1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K [ ] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED) OR [ ] TRANSACTION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED) For the fiscal year ended Commission file number December 31, 1993 0-325 A. Full title of the Plan and the address of the Plan, if different from that of the issuer named below: THE DURIRON COMPANY, INC. SAVINGS AND THRIFT PLAN B. Name of issuer of the securities held pursuant to the Plan and the address of its principal executive office: THE DURIRON COMPANY, INC. 3100 RESEARCH BOULEVARD DAYTON, OHIO 45420 (513) 476-6100 INDEX TO EXHIBITS at page 3. Page 1 of 20 pages 2 REQUIRED INFORMATION -------------------- The Duriron Company, Inc. Savings and Thrift Plan (the "Plan") is subject to the Employee Retirement Income Security Act of 1974. ITEM 4. In lieu of the requirements of Items 1, 2 and 3 of Form 11-K, the following financial statements of the Plan, notes thereto, and Report of Independent Auditors thereon are being filed as Exhibit 28.1 to this Report: (a) Report of Independent Auditors. (b) Statements of Net Assets Available for Benefits - December 31, 1993 and 1992. (c) Statements of Changes in Net Assets Available for Benefits - years ended December 31, 1993 and 1992. (d) Notes to Financial Statements. (e) Schedule of Assets Held for Investment Purposes - December 31, 1993. (f) Schedule of Reportable Transactions - year ended December 31, 1993. The Consent of Independent Auditors to the incorporation by reference of the foregoing financial statements in the Registration Statement on Form S-8 pertaining to the Plan is being filed as Exhibit 23.1 to this Report. SIGNATURES ---------- THE PLAN. Pursuant to the requirements of the Securities Exchange Act of 1934, the Pension and Insurance Committee of The Duriron Company, Inc., which administers the Duriron Company, Inc. Savings and Thrift Plan, has duly caused this annual report to be signed on behalf of the Plan by the undersigned hereunto duly authorized. THE DURIRON COMPANY, INC. SAVINGS AND THRIFT PLAN BY: /s/ Ronald F. Shuff ------------------------ RONALD F. SHUFF Member, Pension and Insurance Committee Date: June 29, 1994 2 3 INDEX TO EXHIBITS The following Exhibits are being filed with this Annual Report on Form 11-K: Located at Manually Numbered Exhibit Page - ------- ----------------- (23) CONSENT OF EXPERTS AND COUNSEL: 23.1 Consent of Ernst & Young ................ 5 (28) ADDITIONAL EXHIBITS 28.1 Annual Financial Statements of The Duriron Company, Inc. Savings and Thrift Plan at December 31, 1993 and 1992 and for the two years ended December 31, 1993 ................. 7 _______________________________________________ 3
1 =========================================== || || || || || EXHIBIT 23.1 || || || || || || CONSENT OF ERNST & YOUNG || || || || || =========================================== 4 2 CONSENT OF INDEPENDENT AUDITORS We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 33-72372) dated December 1, 1993, pertaining to The Duriron Company, Inc. Savings and Thrift Plan and the Valtek Incorporated Retirement Plan and Trust of our report dated May 4, 1994, with respect to the financial statements and schedules of The Duriron Company, Inc. Savings and Thrift Plan included in this Annual Report (Form 11-K) for the year ended December 31, 1993. ERNST & YOUNG Dayton, Ohio June 28, 1994
1 ========================================== || || || || || || || EXHIBIT 28.1 || || || || THE DURIRON COMPANY, INC. || || || || SAVINGS & THRIFT PLAN || || || || || || || ========================================== 6 2 THE DURION COMPANY, INC. SAVINGS AND THRIFT PLAN FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES DECEMBER 31, 1993 AND 1992 WITH REPORT OF INDEPENDENT AUDITORS 7 3 THE DURIRON COMPANY, INC. SAVINGS AND THRIFT PLAN ----------------------- CONTENTS Report of Independent Auditors - ------------------------------ Financial Statements - -------------------- Statements of net assets available for benefits Statements of changes in net assets available for benefits Notes to financial statements Schedule Supplemental Schedules -------- - ---------------------- Schedule of assets held for investment purposes 1 Schedule of reportable transactions 2 8 4 - ------------------------------------------------------------------------------- REPORT OF INDEPENDENT AUDITORS The Audit/Finance Committee of The Board of Directors and The Pension and Insurance Committee The Durion Company, Inc. Savings and Thrift Plan We have audited the accompanying statements of net assets available for benefits of The Durion Company, Inc. Savings and Thrift Plan as of December 31, 1993 and 1992, 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 administrator. 