------- -------- -------- ----------- -----------
Total liabilities 15,062 5,075 456 2,893 95 44 -- 23,625
----------- ---------- -------- -------- -------- -------- ----------- -----------
Net assets available for plan
benefits $12,552,428 $4,456,744 $424,624 $251,100 $ 78,511 $ 44,501 -- $17,807,908
=========== ========== ======== ======== ======== ======== =========== ===========
At December 31, 1992:
ASSETS
- - - - - ------
Investments, at fair value:
Guaranteed investment contracts $11,684,904 -- -- -- -- -- -- $11,684,904
Windsor fund -- $3,702,612 -- -- -- -- -- 3,702,612
Wellington fund -- -- -- -- -- -- -- --
Cash value of life insurance -- -- -- $286,944 -- -- -- 286,944
Ametek Inc. common stock -- -- -- -- $169,585 -- -- 169,585
Ketema, Inc. common stock -- -- -- -- -- $ 10,912 -- 10,912
Short-term investment fund -- -- -- -- -- -- $ 29,418 29,418
----------- ---------- -------- -------- -------- -------- ----------- -----------
Total investments 11,684,904 3,702,612 -- 286,944 169,585 10,912 29,418 15,884,375
Contributions receivable from
participants -- -- -- 767 -- -- -- 767
Employee loans receivable 919,704 162,301 -- -- -- -- -- 1,082,005
Interfund accounts (95,774) 120,723 -- -- 6,764 (2,295) (29,418) --
----------- ---------- -------- -------- -------- -------- ----------- -----------
Total assets 12,508,834 3,985,636 -- 287,711 176,349 8,617 -- 16,967,147
----------- ---------- -------- -------- -------- -------- ----------- -----------
LIABILITIES
- - - - - -----------
Due to employer 45,281 18,442 -- -- -- -- -- 63,723
Liability for insurance
contribution -- -- -- 767 -- -- -- 767
----------- ---------- -------- -------- -------- -------- ----------- -----------
Total liabilities 45,281 18,442 -- 767 -- -- -- 64,490
----------- ---------- -------- -------- -------- -------- ----------- -----------
Net assets available for plan
benefits $12,463,553 $3,967,194 -- $286,944 $176,349 $ 8,617 -- $16,902,657
=========== ========== ======== ======== ======== ======== =========== ===========
</TABLE>
<PAGE>
The Ketema Savings and
Investment Plan
Notes to Financial Statements Page 11
- - - - - --------------------------------------------------------------------------------
Statement of Changes in Net Assets Available for Plan Assets By Fund
Year ended December 31, 1993:
<TABLE>
<CAPTION>
Ametek Ketema
Fixed Equity/ Balanced/ Life Common Common
Income Windsor Wellington Insurance Stock Stock
Fund Fund Fund Contracts Fund Fund Total
----------- ---------- ---------- -------- --------- -------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net assets were provided by:
Participant contributions $ 1,429,742 $ 612,184 $ 68,175 $ 36,650 -- $ 26,189 $ 2,172,940
Employer contributions 158,686 60,073 13,829 -- $ (36) 6,029 238,581
Interest and dividends 924,863 307,082 19,801 26,090 3,369 -- 1,281,205
Net realized and unrealized gain
(loss) on investments -- 428,789 (6,334) -- (30,979) (119) 391,357
----------- ---------- ---------- -------- --------- -------- -----------
2,513,291 1,408,128 95,471 62,740 (27,646) 32,099 4,084,083
----------- ---------- ---------- -------- --------- -------- -----------
Net assets were used for:
Withdrawals and terminations 2,323,076 610,120 99,740 59,336 44,227 3,085 3,139,584
Insurance premiums -- -- -- 39,248 -- -- 39,248
----------- ---------- ---------- -------- --------- -------- -----------
2,323,076 610,120 99,740 98,584 44,227 3,085 3,178,832
----------- ---------- ---------- -------- --------- -------- -----------
Net increase (decrease) in net
assets 190,215 798,008 (4,269) (35,844) (71,873) 29,014 905,251
Interfund transfers increase
(decrease) (101,340) (308,458) 428,893 -- (25,965) 6,870 --
Net assets available for plan
benefits:
Beginning of year 12,463,553 3,967,194 -- 286,944 176,349 8,617 16,902,657
----------- ---------- ---------- -------- --------- -------- -----------
End of year $12,552,428 $4,456,744 $424,624 $251,100 $ 78,511 $ 44,501 $17,807,908
=========== ========== ========== ======== ========= ======== ===========
Year ended December 31, 1992:
Net assets were provided by:
Participant contributions $ 1,668,274 $ 566,294 -- $ 46,604 -- -- $ 2,281,172
