<PAGE> 1
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 #33-4333
RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN B
Ryder System, Inc.
3600 N.W. 82 Avenue
Miami, Florida 33166
<PAGE> 2
Independent Auditors' Report
----------------------------
The Participants and Administrator
Ryder System, Inc. Employee Savings Plan B:
We have audited the accompanying statement of financial position with
fund information of Ryder System, Inc. Employee Savings Plan B as of December
31, 1993, and the related statement of income and changes in plan equity with
fund information for the year 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 audit.
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 audit 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 as of
December 31, 1993 and the changes in net assets available for benefits for the
year ended December 31, 1993, in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental Schedule of
Investments and Schedule of reportable transactions are presented for the
purpose of additional analysis and are not a required part of the basic
financial statements but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The fund information in
the statement of financial position with fund information and statement of
income and changes in plan equity with fund information is presented for
purposes of additional analysis rather than to present the financial position
and changes in plan equity of each fund. The supplemental schedules and fund
information have been
<PAGE> 3
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, are fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
KPMG PEAT MARWICK
June 29, 1994
<PAGE> 4
Ryder System, Inc. Employee Savings Plan B
Statement of Financial Position, with Fund Information
December 31, 1993
<TABLE>
<CAPTION>
Assets Fund A Fund B Fund C Fund D
------------ ---------- --------- ----------
Investments:
<S> <C> <C> <C> <C>
Fixed income investments,
at cost $ 161,607 157,464 74,837
Group annuity insurance
contracts, at contract value 46,532,755
Pooled investment funds
(cost, $51,037,453) 2,136,004 14,228,186
Securities of
participating employer
(cost, $18,671,027) 18,152,666
Other Securities
(cost, $2,733,724)
Participant loans receivable
------------ ---------- --------- ----------
Total investments 18,314,273 46,690,219 2,136,004 14,303,023
Dividends and interest
receivable 387 807,825 6,979 60,317
Contributions receivable 0
and other 79,520 302,177 21,620 70,106
Transfers from other plan 42,033 186,473 42,341 272,502
Interfund transfers
receivable (payable) 34,518 (380,041) (59,301) (3,837)
------------ ---------- --------- ----------
Total assets $ 18,470,731 47,606,653 2,147,643 14,702,111
============ ========== ========= ==========
Liabilities and Plan Equity
Other liabilities $ 271,238 1,494,691 42,151 191,065
Plan equity 18,199,493 46,111,962 2,105,492 14,511,046
------------ ----------- ---------- -----------
Total liabilities
and plan equity $ 18,470,731 47,606,653 2,147,643 14,702,111
============ ========== ========== ===========
Number of units 7,963,512 29,907,092 1,162,904 4,157,225
============ ========== ========== ===========
Plan equity per unit $ 2.29 1.54 1.81 3.49
============ ========== ========== ===========
<CAPTION>
Assets Fund E Fund F Fund G Fund H Loan Fund Total
---------- --------- --------- --------- --------- ------------
Investments:
<S> <C> <C> <C> <C> <C> <C>
Fixed income investments,
at cost 85,942 60,150 26,100 566,100
Group annuity insurance
contracts, at contract value 46,532,755
Pooled investment funds
(cost, $51,037,453) 30,178,166 8,886,848 7,135,855 62,565,059
Securities of
participating employer
(cost, $18,671,027) 18,152,666
Other Securities
(cost, $2,733,724) 2,593,783 2,593,783
Participant loans receivable 7,279,566 7,279,566
------------ ----------- ----------- ----------- ----------- ------------
Total investments 30,264,108 8,946,998 7,161,955 2,593,783 7,279,566 137,689,929
Dividends and interest
receivable 1,278,981 1,135,452 12,470 3,302,411
Contributions receivable
and other 150,419 43,479 31,565 37,914 736,800
Transfers from other plan (109,692) (45,788) (109,898) 277,971
Interfund transfers
receivable (payable) 38,226 21,664 205,659 (42,209) 185,321 0
------------ ----------- ----------- ----------- ----------- ------------
Total assets 31,622,042 10,101,805 7,301,751 2,551,574 7,502,801 142,007,111
============ =========== =========== =========== =========== ============
Liabilities and Plan Equity
Other liabilities 1,589,418 1,241,342 153,820 35,631 29,999 5,049,355
Plan equity 30,032,624 8,860,463 7,147,931 2,515,943 7,472,802 136,957,756
------------ ----------- ----------- ----------- ----------- -------------
Total liabilities
and plan equity 31,622,042 10,101,805 7,301,751 2,551,574 7,502,801 142,007,111
============ =========== =========== =========== =========== =============
Number of units 5,885,285 5,031,216 4,251,264 1,280,825
============ =========== =========== ===========
Plan equity per unit 5.10 1.76 1.68 1.96
</TABLE>
See accompanying note to financial statements.