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, 1993 and 1992, and the changes in its net assets available for benefits for the years then ended, 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 assets held for investment purposes as of December 31, 1993 and schedule of reportable transactions for the year then ended 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 supplemental schedules have been 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. ERNST & YOUNG Dayton, Ohio May 4, 1994 - ------------------------------------------------------------------------------- 9 5 FINANCIAL STATEMENTS -------------------- 10 6 THE DURIRON COMPANY, INC. SAVINGS AND THRIFT PLAN ----------------------- STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 1993 AND 1992
111993 1992 ----------- ----------- ASSETS ------ Investments at fair value: Common stock of The Duriron Company, Inc. $ 6,188,397 $ 6,400,747 Interest in interest accumulation fund 7,539,717 7,324,438 Interest in Wellington fund 1,788,959 498,947 Interest in Index 500 fund 7,332,684 6,581,713 Interest in World U.S. Growth fund 867,210 651,317 Employee loan fund 465,140 234,860 -------------- -------------- Total investments 24,182,107 21,692,022 Receivables: Employer contributions 373,612 363,898 Employee contributions 139,283 140,680 Accrued income 40,404 44,789 -------------- -------------- Total receivables 553,299 549,367 -------------- -------------- Net assets available for benefits $24,735,406 $22,241,389 ============== ============== See notes to financial statements. 7 THE DURIRON COMPANY, INC. SAVINGS AND THRIFT PLAN ----------------------- STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS YEARS ENDED DECEMBER 31, 1993 AND 1992
121993 1992 -------------- -------------- Investment activity: Net appreciation in fair value of investments $ 269,383 $ 813,062 Interest & dividends 947,764 879,134 -------------- -------------- Total investment activity 1,217,147 1,692,196 Less: Investment expenses 430 -- -------------- -------------- Net investment activity 1,216,717 1,692,196 Contributions: Employer 589,362 591,283 Employee 1,787,198 1,756,396 -------------- -------------- Total contributions 2,376,560 2,347,679 Benefits paid to participants 1,117,816 1,495,321 Participant rollovers & transfers 18,556 -- -------------- -------------- Increase in net assets available for benefits 2,494,017 2,544,554 Net assets available for benefits: Beginning of year 22,241,389 19,696,835 -------------- -------------- End of year $24,735,406 $22,241,389 ============== ============== See notes to financial statements. 8 THE DURIRON COMPANY, INC. SAVINGS AND THRIFT PLAN ----------------------- NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1993 1. Description of Plan ------------------- A general description of The Duriron Company, Inc. Savings and Thrift Plan for Salaried Employees (Plan), including vesting and available benefits is provided in the "Summary Plan Description of The Duriron Company, Inc. Savings and Thrift Plan for Salaried Employees." 2. Significant accounting policies ------------------------------- Investments - ----------- The investment in common stock of Duriron, which is traded in the over-the-counter market, is valued at the last reported bid price. The employee loan fund is valued based on the current participants amounts receivable at the end of the year. The interests in all other Vanguard funds are valued by reference to the underlying assets. Investments in securities 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 last reported bid price. Government securities traded in the over-the-counter market are valued at the last reported bid price. The cost of investments sold are computed on an average cost basis. 13 9 THE DURIRON COMPANY, INC. SAVINGS AND THRIFT PLAN ----------------------- NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1993 Contributions - - ------------- Contributions from employees are recorded when Duriron makes payroll deductions from Plan participants. Contributions from Duriron are accrued based on amounts to be matched under the terms of the Plan. Income tax status - - ----------------- The Plan is qualified under Section 401(a) of the Internal Revenue Code and, therefore, is exempt from taxation under Section 501(a) of the Code. 14 10 3. Investments ----------- Investments held by the trustee at December 31, 1993 and 1992 are summarized below:
151993 1992 ------------------------------- ----------------------------------- Description Cost Fair Value Cost Fair Value -------------------------------------- ------------- ------------- ------------- ------------ The Duriron Company, Inc. common stock (263,336 shares or 710,494 units in 1993 and 258,616 shares or 698,772 units in 1992) $4,033,416 $6,188,397 $3,623,043 $6,400,747 Vanguard Interest Accumulation Fund (736,300 units in 1993 and 722,331 units in 1992) 7,416,855 7,539,717 7,239,033 7,324,438 Vanguard Wellington Fund (87,694 units in 1993 and 26,041 units in 1992) 1,739,176 1,788,959 494,733 498,947 Vanguard Index 500 Fund (167,298 units in 1993 and 160,647 units in 1992) 6,505,282 7,332,684 6,146,246 6,581,713 Vanguard World U.S. Growth Fund (58,085 units in 1993 and 42,403 units in 1992) 858,471 867,210 629,700 651,317 Employee Loan fund 465,140 465,140 234,860 234,860 ---------------- -------------- ----------- ------------- $ 21,018,340 $ 24,182,107 $ 18,367,615 $ 21,692,022 ================ ================ =========== ============= 11 THE DURIRON COMPANY, INC. SAVINGS AND THRIFT PLAN ----------------------- 3. Investments (continued) ----------------------- All of the above investments are held by Vanguard Fiduciary Trust Company of Wayne, Pennsylvania, under a trust agreement dated April 1, 1993. Prior to this date, investments were held by National City Bank of Cleveland, Ohio, under a trust agreement dated July 13, 1978. The trustee has full discretionary authority for purchase and sale of investments within the applicable provisions of the trust agreement. During 1993 and 1992, the plan's investments appreciated (depreciated) in value as follows:
161993 1992 -------------- -------------- Investments at fair value: Common stock of The Duriron Company, Inc. $ (304,043) $ 397,774 Interest in commingled equity fund -- (190,334) Interest in interest accumulation fund 73,856 116,683 Interest in Wellington fund 48,775 4,478 Interest in Index 500 fund 464,279 462,097 Interest in World U.S. Growth fund (13,484) 22,364 -------------- -------------- Net appreciation in value $ 269,383 $ 813,062 ============== ============== 12 THE DURIRON COMPANY, INC. SAVINGS AND THRIFT PLAN ----------------------- NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1993 4. Investment fund activity ------------------------ Net assets available for benefits at December 31, 1991, 1992 and 1993 and changes in net assets during 1992 and 1993 are summarized below by investment fund:
Duriron Fixed Index Interest Stock Equity Income 500 Accum Fund Fund Fund Fund Fund ------ ----- ----- ----- ----- Net assets available at Dec. 31, 1991 $ 6,046,492 $ 6,141,213 $ 7,509,130 $ -- $ -- Investment activity: Net appreciation/(depreciation) 397,774 (190,334) -- 462,097 116,683 Interest & Dividends 157,627 23,525 80,209 158,992 426,181 ----------- ----------- ------------ ------------ ------------ Net investment activity 555,401 (166,809) 80,209 621,089 542,864 ----------- ---------- ------------ ------------ ------------ Contributions: Employer 591,283 -- -- -- -- Employee -- 156,455 164,787 509,242 289,999 ----------- ---------- ----------- ----------- ------------- Total contributions 591,283 156,455 164,787 509,242 289,999 ----------- ----------- ------------ ------------ ------------ Investment fund transfers, net -- (6,011,694) (7,730,451) 5,892,998 7,077,759 Benefits paid to participants (428,531) (119,165) (23,675) (388,540) (512,585) ----------- ----------- ------------ ------------ ------------ Net assets available at Dec. 31, 1992 6,764,645 -- -- 6,634,789 7,398,037 Investment activity: Net appreciation (depreciation) (304,043) -- -- 464,279 73,856 Interest & Dividends 158,454 -- -- 190,652 470,468 Investment expenses -- -- -- (180) -- ----------- ----------- ------------ ------------ ------------ Net investment activity (145,589) -- -- 654,751 544,324 ----------- ----------- ------------ ------------ ------------ Contributions: Employer 589,362 -- -- -- -- Employee -- -- -- 644,641 318,525 ----------- ----------- ------------ ------------ ------------ Total contributions 589,362 -- -- 644,641 318,525 ----------- ----------- ------------ ------------ ------------ Investment fund transfers and rollovers, net (401,179) -- -- (142,818) (289,725) Benefits paid to participants (245,229) -- -- (401,702) (393,590) ----------- ------------ ------------ ------------ ------------ Net assets available at Dec. 31, 1993 $ 6,562,010 $ -- $ -- $7,389,661 $7,577,571 =========== =========== ============ ============ ============ 17