Employer contributions 194,336 61,245 -- -- -- -- 255,581
Interest and dividends 1,000,744 256,767 -- 28,919 $ 8,064 -- 1,294,494
Net realized and unrealized gain
on investments -- 321,365 -- -- 25,306 3,206 349,877
----------- ---------- ---------- -------- --------- -------- -----------
2,863,354 1,205,671 -- 75,523 33,370 3,206 4,181,124
----------- ---------- ---------- -------- --------- -------- -----------
Net assets were used for:
Withdrawals and terminations 2,532,342 788,590 -- 34,575 35,200 3,459 3,394,166
Insurance premiums -- -- -- 45,367 -- -- 45,367
----------- --------- ---------- -------- --------- -------- -----------
2,532,342 788,590 -- 79,942 35,200 3,459 3,439,533
----------- --------- ---------- -------- --------- -------- -----------
Net increase (decrease) in net
assets 331,012 417,081 -- (4,419) (1,830) (253) 741,591
Interfund transfers increase
(decrease) 108,185 (96,607) -- -- (10,817) (761) --
Net assets available for plan
benefits:
Beginning of year 12,024,356 3,646,720 -- 291,363 188,996 9,631 16,161,066
----------- ---------- ---------- -------- --------- -------- -----------
End of year $12,463,553 $3,967,194 -- $286,944 $176,349 $ 8,617 $16,902,657
=========== ========== ========== ======== ========= ======== ===========
</TABLE>
<PAGE>
The Ketema Savings and
Investment Plan
Notes to Financial Statements Page 12
- - - - - --------------------------------------------------------------------------------
Statement of Changes in Net Assets Available for Plan Assets By Fund
Year ended December 31, 1991:
<TABLE>
<CAPTION>
Ametek Ketema
Fixed Equity/ Balanced/ Life Common Common
Income Windsor Wellington Insurance Stock Stock
Fund Fund Fund Contracts Fund Fund Total
----------- ---------- ---------- ---------- --------- -------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Net assets were provided by:
Participant contributions $ 1,675,110 $ 528,216 -- $ 57,869 -- -- $ 2,261,195
Employer contributions 216,951 61,243 -- -- -- -- 278,194
Interest and dividends 938,176 392,638 -- 36,505 $ 9,715 -- 1,377,034
Net realized and unrealized
gain on investments -- 371,489 -- -- 73,302 $ 2,001 446,792
----------- ---------- ---------- ---------- --------- -------- -----------
2,830,237 1,353,586 -- 94,374 83,017 2,001 4,363,215
----------- ---------- ---------- ---------- --------- -------- -----------
Net assets were used for:
Withdrawals and terminations 1,090,726 298,435 -- 28,864 22,370 2,662 1,443,057
Insurance premiums -- -- -- 59,106 -- -- 59,106
----------- ---------- ---------- ---------- --------- -------- -----------
1,090,726 298,435 -- 87,970 22,370 2,662 1,502,163
----------- ---------- ---------- ---------- --------- -------- -----------
Net increase (decrease) in net assets 1,739,511 1,055,151 -- 6,404 60,647 (661) 2,861,052
Interfund transfers increase (decrease) 153,057 (132,539) -- -- (19,273) (1,245) --
Net assets available for plan benefits;
Beginning of year 10,131,788 2,724,108 -- 284,959 147,622 11,537 13,300,014
----------- ---------- --------- -------- -------- ------- -----------
End of year $12,024,356 $3,646,720 -- $291,363 $188,996 $ 9,631 $16,161,066
=========== ========== ========= ======== ======== ======= ===========
</TABLE>
<PAGE>
THE KETEMA SAVINGS AND INVESTMENT PLAN
SUPPLEMENTARY SCHEDULES
-----------------------
<PAGE>
The Ketema Savings and
Investment Plan
Schedule of Assets Held for Investment
Purposes as of December 31, 1993 Schedule I
- - - - - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Current
Custodian Description of Investment Cost Value
- - - - - ---------------------- ------------------------- ---------- -----------
<S> <C> <C> <C>
Connecticut Mutual Life Guaranteed Investment
Insurance Company Contract #70723A $537,123 $537,123
Bankers Trust Company Guaranteed Investment
Contract #90-012 1,122,443 1,122,443
Prudential Insurance Guaranteed Investment
Company Contract #7338 5,036,472 5,036,472
Provident National Guaranteed Investment
Assurance Company Contract #027-05549 2,390,088 2,390,088
Metropolitan Life Guaranteed Investment
Insurance Company Contract #12441 2,524,812 2,524,812
----------- -----------
Total Guaranteed
Investment Contracts 11,610,938 11,610,938