<PAGE> 5
Ryder System, Inc. Employee Savings Plan B
Statement of Income and Changes in Plan Equity, with Fund Information
For the Year Ended December 31, 1993
<TABLE>
<CAPTION>
Fund A Fund B Fund C Fund D
------------- ----------- --------- ----------
Net investment income:
<S> <C> <C> <C> <C>
Dividends $ 461,120 1,309,263
Interest 4,066 4,102,694 87,650 3,462
----------- ----------- --------- ----------
Net investment income 465,186 4,102,694 87,650 1,312,725
Realized gains 806,698 70,447
Net change in unrealized
appreciation/(depreciation)
on investments 1,374,522 412,264
Contributions:
Employer contributions 230,514 877,893 94,141 221,841
Employee contributions 1,829,759 7,140,217 550,594 2,061,728
----------- ----------- --------- ----------
Total contributions 2,060,273 8,018,110 644,735 2,283,569
Participant loan repayments 466,061 1,698,669 129,588 437,145
Distributions and other (762,260) (2,905,166) (154,904) (643,819)
Distribution to other Plan (1,279,973) (13,098,988) (902,341) (1,654,146)
Plan Fees and Expenses (38,574) (84,828) (8,487) (26,823)
Loans to participants (641,183) (1,911,788) (199,888) (388,003)
Transferred from Plan A 20,647,725 49,771,601 2,887,754 13,031,525
Equity Transfer to Fund H (3,014,323)
Interfund transfers (1,884,659) 521,658 (378,615) (323,838)
----------- ----------- --------- ----------
Net changes in plan equity 18,199,493 46,111,962 2,105,492 14,511,046
Plan equity at beginning of
period 0 0 0 0
----------- ----------- --------- ----------
Plan equity at end of
period $18,199,493 46,111,962 2,105,492 14,511,046
=========== =========== ========= ==========
<CAPTION>
Fund E Fund F Fund G Fund H Loan Fund Total
--------- ---------- ---------- --------- --------- -----------
Net investment income:
<S> <C> <C> <C> <C> <C> <C>
Dividends 1,161,789 966,582 791,381 4,690,135
Interest 6,508 4,603 2,908 472,546 4,684,437
---------- ---------- ---------- --------- ---------- ------------
Net investment income 1,168,297 971,185 794,289 0 472,546 9,374,572
Realized gains 1,109,774 615,749 51,622 2,654,290
Net change in unrealized
appreciation/(depreciaton)
on investments 3,015,777 343,876 1,090,373 (139,941) 6,096,871
Contributions:
Employer contributions 505,875 187,029 131,122 2,248,415
Employee contributions 4,614,359 1,780,814 1,210,112 19,187,583
---------- ---------- ---------- --------- ---------- -----------
Total contributions 5,120,234 1,967,843 1,341,234 0 21,435,998
Participant loan repayments 959,997 308,985 248,464 (4,248,909) 0
Distributions and other (1,259,366) (408,485) (465,509) (39,317) 8,044 (6,630,782)
Distribution to other Plan (4,735,903) (4,167,222) (2,590,927) (214,737) (1,782,944) (30,427,181)
Plan Fees and Expenses (47,555) (18,356) (14,191) (238,814)
Loans to participants (1,101,295) (328,786) (233,887) (2,663) 4,807,493 0
Transferred from Plan A 26,577,146 7,967,404 5,656,267 (61,549) 8,214,929 134,692,802
Equity Transfer to Fund H 3,014,323 0
Interfund transfers (774,482) 1,608,270 1,270,196 (40,173) 1,643 0
---------- ---------- ---------- --------- ---------- -----------
Net changes in plan equity 30,032,624 8,860,463 7,147,931 2,515,943 7,472,802 136,957,756
Plan equity at beginning of
period 0 0 0 0 0 0
---------- ---------- ---------- --------- ---------- -----------
Plan equity at end of
period 30,032,624 8,860,463 7,147,931 2,515,943 7,472,802 136,957,756
========== ========== ========== ========= ========== ===========
</TABLE>
See accompanying note to financial statements.
