FORM 11 - K
SECURITIES & EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
(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, 1994
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 1-1228
Employee Investment Plan of Stone & Webster,
Incorporated and Participating Subsidiaries
(Full title of the Plan)
Stone & Webster, Incorporated
250 West 34th Street, New York, N.Y. 10119
(212) 290-7500
(Name of issuer of the securities held pursuant to the
Plan and the address of its principal executive office)
<PAGE>
Form 11-K for the year ended Employee Investment
Plan of
December 31, 1994 Stone & Webster,
Incorporated
and Participating
Subsidiaries
REQUIRED INFORMATION
The balance sheet with fund information of the
Plan as of December 31, 1994 and 1993, and the related
statement of income and changes in plan equity with fund
information and supplemental schedules for the year ended
December 31, 1994, together with the Report and Consent of
Independent Accountants, are attached and filed herewith.
SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Committee under the Plan, which administers
the Plan, has duly caused this annual report to be signed on
its behalf by the undersigned hereunto duly authorized.
EMPLOYEE INVESTMENT PLAN OF STONE & WEBSTER,
INCORPORATED AND PARTICIPATING
SUBSIDIARIES
By /s/ PETER F. DURNING
Peter F. Durning
Secretary of the Committee under the
Plan
Date: June 29, 1995
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Form 11-K for the year ended Employee Investment Plan of
December 31, 1994 Stone & Webster,
Incorporated
and Participating Subsidiaries
EMPLOYEE INVESTMENT PLAN
of STONE & WEBSTER,INCORPORATED
and PARTICIPATING SUBSIDIARIES
INDEX OF FINANCIAL STATEMENTS
and SUPPLEMENTAL SCHEDULES
Pages
Report of Independent Accountants 4-5
Consent of Independent Accountants 6
Financial Statements:
Statement of income and changes in plan equity
with fund information for the year
ended December 31, 1994 7
Balance sheet with fund information
as of December 31, 1994 8
Balance sheet with fund information
as of December 31, 1993 9
Notes to financial statements 10-15
2
Supplemental Schedules:
Schedule of assets held for
investment purposes at
December 31, 1994 (Form 5500, Item 27a) 16-35
Schedule of reportable transactions
for the year ended December 31, 1994
(Form 5500, Item 27d) 36
[Note: The Financial Statements and Supplemental Schedules
will be filed with the Securities and Exchange Commission under
Form SE pursuant to Regulation S-T, Item 311(c).]COOPERS
certified public accountants
& LYBRAND L.L.P.
REPORT OF INDEPENDENT ACCOUNTANTS
________
To the Committee under the
Employee Investment Plan of Stone & Webster,
Incorporated and Participating Subsidiaries:
We have audited the balance sheet with fund information of the
Employee Investment Plan of Stone & Webster, Incorporated and
Participating Subsidiaries as of December 31, 1994 and 1993,
and the related statement of income and changes in plan equity
with fund information for the year ended December 31, 1994.
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 financial
position of the Employee Investment Plan of Stone & Webster,
Incorporated and Participating Subsidiaries as of December 31,
1994 and 1993, and the results of its operations and changes in
its plan equity for the year ended December 31, 1994, in
conformity with generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion
on the basic financial statements taken as a whole. The
supplemental schedules listed in the accompanying index on page
3
3 are presented for purposes 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 balance sheet with fund information and the
statement of income and changes in plan equity with fund
information is presented for purposes of additional analysis
rather than to present the balance sheet with fund information
and the statement of income and changes in plan equity with
fund information of each fund. The supplemental schedules and
<PAGE>
Fund Information have been subjected to the auditing procedures
applied in the audits 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.
/s/ COOPERS & LYBRAND L.L.P.
New York, New York
May 12, 1995
<PAGE>
COOPERS
& LYBRAND L.L.P. certified public accountants
CONSENT OF INDEPENDENT ACCOUNTANTS
________
We consent to the incorporation by reference in the
Registration Statement of Stone & Webster, Incorporated and
Participating Subsidiaries on Form S-8 (File No. 33-23594) of
our report dated May 12, 1995, on our audits of the balance
sheet with fund information of the Employee Investment Plan of
Stone & Webster, Incorporated and Participating Subsidiaries as
of December 31, 1994 and 1993, and the related statement of
income and changes in plan equity with fund information and
supplemental schedules for the year ended December 31, 1994,
which report is included in this Annual Report on Form 11-K for
the year ended December 31, 1994.
/s/ COOPERS & LYBRAND L.L.P.
New York, New York
June 29, 1995
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5