World Bond Wellington US Growth Loan Fund Fund Fund Fund ----- ---------- --------- ---- Net assets available at Dec. 31, 1991 $ -- $ -- $ -- $ -- Investment activity: Net appreciation (depreciation) -- 4,478 22,364 -- Interest & Dividends -- 15,118 10,932 6,550 ----------- ----------- ------------ ------------ Net investment activity -- 19,596 33,296 6,550 ----------- ----------- ------------ ------------ Contributions: Employer -- -- -- Employee -- 302,157 333,756 -- ----------- ----------- ------------ ------------ Total contributions -- 302,157 333,756 -- ----------- ----------- ------------ ------------ Investment fund transfers, net -- 216,751 328,647 225,990 Benefits paid to participants -- (9,715) (10,202) (2,908) ----------- ----------- ------------ ------------ Net assets available at Dec. 31, 1992 -- 528,789 685,497 229,632 Investment activity: Net appreciation (depreciation) -- 48,775 (13,484) -- Interest & Dividends -- 91,783 12,030 24,377 Investment expenses -- (230) (20) -- ----------- ----------- ------------ ------------ World Bond Wellington US Growth Loan Fund Fund Fund Fund ----------- ----------- ----------- ------------ Net investment activity -- 140,328 (1,474) 24,377 ----------- ----------- ------------ ------------ Contributions: Employer -- -- -- -- Employee 26,539 375,367 422,126 -- ----------- ----------- ------------ ------------ Total contributions 26,539 375,367 422,126 -- ----------- ----------- ------------ ------------ Investment fund transfers and rollovers, net 2,861 816,756 (167,821) 200,482 Benefits paid to participants -- (41,179) (36,116) -- ----------- ----------- ------------ ------------ Net assets available at Dec. 31, 1993 $ 29,400 $1,820,061 $ 902,212 $ 454,491 =========== =========== ============ ============ 13 SUPPLEMENTAL SCHEDULES ---------------------- 18 14 THE DURIRON COMPANY, INC. SAVINGS AND THRIFT PLAN ----------------------- Schedule 1 SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES ---------- DECEMBER 31, 1993
19Shares or Units Description Cost Fair Value - ----------------- -------------------------------------------------- ------------ -------------- 710,494 units The Duriron Company, Inc. common stock $4,033,416 $6,188,397 736,300 units Vanguard Interest Accumulation Fund 7,416,855 7,539,717 87,694 units Vanguard Wellington Fund 1,739,176 1,788,959 167,298 units Vanguard Index 500 Portfolio 6,505,282 7,332,684 58,085 units Vanguard World U.S. Growth Fund 858,471 867,210 -- Employee Loan Fund 465,140 465,140 ------------ -------------- Total investments $21,018,340 $24,182,107 ============ =========== 15 THE DURIRON COMPANY, INC. SAVINGS AND THRIFT PLAN ----------------------- Schedule 2 SCHEDULE OF REPORTABLE TRANSACTIONS ---------- YEAR ENDED DECEMBER 31, 1993
20Cost/ Average Net Security Description Transaction(s) Shares/Units Proceeds Cost Gain/(Loss) - --------------------------------- ----------------- --------------- ------------- ---------- ----------- Category iii - series of transactions in excess of 5% of fair value of net assets Common stock of The Duriron Company, Inc. 26 Purchases 93,545 units $772,198 Common stock of The Duriron Company, Inc. 56 Sales 77,771 units $680,504 $361,825 $318,679 Vanguard Interest Accum. Fund 37 Purchases 160,043 units $1,453,860 Vanguard Interest Accum. Fund 80 Sales 146,074 units $1,312,438 $1,276,038 $36,400 Vanguard Index 500 Fund 43 Purchases 27,725 units $1,159,015 Vanguard Index 500 Fund 61 Sales 21,074 units $872,321 $799,979 $72,342 Vanguard Wellington Fund 44 Purchases 65,213 units $1,311,574 Vanguard Wellington Fund 44 Sales 3,560 units $70,336 $67,131 $3,205 Vanguard World U.S. Growth Fund 24 Purchases 37,879 units $557,878 Vanguard World U.S. Growth Fund 52 Sales 22,197 units $328,501 $329,107 $(606) There are no category i, ii, and iv transactions