<PAGE> 6
RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN B
NOTE TO FINANCIAL STATEMENTS
DECEMBER 31, 1993
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER MATTERS
a. BASIS OF ACCOUNTING
The financial statements of the Ryder System, Inc. Employee Savings
Plan B (The "Plan") are prepared on the accrual basis of accounting. Plan
assets, except for participant loan receivables and group annuity
insurance contracts which are valued at contract value, are stated at
market value (quoted market prices) as determined by the Plan's trustee.
Purchases and sales of securities are recorded on a trade date basis.
Cost is determined based on historical average cost.
b. THE PLAN
The following description of the Plan reflects all plan amendments through
December 31, 1993, and is provided for general purposes only. As of
January 1, 1993, the Ryder System, Inc. Employee Savings Plan B was
established for active salaried employees and active employees, whether
salaried or hourly, of the Aviation Services Division. Such employees and
their participating account balances were transferred from the Ryder
System, Inc. Employee Savings Plan A.
Participants should refer to the Plan document for more complete
information. The Plan is a defined contribution plan and, as such, is
subject to some, but not all, of the provisions of the Employee Retirement
Income Security Act of 1974 ("ERISA"). It is excluded from coverage under
Title IV of ERISA, which generally provides for guaranty and insurance of
retirement benefits; and it is not subject to the funding requirements of
Title I of ERISA. The Plan is, however, subject to those provisions of
Title I and II of ERISA which, among other things, require that each
participant be furnished with an annual financial report and a
comprehensive description of the participant's rights under the plan, set
minimum standards of responsibility applicable to fiduciaries of the Plan,
and establish minimum standards for participation and vesting.
Participation in the Plan is voluntary. However, to participate in the
Plan, an employee must meet certain eligibility requirements related to
employment date, age and service hours. In general, non-salaried
employees of the company and participating affiliates are eligible to
participate in the Plan, however, an employee who is in a unit of
employees represented by a collective bargaining agent is excluded from
participation in the Plan unless the unit has negotiated coverage under
the Plan. In addition, employees eligible to participate under another
company sponsored qualified savings plan will be excluded from
participation in the Plan.
<PAGE> 7
The number of participants' accounts in each of the funds at December 31,
1993 was as follows:
Fund A - 2,485
Fund B - 3,235
Fund C - 593
Fund D - 1,991
Fund E - 2,990
Fund F - 1,511
Fund G - 1,248
Fund H 2,451
Loans - 1,343
c. PLAN INVESTMENT FUNDS
The Plan's trustee, Bankers Trust Company, maintains Plan assets in
separate investment funds. Participants may elect to contribute to, or
transfer among, any of the funds. Earnings are allocated monthly based on
units of investment.
Investment Fund A ("Fund A") - Company Stock Fund: Fund A is invested in
Ryder System, Inc. common stock, which is purchased on a regular and
continuous basis. Dividends are automatically reinvested in the common
stock.
Investment Fund B ("Fund B") - Interest Income Fund: Fund B consists of
funding accounts established by contracts with various insurance
companies. Participants' accounts are credited with interest based on a
pooling of the returns of the various funding accounts. Funding accounts
generally continue for a period of two to five years after their
inception. During 1993, the yield on open funding contracts ranged from
4.89% to 9.3%.
Investment Fund C ("Fund C") - Ryder Money Market Fund: Fund C consists of
a funding account established with the Ryder System Federal Credit Union.
Investment Fund D ("Fund D") - Conservative Growth Fund: Fund D may
normally be invested in a variety of common, preferred or capital stocks,
but may include investments in bonds or securities convertible into common
or capital stocks, similar types of equity investments and bonds. Since
Plan inception, this fund has been invested solely in shares of the Lord,
Abbett Affiliated Fund.