Windsor Fund Open-end Mutual Fund 3,667,233 3,912,072
Wellington Fund Open-end Mutual Fund 353,913 351,864
First Colony Life
Insurance Company Life Insurance Polices 251,100 251,100
Ametek, Inc. Common Stock $1 par 77,539 73,529
Ketema, Inc. Common Stock $1 par 28,525 27,247
Chemical Bank Commingled Short Term
Investment Fund 85,970 85,970
----------- -----------
Total Investments $16,075,218 $16,312,720
=========== ===========
</TABLE>
<PAGE>
The Ketema Savings and
Investment Plan
Schedule of Reportable Transactions for the
Year Ended December 31, 1993 Schedule II
- - - - - --------------------------------------------------------------------------------
Category (i)
Individual transactions in excess of 5% of plan assets:
<TABLE>
<CAPTION>
Current Value
of Asset
Identity of Party Involved & Purchase Selling Cost of on Date of Net Gain
Description of Asset Price Price Asset Transaction (Loss)
- - - - - ------------------------------ ---------- ---------- ---------- ----------- ---------
<S> <C> <C> <C> <C> <C>
Commingled Short Term
Investment Fund $1,946,270 -- -- $1,946,270 --
Commingled Short Term
Investment Fund -- $1,536,874 $1,536,874 $1,536,874 --
Bankers Trust GIC #90-012 -- $1,192,498 $1,192,498 $1,192,498 --
Provident Natl Assurance Co
SIC #027-055849 $1,836,186 -- -- $1,836,186 --
Category (iii)
</TABLE>
Series of securities transactions in excess of 5% of plan assets:
- - - - - -----------------------------------------------------------------
<TABLE>
<CAPTION>
Current Value
of Asset
Identity of Party Involved & Purchase Selling Cost of on Date of Net Gain
Description of Asset Price Price Asset Transaction (Loss)
- - - - - ------------------------------ ---------- ---------- ---------- ----------- ---------
<S> <C> <C> <C> <C> <C>
Commingled Short Term
Investment Fund -- $3,805,411 $3,805,411 $3,805,411 --
Bankers Trust
GIC #90-012 -- $1,501,480 $1,501,480 $1,501,480 --
Metropolitan Life Insurance Co
GAC #12441 -- $1,018,733 $1,018,733 $1,018,733 --
Prudential Insurance Co
GA #7338-211 -- $ 909,137 $ 909,137 $ 909,137 --
Provident Natl Assurance Co
GIC #027-05549 -- $ 115,963 $ 115,963 $ 115,963 --
Windsor -- $ 641,947 $ 570,516 $ 641,947 $71,431
</TABLE>
<PAGE>
The Ketema Savings and
Investment Plan
Schedule of Reportable Transactions for the
Year Ended December 31, 1993 Schedule II
- - - - - --------------------------------------------------------------------------------
Category (iii)
Series of securities transactions in excess of 5% of plan assets: (cont.)
- - - - - --------------------------------------------------------------------------
<TABLE>
<CAPTION>
Current Value
of Asset
Identity of Party Involved & Purchase Selling Cost of on Date of Net Gain
Description of Asset Price Price Asset Transaction (Loss)
- - - - - ------------------------------ ---------- ---------- ---------- ----------- ---------
<S> <C> <C> <C> <C> <C>
Commingled Short Term
Investment Fund $3,861,963 -- -- $3,861,963 --
Bankers Trust
GIC #497920012 $ 165,606 -- -- $ 165,606 --
Metropolitan Life Insurance Co
GAC #12441 $ 222,649 -- -- $ 222,649 --
Prudential Insurance Co
GA #7338-211 $1,224,253 -- -- $1,224,253 --
Provident Natl Assurance Co
GIC #027-05549 $2,506,051 -- -- $2,506,051 --
Windsor Fund $ 544,037 -- -- $ 544,037 --
</TABLE>
There were no Category (ii) or (iv) Reportable Transactions
- - - - - -----------------------------------------------------------
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
administrators of the plan have duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
THE KETEMA SAVINGS AND INVESTMENT PLAN
--------------------------------------
(Name of Plan)
By: /s/ Thomas A. Sims
--------------------------------
Thomas A. Sims
Vice President - Human Resources
(Duly authorized signer)
June 22, 1994
<PAGE>
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration Statement (Form
S-8) and related Prospectus pertaining to the Ketema Savings and Investmant Plan
of our report dated June 22, 1994, with respect to the financial statements and
schedules of the Ketema Savings and Investment Plan included in this Annual
Report (Form 11-K) for the year ended December 31, 1993.
/s/ Ernst & Young
ERNST & YOUNG
Denver, Colorado
June 22, 1994