Investment Fund E ("Fund E") - Aggressive Growth Fund: Fund E may be
invested primarily in common or capital stocks, though it may invest in
other types of securities, including convertible bonds, convertible
preferred stock, warrants, preferred stock or debt securities. Since Plan
inception, this fund has been invested solely in shares of the Putnam
Voyager Fund.
Investment Fund F ("Fund F") - Mutual Series Fund: Fund F may be invested
in securities issued by U.S. based companies that are selling below book
value. Up to 50% of the fund's portfolio may consist of securities of
companies involved in prospective
<PAGE> 8
mergers, consolidations, liquidations and reorganizations. The fund may
also engage in covered call option writing. The primary objective of the
fund is capital appreciation and not necessarily the attainment of a
balanced investment program. Since Plan inception, this fund has been
invested solely in shares of the Mutual Series Fund, Inc., Qualified
Income Fund.
Investment Fund G ("Fund G") - Templeton World Fund: Fund G may be
invested in all types of securities, including stocks and debt
securities of companies and governments of all nations. The fund's
investment objective is long-term capital growth. Since Plan inception,
this fund has been invested solely in shares of the Templeton World Fund.
Investment Fund H ("Fund H") - Aviall Common Stock Fund: Fund H is
invested in Aviall, Inc. Common stock and is a frozen fund. Participants
cannot contribute to nor transfer into that fund. Participants can
transfer assets from Fund H to any other investment fund of the Plan.
Monies remaining in that fund at December 31, 1995 will be liquidated and
reinvested in Fund A.
d. CONTRIBUTIONS
Participants may elect to contribute to the Plan by having their
compensation reduced by a minimum of 1% of compensation up to a maximum of
the lesser of a) 10% or 15% of compensation, depending on an individual's
annual salary level, b) $8,994, or c) such other amount as shall be
determined by the Company's Retirement Committee from time to time. The
Company matches 50% of the employee's annual contribution up to $200 or
$400 per person based on certain requirements. Some eligible employees
receive Company contributions that include $400 of basic contribution,
plus 100% match to the first $300 of employee contribution and 50% match
to the next $400 of employee contribution. Effective January 1, 1992,
certain eligible employees do not receive a Company contribution.
Participants are immediately 100% vested in the earnings of their
individual contributions to the Plan and vest 25% per year in the Company
contributions and the earnings attributable to such contributions. Upon
participant's distribution, related, non-vested Company contributions are
forfeited and are used to offset future Company contributions.
e. DISTRIBUTIONS
On termination of service, if a participant's account balance is greater
than $3,500, a participant's account is distributed to the participant in
the form of a single lump-sum payment upon receipt of participant's
consent. Terminated participants whose account balance is less than
$3,500 receive automatic distributions.
f. WITHDRAWALS
A participant may request a withdrawal of all or a portion of his elective
contribution account balance if he can demonstrate financial hardship.
The Plan Administrator must approve the request, and the amount withdrawn
cannot be subsequently
<PAGE> 9
repaid to the Plan. Such amounts will be considered distributions to the
participant for tax purposes.
g. DISTRIBUTIONS TO OTHER PLAN
On December 7, 1993, the Company completed the spin-off of its
Aviation Division, Aviall, Inc. ("Aviall"). Under the terms of the
spin-off, the Company distributed to its holders of common stock one share
of Aviall common stock for each four shares of Ryder System, Inc.
common stock held. Participants in the Savings Plan who were invested in
the Ryder System, Inc. common stock fund on this date received the
equivalent of one share of Aviall common stock for each four shares of
Ryder System, Inc. common stock held. As a result of the
spin-off a new "Fund H" was created. The investment fund balances of
Aviall employees in the Plan at December 7, 1993 were transferred to a
newly established plan for employees of Aviall.
h. PARTICIPANT LOANS
Plan participants are able to request loans against their Plan account
balances subject to certain limitations as to amount and repayment term.
Loans accrue interest at a rate which is comparable to those of most major
lending institutions and all principal and interest payments are
allocated to the Plan's investment funds based on the participant's
investment elections at the time of payment. Loans which are granted
and repaid in compliance with the Plan provisions will not be considered
distributions to the participant for tax purposes.
i. TERMINATION
While it has not expressed any intention to do so, the Company may amend
or terminate the Plan at any time. In the event of termination, Plan
assets are payable to each participant in a lump sum equal to the balance
in the participant's account.
j. FEDERAL INCOME TAX EFFECTS OF THE PLAN
The Plan qualifies as a profit sharing plan under Section 401(a) of the
Internal Revenue Code of 1986, as amended, (the "Code") and also qualifies
as a cash or deferred arrangement under Section 401(k) of the Code and,
therefore, is exempt from federal income taxes under Section 501(a) of the
Code. A favorable tax determination letter was obtained on August 21, 1986
for the Ryder System, Inc. Employee Savings Plan A. Since the transfer of
plan assets from the Ryder System, Inc. Employee Savings Plan A to the
Ryder System, Inc. Employee Savings Plan B on January 1, 1993, the Company
has not requested a tax determination letter for the Ryder System, Inc.
Employee Savings Plan B. However, management believes the Plan is a
qualified plan within the meaning of Sections 401(a) and 501(a) of the
Internal Revenue Code and, accordingly, is exempt from Federal Income Tax.
Under a plan qualified pursuant to Sections 401(a) and (k) of the Code,
participants generally will not be taxed on contributions or matching
contributions, or earnings thereon, until such amounts are distributed to
participants or their beneficiaries under the Plan. The tax-deferred
contributions and matching contributions are
<PAGE> 10
deductible by the Company for tax purposes when those contributions are
made, subject to certain limitations set forth in Section 404 of the Code.
Participants or their beneficiaries generally will be taxed, at ordinary
income rates, on the amount they receive as a distribution from the Plan at
the time they receive the distribution. However, if the participant or
beneficiary receives a lump sum payment of the balance under the Plan in a
single taxable year, and the distribution is made by reason of death,
disability or termination of employment of the participant, or after the
participant has attained age 59 1/2, then certain special tax rules may be
applicable.
k. PLAN FEES AND EXPENSES
All commissions, brokerage fees and expenses incident to the income or
assets of the trust, the purchase or sale of securities by the trustee and
distribution to participants are paid by the Plan. Trustee and basic
recordkeeping fees are paid by the Plan. All other expenses of the Plan
are paid by the Company.
l. NET REALIZED GAINS
Net realized gains on investments covering the last year are as follows:
<TABLE>
<CAPTION>
AT DECEMBER 31, 1993:
NET
AGGREGATE AGGREGATE REALIZED
PROCEEDS COST GAIN
------------- ---------- -----------
<S> <C> <C> <C>
Fund A $ 4,973,090 4,166,392 806,698
Fund D 3,808,556 3,738,109 70,447
Fund E 7,731,536 6,621,762 1,109,774
Fund F 5,262,837 4,647,088 615,749
Fund G 2,775,031 2,723,409 51,622
------------ ---------- ---------
$ 24,551,050 21,896,760 2,654,290
============ ========== =========
</TABLE>
<PAGE> 11
m. SUBSEQUENT EVENTS
The change in net unrealized gains or losses arising in the various funds of
the Plan after December 31, 1993 and prior to June 1, 1994 are as follows:
<TABLE>
<CAPTION>
UNREALIZED UNREALIZED NET CHANGE IN
GAINS/(LOSSES) GAINS/(LOSSES) UNREALIZED
AT DECEMBER 31, 1993 AT MAY 31, 1994 GAINS/(LOSSES)
-------------------- ---------------- --------------
<S> <C> <C> <C>
Fund A 1,374,522 (2,315,888) (3,690,410)
Fund B 0 0 0
Fund C 0 0 0
Fund D 412,264 527,294 115,030
Fund E 3,015,777 8,164,299 5,148,522
Fund F 343,876 1,298,128 954,252
Fund G 1,090,373 681,127 (409,246)
Fund H (139,941) (261,362) (121,421)
Loan Fund 0 0 0
</TABLE>
<PAGE> 12
Ryder System, Inc. Employee Savings Plan B Schedule 1
Schedule of Investments
<TABLE>
<CAPTION>
Number of
Shares, Units Unrealized
or Principal Market Appreciation
Amounts Cost Value (Depreciation)
------------- ------------- ----------- -------------
At December 31, 1993:
<S> <C> <C> <C> <C>
Directed Account Short-Term
Investment Fund 566,100 $ 566,100 566,100
Fund A 682,525 18,671,027 18,152,666 (518,361)
Fund B 46,532,755 46,532,755 46,532,755
Fund C 2,136,004 2,136,004 2,136,004
Fund D 1,333,476 13,467,794 14,228,186 760,392
Fund E 2,516,944 20,843,969 30,178,166 9,334,197
Fund F 329,142 7,907,041 8,886,848 979,807
Fund G 454,223 6,682,646 7,135,855 453,209
Fund H 170,084 2,733,724 2,593,783 (139,941)
Loan Fund 7,279,566 7,279,566
------------- ------------ ----------
$ 126,820,625 137,689,929 $10,869,304
------------- ------------ -----------
At January 1, 1993:
Directed Account Short-Term
Investment Fund 734,069 $ 734,069 734,069
Fund A 731,655 22,013,400 20,120,518 (1,892,883)
Fund B 48,331,769 48,331,769 48,331,769
Fund C 2,956,896 2,956,896 2,956,896
Fund D 1,208,584 12,064,031 12,412,159 348,128
Fund E 2,410,327 19,038,221 25,356,641 6,318,420
Fund F 261,934 5,763,099 6,399,030 635,931
Fund G 394,617 5,790,857 5,153,693 (637,164)
Loan Fund 6,790,775 6,790,775
------------ ------------ ----------
$ 123,483,117 128,255,550 4,772,433
------------ ------------ ----------
Net appreciation included in
statement of income and
changes in plan equity $ 6,096,871
==========
</TABLE>
<PAGE> 13
Schedule II
Ryder System, Inc. Employee Savings Plan B
Schedule of Reportable Transactions
For the Year Ended December 31, 1993
<TABLE>
<CAPTION>
Market
Proceeds Value
-------- ------
<S> <C> <C>
Employee contributions to
Fund B: Interest Income Fund $7,140,217
Transfer of assets from Plan A
(see note to financial statements 1(b)) $134,692,802
Transfer of assets to Aviall, Inc.
(see note to financial statements 1(g)) 30,427,181
</TABLE>
<PAGE> 14
Independent Auditors' Consent
The Participants and Administrator
Ryder System, Inc. Employee Savings Plan B:
We consent to incorporation by reference in the Registration Statement
(No. 33-4333) on Form S-8 of Ryder System, Inc. covering the Ryder System, Inc.
Employee Savings Plan B, of our report dated June 29, 1994, relating to the
statement of financial position with fund information of the Ryder System, Inc.
Employee Savings Plan B as of December 31, 1993 and the related statement of
income and changes in plan equity with fund information for the year ended
December 31, 1993 and related schedule of investments as of December 31, 1993
and schedule of reportable transactions for the year ended December 31, 1993,
which report appears in the December 31, 1993 annual report on Form 11-K of
the Ryder System, Inc. Employee Savings Plan B filed by Ryder System, Inc.
KPMG PEAT MARWICK
June 29, 1994
<PAGE> 15
REQUIRED INFORMATION
Financial Statements
Independent Auditors' Report
Statements of Financial Position with Fund Information as of
December 31, 1993
Statement of Income & Changes in Plan Equity
with Fund Information for the year
ending December 31, 1993
Notes to Financial Statements
Exhibits
Schedule I - Schedule of Investments
as of December 1993
Schedule II - Schedule of Reportable Transactions
Independent Auditors' Consent
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Ryder
System, Inc. Employee Savings Plan Committee has duly caused this annual report
to be signed by the undersigned thereunto duly authorized.
RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN B
Date: June 29, 1994 By: /s/ C. ROBERT CAMPBELL
-------------------------------
C. Robert Campbell
Chairman, Ryder System, Inc.
Employee Savings Plan Committee
Executive Vice President,
Human Resources and Administration
Ryder System, Inc.
